New Branch for a Saudi Perfumes Company in Malaysia - Term Paper Example

? International Business: Proposed New Branch for a Saudi Perfumes Company in Malaysia Introduction Al Qurashi, a perfume company based in Saudi Arabia was created by Abdul Samad Al Qurashi using a collection of natural herbs to help render the best aroma to the people who can celebrate the legacy of the region. The company has earned great name and fame while operating in the Saudi Arabian region and also in other parts of the world like in some European and other Egyptian regions. Al Qurashi operates through a network of different outlets based along the region. The company currently endeavors to gain an expansion into another Muslim centered region of the world, Malaysia. Malaysia is chosen as the new market for the perfume products owing to the matching of cultural and consumer tastes in regards to the Arab country where it is considered that such parameters would help in Al Qurashi gain a dominated market. The paper in view consists of different sections where firstly it tends to understand the organization and working patterns of the company, Al Qurashi in its endeavor to gain entry into an international market. Secondly the paper progresses to make an effective comparison between the two economies like Saudi Arabia and Malaysia based on eight points. The eight points would help in getting an effective understanding of the two economies in question such that the concern in question tends to expand from the former to the latter economy. Finally the paper presents a formal discussion of the inferences drawn from the eight points of the latter economy and thereby helps in effectively indentifying key strategies through which the perfume company in question can make an effective entry into Malaysia. The paper thereby concludes in briefly summarizing the inferences drawn from the eight points used for comparison and in finalizing the entry strategy taken for the company to enter the Malaysian market. Overview of Abdul Samad Al Qurashi Abdul Samad Al Qurashi, the largest perfume company based in Saudi Arabia is endeavoring to expand into other regions round the world owing to its potential of service and product quality. Enhancement of the quality and service standards of the products and services rendered has helped the company in earning a large amount of goodwill in the Saudi Arabian market. In fact the quality and aroma of the perfumes rendered by the company help the Saudi people relate such to their indigenous tastes and delights thereby creating a high craze for the perfume products in the market. The company briefly known as Al Qurashi was originally founded by Abdul Samad Al Qurashi where he planned of captivating the delight and essence of the Saudi Arabian region in the different perfume products making them a living legacy. In the present period also the company still endeavors of holding onto the original culture in formulating the different aromas and perfume products. Al Qurashi’s product portfolio is generally based on three main categories like oil products, spray products and other commodities relating to body care. Al Qurashi, the perfume company being managed by the family members of the pioneer Abdul Samad Al Qurashi thus reflects a proprietorship mode of conducting business in Saudi Arabia. The company however works to not only enhance the taste and desires of the customer but also works in augmenting the comfort level of the people through reaching them through different retail outlets based in Saudi Arabian region and also in other places based in European and Egyptian regions. The company also performs through the online plane whereby it tends to gain hold of a larger consumer space in the global space by interacting with them through electronic mails and otherwise. The company thus creates and nourishes the comfort culture in regards to sustaining their relationship with the consumers. The above activities of Al Qurashi help the concern in gaining the loyalty of the consumers spread around the world and thereby gaining on in market shares and profitability. Thus in total Al Qurashi relates the world to the bygone Saudi Arabian culture through rendering enchanting fragrances, aromas and designs in regards to the different aromatic and skin care products of the company (Abdul Samad Al Qurashi, n.d.; Zahras Perfumes, n.d., p.1). Reason for Opening up a Branch of Abdul Samad Al Qurashi in Malaysia To understand the reasons why Al Qurashi desires to open up a new branch in the Malaysian region it would first be better to understand the commonalities between the two regions based on eight points. The Saudi Arabian Market Market Characteristics The Saudi Arabian market for perfume and cosmetic products ranks high in regards to high consumption levels of the consumers pertaining to the Arab region. A survey conducted during March 2012 reflects that the perfume market in the Saudi Arabian region amounts to around $ 3 billion. On a per capita basis individuals in the Gulf region tend to spend around $334 on cosmetic and perfume products. The market for skin care and beauty products in Arab countries grew by around 10 percent in regards to a nine percent global growth. On a year to year basis the market for such products in the gulf countries grows by around 12.5 percent reflecting large demands of the people (BeautyWorld, 2012). Another estimate reveals that fragrance and cosmetic products pertaining to Saudi Arabia would reach a total sales volume of $1.1 billion by end of 2012. The demand for fragrance and cosmetic products in the Gulf countries are expected to surpass $1.6 billion by the end of 2012 (The Saudi Gazette, n.d.). Advertisements of the order of print and television ads gains priority in the Saudi Arabian region. Moreover the perfume and cosmetic companies also work in rendering presentations through Flash Player to gain further penetration in the corporate and social sphere (Rasheed, 2005, p.116-118). Macro-Economic Factors The gross domestic product of Saudi Arabia evaluated during 2010 amounts to around $622 billion. Again the growth rate in terms of the gross national income of the region amounts to around 3.7 percent Gross Domestic Product on per-capita level amounts to around $24,200 during 2010. Further during 2010 the total amount of exports constituted of petroleum products and petrol exports amounted to around $238 billion while import of products pertaining to manufacturing, textiles and processed food products amounted to around $88 billion. Purchasing Power rates for the Saudi Arabian region during 2011 amount to $6.77 billion reflecting it to be comprised by highly elite people (U.S. Department of State, 2011; Central Intelligence Agency, n.d.). Infrastructure The construction sector in regards to the Saudi Arabian region is expected to grow by around 12 percent annually till the close of 2015. Moreover the region is also observing the growth of different transportation sectors pertaining to railways, airports and also in growth of road and highway networks thus linking several areas of the United Arab region. This rise in the development of transportation facilities and networks in the region has resulted in the development and growth of logistics support (Oxford Business Group, 2011, p.188). In regards to education sector the government is focusing on the opening up of around 1200 schools reflecting a rise in the demand for education in the region. Similarly the government also focuses on the enhancement of the health sector by opening up of around 92 more hospitals by close of 2012. The Saudi Arabian government is also focusing to invest largely in regards to the development of telecommunication and road systems in spending around $6.4 billion (U.S. Saudi Arabian Business Council, 2012). Labor Factor The Middle East regions like Saudi Arabia are found to be largely struck by the evils of unemployment. The rate of unemployment in the country was recording a fall by around 1 percent each year from 2004 to 2008 before reflecting stagnated status of 10.3 percent from 2009 to 2010. More specifically unemployment standards for the youths record a multiple of four times than that of the adult population in the region. In 2009 around 30.2 percent of the youths in the region were found to be unemployed. The following graph further elucidates the case. (International Labor Force, 2011, p.49-50). Figure 1 (International Labor Force, 2011, p.49) Employment conditions pertaining to the Saudi Arabian region are governed by the standards issued by the International Labor Organization. Organizations operating in the region are required not to operate based on trade union policies which are considered blatantly illegal in Saudi Arabia (Shoult, 2006, p.163). People employed in Saudi Arabia are required to work for at least eight hours on a daily basis for six working days every week. Excess work by the employees in Saudi Arabia is duly compensated in addition to the monthly payments rendered. Again the Saudi Arabian people can enjoy at the most 10 holidays on an annual basis as decided by the government of the region (SaudiLegal, 2011). Political Factors Political conditions of Saudi Arabia reflect that the region is governed by the system of monarchy rather than by elected representatives of the people. The government of the region tends to administer the governance practice in regards to the Islamic legislation of Sharia (U.S. Department of State, 2004). Financial Consideration The banking system of the Saudi Arabian region is quite sound with high amount of cash reserves. However a majority of the banks in the Saudi Arabian region are found not to render any interest. Banks thus encourage large amount of investment to be rendered in purchase of bonds (Elhadj, 2006, p.114). Exchange rates in the Saudi Arabian region are decided by the level of outflows of foreign investment and the differences between the valuation standards of dollar and the Arabian currency. Exchange rates after the 2008 period have been fixed by the regulatory authorities (Ramady, 2010, p.87). Fiscal Considerations The tax structure of the Saudi Arabian region is based on two concepts. The first concept known as Zakat is governed by the Islamic Law codes applicable to local nationals while the latter consists of Income Tax applicable on foreigners. Any resident or non-resident individual or organization is subjected to tax in the region. Income Tax rate is fixed at 20 percent while 85 percent is chargeable on investment in oil and hydrocarbon sectors. The system of advance tax payments exists in Saudi Arabia at the rate of 25 percent chargeable upon the tax payer. However no value added taxes exist in the region (PWC, 2010, p.18-19). The Saudi Arabian region reflects an area free of import duties. However for specific products that is detrimental to national interest the government renders an import duty of around 20 percent (FedEx, 2012). In regards to tariff rates the Saudi Arabian government charges a rate of 5 to 6.5 percent duty on perfume products and other cosmetic items traded or produced in the region (Kingdom of Saudi Arabia: Ministry of Finance, 2011). Culture The Saudi Culture is entwined with family values. Men and women greet close people through hugging, kissing and shaking of hands. However in Saudi Arabian culture gifts are not generally entertained. In business matters Saudis prefer long-term appointments and in case of foreigners needs a Saudi negotiator. Decisions in a meeting are taken over a duration of time and not hastily. Moreover business cards rendered by foreigners also require Arabic translation of the names on the other side of the card (Fulbright, n.d., p.1-2). The Malaysian Market Market Characteristics The market for perfume products in Malaysia reflects a growing trend in terms of market value and size. From the period ranging from 1996 to 2000 the market for perfumes, cosmetic and other beauty products in the region is found to gain a growth of 10 percent. Again in addition to the growth in the market share for the products the total value for the cosmetic, perfumery and other toiletry products reached a figure of 2.4 billion in Malaysian currency during 2000. The above statistics reveal that the people of Malaysia increasingly prefer the consumption of perfumery, cosmetic and beautification products. Moreover the consumer market in Malaysia reflected the growth of youngsters who are beauty and skin conscious in nature. Thereby they demand innovations and modifications in the consumer and beauty products. This change in the demographic situation in the Malaysia market accounted for a potential cause for the growth in demand of the market and consumption of perfumes and cosmetic products (Ministry of International Trade and Industry, 2008). Around 79 companies in the Malaysian region account for the sustenance of the production and distribution of the cosmetic and perfume products to the large group of consumers. These companies focusing on the production of toiletry and perfume products in the region work based on a formation of an association that works in the enhancement of the brand names of the products and conducting other export and import activities (CTFA, Malaysia, 2011). Advertisements of cosmetic, toiletry and perfume products in Malaysia conducted both through print and visual media is required to abide by some potential guidelines where it should not reflect information that may provide harm to the ultimate consumers. Rather the advertisements rendered both in regional language and English should tend to provide information that must be reliable and beneficial to the people (National Pharmaceutical Control Bureau, 2009, p.17-18). Macro Economic Factors In terms of economic factors the gross domestic product value of Malaysia for the 2011 period amounted to $237.8 billion. The growth rate of the gross domestic product pertaining to the 2011 period for the region amounted to 5 percent as against 5.1 percent for the 2010 period. Again the per capita income level evaluated for the Malaysian region amounted to $9,204 during the 2011 period. Export and import figures for the region amounted to $224 billion and $185 billion for the 2011 period and constituted of items pertaining to gas and petroleum products and also other manufacturing and electronic commodities (U.S. Department of State, 2012; EPU, 2011, p.1-2) . Infrastructure In Malaysia the development of infrastructural facilities is given due priority in terms of development of roads that links the rural and urban world of the region. With the addition of development of highways in the region the development of infrastructure also focused on rendering of feasible electricity services through the use of alternative energy sources. Further the region also noticed large scale development of clinics and health-centers catering to render quality of life to the people. In terms of education system the growth in the number of educational institutions rendering both primary and secondary education has largely increased in the region. Again, Malaysia has been developing largely in regards to the telecommunication paradigm through the enhancement of both fixed and mobile telecommunication services and also through the development of online portals. Internet usage is increasing rapidly through the installation of personal computers and through enhancement in the subscription levels in broadband and dial-up networks. (CIRDAP, n.d., p.7-9). Labor Factor The labor force available in Malaysia consists of both employed and unemployed people. Employed people are such that are already absorbed into some type of work while unemployed labor consists of such people that are currently not employed into any profession or any small work. Again a third category of workforce includes such people who are not keen to be employed in any particular work related sector but rather are self-employed in their pursuits. An estimate reveals that the level or the rate of unemployment pertaining to January 2012 was the same as that of July 2011 at 3 percent (Liu and Kwong, 2000, p.3). In regards to working conditions the government of Malaysia does not prohibit the growth of trade unionism in the employment centers of the region such that the employees can exercise their right to join the trade unions. Here, though the system of collective bargaining by the trade unions is not abolished but substituted in large number of cases by arbitration practices yet the practice of holding strikes is completely abolished and considered wrongful in the region. However the government of Malaysia renders a fair treatment to the employees working in the organizations in that the compensation systems together with the health and safety standards are effectively maintained by the management in the light of the betterment of the employees. Such practices and policies noticed in the Malaysian workplaces are found to be at par with the same practiced in employment centers of other nations (USA international Business Publications, 2007, p.51). The employees working in the Malaysian organizations are required to work at least eight hours on a daily basis culminating a total of 48 hours in a week. In regards to leave the government of the region renders a total of 10 public holidays. The annual leave policy for the employees varies along a range of eight to sixteen days while the sick leave ranges from 14 to 60 days. The compensation package for the employees in Malaysia is worked out to range from 900 to 1400 in Malaysian currency. Moreover the lowest age group is 17 years for the people working in Malaysian organizations. Political Factor The political situation in Malaysia is held to be stable from a bird’s eye view but when analyzed further reflects large amount of instability generating a large amount of oppression and protests. Malaysia though headed by a monarch is mainly analyzed to be democratic in nature. The democracy in the region is known as Monaky where the voting is encouraged for also the kings right from the ninth king. However the entire power to rule the country is bestowed in the hands of the executive body headed by the prime minister of Malaysia. However the country is known to be under the governance of a Muslim king (Liou, 2002, p.232). Financial Consideration The exchange rates and the interest rates policies for the Malaysian region reflect a large amount of instability owing to the rise in demand for credit in regards to the domestic environment of the country and also in regards to the growing demand for foreign direct investment. Rise in demand both along these sectors required the banks to charge high interest rates thus curbing the rise of inflation in the economy and also the exchange rates were increased thus reducing the demand and entry of foreign investments in the country. Interest system in banks tends to differ in regards to being a normal commercial bank or Islamic bank. For normal commercial banks the rate of interest is held to range from 5 to 10 percent while for banks guided by Islamic rule the rate of interest tends to vary from 8 to 10 percent (Fisher, et al., 1993, p.71). Fiscal Considerations In regards to income tax regulations pertaining to the Malaysian region it is observed that income accrued by the people and companies operating in the country were amenable to tax. For companies operating in the Malaysian region whether residential or non-residential in nature are required to pay around 28 percent of the revenues earned as income tax. Income tax in regards to foreign individuals ranges to around 28 percent. Again rates of tax charged on sales and import of goods varies in the range of five to twenty-five percent. However it is found that the commodity in trade like perfumes and cosmetics are kept aside from being charged under the realm of excise duties in Malaysia. Tax pertaining to import and export duties are prevalent in Malaysia with also the existence of tariff charges charged on specific commodities (Malaysian Industrial Development Authority, 2005, p.3-4). Culture The culture of Malaysia is constituted by different religious groups like Hindu, Buddhists and other people belonging to Muslim religion. However it is found that the Muslim religion is the officially accepted religion in the Malaysian region. The Malaysian people are found to follow the Muslim dress codes and also abide by some restricted guidelines where frequent touching is not entertained. Shaking of hands is considered only for business purpose but however kissing is not at all entertained in public. In Malay culture the system of modesty is rendered a large amount of importance where dress codes should be as formal as possible. Overall the culture of the country is based on Arabic codes of conduct where people tend to prefer the natural smell obtained from herbs and other natural products. Further the people are also found to prefer the use of unique and scintillating designs (Dalat International School, 2004, p.1-3). Analysis of Malaysia as the Host Country Thus in regards to the above discussion it can be stated that the market sought for marketing of perfumery products of Al Qurashi is Malaysia in that the country tends to bear the same cultural linkage with the Saudi Arabian region. In regards to market characteristics it is found that the market for perfumery products is growing in the region with the emergence of new demographic profiles consisting of young consumers. Moreover with the development of the economic situation of the country the rise in demand for fashionable and luxury products can be easily noticed in the region. Again the Malaysian region also reflects the growth and development of infrastructural facilities thus helping in the building of manufacturing centers and also in the effective distribution of commodities to the ultimate consumers. With the development of highways and other road networks connecting the different regions both in the rural and urban landscape the country reflects a booming sector for the growth and development of any business organization. The country also reflects growth in the educational, telecommunication and electricity sector thereby reflecting a potential market for the business to flourish. Moreover the Malaysian economy helps the industries to gain a large supply of effective labor with also the existence of at par industrial policies and standards aimed at development of the labor profile and work conditions. The country also reflects an uniform tax structure where the foreign companies are not charged arbitrarily or abruptly but rather is subjected to effective tax policies and structures maintained for the residential and non-residential companies. Culture of the Malaysian region reflects an increasing desire to procure commodities that would render a beautiful aroma and be packed or rendered in containers possessing stylist designs. Again the country also encourages the foreign companies to form both public and private owned companies or also can form international branches working in the field of research and development or forming of procurement centers. Such encouragement helps the different foreign companies to gain effective entry into the Malaysian soil to perform their potential operations. Finally the government of the country being run by a democratic body though headed by a non-ruling monarch helps foreign companies to gain the opportunity of trading in such quarters in an effective fashion. The above discussion clearly reflects that the region of Malaysia would turn out to be an effective host for the Al Qurashi Company to conduct its sale of perfume business in the region. Mode of Entry into Malaysia The region of Malaysia reflects abundance of infrastructural and labor facilities thus attracting major foreign companies to come and trade in the country. One of the easiest entry modes of foreign corporations to gain an entry into the Malaysian soil is through registering itself with the Malay commission and thereby joining a partnership with another local company pertaining to the same trade to conduct business. Moreover the companies can also go for forming of effective joint venture agreements with the companies operating in Malaysia such that they are mainly constituted by people belonging to the Malay or Chinese communities. Entering the Malaysian region through such strategy would help the company in gaining the benefit of the local government and thereby help in enhancing goodwill and market share (Khanna, Palepu and Sinha, 2005, p.66). However the foreign companies are also encouraged to form different types of structures like proprietorships, or a sole private or public limited company depending on the nature of registration with the Malay commission. Similarly the foreign companies can also work in setting up branches or effective centre for conducting sale and distribution of goods. In regards to the formation of private companies the number of members in the company is required to be at least 50 (Zaid Ibrahim and Company, n.d., p.1-3). Again in tending to form a foreign company in regards to the Malaysian region the company is required to register itself as a foreign company with the Malay commission. The company tending to form an international distribution center in Malaysia is required to conduct an all through survey of the different possible distribution networks with also the changes in tastes and preferences of the consumers to be able to dispatch the products in an effective fashion (Malaysia Government, n.d.; SSM, n.d., p.11-13). Conclusions Abdul Samad Al Qurashi the pioneer of the Al Qurashi Company in Saudi Arabia focused on the production of perfumes brought out from natural extracts thereby rendering a beautiful aroma and thereby creating a legacy of the region. The company through its different stores tends to sell the perfumery products to large number of people in Saudi Arabia. Packed in containers reflecting some wonderful designs the products tend to attract the mindset of the consumers easily. The Saudi Arabian market having the taste for beautification, cosmetic and other perfumery products thus stand out to become a potential market for the products produced by the concern. Though the perfumery products produced by the company tend to be of high prices yet the major elite population of the Saudi Arabian region tends to easily absorb such commodities. Al Qurashi also stands out to be an international company in the perfume market through marketing its commodities in European and Egyptian markets. Of late the company tends to expand its operation to the region of Malaysia. The paper in this regard endeavors to locate the key potentials, advantages and opportunities that can be derived by the company in effectively gaining soil in the international markets. It is found that the region of Malaysia tends to reflect a growing market for the perfumery products in that the consumer trends in the region are encompassed by consumer groups of younger profiles. These people owing to their developing economic conditions and also an interest in the luxury products thus would tend to show an increasing interest for the procurement of perfumery products rendered by Saudi Arabian region. Moreover with the development of infrastructural elements pertaining to road, electricity, education and telecommunication sector the industries like perfumery and cosmetics is deemed to grow in large amounts. The Malaysian region is also found to have employee friendly policies that work in the development of employee skills and workforce productivity with also creating a congenial and safe work atmosphere. This policy thereby would help the concern gain access to the right labor force meant for effective manufacturing and distribution functions. 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