Global marketing strategy and product launch B&Q in Malaysia - Essay Example

? Global marketing strategy and product launch – B&Q in Malaysia Table of contents Introduction 3 2. Background of the organization 4 2 Products4 2.2 Market position 4 2.3 Organizational objectives and vision 5 3. Audit 5 3.1 Environmental trends that have led the organization to expand overseas 5 3.2 Evaluation of the Malaysian market 6 3.2.1 Consumer behavior 6 3.2.2 Competitors 7 3.2.3 Evaluation of the options for a product and a branding strategy 7 3.2.4 SWOT analysis 8 4. Marketing plan 9 4.1 Marketing strategy 9 4.2 Marketing objectives 10 4.3 Market entry methods 12 4.4 Marketing mix 13 4.4.1 Price 13 4.4.2 Place 14 4.4.3 Product 14 4.4.4 Promotion 14 5. Challenges that the organization may face when implementing the plan – recommendations for overcoming these challenges 15 6. Conclusion 17 References 18 Appendix 20 1. Introduction The expansion overseas is often considered as the most effective solution for firms that need to stabilize their performance, especially when these firms are established in highly risky or turbulent markets. In practice however, it has been proved that the effectiveness of such plan is depended on many factors; the experience of a firm in similar projects is of critical importance for the successful expansion of the firm in a new market (Albaum and Duerr 2008). Current study reviews the potentials of B&Q, a well-known British firm, in the Malaysian market. The firm already operates in the international market. Still, up today the firm has not attempted to enter the Malaysian market. The successful operation of the firm in Chinese market has possibly caused the delay of such project. The stability, at least up to now, of the European market in which the firm is highly expanded, could be another reason for the avoidance of the firm to expand overseas. On the other hand, the review of the Malaysian market had led to the assumption that the particular market could highly benefit the performance of B&Q. The firm’s profits could be increased while the risks involved would be limited, at least taking into consideration the market’s current characteristics. A marketing plan has been developed for the potential expansion of B&Q in the Malaysian market. The requirements and the implications of the specific plan are analytically presented. It is proved that the entrance of firm in the Malaysian market would have many prospects for success, especially if all phases of the plan were carefully monitored. 2. Background of the organization 2.1 Products B&Q has a wide range of products in regard to home and garden improvement. Currently, the products of the firm are estimated to 40,000 (B&Q Company website, Company Information 2012). 2.2 Market position B&Q is ‘the largest home improvement and garden centre retailer in UK’ (B&Q Company website, Company Information 2012). The firm was first established in 1969. Today, the firm is owned by Kingfisher plc, a major competitor in the context of the European’s home improvement industry; Kingfisher plc has also the third position in the global home improvement industry (B&Q Company website, Company Information 2012). In UK, the firm’s stores are estimated to 350 (B&Q Company website, Company Information 2012). For 2011, the firm’s profits were estimated to ‘?3.8 billion’ (B&Q Company website, Company Information 2012), making the organization one of the most powerful competitors in the home improvement industry worldwide. The firm is already well established in the global market with about 60 stores (B&Q Company website, Company Information 2012). The firm’s financial performance is presented in Figure 1 (Appendix). The firm’s performance in UK and France seems to be much higher compared to its performance internationally (Figure 2, Appendix). The expansion of the firm in Malaysia could enhance the performance of the organization in the context of the global market. 2.3 Organizational objectives and vision The organization’s key objective is ‘to help people create a home that they are proud of’ (B&Q Company website, Company Information 2012). At the same time, it is made clear that the commitment of the organization towards the environment and the people remains strong (B&Q Company website, Company Information 2012). According the firm’s website, sustainability and ethics are key criteria of the organization’s strategies. 3. Audit 3.1 Environmental trends that have led the organization to expand overseas As already explained above, B&Q is a firm already established in the global market. The expansion in the Asian market, where the presence of the firm is limited, at least compared to other multinationals, would help the organization to stabilize its profits. Indeed, due to the high insecurity in the British market, the firm needs to seek for expansion in new markets; the over-exposure to the UK business cycle is a problem that the organization has to face taking into consideration the above market’s downturn. Moreover, economic pressures is a problem expanded across European Union, where the firm mainly operates; the expansion overseas seems to be an effective solution for helping the firm securing its market position (Onkvisit and Shaw 2008). In case of unexpected crisis in the European market, which seems to be quite possible, the firm would not be able to support its operations due to the radical limitation of its liquidity. At the next level, emerging economies have been proved quite beneficial for organizations in all sectors (Brady 2010). These economies have the advantage of continuous, even slow, growth; this fact can highly benefit organizations established in risky markets, such as the European market (Ungson and Wong 2008). For the above reasons, the potential expansion of the firm overseas would significantly help towards the stabilization, and the further growth, of its performance. Also, such initiative would help the organization to improve its global brand name (Doole and Lowe 2008), a fact that could make the further expansion of the firm in the global market easier. 3.2 Evaluation of the Malaysian market 3.2.1 Consumer behaviour Population in Malaysia has been estimated to ’26 million people’ (The Oxford Business Group 2007). This means that, the potential profits of foreign firms in Malaysia could be significant. Though the consumer behaviour in the particular country should be carefully reviewed. It should be primarily mentioned that the economy of Malaysia has highly developed during the last 40 years (The Oxford Business Group 2007); instead of based exclusively on its agricultural production the country has become a major exporter (The Oxford Business Group 2007). However, it seems that the growth of the country’s economy is not stabilized. The performance of economy in Malaysia between 1999 and 2003 is presented in Figure 3, Appendix. Emphasis has been also given on the education of population; in a research developed in 2006 it has been proved that the percentage of population with university-level education has been doubled between 1996 and 2000, reaching the 16% (The Oxford Business Group 2007). Moreover, ‘a quite high percentage of the population, about 95%, is literate’ (The Oxford Business Group 2007). The above details are important in order to understand the potential responses of consumers in Malaysia towards the firm’s products. According to a report of PricewaterhouseCoopers published in 2005, during the last years unemployment in Malaysia has significantly declined due to the government’s initiatives for supporting the growth of the economy (PricewaterhouseCoopers 2005, p.97). This means that the buying potentials for people across the country tend to increase on a continuous basis. At the same time, emphasis should be given on the following fact: Malaysia ‘has been characterized as an upper-middle country’ (PricewaterhouseCoopers 2005, p.97). The buying behaviour of people across Malaysia is presented in Figure 4 (Appendix). Furniture represents the 5.3% of the amount spent by consumers in Malaysia. 3.2.2 Competitors As a market, the Malaysian market has been characterized as rather friendly to foreign investors (Nyland 2001). On the other hand, accessing other Asian markets, such as the Chinese and the Indian seems to be easier (Nyland 2001); still, the Malaysian market does not set significant difficulties for foreign investors who are interested in entering the particular market, a problem common in other Asian countries, such as, for example, the Thailand (Nyland 2001). Moreover, the support of the Malaysian government to foreign investment projects seems to be a key advantage of the particular market (Nyland 2001). However, competition in the home improvement industry in Malaysia seems to be strong; key players in the industry, like IKEA, Kjcraft and Houzdepot have been, already, well established in the Malaysian market (Malaysia Central, Home Improvement 2012). 3.2.3 Evaluation of the options for a product and a branding strategy The entry modes chosen by foreign firms entering the Malaysian market seem to be of specific characteristics. According to Pecotich and Shultz (2006) for projects based on the export of goods to Malaysia, ‘the foreign majority ownership is preferred’ (Pecotich and Shultz 2006, p.418). For other activities, different entry modes are likely to be chosen; for example, in manufacturing – related projects, ‘a joint venture entry mode is preferred’ (Pecotich and Shultz 2006, p.418). B&Q should prefer the foreign majority ownership, at least for a particular period of time, i.e. for about a year. Then, its mode of operations in Malaysia should be reviewed and appropriately updated or transformed, if necessary. 3.2.4 SWOT analysis In regard to Malaysia, the SWOT analysis could be developed as follows: a) Strengths: the Malaysian government is highly supportive towards foreign investors (Nyland 2001); satisfactory educational background of citizens, a fact that reveals significant trends for supporting the urban lifestyle; such trend would benefit the company’s growth in the Malaysian market (The Oxford Business Group 2007, p.15); b) Weaknesses; Malaysian market has become quite dynamic, a fact that has attracted many foreign investors (OECD 1999); the potentials of the government to secure market competition may be limited; at the same time, key players in the global home improvement industry, such as IKEA and Housedepot have already expanded in Malaysia; at the next level, managers in Malaysia are not familiar to the Western modes of management (Sundaram 1993); in case that B&Q would enter the Malaysian market the need for expatriates would be high; c) Opportunities; continuous economic growth; in the context of the 9th Malaysian Plan, ‘the government of Malaysia has been committed to support the country’s economic growth by 6% annually’ (The Oxford Business Group 2007, p.15); local firms in Malaysia are quite supportive towards foreign investors; in fact, most of ‘new entrants seem to prefer the cooperation with major foreign competitors’ (OECD 1999); d) Threats; in Malaysia, products produced by local firms are not of high technology; this means that’ inputs in Malaysia as of products based on high technology are kept high’(Sundaram 1993, p.159); B&Q should target directly the customers and not firms; the increase of foreign firms entering the Malaysian market would be a threat to the firm’s long term growth in the specific country. 4. Marketing plan 4.1 Marketing strategy The basis for the effective promotion of products/ services in a particular market is the development of an effective marketing strategy. The term marketing strategy is used in order to denote the phases through which the promotion of products/ services in a particular market will be developed (Heinen 2006). Marketing strategy needs to address all issues that would potentially appear in regard to the implementation of such plan. The method that will be used for entering a particular market affects the structure and the objectives of the marketing strategy (Czinkota and Ronkainen 2007). In the case under examination, the firm’s marketers will decide on the tools used for supporting the entrance of the firm in the target market after reviewing the requirements of the marketing strategy involved. Two are the key parts of marketing strategy: the marketing objectives, i.e. the targets that the marketing plan involved would achieve, and the marketing mix, i.e. a series of strategic choices for supporting four different needs of the marketing plan: price, place, product and promotion (Gillespie et al. 2010). The effectiveness of marketing strategy is usually evaluated in the long term, i.e. depending on the successful implementation of the marketing plan involved. However, under certain terms, the success of the marketing strategy would be checked earlier, during the implementation of the plan if such term has been incorporated in the plan (Andexer 2008). For example, in a marketing plan a term may have added for evaluating the marketing strategy at the end of each phase of the plan, aiming to limit the losses from unexpected failures or delays (Dana 2001). It should be noted that the marketing strategy of each firm trying to expand internationally has to be aligned with the firm’s culture; otherwise, the brand’s name in the global market could be negatively affected. Also, the marketing strategy chosen by a firm for entering a host market should be similar to the marketing strategies of other firms operating in the same market; use of practices to which consumers are unfamiliar would have opposite results than expected (Hollensen 2009). At the next level, the effects of the marketing strategy on the organization’s performance should be carefully reviewed in advance; if the resources required for the development and the implementation of a marketing plan would be extremely high, the organization’s profitability would be decreased. Engaging valuable organizational resources in the specific activity would lead to the limitation of the firm’s performance in its host country (Rugman 2009). Aligning the marketing strategy used for entering a foreign market with the other marketing strategies of the organization would help to keep relevant costs at low levels; at the same time, potential failures could be easier foreseeing and necessary measures would be introduced with no delay. 4.2 Marketing objectives When referring to marketing objectives, in regard to a particular marketing plan, this means that the particular plan has to achieve a series of targets (Zou and Fu 2011). The achievement of these targets, under the terms including in the plan, usually appropriate time and cost, is of significant importance for the success of the plan (Zou and Fu 2011). Most commonly, marketing objectives need to meet specific criteria, such as to be clear, meaning that they would not be available for misinterpretations; these objectives should be also feasible; setting targets that are quite difficult to be achieved would severely harm the marketing plan involved (Welch et al. 2007). Also, the cost for achieving these objectives should be in line with the expected benefits; for example, investing too much on a marketing plan the benefits of which for the organization would be lower than its cost should be avoided. The failure of a marketing plan to meet its objectives, as incorporated in the plan, would lead to its cancellation, especially if the conditions in the host market are hostile or if the continuation of the efforts of the firm to implement the plan would severely affect the organizational performance (DePamphilis 2007). In the case under examination, the objectives of the firm’s marketing plan would be the following ones: a) within a specific period, for example within 6 months from the implementation of the plan, the awareness of local population in regard to the firm’s products would be increased by a percentage of 10%; a higher percentage of the population of the target market could be set as a criterion for evaluating the success of the plan but only in the case that influencing such a percentage of the population through the specific marketing plan would be feasible, in terms of the commercial practice and the local culture; b) in the same context, the achievement of a specific volume of sales within a period of 6 months, or 1 year, would be set as an objective for the particular marketing plan. Again, it would be necessary for the targeted volume of sales to be feasible, taking into consideration the performance of similar products and the target market conditions. 4.3 Market entry methods When having to enter a foreign market, a firm can choose among ‘two generic strategies: a) a market concentration strategy and b) a market diversification strategy’ (Bradley 2005, p.284). In the context of the first strategy, the organization focuses only ‘on attractive markets’ (Bradley 2005, p.284). The second strategy reflects the effort of the organization to focus simultaneously on many markets, probably aiming to disperse the relevant risks (Bradley 2005, p.284). In the case under examination, the firm would choose the first strategy, i.e. the market concentration strategy. The firm should not seek for expansion internationally in general but rather should focus on certain markets, which have been proved profitable for foreign investors; it could focus on the Malaysian market, which can be characterized as an attractive market for foreign enterprises. In this way, B&Q the payback period for the firm investment on the particular market would be reduced since the firm could achieve profits early, in quite short time after its entrance in the Malaysian market. The success of other British firms that already operate in the Malaysian market, as, for example, Tesco (Brady 2010), can lead to the assumption that B&Q would have many prospects in the above market. It should be noted that the decision of B&Q in regard to the entry mode used by the organization to enter the Malaysian market should be based on certain criteria: a) the chosen entry mode should offer to the organization a competitive advantage, meaning that the firm would be able to compete effectively its rivals (Porter 1998), b) at the same time, the entry mode chosen should secure the firm’s position against potential market pressures; reference can be made, at this point to the five forces that each firm operates globally has to face: suppliers, customers, substitute products, new entrants ad industry (Porter 1986), c) According to Hooley et al. (2008) the strategies used by firms to enter a new market are not standardized; this means that each firm would take the relevant decision based on its resources, its needs but also the conditions in the target market (Hooley et al. 2008). In the case of B&Q, the firm should rather choose to enter the Malaysian market in two different modes; the physical presence of the firm would be secured through a branch in the country’s major city; at the same time, the firm’s products would be available in Malaysia online. The further expansion of the firm, in terms of establishment of new branches could be decided after reviewing the level at which marketing objectives, as described above have been achieved. 4.4 Marketing mix The entrance of the firm in the Malaysian market should be appropriately planned, taking into consideration not only the local market conditions, as analysed earlier, but also the potentials of the organization to establish a competitive advantage towards the local rivals (Smith and Taylor 2004). The adoption of a marketing strategy focusing on 4Ps, i.e. using the marketing mix, could help the organization to compete effectively towards its competitors in the local market. 4.4.1 Price The price of the firm’s products would be decided taking into consideration the performance of the Malaysian economy, as affecting the spending potentials of local people, but also the prices of products/ services of local rivals. At a first level, it would be preferable for the firm to incorporate a general description on the pricing of its products (Pickton and Masterson 2010); for example, it could be stated that the pricing range of its products is wide, from ?1 to ?1000, depending on the material involved. At the same time, it would be possible for a notice to be added in regard to special offers for a particular period of time; for example, it could be stated that the price of all the firm’s products will be 20% lower for the first 6 months of its operations in Malaysia. 4.4.2 Place The term place in marketing mix is used for reflecting the methods used by the firm involved for placing its products so that they are available to customers across the target market (Smith and Taylor 2004). In regard to the placement of its products, B&Q should address a series of issues. The strategies used by the firm for placing its products in the Malaysian market should be clear in the marketing plan. For example, the firm’s marketing plan should highlight the following issues: a) that the firm’s inventory is excessive; products can be available to the public quite quickly since an order is placed (Glowik and Smyczek 2011), b) that the products of the firm will be available both online and through its stores in Malaysia; the potential of availability of the firm’s products through local retailers should be also mentioned, if such term has been incorporated in the firm’s marketing plan. 4.4.3 Product In regard to its products, the firm should provide to consumers in Malaysia the following information: a) the quality of its products; the materials or the processes used can be also mentioned for highlighting the uniqueness of the firm’s products towards those of competitors, and b) the benefits of the products, especially as compared of similar products available by competitors in the Malaysia market. 4.4.4 Promotion Promotion refers to the methods used for promoting the products of the firm in the target market (Vashisht 2005). Advertisements in local media and press should be used, at the level that the results of this promotion strategy can be immediate, compared to other promotion strategies. Also, the sponsoring of important local events and initiatives, including athletic events and community or educational projects could also help towards the increase of awareness of the firm’s products. At the same time, the arrangement of seminars for professionals in the construction area could further contribute in the achievement of the marketing objectives. 5. Challenges that the organization may face when implementing the plan - recommendations for overcoming these challenges When implementing its marketing plan in the Malaysian market the firm may face a series of challenges. Such challenges could be the following one: a) people that would have to support the plan may fail to respond to all its needs; for example, media that have to promote the firm’s products in the Malaysian market may not fully follow the guidelines of the firm’s marketers leading to different results in terms of the promotion phase of the plan. Because of the different cultures between UK and the host market the communication between the firm’s marketers and local media may be difficult, leading to delays in the implementation of the marketing plan; b) at the same time, the cost of the plan, as initially estimated, may be differentiated (Khalid 2009). This problem can appear either because of unexpected changes in the pricing of the services used locally, such as the advertisement in the media/ press, or because of unexpected delays in the implementation of the plan, a fact that can increase the costs depending on the extra time required for the completion of the plan. In each case, the increase of the plan’s initial cost would be depended on the arrangement made in advance between the organization and the local media but also on the time that would be finally required for the completion of the plan. Long-term delays in the completion of the plan would lead to a significant increase of the plan’s costs leading even to the cancellation of the plan, especially if other terms of the plans are proved difficult to be met. The appropriate preparation of the organization in regard to these challenges in advance would limit the relevant problems allowing the successful implementation of the plan (Zou and Fu 2011). For example, a detailed plan in regard to the expenses should follow the marketing plan of the organization. Provision should exist not just for the costs of the various phases of the plan but also for unexpected costs, as analysed earlier. At the same time, the firm’s managers and employees working on the implementation of the specific plan should be appropriately trained in advance for facing the cultural challenges of the Malaysian market. Being aware of the social and cultural characteristic of the Malaysian market would help the firm’s managers to support more effectively the implementation of the plan in Malaysia. As of the potential problems in regard to the political environment of Malaysia, the ability of the firm to face such challenges is rather limited. In fact, it would be quite difficult for the firm’s marketers to overcome these challenges either because, in most cases, such problems are unexpected or because their duration can be long. The only way for the organization to limit the effects of political turbulences in Malaysia would be the development of an alternative plan that could be used instead of the initial marketing plan of the organization; the firm could promote its products in Malaysia primarily online and as soon as the political climate in the country is improved, the implementation of the firm’s initial marketing plan could continue. The additional expenses of such alternative option would be also limited, decreasing the exposure of firm to high costs for the promotion of its products in Malaysia. 6. Conclusion The successful entrance of a firm in a foreign country is a challenging task. Even if all the phases of the relevant project have been carefully planned, still there are cases for unexpected events that can lead to the change of the plan’s terms or even the temporary cancellation of the plan, if the risks for severe losses are high. On the other hand, emerging economies, like Malaysia have been proved particularly profitable for firms that are already established in the international market, such as B&Q. These firms can appropriately arrange the placement of their products in a new market keeping the risks low. In other words, the experience in operating globally has been proved to be a significant advantage for a firm that tries to expand internationally. Of course, all such projects have certain risks; unexpected changes in the political or economic environment of the target market can be difficult to be managed, as explained earlier. Still, an effective marketing strategy could protect a firm from major risks, keeping the exposure of the firm to unexpected turbulences at low levels. In regard specifically to B&Q the firm’s performance in the international market up to now indicates its potential to support a project of global expansion. Moreover, the Malaysian market has been proved to offer many prospects for new entrants. The development of an effective marketing plan, as indicatively presented above, could help B&Q to achieve a stable, not necessarily rapid, growth in the Malaysian market. The support provided by employees involved in the project and local authorities would be factors that could further increase the chances for the project’s success. References Albaum, G., and Duerr, E. (2008) International Marketing and Export Management. Essex: Pearson Education. Andexer, T. (2008) Analysis and Evaluation of Market Entry Modes Into the Asia-Pacific Region: Based on the Example of a German SME in the Industrial Goods Business. Munich: GRIN Verlag. Bradley, F. (2005) International Marketing Strategy. Essex: Pearson Education. Brady, D. (2010) Essentials of International Marketing. New York: M.E. Sharpe. B&Q (2012) Company website. Available at http://www.diy.com/ [Accessed 23 April 2012] Cherunilam, F. (2007) International Business: Text and Cases. New Delhi: PHI Learning Pvt. Czinkota, M., and Ronkainen, I. (2007) International Marketing. Belmont: Cengage Learning. Dana, L. (2001) Global Marketing Co-Operation and Networks. Oxon: Routledge. DePamphilis, D. (2007) Mergers, Acquisitions, and Other Restructuring Activities. Academic Press. Doole, I., and Lowe, R. (2008) International Marketing Strategy: Analysis, Development and Implementation. Belmont: Cengage Learning. Gillespie, K., Jeannet, J., and Hennessey, D. (2010) Global Marketing. Belmont: Cengage Learning. Glowik, M., and Smyczek, S. (2011) International Marketing Management: Strategies, Concepts and Cases in Europe. Munchen: Oldenbourg Verlag. Heinen, T. (2006) International Marketing Strategy. Munich: GRIN Verlag. Hollensen, S. (2009) Essentials of Global Marketing. Essex: Pearson Education. Hooley, G., Piercy, N., Saunders, J., and Nicoulaud, B. (2008) Marketing Strategy and Competitive Positioning. Essex: Pearson Education. Khalid, S. (2009) Exploring firm level market knowledge competence and its implications for the speed and success of export expansion: A mixed methodology study from the software industry. Vaasa: University of Vaasa. Kingfisher plc (2012) Company Website. Available at http://www.kingfisher.com/index.asp?pageid=3 [Accessed 23 April 2012] Malaysia Central (2012) Home improvement. Available at http://www.mycen.com.my/malaysia/home_decor.html [Accessed 20 April 2012] Nyland, C. (2001) Malaysian Business in the New Era. Cheltenham: Edward Elgar Publishing. OECD (1999) Foreign Direct Investment and Recovery in Southeast Asia. Paris: OECD Publishing. Onkvisit, S., and Shaw, J. (2008) International Marketing: Strategy and Theory. Oxon: Taylor & Francis. Oxford Business Group (2007) The Report: Malaysia 2007. Oxford: Oxford Business Group. Pecotich, A., and Shultz, C. (2006) Handbook Of Markets And Economies: East Asia, Southeast Asia, Australia, New Zealand. New York: M.E. Sharpe. Pickton, D., and Masterson, R. (2010) Marketing: An Introduction. London: SAGE Publications. Porter, M. (1998) Competitive Advantage: Creating and Sustaining Superior Performance: with a New Introduction. New York: Simon and Schuster. Porter, M. (1986) Competition In Global Industries. Boston: Harvard Business Press. PricewaterhouseCoopers (2005) 2004/2005 Global Retail & Consumer Study from Beijing to Budapest. Available at http://www.pwc.com/en_GX/gx/retail-consumer/pdf/malaysia.pdf Rugman, A. (2009) The Oxford Handbook of International Business. Oxford: Oxford Handbooks. Smith, P., and Taylor, J. (2004) Marketing Communications: An Integrated Approach. London: Kogan Page Publishers. Sundaram, J. (1993) Industrialising Malaysia: Policy, Performance, Prospects. Oxon: Routledge. Ungson, G., and Wong, Y. (2008) Global Strategic Management. New York: M.E. Sharpe. USA International Business Publications (2007) Malaysia Investment and Business Guide. Washington: International Business Publications. Vashisht, K. (2005) A Practical Approach to Marketing Management. New Delhi: Atlantic Publishers & Distributors. Welch, L., Benito, G., and Petersen, B. (2007) Foreign Operation Methods: Theory, Analysis, Strategy. Cheltenham: Edward Elgar Publishing. Zou, S., and Fu, H. (2011) International Marketing: Emerging Markets. Bingley: Emerald Group Publishing. Appendix Figure 1 – Performance of Kingfisher plc from 2008 up to 2011 (Source: 2011 Annual Report, p.2) Figure 2- Performance of Kingfisher plc in France, UK and other markets internationally (Source: 2011 Annual Report, p.6) Figure 3 – Performance of Malaysian economy (Source: PricewaterhouseCoopers 2005, p.95) Figure 4 – Spending patterns in Malaysia (Source: PricewaterhouseCoopers 2005, p.98) Read More