Before starting any business, a new entrepreneur requires adequate knowledge regarding the target market (E.A van Noort 1999). This plays a pivotal role in enabling entrepreneurs determine the appropriate entry and growth criteria of a business. This paper explores an online survey aimed at highlighting challenges associated with plastic resin trading business in Malaysia. This paper analyses the data obtained in the survey in order to successfully venture in the business at Shah Alam, Malaysia.
Primary data analysis
Business ethics demands that before conducting any survey, one ought to acquire the consent of the respondents. Ninety respondents agreed to take part in the online survey, whose participation was strictly on a voluntary basis. …show more content…
The bulk of the respondents, 53.3% identified industrial products as the key customer application. 36.7% cited consumer products as the main application. Application in transportation and construction products followed distantly at 8% and 1% respectively. The survey results indicated that the plastic resin trade in Malaysia takes place in four key currencies. 76 respondents, which comprised 84.4% of all the respondents, indicated the United States Dollar (USD) as the current transaction currency with plastic resin suppliers. 12.2% of the respondents identified the local currency, Malaysia Ringgit (RM) as the current transaction currency among plastic resin suppliers. Two respondents identified Renminbi (RMB) as the currency of choice while one respondent picked the Euro (EUR) as the currency of choice among the …show more content…
8Eighty six of the ninety respondents chose the local currency as the preferred currency of transaction with plastic trading companies. On the other hand, the preferable Incoterm with plastic trading company was DPP-Delivered Duty Paid, which was singled out by an impressive eighty one percent of the respondents. The other nine percent identified Cost, Insurance and Freight. The import port of choice was Port Kelang, which was selected by 60% of the respondents. Other ports, Penang, Pasir Gudang and Tanjung Pelepas were selected by 19, 16, and 1 respondent respectively. Twenty three respondents abstained from identifying a preferable Minimum of Delivered Quantity (MOQ). The other 67 respondents identified less than one million metric tones as the preferred Minimum of Delivered
Primary data analysis
Business ethics demands that before conducting any survey, one ought to acquire the consent of the respondents. Ninety respondents agreed to take part in the online survey, whose participation was strictly on a voluntary basis. …show more content…
The bulk of the respondents, 53.3% identified industrial products as the key customer application. 36.7% cited consumer products as the main application. Application in transportation and construction products followed distantly at 8% and 1% respectively. The survey results indicated that the plastic resin trade in Malaysia takes place in four key currencies. 76 respondents, which comprised 84.4% of all the respondents, indicated the United States Dollar (USD) as the current transaction currency with plastic resin suppliers. 12.2% of the respondents identified the local currency, Malaysia Ringgit (RM) as the current transaction currency among plastic resin suppliers. Two respondents identified Renminbi (RMB) as the currency of choice while one respondent picked the Euro (EUR) as the currency of choice among the …show more content…
8Eighty six of the ninety respondents chose the local currency as the preferred currency of transaction with plastic trading companies. On the other hand, the preferable Incoterm with plastic trading company was DPP-Delivered Duty Paid, which was singled out by an impressive eighty one percent of the respondents. The other nine percent identified Cost, Insurance and Freight. The import port of choice was Port Kelang, which was selected by 60% of the respondents. Other ports, Penang, Pasir Gudang and Tanjung Pelepas were selected by 19, 16, and 1 respondent respectively. Twenty three respondents abstained from identifying a preferable Minimum of Delivered Quantity (MOQ). The other 67 respondents identified less than one million metric tones as the preferred Minimum of Delivered