Impact of External Environmental Factors on FutureMed's Innovative Capacity

Disruptive innovation
FutureMed

Introduction and case study scenario
FutureMed is one of the largest
radiopharmaceuticals occupying remarkable
places in the market of Australia.
 Before bringing innovation in the field of
nuclear medicine as radioactive tracers in
medical the business experts of FutureMed
have made effective environmental analysis.

Marketing Perspective
In order to make in-depth discussion
regarding the impact of external analysis for
running the entire process of business,
FutureMed has analyzed political, economic,
socio-cultural technological, environmental
and legal factors. Porter’s five forces have
also been evaluated for analyzing the
suppliers’ and buyers’ power (Hameed,
Counsell and Swift 2012).

PESTEL
 Political
Australia is the constitutional monarchy with Elizabeth. The country is
constituted with stable political environment which reflects on the success of
business. The government rules and regulations are very much transparent
with the help of which FutureMed would not have to face challenges in
running their business (Anderson, Potočnik and Zhou 2014).
 Economic
Australia is economically developed country. As per data of 2017 the
organization has rendered 2.4% economic growth. As a result, FutureMed
would not have to face challenges in gathering target audience. Due to
economically developed country the business experts can implement high
cost strategy as well for more business profit.
 Socio-cultural
Australia is possessed with the people of diverse cultural backgrounds and
attitudes. The products delivered to the customers are aimed to grab the
attention of various cultural backgrounds and psychological attitudes. As a
result, the business experts of FutureMed have to concentrate on product
diversification and market penetration.