Analysing Key External Factors: A Marketing Perspective

This article analyses the key external factors that may hamper the progress of FutureMed from a marketing perspective and provides recommendations to mitigate the challenges. The article suggests that FutureMed needs to develop talents for research and development, recruit young and skilled personnel, and export radiopharmaceuticals to countries where registration is easier.

Running head: MARKETING PERSPECTIVE
Marketing perspective
Name of Student
Name of University
Author Note

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Analysing key external factors
The analysis of the case study shows that one of the key external factors that may
hamper the progress of FutureMed is the Research and Development team have less
understanding about medicines. As stated by Cascio (2018) it is important for the research
and development to have a complete knowledge about the current market status. In the case
of FutureMed, it is seen that the organisation does not have the resources required to exploit
the research and development department in the organisation.
Another factor that may play a crucial role in the innovation capacity of the
organisation is the fact that the senior managers of the departments are all above 55 years of
age. This hinders the chances of innovative ideas and the urge to explore the uncertain areas.
This plays an important part as the social factor of the organisation comes into focus. The
aged senior members of the organisation point out to the lack of social relations of the
organisation.
Apart from this, the stakeholders also play a crucial role in hindering the innovative
process. The legal factor of the country prevents the registration of radiopharmaceuticals in a
successful manner. It has been seen that the registration of radiopharmaceuticals under the
Australian Register of Therapeutic Goods (ARTG) is challenging. However, in countries like
Indonesia and New Zealand, such regulations exist in few. The financers are not aware of the
drugs as it is relatively new in the market and is considered as a developing branch of science
that can be effective for customers.
Recommendation
After the analysis, it can be recommended that FutureMed need to develop talents so
that research and development can be conducted properly. Research and development of the

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organisation can be improved by recruiting people that have an experience in market
research. The market research technique of the organisation needs to be such that it helps it
develop competitive advantage.
The second issue that has come to the limelight is the age factor of the senior member.
This can be considered as an internal problem as well as an external problem. The owners of
the organisation need to recruit talented and skilled young people who can take the
responsibilities as head of the departments. By doing so new tactics can be implemented that
may help the FutureMed be innovative. The social factor of the organisation needs to be
improved so that it can recruit people for senior as well as junior posts.
To mitigate the challenge faced by the legal framework, FutureMed can export the
radiopharmaceutical to countries where the registration of such drugs can be done easily. A
research and development branch can be set up in either New Zealand or Indonesia to see the
effects of the drugs successfully. This can help the company gain some form of revenue to
continue its production of the drugs. Overall, it can be said that FutureMed need to have
sharp and talented personnel that can address the external threats of the organisation.

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Reference
Cascio, W., 2018. Managing human resources. McGraw-Hill Education
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