Analysing Key External Factors: A Marketing Perspective

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

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MARKETING PERSPECTIVE
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