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UKMB3013 INTERNATIONAL BUSINESS ASSIGNMENT ASSESSMENT FORM
Conference Paper · November 2019
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UNIVERSITI TUNKU ABDUL RAHMAN
FACULTY OF ACCOUNTANCY AND MANAGEMENT
ACADEMIC YEAR 2019/ 2020
BACHELOR OF ACCOUNTING (HONS)
UKMB3013 INTERNATIONAL BUSINESS
ASSIGNMENT ASSESSMENT FORM
Company:
Taiwan
a
Student Name
1. Chin Kah Hing
Student ID
1506240
Tutorial & Group
Tutorial Group 17
2. Lee Xiang Qiao
1504858
Tutorial Group 17
3. Tee Shin Teng
1402619
Tutorial Group 17
4. Tew Jing Wen
1605868
Tutorial Group 17
5. Yeoh Qing Ching
1504703
Tutorial Group 17
6. Yeo Qi Yao
1602175
Tutorial Group 17
Assessment
Executive summary
Marks
Allocation
5 marks
Overview of the selected country
5 marks
Macro-environment analysis
 Cultural and societal analysis
 Political and legal analysis
 Economic and trade analysis
 Competitors and technological analysis
 Financial analysis
10 marks
Business opportunities / risks analysis
 Identification of business potential
 Identification of business risk
10 marks
Implementation

Strategy

Structure

Operations
10 marks
Conclusion
5 marks
References and citation, structure, layout, and
writing skill
Total Marks
5 marks
Marks to be converted to 20 marks
50 marks
Marks
Awarded
Comments (if any):
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
________________________
Name of evaluator: ______________________
Signature of evaluator: _________________ a
Table of Contents
Executive Summary ............................................................................................ i
1. Overview of the selected country – Taiwan .......................................... 1
2. Macro-environment analysis
a. Cultural and societal analysis ................................................... 1-2
b.
c.
d.
e.
Political and legal analysis ........................................................ 2-3
Economic and trade analysis ....................................................... 3
Competitors and technological analysis .................................. 3-4
Financial analysis ......................................................................... 4
3. Business opportunities / risks analysis
a. Business opportunities analysis ................................................ 5-6
b. Business risk analysis ............................................................... 6-7
4. Implementation ...................................................................................................... 7-10
5. Conclusion ........................................................................................... 10
6. References ....................................................................................... 11-13
Executive Summary
This report was commissioned to examine for Zenxi Agri Food Company to set up
their presence in Taiwan for the coming future.
From this report, the company will show that the some basic overview of the country
that chosen to set up their presence, such as location, population and capital city of Taiwan.
On the other hands, this analysis will discuss about the main macro-environment analysis,
such as cultural and societal analysis which green organic fruit and vegetables are popular in
Taiwan as consumers are ever more aware of the importance of healthy food and drinks.
Second point of the macro-environment analysis is political and legal analysis, for imported
organic foods, they are also protected by the law of trading organic products which in itself is
regulated by the Agriculture Organic Imported Act 2011. For economic and trade analysis,
Taiwan has good reputation with Malaysia in terms of import and export. Furthermore, for
competitors and technological analysis, Taiwan is ranked 3rd in organic adoption rate among
Asia Pacific countries as the country were advised to establish Organic Research Groups and
Organic Technical Service Groups. Lastly, for financial analysis, Taiwan are welcoming
foreign companies to invest in it country by providing convenient banking system and foreign
exchange system.
On the other hands, this report also shows that the main business opportunities and
risk analysis which occur in Taiwan. The main business opportunities which are dedicated
organic zones and clustered farming, tax advantages and technology development and
training courses. Besides that, the risk analysis from this report will be the earthquake cycles
and typhoon which always occurring in Taiwan.
From the conclusion, this report can determine Taiwan is the suitable chosen for
Zenxi Agri Food Company which due to few research as above.
i
1.0 Overview of the selected country
The country chosen for this analysis is Taiwan. Zenxin Agri Food Company decided
to setup their presence in Taiwan due to the country is located off the south-eastern coast of
mainland China in the Western Pacific Ocean. The main capital city of Taiwan is Taipei. The
mainly official language at Taiwan is Mandarin Chinese or called as Taiwanese and it also
has few different languages within the country which are Hakka and Aboriginal. The
currency is the New Taiwan Dollar (NTD).Taiwan is one of the world's trading powerhouses
and offers one of the most favorable environments for investment in Asia (Trip Navigator,
2017).
It currently ranks as the 21st largest economy in the world according to the
International Monetary Fund (IMF) and as 7th largest GDP in the Asia countries by GDP in
Year 2019. (World Population Review, 2019) The estimated population of the country in
Year 2019 is 23,773,876 people at mid-year according to UN data (Taiwan Population (Live),
2019).
According to the Food and Fertilizer Technology Center for the Asian and Pacific
Region, the government of Taiwan seems dedicated to promote the organic agriculture in
whole Taiwan. The government of Taiwan does not recognize the organic certification bodies
from abroad. This means that the food certified as organic by certification bodies in Europe
or the US would have to be tested again by certificated bodies in Taiwan in order to earn the
right to be classified as organic on store shelves in Taiwan. As a result, the certification
process in Taiwan is defined by very strict rules and regulations. Thus once the organic food
has been tested by Taiwan government and the quality of the organic food has been fulfilled
with regulatory framework for organic certification in Taiwan, it means that the organic food
can as wholly qualify organic product (Antoine, Andoko, & Zmudczynska, 2018).
2.0 Macro-environment analysis
Cultural and Societal Analysis
Around the world, consumers are stating greater interest in healthier diets that contain more
natural and organic ingredients without artificial additives and preservatives. This trend can
be seen in Taiwan as well, as consumers react to the seemingly endless stream of food
scandals by seeking out healthier, less processed, natural and organic diets from trusted
1
sources. Consumers in Taiwan are also increasingly choosing organic foods that are supposed
safer than their conventional counterparts, and this trend is expected to mount as the market
widens to include not only the more affluent but also younger people and middle-income
families (Ferry, 2017).
According to the Almanac of Food Consumption Survey by Taiwan Food Industry Research
and Development Institute, 27% of Taiwan customers have consumed organic food or
beverages products in recent past year. Besides, the major consumer demographic for organic
products are women aged 45-60 years old. This group is willing to pay a premium for
products they perceive as greater quality (Wu, 2017).
According to sources, some consumers in Taiwan prefer organics due to their Buddhist
beliefs. Because of the influence of Buddhism and other syncretistic religions like I-Kuan
Tao, vegetarian cuisine is found everywhere in Taiwan (Ta Chi Travel Company Limited,
2019). Therefore, green organic fruit and vegetables are popular in Taiwan as consumers are
ever more aware of the importance of healthy food and drinks. To conclude, Taiwanese
consumers are becoming more aware of the benefits of healthy eating. Not surprisingly, this
has led to increased demand from consumers for organic foods. Therefore, Zenxin Agri
Organic Food could enter this market segment easily.
Political and Legal Analysis
Taiwan has endured a high performer in terms of democratic politics and liberal market
policies. Although Taiwan’s status under international law is contested, the Taiwanese state
(which is officially named the Republic of China (ROC)) enjoys effective power and
authority over its territory (Bertelsmann Stiftung, 2019). In addition, United States is
Taiwan's most significant friend and protector. Despite its diplomatic isolation, Taiwan has
become one of Asia's main economic players, and one of the world's top producers of
computer technology (BBC, 2019).
Taiwan has entered a new phase of agricultural development with the Organic Agriculture
Promotion Act going into effect on 30 May 2019. The act was intended to protect water and
soil, the environment, biodiversity, animal welfare, and consumer interests. It also obtains a
legal foundation on which to promote eco-friendly and sustainable use of resources (Tzu-ti,
2019). Besides, for imported organic foods, they are also protected by the law of trading
organic products which in itself is regulated by the Agriculture Organic Imported Act, 2011
(Melchior Antoine, 2018).
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According to Minister of the Council of Agriculture (COA), the government will offer a
subsidy between NTD30,000 and NTD80,000 per hectare for growers planning to shift to eco
farming. The government will also push for increased consumption of organic agricultural
products, starting from schools, the military, and public institutions. Moreover, a new unit
under the COA will be established to further implement programs involving the promotion of
organic education, cultivation of experts in the field, and marketing assistance for farmers
(Tzu-ti, 2019). In a nutshell, Zenxin Agri Food Company could set up in Taiwan as the
government in Taiwan is sowing the seeds of success for sustainable organic agriculture.
Economic and Trade Analysis
Taiwan is a small country but it has a strong presence in the economic. It is an important
market in regional and global value chains and stands out as one of the trading powerhouses
in the world, offering one of Asia's most advantageous investment opportunities (HKTDC
Research, 2019). As a relatively open and liberal economy, Taiwan benefits from significant
foreign direct investment (FDI) as well as the accompanying management and technical
expertise.
Taiwan treated foreign investors as nationals. The government of Taiwan is promoting the
advancement of industrial testing in the agricultural industry. Domestic organic food
production in Taiwan as of 2016 amounts to a total of $123 million. In addition, the value of
imported organic foods which are mostly from the US stands at $40 million. (Melchior
Antoine, 2018)
Taiwan has good reputation with Malaysia in terms of export and import. Trade between the
two countries reported a 22.1% increase in 2018, valued at US$ 23.73 billion. Malaysia's
imports to Taiwan reached US$ 4.1 billion in the first five months of 2019, while Taiwan's
exports to Malaysia were US$ 3.8 billion. According to recent economic forecasts, bilateral
trade between Malaysia and Taiwan is expected to grow by at least 10% in five years (The
Malaysian Reserve, 2019). Zenxin Agri Food Company could set up their business in Taiwan
as the country not only has sound economic environment and a good relationship with
Malaysia, it also encourage agriculture farming in their country.
Competitors and Technological Analysis
In 2017, Taiwan's total market value for organic packaged food and beverages was US$ 26.7
million, making it the world's 37th largest value market. Taiwanese are familiar to organic
3
foods and beverages as there are several sellers in the Taiwan’s organic market. Ying Chuan
Food Co Ltd, which holds 9.0 percent of total revenue, is the largest organic packaged food
and beverage sales company in Taiwan. This company is followed by Uni-President
Enterprises and Union Rice Co Ltd (Globalorganictrade.com, 2019).
Taiwan ranked 3rd in organic adoption rate among Asia Pacific countries as the country were
advised to establish Organic Research Groups and Organic Technical Service Groups (Open
Access Government, 2019). The country is also helping to develop organic farming on
various fronts such as market research, development of agriculture, and support for industry.
Taiwan provided organic farmers with professional training and work on key organic
technologies related to crop and material (Lin, 2018).
Although there are competitors in Taiwan’s organic market, Zenxin Agri Food Company
could still set up in Taiwan. This is because those competitors are mainly focus on organic
rice and porridge, where Zenxin Agri Food Company is mainly focus on vegetables.
Financial Analysis
Taiwan are welcoming foreign companies to invest in it country by providing convenient
banking system and foreign exchange system. Foreign investors can easily obtain foreign
exchange from licensed banks in Taiwan with approved investments. Funds can be freely
exchanged for remittance into major world currencies, but they must be kept in currency
amounts issued by banks in order to retain funds in Taiwan (www.export.gov, 2018).
Taiwan's consumer confidence is expected to improve on the recent increase in pay.
Consumers in Taiwan are likely to increase their consumption after the monthly minimum
wage in the territory has increased by 4.7% to NTD 22,000 from the previous NTD 21,009,
and workers in the public sector have been given a 3% increase in pay, both effective 1
January 2018. There's a tide of fashionable, urban, singles, couples, and young families
turning around that notion, looking at cooking as a recreational activity (Mordor Intelligence,
2018). Organic foods selling price are basically higher than other foods in the market.
Therefore, since Taiwanese are familiar and willing to pay for organic foods, Zenxin Agri
Food Company could set up in Taiwan.
4
3.0 Business opportunities/risk analysis
i) Business Opportunities Analysis
Dedicated organic zones and clustered farming
As clustered farming and group certification reduce production costs and prevent
contamination from surrounding fields for organic operators, the central authority has been
proactively guiding governments on municipality, county levels and farmers’ organizations to
set up organic farming clusters. “Guidelines for Infrastructure Subsidy for Improving the
Environment of Organic Farming Clusters” has thus been formulated to assist the clusters in
improving its environment planning and field management (Lin, 2018).
The establishment of public organic zones in Taiwan: In coordination with Taiwan Sugar
Company and Veteran Affairs Council, local government rented lands from these institutes to
set up organic cultivation zones (Lin, 2018). In these zones, waterway, stacking grounds,
packing houses, refrigerating rooms, and logistic faculties have been constructed.
It is a guidance for farmers to establish farming clusters: By mobilizing participants in Fallow
Land Revitalization and “Small Landlords, Big Farmers” Program, the operation scale of
each farm can expand and farming can be created, a mechanism much easier for marketing
personnel to accommodate. A total of 10 zones of this kind have been established in Taiwan
(Lin L. F., 2018).
Tax advantages
Taiwan’s corporate tax is 17% of total taxable income. This company favourably against
rates in Korea (22%), China (25%) and Japan (30%).Company setting up operations in the
free trade zone in Taiwan will be allowed to import goods and machinery into the zone
without being required to pay certain duties including Value Added Tax, custom duty,
commodity tax, and trade promotion service fee (Zamora, 2016).These incentives can also be
claimed by companies setting up in economic processing zones, bonded factories and
warehouses.
It is possible for foreign companies to apply for withholding tax exemption on royalty
payments being made to a foreign company for usage for their technology in Taiwan. In such
a case, a foreign company will require approval from the Industrial Development Bureau
5
(IDB). Companies investing in research and development activities are eligible to claim up to
15% of their expenditure against its income tax liability, although the amount claimed must
be less than 30% of its liability for the year (Zamora, 2016).
Technology development and training courses
The formation of organic research and technical service groups in the organic farming.
District Agricultural Research and Extension Stations under the Certificate of Analysis (COA)
around the country were advised to establish Organic Research Groups and Organic
Technical Service Groups (Lin, 2018). These service group help to develop organic
agriculture on various fronts like market research, cultivation improvement, and industry
support.
Research on key technologies related to organic crops and materials in its development (Lin,
2018). Prevention of pest for leafy vegetables, increase of land fertility, weed management
are some of the topics of research. Those successful advancements would be introduced to
farmers through demonstration events to be successful in the organic farming.
Development of new technologies and production materials in the organic farming (Lin,
2018).For example, invention of non-pesticide methods of managing pests and weeds and
fertilizers that are suitable for organic uses like microbial bacteria or biological fertilizers in
order to have an organic production.
(ii) Business Risk Analysis
Earthquake cycles
Earthquakes in Taiwan are caused mainly due to collisions between the Philippine Sea Plate
and Eurasian Plate. The impact of these collisions has also caused the emergence of the island
of Taiwan and her magnificent geological scenery, and a high frequency of earthquakes as
well (Central Weather Bureau, 2019). As a result of this persistent seismic activity, Taiwan
will continue to experience earthquakes with magnitude ranging from small to large. This
event occurs when accumulated energy is released after reaching a certain point, after which
the seismic energy will start to accumulate again.
Furthermore, in Taiwan, environmental characteristics belong to earthquakes are quite
different between the east side of the island and the west. Earthquakes on the east side of
6
Taiwan are the direct result of plate collision while earthquakes on the west side are the result
of fault displacement that was created by the tectonic environment. With so many
characteristic differences, an earthquake cycle estimated by combining the data from both
sides yields meaningless results. It is as if trying to figure out the probability of a number that
will come up when throwing a 6 and an 8 faced dice in a random manner (Central Weather
Bureau, 2019).
Typhoon
Typhoon is a violent storm over the tropical Western North Pacific. The latitudinal range
between 10 degrees and 15 degrees in the Northern Hemisphere is the area where most
typhoons formed. The typhoons that invaded Taiwan were mostly from the Western North
Pacific, mainly in the vicinity of Caroline Island, the Mariana Islands and Palau Islands.
Occasionally, typhoons from South China Sea can affect Taiwan (Central Weather Bureau,
2019).
A total of 366 typhoons between 1911 and 2018 have had a landfall on Taiwan, or have
passed offshore without landfall on Taiwan but caused disasters on lands. The peak frequency
is in August, followed by July and September (Central Weather Bureau, 2019).According to
statistics from over a century, Taiwan has experienced a total of 187 typhoon landfalls, which
are spread among areas such as Pengjiayu to Yilan (23), Yilan to Hualien (41), Hualien to
Chenggong (38), Chenggong to Taitung (28), Taitung to Hengchun (30), Hengchun to
Kaohsiung (17), Kaohsiung to Dongshi (5), and Dongshi to Taichung (3). No typhoon
landfall has ever occurred in the northwest coast of Taiwan, as shown in Fig. 5. The east
coast of Taiwan from Yilan to Hualien has experienced the most typhoon landfalls during
1911-2018 (Central Weather Bureau, 2019).
4.0 Implementation
Market Structure and Target Market
Organic food market in Taiwan is considered as a niche market as the total market size for
organic food and beverages in Taiwan is US$26.7 million in 2017, which is less than 0.1% of
global category sales. The growth rate of consumption of organic food is lower than the other
parts of Asia Pacific region due to the lack of available organic products in the Taiwan
market (Cai, 2018). It gives Taiwan a strong market potential for Zenxin to enter the organic
7
market and provide organic products Some Taiwanese prefer organics because of their
Buddhist beliefs (Wu & Anderson-Sprecher, 2017). Buddhist and women who aged between
45 and 60 are the key customers as they often consume for organic products. Other than that,
young generation with high education would be targeted as key customer. Young people with
higher education is more likely choosing to consume organic produce (Smyth, 2018).
Product
Zenxin could offer a wide product range to the customers in Taiwan. Currently, there are
more than 100 types of organic fresh produce offered by Zenxin in Malaysia and Singapore.
Zenxin has been certified as an organic fertilizer producer by the international organic
certification body, NASAA since 2008. Zenxin has adopted modern technology from Japan
and Germany to ensure the quality of the products in an environmentally friendly concept, in
order to prevent pollution. As mentioned above, Taiwan’s government has strongly support
for organic agriculture with develop advanced technology. It would become an opportunity
for Zenxin to set up its own organic farm in Taiwan. There are many places where are
suitable for organic production, such as Hualien (rice), Lienchiang (vegetables), and so on.
Promotion
Promotion strategy would be the main activities that help Zenxin to create brand awareness
for Zenxin in entering Taiwan. Direct communication is the most effective method to
increase the awareness. Zenxin could hire well-trained first-line salespeople to direct promote
the products to customers and manufacturers. It could allow Zenxin to create awareness
through word of mouth from customers. Zenxin could also use the Customer Relationship
Management (CRM) to maintain the loyalty of the customers in long term. Zenxin can offer a
membership program for the customers to get special discount and member reward. Besides
that, Zenxin Travel has offered tours and travel overseas for the customers to visit the organic
farms in Malaysia, Taiwan and Thailand, in order to allow the people to understand the
importance of organic agriculture to the environment. Moreover, Zenxin could use social
media to connect constantly with the customers. Zenxin has its own official Facebook page
which allows customers to follow up about the company’s activities.
Price
Pricing is one of the main factors that influence the customer purchasing decisions. The price
of organic products is higher than conventional products as the production of organic
8
products is more costly. However, with the tax advantages, Zenxin could use the cost-pricing
principle to set the prices which the production cost plus a stable percent of revenue.
Additionally, Zenxin need maintain the product prices consistent even the natural disaster
affects the production of the products, such as Typhoon and Earthquake, in order to prevent
customers from switching brand.
Place
Zenxin can set up its first organic shops in New Taipei to sell its products as New Taipei is
the most populous city in Taiwan. It could help Zenxin sell the products directly to the
customer which they can manage the quality of the products. Besides that, Zenxin can set up
its own online organic food stores for the customers. It helps to target the housewives who
are working and taking care of their family, but have no time to buy the food. So that, they
could buy the organic food through online and deliver to their house. Furthermore, Zenxin
could distributes its product to the local retail supermarkets and shopping centers in Taiwan.
It can allow Zenxin to improve the brand awarenes to attract more customers. The difficulty
may face by Zenxin is to maintain the relationship with the retailers.
Operations
Operation can be identified into many, for example business operation, operations
management, facilities planning, operations strategy, inventory control and etc. (Operations
management, 2019). But for Zenxin Agri Food Company, they can use the planning and
controlling as implement on their operations.
Planning
Planning was the first step for a company to draft a mindset or a foremost activity to achieve
the targets or goals. (Planning , 2019). Planning was important for operations in Zenxin Agri
Food Company, they need to plan how much seed request in order to achieve the sale target,
so the inventory control need to always check. Next, schedule planning. For example, when
need to start grow the product, how many day does it take to grow, who going to manage the
product during the period of the product grow. Beside, plan back up plan for the natural
disaster for before it start and after it have happen and what to do next, because Taiwan will
happen typhoon and earthquake. (Central Weather Bureau, 2019)
9
Controlling
Controlling was after the plan has been make out, in order to follow the plan to achieve the
goals or targets set. Controlling the order and discipline, and to check the employee’s
activities of completing their task. (Meaning of Controlling: Controlling Function and Its
Importance, Examples, 2019). Next, achieve company goals. Because, consumer in Taiwan,
most of the nations like agriculture vegetable, they will spend money to buy the organic
product. If Zenxin Agri Food Company misses the chance to achieve, it will create a huge of
losses on market.
5.0 Conclusion
In conclusion, Taiwan will be successful if they set up at Taiwan due to the positive advanced.
Taiwan government have highly promoting the organic agriculture in whole Taiwan, due to
their land (Taiwan) are full of good natural resources and geography area like mountain
(Land) and river (Mineral) for the plant plus the weather are very moisture.
Beside, from the research above the major consumer demographic for organic products are
women aged 45-60 years old, will like to spend their money on the organic food to cook for
their family to have a healthy body. There are 27% of Taiwan people consuming organic food
last year, and they are chance the percentage will be increase higher. Most of the Taiwan
people religion was Buddhism, and they need fruit to worship their God.
Next, Taiwan taxable income for foreign company was 17% which was the lower rate among
other Asia country. Company setting up operations in the free trade zone in Taiwan will be
allowed to import goods and machinery into the zone without being required to pay certain
duties including Value Added Tax, custom duty, commodity tax, and trade promotion service
fee.
10
8
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