INTERNATIONAL MARKETING SUBWAY

Done by: Pratchaya Korsanan Ie.ignatius Eric Cahya Saputra Stephanie Tanady

Table of Content
1. 2. 3. 4. 5. 6. 7. 8.

Introduction PESTLE Analysis Market Entry Strategy : Franchising Strategic Option Product Adaptation Communication Adaptation Conclusion Reference 16 11-12

2 3-9 10-11 12 13-16 17

International Marketing Group Report 1. Introduction 1.1 Background of the company Subway is an American restaurant franchise that sells submarine sandwiches (subs) and salads. It was founded in 1965 by Dr. Fred De Luca and Peter Buck. The first store was opened in Bridgeport, Connecticut. The business idea was established when Fred De Luca was looking for his medical doctors tuition fee. He was suggested by family friend, Peter Buck, to operate a submarine sandwich shop. Dr. Fred borrowed a loan of $1000 from Peter Buck and offered him a partnership of the restaurant. Since then, the relationship and business has been maintained and prospered. The success of this business lies beyond their recognition of serving a well-made, high quality product, excellent customer service, low operating costs, and good locations. Previously, they had set a goal of reaching 32 stores within 10 years. In 1974, the partner owned 16 submarine sandwich shops throughout Connecticut. Knowing that the targeted goal would not be achieved, they decided to go for a franchise model for faster expansion. Nowadays, there are more than 36,405 subway restaurants in 100 different countries. It is ranked as No.1 Largest fast food chain and No.2 Fastest growing franchise. 1.2 Product offered Subways menu differs from country to country however its core product is the submarine sandwich, or sub, which is a long soft baguette filled with meat, cheese, and vegetables. Besides, they also offer wraps, salads, as well as baked goods such as cookie and brownie. Even though the product varies from country and market, they still remain its worldwide signature product such as Italian BMT, Steak & Cheese, Subway Club, Subway Melt, etc.

2. PESTLE Analysis
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Indonesia is a republic country with more than 200 million people live in this country though the 22% of them lives below poverty line. It is the largest country in Southeast Asia with biggest Muslim population (88%) with Jakarta as the capital. The Independence Day is on 17th August 1945. Mr. Susilo Bambang Yudhoyono is currently the President of Indonesia with Boediono as the vice president. The Main language of Indonesia is Bahasa Indonesia. 2.1 Political and Legal factors 2.1.1 Political Factor There is presidential election every 5 years in Indonesia, and the candidate that has been chosen for the first period of 5 years can only be elected for the next 5 years. It means the maximum period to be the president of Indonesia for one person is only 10 years. The elected President of Indonesia will be given a task to create and build His or Her own governmental cabinet. 2.1.2 Legal factor In terms of legal factor, Indonesia is a country with plenty labor forces. In order to protect their labor rights, the Indonesian government has set-up a law which is called Labor Laws Article 28 D (2). In this law it is stated that there is 7-hour work days and 40-hour workweeks, with 30minutes rest period for each 4 hours of work is legal in Indonesia). Another policy is that there must be at least one day of rest weekly in Indonesia. Indonesia has also signed the Memorandum of Understanding with the International Labor organization under the International Program for the Elimination of Child Labor (IPEC), it is stated there that the minimum working age is 14 years (Labor & Social Protection, 2009). 2.1.3 Data & Facts Although the quantity of the labor forces are high but so does the number of unemployment rate.. Based on the data we found in the Economist Intelligence unit (2004), the unemployment rate is 8.7% in the year of 2003. However, according to Dr. Widianto (2008), there are 23.1% of 20-24 years Indonesian who dont have any job. Moreover still according to Dr. Widianto, 55.55%of them are High school graduates.

2.1.4 Analysis Given the situation in which there is one election every 5 years and the maximum period of an Indonesian President is 10 years, and also the cabinet is created by the president, which most probably will support the President without any major opposition activities in the cabinet. It will give Indonesia more stable political environment as long as the President show the charisma and do the right job that He or She has to do. So, according to Karim et al (2007), political stability will give higher opportunity in terms of investment to grow inside the country. When the investment is growing, businesses are spread out through the whole country which eventually reduce the number of unemployment and make better society in terms of welfare. The political situation is quite supportive in terms of Subways decision to invest in Indonesia. The labor forces are already available given the data of unemployment rate in Indonesia. We can see that 55.55% of jobless people in Indonesia are high-school graduates. Subway can actually hire them and give them extra training suitable with their job in Subway. With this unemployment rate Subway can also pay a little bit less compared to their staff in other countries as we know that the supply is more than the demand. 2.2 Economical factors 2.2.1 Factors Indonesia is a developing country with plenty natural resources spread out throughout the country. In recent years, Indonesia has actually made tremendous progress in terms of the development of the economical factors on the country itself. Moreover, Indonesia also has a good and strong agricultural sector; it is supported by the very fertile soil because there are a lot of active and passive volcanoes. The agricultural sector is also supported by the climate of Indonesia which is a tropical climate with high level of humidity and also high level of rainfall. In terms of imports, it is increasing because of the change happen in the population. When people have more disposable income, they are more willing to try something new so they will be interested new things thus creating new demands. Meanwhile, in export, because of the rapid growth, the productivity of the country has also increased. Major export commodities are oil and gas as well as rubber.
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2.2.2 Data & Facts According to The World Factbook, Indonesia is holding on the 8th position of the biggest producers and exporters of the natural gas. Indonesia is in the 23rd position among the countries that produce oil. Meanwhile based on findings on The World Bank (2009) statistical data, 14.4% of GDP earning is coming from agriculture area. In import and export sectors, Indonesia has been actively doing some trades with other countries throughout the world. In these recent years the total import of Indonesia was $125 billion. It was a huge growth achieved by Indonesia compared to the total import in the 2007 which is only $85.26 billion. With the import progress, the export progress of Indonesia is also increasing. In the year of 2007 the total export was only $83 billion. However, in the year of 2010 the total export was $93.3 billion. 2.2.3 Analysis With huge agricultural sectors, Indonesia is a good market for Subway. Raw materials that Subway needs are actually vegetables, meat which all come from agricultural sector. If Indonesia provides a lot of supply in this case is those product come from agricultural area, the possibility of having cheaper price of those kind of raw materials will be bigger compared to those country who are not as huge as Indonesia in agricultural sector. Increase in import indicates the increase in demand from the market. When demand is increasing it means the people on that market are willing to give out their money to buy certain things they want. From there we can draw a line that the disposable income of those people in that market is also increasing. This is a good situation for Subway because Subway is considered as new restaurant in Indonesia. With the increase in the willingness to try something new the chance for Subway to get new customers will be much higher.

2.3 Social Factors 2.3.1 Factors

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Social factor is defined as an aspect in which cultural aspects and social phenomenon are taken into account, for example populations health consciousness, population growth rate, and age distribution. For instance, in a mature society where most of the population did not belong to the working age group anymore, it will affect the labor cost because the supply and demand is not balance, the supply is less than the demand so in order to get the workers, companies need to pay more. Indonesia is a multi-cultural country with a huge number of populations. It is considered as a young country because the total median age is 27.6 years. Moreover, more than half of the population is still considered as working age population. Indonesia recognizes 5 religions in the country. Which are Muslim, Protestant, Roman Catholic, Hindu, and Buddhist. However, the majority is Muslim. In terms of health, we found that the data shows that most of Indonesian is not living in high standard of healthiness. We also found that in terms of life expectancy, Indonesia is only on the rank of 135th. It is far below Indonesias neighborhood countries such as the Philippines, Malaysia, and Singapore. However, there is one thing that could be a challenge for Subway especially which is most of Indonesian are considering rice as their main meal. It means, whenever they eat, they will always eat with rice. 2.3.2 Data According to internetworldstats.com, in the year of 2011 the population of Indonesia was 245,613,043 people. This number is the 4th biggest number of population among other countries in the world. Meanwhile, In terms of life expectancy, Indonesia is currently on the 135th position among all the countries in the world with 71.62% of life expectancy. In religion aspects, 86.1% of Indonesian is Muslim, so its very clear that the majority of Indonesian is Muslim. 2.3.3 Analysis

Its a challenge for Subway to open up stores in the market situated like this. The reason is one of Subways signature menus containing pork. So in order to suit with the market demand, Subway has to change and adapt based on the customers. For instance, those meals which are containing pork actually can be changed by Subway with the usage of beef or chicken instead of using pork. Another challenge for Subway is actually because of the culture of Indonesian. Almost all Indonesians has rice eating culture. It means their primary meal is anything with rice. The challenge for Subway is how to convince Indonesians that with just eating fresh and healthy sandwich, the calories that they get is the same with eating one portion of rice. For instance, subway can actually advertise with brochures or TV advertising and show the calories contained in one of the signature meal which Subway has. One big opportunity for Subway is that with the low level of life expectancy, Subway can actually focus in advertising regarding to the health issue. For example, Subway can create one advertisement that shows most of Indonesian hasnt yet conscious about their health, and then shows that Subway provides a fresh and healthy food with very good taste on it. 2.4 Technological Factors 2.4.1 Factor Indonesia is an archipelago country in which the development is not distributed equally in each island. Most of the development projects are located throughout the java island rather than in different island like Sumatra, Sulawesi, and etc. Therefore in terms of technology, the development is also not equal for each island. In Java Island the internet speed is faster than any other islands in Indonesia. In general, Indonesian is not big user of internet because the speed of internet is slower compared to country such as Singapore. If we talk about technology, we also talk about the communication system in the country. Unlike the internet, the telecommunication system using phone line is far better and the usage level of this type of communication is higher than the usage of internet. Moreover, the broadcasting

technology in Indonesia is also quite good. There are several local TV station and some national TV channel throughout the country. 2.4.2 Data According to internet world statistic, only 16.1% Indonesian use the internet services. It means there is no significance usage of internet in Indonesia. If we do some comparison with any other developing country there is a big gap on it. For instance, there is 36.3% of Chinese use internet, 37.4% of Brazilian use internet, 28.3% of Nigerian, and 29.2% of Filipino use internet. Moreover, there are 83.3 million Indonesians using cell phone. Indonesia also has its own domestic satellite communication system which makes their communication system better. For broadcasting technology, there are 54 local TV stations and 11 national TV networks in Indonesia. 2.4.3 Analysis Given such a strong telecommunication system and huge number of users, it is a benefit for a company like Subway to advertise using those technologies. Subway can actually use SMS to actually send out their advertisement program through it. For instance, Subway can actually give sales promotion like discount voucher for customers, and they can show the message to get the discount from Subway. Moreover, TV is also playing an important role in entertaining most of Indonesians. TV is considered as the cheapest entertainment media that people can have an access into it. Considering many Indonesians live on the poverty line, TV is a free entertainment media for them. To buy a TV is not so expensive in Indonesia, as the market has already open to international trade; a lot of Chinese product comes into Indonesia and offer very affordable price to Indonesians. For Subway, given this kind of situation, put Subway advertisement in TV will be an effective way because most of Indonesians watch TV. 2.5 Environmental Factors 2.5.1 Factors An environmental factors cover all ecological and environmental aspects such as climate, weather, natural disaster, and environmental concern as such pollution. These factors will definitely have a huge impact for the business. With huge number of population, Indonesia has several environmental issues. There are a big issues of air pollution, traffic congestion, water and
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garbage management, etc. Furthermore, the hazardous may be caused by the natural disaster like tsunami, earthquake, volcanoes, forest fire, flood, and drought. 2.5.2 Data The major source of air pollution is from transportation. According to statistic, the number of vehicles in Jakarta in 2003 was 3.4 million motorcycles, 1.99 million passenger cars, 467,000 trucks, and 392,000 buses. This also cause a big problem for traffic congestion as well as health. In 2004, 46 percent of all illness in Jakarta were contributed to respiratory problems. AIPA CAUCUS REPORT (n.d) stated that Indonesia is one of the most disaster prone countries in the world. According to the United Nations International Strategy for Disaster Reduction (UN-ISDR), Indonesia ranks 1st out of 265 countries for tsunami with 5,402,239 people exposed; ranks 1st out of 162 countries for landslide, with 197,372 people exposed; ranks 3rd out of 153 countries for earthquake, with 11,056,806 people exposed; ranks 6th out of 162 countries for flood, with 1,101,507 people exposed; and ranks 36th out of 184 countries for drought, with 2,029,350 people exposed. In terms of economic exposure, Indonesia has potential Gross Domestic Product (GDP) losses from natural disaster with US$ 3.46 billion from tsunami, US $ 79.13 billion from earthquake, US $ 1.05 billion from flood, and US $ 0.84 billion from landslide hazard ( AIPA CAUCUS REPORT, n.d). 2.5.3 Analysis With all the data the natural disaster data that are given above, it has indirect impact on the continuity of Subway business. For example, the nuclear disaster that happened in Japan, it has already distracted every business in those affected area. Therefore in order to avoid those impact, Subway need to open some stores in some different areas, in order to maintain the continuity of the business and the existence of the business in Indonesia.

3. Market entry strategy: Franchising 10

Franchising is the practice of using another firm's successful business model. There are two parties, franchisor and franchisee, in franchise model. The franchisor gives the right for franchisee to use the franchisors trade names and know-how for a specific period of time. The parent company also provides support for setting up a business. The initial and ongoing support includes operating manual, training, quality monitoring, and marketing effort such as advertisement. On the other hand, franchisee gives loyalty fee and initial fee for the entrepreneurship of business model. Due to the complexity of market, the franchising in international or foreign market is often performed by master franchising. With this method, the local franchise is given the right to sell the franchise to other within the country. Benefits for franchisor These are the advantages that Subway restaurant gains from using franchise to penetrate a new market. With franchising model, the business is expanded at a rapid rate. Brand Recognition is spread when franchisee set up the store in a new location. The franchise is operated by highly motivated entrepreneur who has the knowledge of local culture as well as customer needs and wants. Huge amount of investment is needed if they want for opening and operating on their own. Therefore, the risk of failure for opening the branch in another country is minimized. Furthermore, the franchisor receives the initial and royalty fee which can be used as a capital to support and strengthen its business operation. The franchisee is probably motivated to perform the business at highest level because they invest in the business. Disadvantages for franchisor Even if there are lots of benefits, several drawbacks are also emerged. With the limited control, the quality of franchisee might not be met which, in turn, can damages the reputation of franchise. Among of all disadvantages, the greatest concern is contributed to the possibility of franchisee turning into a competitor. When the technology and know-how is given to the franchisee, they might cancel the contract and operating on their own to earn higher profit.

Benefits for franchisee

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A local entrepreneur is also favored by franchise model. By purchasing a franchise, they have the right to operate the business under their parent companys brand. With well-known business, the selling power is likely to be high. The success is higher than sole proprietorship. The startup cost is low as compare to opening their own business. No trial and error learning is needed. The risk of failure is diminished because the business operation has already been proven to be success by the franchisor. Moreover, the franchisor also provides support such as training, recommendation, and marketing activities to support the franchise network. For the franchisee of Subway, they have the chance to be one of the very first to bring Subway into Indonesia. It would be great for them because the potential health conscious consumer is there; hence, there is the possibility of making huge revenue. Disadvantages for franchisee The franchisee is bounded to the legal contract and agreement with the franchisor. They must follow the standard and procedure from the head quarter. Thus, there is a lack of independence in operating the business. The cost of owning a franchise might be higher than expect. The initial setup cost, royalty fee, and some portion of the profits must be provided to the franchisor. This may cause the franchisee to feel lack of motivation to continue the business. 4. Strategic Options There are five strategies to penetrate foreign market: 1. Dual extension product extension and communications extension 2. Product extension and communications adaptation 3. Product adaptation and communications extension 4. Dual adaptation product adaptation and communication adaptation 5. Product invention new product and new communication strategy Amongst of all, we have decided to choose strategic option number 4, a dual adaptation approach. It is a customer-driven rather than product driven. There is a need to develop our product and communication according to the local needs and wants. The culture if Indonesia is unique and different. There is a social issue of religion that Subway must take into account. Since the majority
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of population is Muslim, Subway needs to adjust its menu. Similar to product, they must implement the communication strategy that best understood by the local people. The benefits of dual adaptation would offset the cost of adaptation. By adjusting both product and communication to local preference, the company has the competence to compete with the local and foreign competitors. 5. Product Adaptation For organizations that deals with international market, they will be challenged to choose between standardisation and customisation. In order to have sustainability, organisations have to find the right balance of both standardisation and customisation. The decision to adapt or standardise lies on the PESTLE Analysis of the country. There are political, economic, social, technological, legal, and environmental factors. Organisation that are involved in international market can have four alternatives in standardising and customising their product or service (Barbu, C) : a. Sell the product without making any change. b. Customise the product for different country or regions. c. Come out with a new product for the international markets. d. Synchronise the difference in the product and come out with a global product. For Subway, the product adaptation will be based on the PESTLE Analysis above. Indonesia with its population that is more than 88% Muslim, will be a challenge for Subway, because most of the product contains pork or lard. While adapting their product, Subway keep their standardisation by continuing selling submarine sandwiches, although in Indonesia has rice-eating culture. So, unless Subway adapt their product to the culture of Indonesia, it will not be as successful as it is in another country.

6. Communication Adaptation
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6.1 Brand slogan: Eat Fresh Subway brands slogan is Eat Fresh. It comes from the companys passion of delighting customers, serving fresh, delicious, and made-to-order sandwiches. Everything at Subway is freshly made from bread, vegetable, and other ingredients. They want customer to perceive their brand as a healthy food. By having this slogan, Subway becomes a primary choice for people seeking quick, low fat, and nutritious meals. We have decided to use the same slogan when entering into Indonesia. We believed that this slogan is able to convey the direct meaning. Furthermore, the official language in Indonesia is Bahasa Indonesia. But by having a slogan in English, it has the feeling of an international brand. This would generally gain consumer trust and preference of product. However, we would also provide a slogan in their language to support the understanding. 6.2 PROMOTIONAL MIX Integrated Marketing Communication is a process of analysis, planning, implementation and control all of marketing communication tools which is focused at certain targeted market to achieve the greatest economy efficiency and effectiveness. (Pickton and Broderick 2001, pp.67). In other words, to achieve economy efficiency and effectiveness, an organisation should find the right promotional mix, which consist of advertising, sales promotion, public relations, personal selling, and/or direct marketing. (Ana-Maria, S & Raluca-Ionela, C 2009). In this case, Subway decides on sales promotion and television advertising for their promotional mix. 6.2.1 Sales Promotion Sales promotions are short-term incentives aim to encourage customer to purchase the goods and services from the company. It aims to create an immediate increase in sales. Sales promotion differs from advertising and personal selling in its approach and techniques. Examples of sales promotion are coupons, samples, rebates. Based on the report by Margherita Corniani (2008), there are two types of sales promotion strategy. Companies can use either one of them, or both at the same time. First is pull strategy, which means that product is being pushed down the distribution channel, with communication flow
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from one to another. The communications activities are focused primarily on the end of distribution channel and incentives are given to the lower intermediary for them to make an effort to promote and sell it to end consumer. In this case, the communication between the top member and end customer rarely exists. Push strategies are supposed to be used when the organisation in question has already have comprehensive knowledge of the market and of their dynamics. If the organisation has already known what to expect, than it will be easy to implement push strategy and achieve economies of scale. (Corniani, M 2008) Another one is pull strategy, that is the manufacturer creates demand for the product. In other words, consumer is being pulled to buy and seek for the product. Communication is made directly to consumer and the flow of communication is the opposite of push strategy. When there is a demand from customer, retailer demands the product from wholesaler, and then the wholesale asks the product from manufacturer. Pull strategy is to be applied when the organisation do not have enough information the market and its players, which can be detected by the market changeability and dynamism (Corniani, M 2008) Although before entering the market Subway has done PESTLE Analysis, but the information gathered is not enough to apply push strategy. Therefore, Subway can use a few of pull policy tools, such as : a. Sample. In the first stage of advertising samples can be distributed to customers in order to introduce them to new product. In giving samples, Subway can also attracts new customers while retaining the existing ones. Samples are also useful for maintaining sales of seasonal product, and to meet the challenge of competition. b. Giving coupon is also one way of enacting pull policy. Coupons issued by Subway can be printed in local magazines or newspapers such as The Jakarta Post. Besides that, spreading out coupons through SMS is also effective. The coupons then can be exchanged for discount on Subways product.

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c. Premium or bonus offer is also considered as using pull policy. For example, Subway collaborate with Coca-Cola to create a promotion that will give away Subway voucher after buying specific amount of Coca-Colas product. 6.2.2. Advertising Advertising is the non-personal communication of information usually paid for and persuasive in nature about products, services or ideas by identified sponsors through the various media (Bovee, 1992, p. 7). Based on our PESTLE Analysis, we know that Indonesia is the largest country in Southeast Asia with population of more than 200 million people with diverse culture. 22% of them lives below poverty line, so television is the best entertainment media that are available for them, with its low cost and function. Therefore, we select television as our media to promote Subway. Television Advertising The presence of television these days is very influential in humans life. It can change the mindset, thinking, lifestyle, and also complete our needs. The reason we select television as our promotion media is because : a. Television is the only media that is able to combine visual and audio experience. Compare to media such as radio that only relies on sound effect, or printed media that only depends on visual effect, television proves to be more effective because it combines both sound effect and visual. b. Effectively reach the targeted demographic and geographic in short period of time. As mentioned in the PESTLE Analysis above, Indonesia is the largest country in the South-East Asia, therefore Subway will need media like television, that has the power of coverage to deliver the message into the vast area to everyone. c. By effectively reaching the targeted demographic and geographic can also induced cost efficiency. d. According to Nielsen Television Audience Management, the average time of Indonesian watching TV is 4 hours per day. e. Television allows the luxury of time to show and tell everything about our products.
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f. Television can affect consumer purchasing behavior effectively. For consumer to purchase a product, they will go through several stages for example, awareness, interest, consideration, desire, and finally purchase. The frequently repeated advertisement in television will increase those stages above, especially in the awareness and interest stage. Advertising in TV does not mean that we only invest in the TV channel to play our advertising video during the time frame selected, but also putting our brand in places such as talk shows, news, kids program. There are 2 elements that has to be considered when implementing television advertisement. 1. Time The time to broadcast the television advertisement is very important because we want to reach the targeted mass audience effectively. We predict that the time should be at 6 am to 9 am, and 7 pm to 10 pm, in order for the advertisement to be effective. The reason is because it is before and after work hours, and it is also the time where families gather together to relax after a long day. 2. Program Advertising in television also includes placing the product in various television programs, for example, in talk shows to increase health awareness. Subway can be placed in programs like these, thus, can create brand awareness. Besides talk shows, there are also kids program, culinary program, and infotainment. 7. Conclusion The aim of this report is to show the potential of Subway investing in Indonesia. As mentioned in the PESTLE Analysis above, investing in Indonesia could bring a lot of benefits to Subway especially with the stable political environment, growing economy and social concern, as well as technology, legal, and environment. This report also has provide an insight in the future with the product adaptation and marketing communication if Subway decide to invest in Indonesia.

7. References list
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Ana-Maria, S And Raluca-Ionela (2009), Integrated Communication - Creating the Right Relations with the Right Customers Title, Annales Universitatis Apulensis Series Oeconomica, 11(2), 2009.
AIPA CAUCUS REPORT. (n.d). INDONESIAS COUNTRY REPORT ON DISASTER RESPONSE MANAGEMENT. Available: http://www.aipasecretariat.org/wpcontent/uploads/2011/07/Indonesia_Disaster-Response-Management.pdf. Last accessed 20th Mar 2012. Barbu, C. M, Cultural Adaptation of Products, University of Craiova. Central Intelligence Agency. (2012). EAST & SOUTHEAST ASIA : INDONESIA . Available: https://www.cia.gov/library/publications/the-world-factbook/geos/id.html#top. Last accessed 19th Mar 2012. Central Intelligence Agency. (n.d). COUNTRY COMPARISON:LIFE EXPECTANCY AT BIRTH. Available: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2102rank.html. Last accessed 22th Mar 2012. Corniani, M. (2008). Push and Pull Policy in Market-Driven Management. pp 1-3. Goldberg, E. (n.d). The Benefits of the Franchise Model. Available: http://www.franchising.com/howtofranchiseguide/benefits_of_the_franchise_model.html. Last accessed 20th Mar 2012 Internet World Stats. (2011). THE WORLD POPULATION AND THE TOP TEN COUNTRIES WITH THE HIGHEST POPULATION. Available: http://www.internetworldstats.com/stats8.htm. Last accessed 22th Mar 2012. Internet World Stats. (2011). TOP 20 COUNTRIES WITH THE HIGHEST NUMBER OF INTERNET USERS. Available: http://www.internetworldstats.com/top20.htm. Last accessed 21th Mar 2012. International Labour Office. (2006). The Regulation of Domestic Workers in Indonesia. Available: http://www.ilo.org/wcmsp5/groups/public/@ed_norm/@declaration/documents/publication/wcms _decl_wp_26_en.pdf. Last accessed 20th Mar 2012. Karim, S., Lee, M., & Gan, C. (2007). Real Effects of Monetary Policy in NewZealand. Australian Economic Review,40(4), 385-401. Muehling, D. (2009). PESTEL analysis of Indonesia. Available: http://www.scribd.com/doc/33325854/PESTEL-Analysis-of-Indonesia. Last accessed 20th Mar 2012. Pickton, D. and Broderick, A. (2001), Integrated Marketing Communications, Financial Times Prentice Hall PriceWaterhouseCooper . (2004). Indonesia. Available: http://www.pwc.com/en_GX/gx/retailconsumer/pdf/indonesia.pdf. Last accessed 19th March 2012. 18

Shahab, Z. (2007). Addressing Ambient Air Pollution in Jakarta, Indonesia. Available: http://www.esri.com/news/arcnews/fall07articles/addressing-ambient-air.html. Last accessed 20th March 2012. The World Bank. (n.d). Indonesia. Available: http://www.worldbank.org/en/country/indonesia. Last accessed 19th March 2012. UNCTAD. (2008). Inward FDI Stock by Host Region and Economy 19802007. Avialable: www.unctad.org/Templates/Download.asp?docID=10592&intItemID=2068&lang=1. Last accessed 21st March 2012. Widianto, B. (2008). LABOUR MARKET IN INDONESIA CURRENT EMERGING ISSUES IN EMPLOYMENT AND SKILLS DEVELOPMENT. Available: http://www.oecd.org/dataoecd/47/4/41889763.pdf. Last accessed 20th March 2012

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