The role played by the internal and external business environment in the performance and commercialization of agricultural biotech products in Australia

Kim Dong-kyu
Master of Medical Biotechnology, Master of Medical Biotechnology
Seon-woo Kim
Department of Pathology, College of Korean Medicine, Gachon University, Seong-nam, Republic of Korea

DOI:https://doi.org/10.5912/jcb2098

Abstract:

The effectiveness of a business depends upon factors working within its business environment. These factors can come from the internal or external environment of a company. Agricultural biotech is a dynamic sector and has many elements in its business environment that shift frequently and require the companies to examine their performance on a regular basis. In this study, the researcher has focused on the examination of the role played by external and internal business environment factors on the performance and commercialization of Australian agricultural biotech products. This objective is achieved by collecting data in the form of surveys from professionals in the industry. The collected data is analysed using the multivariate regression analysis technique. The results show that a positive internal and external business environment can foster improved commercialization of such innovative products and improve industrial performance as well. Therefore, in the future, policymakers and the research community should focus on the creation of strategies and policies that can enhance the positive elements in the business environment and reduce the negative factors.