Topic 3. Entry Modes

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1 Topic 3 Entry Modes

2 Entering Foreign Markets Non Equity Modes Exporting Direct exporting Indirect exporting Subcontracting Licensing Franchising Contracts Management Contract Contract Manufacturing

3 Non-Equity Mode Exporting Exporting is selling some of a company s regular production overseas. Most firms begin by exporting because: requires little investment relatively risk free means of getting a feel for international business without a large commitment Direct exports: are exports of goods and services by the same company or manufacturer that produces them. Indirect exports: are exports that are not handled directly by the manufacturer or producer but through an export agent or freight forwarder (it is simpler but commissions are paid and the firm gains little experience).

4 Non-Equity Mode Subcontracting Subcontracting is a contract under which a firm agrees to fully design, construct and equip a ready-to-operate facility and turn the project over to the purchaser when it is ready for operation. Subcontracting is also called turnkey projects ( contrato llave en mano ). Usually is only for industrial-equipment manufacturers, construction companies or consulting firms. Exporter of a turnkey project may be a contractor that specializes in designing and building plants in a particular industry company that wishes to earn money from its expertise

5 Licensing refers to a contractual arrangement in which one firm (the licensor) sells access to its expertise or intangible property to another firm (the licensee). Expertise can be patents, trade secrets, technology Licensee pays fixed sum and sales royalties (2%-5%) Licensing is attractive because: avoid patent infringement claims faster start-up lower costs Non-Equity Mode Licensing access to additional resources

6 Non-Equity Mode Franchising Franchising is a form of licensing in which one firm (the franchisor) contracts with another (the franchisee) to operate a business. The franchisee sell products or services and gets: well-established brand name well-proven set of procedures and training carefully controlled marketing and sales strategy operational assistance and support on continuing basis in some cases, the franchisor also provides supplies The franchisor retains the right to enforce processes and strategy.

7 Non-Equity Mode Contracts Management Contract Arrangement by which one firm provides managerial know-how in some or all functional areas to another company for a fee. Is used by both manufacturing and service operations when the foreign company can mange better than the owners. Contract Manufacturing Arrangement in which one firm contracts with another to produce products to its specifications but assumes responsibility for sales without investing in plant facilities. Kind of a subcontract assembly work or production of parts to independent companies overseas.

8 Entering Foreign Markets Equity Modes Strategic alliances Joint ventures Mergers and acquisitions Wholly owned subsidiaries

9 Equity-Based Mode Strategic Alliances Strategic alliances involve partnerships between competitors, customers, or suppliers. Types of strategic alliances are: Pooling alliances are driven by similarity and integration Trading alliances are driven by the contribution of dissimilar resources Advantages: faster market entry and start-up, access to new products, technologies or markets and cost-savings by sharing costs, resources and risks. Disadvantages: shared profits and loss of control.

10 Equity-Based Mode Joint Venture Joint ventures are corporate entities formed by two international entities in order to do business in a third or new market. Types of joint ventures can be formed by: two international companies one international company and local owners one international company and a government entity when more than two organizations participate in the venture is called a consortium Advantages: acquire expertise, tax benefits and additional capital. Disadvantages: shared profits and loss of control.

11 Equity-Based Mode Mergers and Acquisitions Acquisitions One company purchases a foreign company to acquire its ownership and control. Mergers Complete union of two companies in order to enter or grow in international business. Advantages: access to an established market (clients and vendors), have skilled workers at your disposal, access to manufacturing facilities, technology, marketing network and branding and avoid startup issues. Disadvantages: expensive and time-consuming, requires a blending of corporate cultures, need to train local management.

12 Equity-Based Mode Wholly Owned Subsidiary Wholly owned subsidiary is when a the company build a new plant in the new country and has full equity ownership of the foreign entity. Wholly owned subsidiary is also called greenfield investment. Companies may chose to build if: No desired company is available for acquisition Acquisition will lead to carryover problems Acquisition is harder to finance Advantages: invest in new sectors, complete ownership and control of operations, easier local financing due to employment generation Disadvantages: expensive and the process may take years.

13 Examples

14 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

15 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

16 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

17 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

18 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

19 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

20 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

21 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

22 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

23 Entry Modes

24 Summary

25 Entry Modes Control and Risk Subsidiary Acquisition Joint Venture Alliances Franchising Licensing Subcontracting Export

26 Entering Foreign Markets Non Equity Modes Direct exporting: by the same company or manufacturer. Indirect exporting: by an export agent or freight forwarder. Subcontracting: design, construct or equip a facility and turn the project over when it is ready (turnkey projects). Licensing: arrangement in which one firm sells access to its expertise or intangible property to another firm. Franchising: form of licensing in which one firm contracts with another to operate a business with assistance. Management Contract: providing managerial know-how in some or all functional areas for a fee. Contract Manufacturing: producing products to its specifications without investing in facilities.

27 Entering Foreign Markets Equity Modes Strategic alliances: partnerships between competitors, customers, or suppliers to have a faster market entry, access to new products or technologies, or cost-savings. Joint ventures: forming a new corporate entity by two or more international companies, or with local owners, or a government entity to do business in a third or new market. Mergers: complete union of two companies in order to enter or grow in international business. Acquisitions: purchase of a foreign company to acquire its ownership and control. Wholly owned subsidiaries: the company build a new plant in the new country and has full equity ownership of the foreign entity (also called greenfield investment).

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