Session 4: International Strategies
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1 Session 4: International Strategies Dr Panagiota Sapouna, Strategic Business Decisions in Shipping
2 The exploring strategy model 2
3 Learning outcomes Assess the internationalisation potential of different markets. Distinguish between four main types of international strategy. Assess the relative merits of different market entry modes. 3
4 Corporate strategy directions - Internationalisation Source: Adapted from H.I. Ansoff, Corporate Strategy, Penguin, 1988, Chapter 6. Ansoff originally had a matrix with four separate boxes, but in practice strategic directions involve more continuous axes. The Ansoff matrix itself was later developed see Reference 1 Johnson, Whittington and Scholes, Fundamentals of Strategy, 2 nd Edition, Copyright Pearson 2017 Education Dr Panagiota Limited Sapouna
5 Internationalisation strategy framework Internationalisation drivers Firm specific and Geographic advantages International strategy Market selection Mode of entry 5
6 Drivers of internationalisation Source: Adapted from G. Yip, Total Global Strategy II, FT/Prentice Hall, 2003, Chapter 2 6
7 Location advantages: Porter s diamond (1) Porter s Diamond explains why some locations tend to produce firms with sustained competitive advantages in some industries more than others. The four drivers in Porter s Diamond stem from: local factor conditions local demand conditions local related and supporting industries local firm strategy structure and rivalry. 7
8 Location advantages: Porter s diamond (2) Firm strategy, structure and rivalry Factor conditions Demand conditions Related and supporting industries Figure 7.3 Porter s Diamond the determinants of national advantages Source: Adapted with permission of The Free Press, a Division of Simon & Schuster, Inc., from The Competitive Advantage of Nations by Michael E. Porter. Copyright 1990, 1998 by Michael E. Porter. All rights reserved 8
9 International strategies based on Global coordination- Local responsiveness Global Integration/ Cost Pressures High Global Strategy Multidomestic strategy Low Low Pressures for Local Adaptation/Responsiveness High Source: Hill, C.W.L. (2012), International Business: Competing in the Global Marketplace, McGraw-Hill Irwin, Copyright 9 th edition, 2017 Dr p.435. Panagiota Sapouna 9
10 Multidomestic strategy Multidomestic strategy and operating decisions are decentralized to strategic business units in each country. Advantages Can meet the specific needs of each market Can respond to localized changes in demand Can target reactions to the moves of local rivals Can respond more quickly to local opportunities and threats Disadvantages Hinders resource and capability sharing Higher production and distribution costs Not conclusive to a worldwide competitive advantage 10
11 Global strategy Global strategy products are standardized across national markets. Advantages Lower costs due to scale and scope economies Greater efficiencies due to the ability to transfer best practices across markets More innovation from knowledge sharing and capability transfer The benefit of a global brand Disadvantages Unable to address local needs precisely Less responsive to changes in local market conditions Higher transportation costs and tariffs Higher coordination and integration costs 11
12 International strategies based on Global coordination- Local responsiveness Global Integration/ Cost Pressures High Global Strategy Transnational strategy Multidomestic strategy Low Low Pressures for Local Adaptation/Responsiveness High Source: Hill, C.W.L. (2012), International Business: Competing in the Global Marketplace, McGraw-Hill Irwin, Copyright 9 th edition, 2017 Dr p.435. Panagiota Sapouna 12
13 Transnational strategy Transnational strategy seeks to achieve both global efficiency and local responsiveness. Advantages Offers the benefits of both local responsiveness and global integration Enables the transfer and sharing of resources and capabilities across borders Provides the benefits of flexible coordination Disadvantages Increased complexity and harder to implement Conflicting goals may be difficult to reconcile Implementation more costly and timeconsuming 13
14 International strategies based on Global coordination- Local responsiveness Global Integration/ Cost Pressures High Global Strategy Transnational strategy International Strategy Multidomestic strategy Low Low Pressures for Local Adaptation/Responsiveness High Source: Hill, C.W.L. (2012), International Business: Competing in the Global Marketplace, McGraw-Hill Irwin, Copyright 9 th edition, 2017 Dr p.435. Panagiota Sapouna 14
15 International strategy International strategy: Sometimes firms are in the fortunate position of being confronted with low cost pressures and low pressures for local responsiveness. Advantages Low cost pressures Transfer distinct competencies Disadvantages Lack of local responsiveness Tight control over marketing and product strategy retained by the head office Firm's inability to be receptive to new ideas may lead to missed opportunities. 15
16 Global Integration/ Cost Pressures Changes in strategy over time High Global Strategy Transnational strategy As competitors emerge, these strategies become less viable. International Strategy Multidomestic strategy Low Low Pressures for Local Adaptation/Responsiveness High Source: Hill, C.W.L. (2012), International Business: Competing in the Global Marketplace, McGraw-Hill Copyright Irwin, th edition, Dr Panagiota p.439. Sapouna 16
17 Market selection and entry: Country Screening Cultural similarity: Spain, Italy, France, Scandinavia USA/Canada, Chile/Argentina Product/industry: manufacturing, service Regional entities: EU, NAFTA, ASEAN agriculture, hi-tech, creative, 17
18 The CAGE framework (1) Cultural distance Administrative and political distance Geographic distance Economic/ wealth distance Johnson, Whittington and Scholes, Fundamentals of Strategy, 2 nd Edition, Copyright Pearson 2017 Education Dr Panagiota Limited Sapouna
19 Extent of Investment and Risk Entry modes of international expansion Greenfield M&A Degree of Ownership and Control Source: Dess, G. G., Lumpkin, G. T., and Eisner, A. B. Strategic Management, sixth edition, McGraw- Hill Irwin, Copyright Dr Panagiota Sapouna 19
20 Exporting (1) Producing products in one country and selling them in another Produce sell abroad Produce intermediary sell abroad Technology has allowed greater numbers of Small businesses to engage in international business 20
21 Exporting (2) Advantages Low initial investment Minimize risk Easy access to international markets-reach customers quickly Benefit of learning for future expansion Disadvantages Lose any location advantages in the host country Dependence on export intermediaries Exposure to trade barriers Transportation costs 21
22 Licensing (1) An agreement between an owner of intellectual property and the user of that property 22
23 Licensing (2) Licensing as foreign market entry strategy LICENSOR Patent, trademark, copyright, know-how LICENSEE Lump sum payment Royalties Know-how 23
24 Licensing (3) Advantages Low initial investment Access to the trademark (licensee) Limited economic and financial exposure Access to local knowledge Disadvantages Difficult to identify good partner Potential for creating a competitor Limited benefits from host nation Lack of control over operations 24
25 Franchising Under franchising, an independent organisation called the franchisee operates the business under the name of another company called the franchisor. In such an arrangement the franchisee pays a fee to the franchisor. Franchising is a form of Licensing but the Franchisor can exercise more control over the Franchisee as compared to that in Licensing. 25
26 Franchising Agreements Franchisee has to pay a fixed amount and royalty based on sales. Franchisee should agree to adhere to follow the franchisor s requirements Franchisor helps the franchisee in establishing the manufacturing facilities Franchisor allows the franchisee some degree of flexibility. Eg. McDonalds, Subway, KFC, Hilton Hotels 26
27 Joint Venture (1) Collaboration between firms that creates a new, jointly owned enterprise 27
28 Joint Venture (2) Advantages Combination of resources and capabilities Exploit complementary assets Shared investment risk Access to partner s local knowledge and skills Access to technology, distribution channels Disadvantages Difficult to find good partner- potential conflicts Lack of unifying culture Misunderstanding of shared capabilities and resources Limits ability to integrate and coordinate activities across national boundaries 28
29 Foreign Direct Investment Firm establishes a physical presence abroad through acquisition of existing assets (land, labour, capital, technology etc) or by building a new subsidiary from the ground up. 29
30 Important variables to consider in developing the FDI decision include... Cost variables Expected rate of return Risk Factors Economic, social issues Availability of labour Productivity of labour Labour policies Market size and projected growth Competitive considerations Political and economic stability Transparency of government policy Incentives available General infrastructure Capital costs (opportunity costs) Foreign exchange considerations Effects on existing capacities Safeguards in contracts (arbitration) Labour availability with right skills Transportation costs Foreign exchange considerations Global politics and investment climate Living conditions 30
31 Foreign Direct Investment: Advantages and Disadvantages Exhibit 8.6 Market entry modes: advantages and disadvantages Johnson, Whittington and Scholes, Fundamentals of Strategy, 2 nd Edition, Copyright Pearson 2017 Education Dr Panagiota Limited Sapouna
32 Organic development Organic development is where a strategy is pursued by building on and developing an organisation s own capabilities. This is essentially the do it yourself method. Otherwise greenfield investment. 32
33 Mergers and Acquisitions (M&As) Acquirer M&A (new entity merged firm) Target Pre merger period Surrounding the event Post merger period 33
34 Mergers and Acquisitions (M&As) Existing research Definition of M&As (types) Historical Development M&A Antecedents Consequences of M&As M&As success or failure factors M&A performance 34
35 Definitions 1+1=3 A merger is the combination of two previously separate organisations, typically as more or less equal partners. An acquisition involves one firm taking over the ownership ( equity ) of another, hence the alternative term takeover. According to a recent survey only 5% of the deals are mergers and 0.3% are mergers of equals. 35
36 Types of M&As Geographical scope Mood of the deal Domestic International Friendly Hostile Functional roles Horizontal Vertical Conglomerate 36
37 Summary of Pre- and Post-acquisition Phase- Critical Success Factors Pre-M&A phase M&A process Post-M&A phase Choice and evaluation of the strategic partner Pay the right price Form of payment Size, mismatches and organization Overall strategy and accumulated experience on M&A Courtship Period Communication before the M&A Future compensation policy Integration strategies Implementation management team Speed of implementation HR Management PMI Coordination Team and disregard of day-to-day business activities Communication during implementation Managing corporate and national cultural differences Source: Gomes, E., Angwin, D. N., Weber, Y. and Yedidia Tarba, S. (2013), Critical Success Factors through the Mergers and Acquisitions Process: Revealing Pre- and Post-M&A Connections for Improved Performance. Thunderbird Int'l Bus Rev, 55:
38 Summary Internationalisation potential in any particular market is determined by Yip s four drivers: market, cost, government and competitors strategies. Sources of advantage in international strategy can be drawn from both global sourcing through the international value network and national sources of advantage, as captured in Porter s Diamond. There are four main types of international strategy, varying according to extent of global integration and local responsiveness: multidomestic, international, global and transnational. Modes of entry into new markets include export, licensing and franchising, joint ventures, overseas subsidiaries, mergers and acquisitions. 38
39 References Cavusgil, S.T., Knight, G. and Riesenberger, J.R. (2014). International Business: The New Realities, 3rd edition, Pearson Education Limited. Dess, G. G., Lumpkin, G. T., and Eisner, A. B. (2012). Strategic Management, sixth edition, McGraw- Hill Irwin. Grant, R.M. and Jordan, J. (2012). Foundations of Strategy, Wiley. Hill, C.W.L. (2012), International Business: Competing in the Global Marketplace, McGraw-Hill Irwin. Johnson, G., Whittington, R. and Scholes, K. (2012), Fundamentals of Strategy, 2nd Edition, Pearson Education Limited. 39
40 Thank you! Dr Panagiota Sapouna, Strategic Business Decisions in Shipping 40
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