dni _06 y 07 2013
TRANSCRIPT
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Agenda
1Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Caso Burberry: Decisiones sobre nuevas adquisiciones Debate Burberry & Angela Ahrendts Anlisis y Seleccin de MercadosModos de Entrada (1era parte)
Conclusiones
Semana 6
Logro
El alumno identifica las razones paraentrar en mercados extranjeros yexplica los modos de entrada amercados internacionales
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Nuestro Mapa de Direccin
2Facultad de Negocios, UPCCarrera de Administracin y Marketing
Globalizacin vs Internacionalizacin The World is Flat
El Entorno Global
Estrategias de Internacionalizacin
Factores para el comercio y la inversin, Las
Multinacionales.
Planeamiento yEstrategias de
Internacionalizacin
Joint ventures, Alianzas Estratgicas, IED
Plan de Marketing InternacionalEntry Modes + EstrategiaMarketing Internacional
Organizacin de la Multinacional, Produccin ,Logstica, RRHH, Tecnologa de la Informacin
Organizacin y Control deOperaciones Empresa
Internacional
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3Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Conocen Burberry?
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4Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Burberry
Burberry es una casa britnica de moda de lujo, fabrica ropa y otros complementos. Sudistintivo es un caballero ingls montado en un corcel y el monograma de enrejado. Laempresa tiene tiendas propias en el mundo entero, y tambin se vende en almacenesde prestigio.La marca tambin controla un negocio por catlogo y tiene una lnea de fragancias.Tanto la Reina Isabel II como elPrncipe de Gales han concedido a la marca el ttuloProveedor Real. El Director de Diseo actual es Christopher Bailey.
Fundacin Basingstoke, Reino Unido en 1856, Sede Londres (Reino Unido)mbito Mundial, Industria ModaIngresos 1,279.9 millones (2010)Beneficio de explotacin 171.1 millones (2010)Beneficio neto 82.2 millones (2010)Empleados 6,681 (2010)Fuerte presencia de marca en mercados desarrollados
http://es.wikipedia.org/wiki/Isabel_II_del_Reino_Unidohttp://es.wikipedia.org/wiki/Pr%C3%ADncipe_de_Galeshttp://es.wikipedia.org/w/index.php?title=Christopher_Bailey&action=edit&redlink=1http://es.wikipedia.org/wiki/Basingstokehttp://es.wikipedia.org/wiki/Reino_Unidohttp://es.wikipedia.org/wiki/Industriahttp://es.wikipedia.org/wiki/Libra_esterlinahttp://es.wikipedia.org/wiki/Libra_esterlinahttp://es.wikipedia.org/wiki/Libra_esterlinahttp://es.wikipedia.org/wiki/Libra_esterlinahttp://es.wikipedia.org/wiki/Libra_esterlinahttp://es.wikipedia.org/wiki/Libra_esterlinahttp://es.wikipedia.org/wiki/Industriahttp://es.wikipedia.org/wiki/Reino_Unidohttp://es.wikipedia.org/wiki/Reino_Unidohttp://es.wikipedia.org/wiki/Reino_Unidohttp://es.wikipedia.org/wiki/Basingstokehttp://es.wikipedia.org/w/index.php?title=Christopher_Bailey&action=edit&redlink=1http://es.wikipedia.org/w/index.php?title=Christopher_Bailey&action=edit&redlink=1http://es.wikipedia.org/w/index.php?title=Christopher_Bailey&action=edit&redlink=1http://es.wikipedia.org/wiki/Pr%C3%ADncipe_de_Galeshttp://es.wikipedia.org/wiki/Pr%C3%ADncipe_de_Galeshttp://es.wikipedia.org/wiki/Pr%C3%ADncipe_de_Galeshttp://es.wikipedia.org/wiki/Pr%C3%ADncipe_de_Galeshttp://es.wikipedia.org/wiki/Pr%C3%ADncipe_de_Galeshttp://es.wikipedia.org/wiki/Isabel_II_del_Reino_Unidohttp://es.wikipedia.org/wiki/Isabel_II_del_Reino_Unidohttp://es.wikipedia.org/wiki/Isabel_II_del_Reino_Unido -
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5Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Debate Burberry 1:
Cul es la estrategia global demarca que tiene Burberry?Por qu mercadosemergentes?
Cules son los diversos modode entrada de Burberryidentificable en el discurso de
Ahrendts?
http://www.youtube.com/watch?v=A3sz2CzJ7Oo&feature=share&list=PLpYAc35Xdv2pKk8gCgmHmkv6H0PvBK2H7 -
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Important issues when going into internationalization
Selection of Foreign Market(s)
Which one(s) and to which extent?
Selection of the Entry Mode
Export, Representative Office,
JV, Franchising, Licensing, Subsidiary, etc
6
Firms expanding internationally must decide
Which markets to enter
When to enter and on what scale
Which entry mode to use
Those who enter late can still be
succesful against consolidated
global competition but they have
to apply the appropriate
strategy of entry to do so
Factors affecting the decisions
may include transport costs,trade barriers, political and
economic risks, and firm
strategy
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The choice must be based on an assessment
of a nations long-run profit potential
The attractiveness of a country depends upon
balancing the benefits, costs, and risks
associated with doing business in that country
Benefits include:
Size of market
Present wealth of the consumers in the market Likely future wealth of consumers
Economic growth rates
Which Foreign Market?
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Advantages frequently associated with
entering a market early are commonly knownas first-mover advantages:
The ability to preempt rivals and capture demand by establishinga strong brand name
Ability to build sales volume
Ability of early entrants to create switching costs
Disadvantages associated with entering aforeign market before other internationalbusinesses are referred to as first-mover
disadvantages:
Pioneering costs are costs that an early entrant has to bear
Possibility that regulations may change
Timing of the Entry
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Large scale entry Strategic Commitments - a decision that has
a long-term impact and is difficult to reverse
May cause rivals to rethink market entry
May lead to indigenous competitive response
Small scale entry
Time to learn about market
Reduces exposure risk
Scale of Entry
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Analyzing
&Selecting a Market
The important questions about internationalization
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Which Market (s)?
Assessing the potential gain(s) of the country(ies) in the long run
Equilibrium of Benefits vs.
lossesCosts & Risks
Depending on the size(s) as well as the present & future potentalities
Thinking out of the Box
Lets get think about and discussAbout Risks vs. Profits for each
block of countries afterwards
Analyzing & Selecting a Market (1)
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Analyzing & Selecting a Market (3)
LatinAmerica
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Central America &
Mexico
USA
WESTERN EUROPE EASTERN EUROPE FAR EAST
MIDDLE
EAST
AFRICA
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13Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Debate Burberry 2:
Cuals son los factoresrelevantes en su decisin deingresar a China?
que inputs le da el mercadochino?
qu capacidades internastiene Burberry para
aventurarse en el mercadochino?
http://www.youtube.com/watch?v=A3sz2CzJ7Oo&feature=share&list=PLpYAc35Xdv2pKk8gCgmHmkv6H0PvBK2H7 -
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14Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Matriz de seleccin de mercados(Macrosegmentacin) 1
Desde el producto(A travs de una valoracin cualitativa de variables e indicadores, testear losmercados potenciales, la red ms adecuada y las mejores opciones para laempresa)
Seleccionar el Mercado Objetivo
1. Oportunidades segn la demanda
2. Importaciones y competencia
3. Disponibilidad de Transporte4. Tratamiento Preferencial
5. Informacin de Mercado (Cualitativa)
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15Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Matriz de seleccin de mercados(Macrosegmentacin) 2
Tomando en cuenta la Empresa Internacional(A travs de una valoracin cualitativa de variables e indicadores, testear elentorno cultural, econmico, politico y legal de los potenciales mercadosdestino)
Analizar el entorno global
1. Afinidad Cultural y Comercial
2. Resea geogrfica, econmica, poltica y legal
3. Marketing Mix y tendencias
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Selection
of anEntry Mode
The important questions about internationalization
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d
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Selecting a Market according to a Product
Thinking out
of the Box
Selecting a Market
Where and to which extent?
Selecting a Entry Mode
Export, - JV, - Subsidiary
Representative Office. etc
Industrialshoes
Babygarments
Sugar Cane
Animationsfor Computers
Computerprogramming
Soft drinksbottling
Car assembly/ manufacturing
Gold Jewelry
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To which extent?
A large scale entry needs
significant resources
but is faster to implement
A large scale entry means a
strategic commitment which
is difficult to reverse
Modifying the game field
while entering is also difficult
to reverse
Selecting an Entry Mode (1)
A tactical decision
based on3 concerns
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l d
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When?
2 questions
The first to enter the market
incur higher costs & takehigher risks of failure
Selecting an Entry Mode (2)
Are there any advantage(s)
to an early entry in themarket(s)?
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Thinking out
of the Box
Select a foreign market
Which one, When and to which extent?
Select an Entry Mode
Export, JV, subsidiary etc.
AJE Group
Alicorp
RANSA
SupermercadosPeruanos
Camposol
BCP Gloria Group
NewspaperEl Comercio
Selecting a Market acording to a Company
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1
Turnkey project / Management Contracts
Licencing (Industrial)
Export (Direct or through Importer / Distributor)
Franchising (Commercial)
Joint Venture
Subsidiary with majority equity (Greenfield /
merger or acquisition)
Entry Modes
2
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3
6
Representative Office (Commercial)
7
8 Strategic Alliance
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(1) EXPORT
Advantages
Avoid cost of establishingoperations
Economies of location based on thecurb of experience
Economes of cale due to the
standadization of products withsome customization
Disavantages
Difficulties for identifying andlocating the related costs
Cost of logistic
Custom barriers
Lack of loyalty from the distributionnetwork (except in th case ofexclusive contracts)
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(2) REPRESENTATIVE OFFICE
Advantages
Limit costs and risks of establishingoperations
Better control of the activitieswithin the country where therepresemtative office is established
Surveillance of the countryevolution prior to other type ofoperations
Disavantages
Not possible to invoice
In some countries, such type of
implementation is not permitted
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Franchising is a specialized form of licensing and used
primarily by service firms in which the franchisor not onlysells intangible property to the franchisee, but also insiststhat the franchisee agree to abide by strict rules as tohow it does business
Franchising is attractive because firms can quickly build aglobal presence by avoiding many costs and risks ofopening up a foreign market
Franchising is unattractive because the geographicdistance of the firm from its foreign franchisees can makepoor quality difficult for the franchisor to detect
(3) FRANCHISING
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(3) & (4) A CHISI G & LIC SI G
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Advantages
There is neither cost nor riskrelated to the starting of theoperations
Very benefitial to companies lackingof investment capacity
Possibility to overcome the barriersrelated to investment
Franchising
Implies a longer term relationship and requires strict rules
and procedure for conducting he business
(3) & (4) FRANCHISING & LICENSING
Disadvantages
No strict control over themanufacturing & marketingprocesses as well the strategies ofdevelopment in both cases
Limit the possibility of crossedsubsidies apart from the royalties
May be a source of competitiveadvantage for the beneficiary
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(5) JOINT VENTURE
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A joint venture (JV) is the establishment of a separate
firm that is jointly owned by two or more firms andmost JVs are 50:50 partnerships
JVs are attractive because the firm may benefitfrom a partner's local knowledge, the shared costs
and risks, and political regulations
JVs are unattractive because:
The firm risks losing its technology to its partner
It may not have the tight control over subsidiaries to realizeexperience curve or location economies Shared ownership can lead to conflicts and battles for control
if goals and objectives differ or change over time
(5) JOINT VENTURE
(5) JOINT VENTURE
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Advantages
Knowledge of the local partner
Sharing of costs and risks
Reduced political risks: Good
against political considerationswhich may prevent other types ofprojects
(5) JOINT VENTURE
Disadvantages
Risk of losing control of the processes and therelated technologies and know-how
No strict control over the subsidiaries
Complicate the rules of the game of worldcompetition
May not realize experience curve orlocation economies operations
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29Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Conclusiones
que debemos tomar en cuenta al analizar unmercado internacional?
cules son esos factores clave que no debenfaltar en la construccin de lamacrosegmentacin?
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Agenda
30Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Debate sobre la IED China en Alatina Entry Modes (2da parte) Conclusiones Presentaciones de Company Profile + Executive Summary (8 min
presentacin)
Semana 7
Logro El alumno identifica las
razones para entrar enmercados extranjeros yexplica los modos de entradaa mercados internacionales.
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Nuestro Mapa de Direccin
31Facultad de Negocios, UPCCarrera de Administracin y Marketing
Globalizacin vs Internacionalizacin The World is Flat
El Entorno Global
Estrategias de Internacionalizacin
Factores para el comercio y la inversin, Las
Multinacionales.
Planeamiento yEstrategias de
Internacionalizacin
Joint ventures, Alianzas Estratgicas, IED
Plan de Marketing InternacionalEntry Modes + EstrategiaMarketing Internacional
Organizacin de la Multinacional, Produccin ,Logstica, RRHH, Tecnologa de la Informacin
Organizacin y Control deOperaciones Empresa
Internacional
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32Facultad de Negocios, UPCCarrera de Administracin y Negocios Internacionales
Pero como va la IED China en el mundo,sobretodo en Latinoamrica???
Nueva era de la poltica china enAmrica Latina (2008 - )
Estrategias de competitividad de lasEMN chinas
La financiacin china en ALC comoapoyo a la penetracin de sus EMN
Implicancias para las empresaslatinoamericanas.
La IED en China est cayendo.
E t M d
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1
Turnkey project / Management Contracts
Licencing (Industrial)
Export (Direct or through Importer / Distributor)
Franchising (Commercial)
Joint Venture
Subsidiary with majority equity (Greenfield /
merger or acquisition)
Entry Modes
2
4
5
3
6
Representative Office (Commercial)
7
8 Strategic Alliance
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WHOLLY OWNED SUBSIDIARY
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In a Wholly Owned Subsidiary (WOS), the firm has100% ownership; it can be established by settingup a new operation (i.e., green-field investment) orby merging and acquiring (M&A) an establishedfirm.
WOSs are attractive because they: Reduce the risk of losing control over core competencies
Give a firm the tight control over operations in differentcountries necessary for global strategic coordination
Realize location and experience curve economies
WOSs are unattractive because of the full cost andrisk of setting up overseas operations
WHOLLY OWNED SUBSIDIARY
(6) S b idi ith j it it
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Advantages
When the competitive advantage isthe know-how and/or technologicalcompetence
Tight control over the operations
May allow economies of location
Greenfield
Mergers & Acquisitions
(6) Subsidiary with majority equity
(Greenfield / Merger or Acquisition)
Disadvantages
It is the most expensive & riskyentry mode
Supporting all the risks of learningfrom the operations
Necessity to mix and adaptdifferent company or corporatecultures (merger & acquisition)
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(6A) GREENFIELD OPERATION
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Advantages
Build up p the subsidiary according toyour needs and wants
Building up the company culture fromzero.
Establishing the operating proceduresas per your concepts
Lincoln ElectricWelding Tools & Equipment
(6A) GREENFIELD OPERATION
Disadvantages
Time necessary for the establishment
= Long lasting procedure
Uncertainty about the future inputsand earnings
May be invalidated by agressive and
adquiring minded global competitors
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(6B) MERGERS & ACQUISITIONS
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Advantages
Easy to execute.
Eliminate reduce the impact of yourcompetitors.
The management and shareholdershavethe feeling it is less risky than a
greenfield operation.
(6B) MERGERS & ACQUISITIONS
Disadvantages
The price of the operation may be very
high
Differences in company or corporatecultures.
Not easy to work out synergies.
Discrepancies and lack of informationwhen analyzing the aquisition
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(7) TURNKEY PROJECTS
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At completion of a turnkey project, the foreign
client is handed the "key" to a plant that is readyfor full operation. The Contractor agrees to handle every
detail of the project to the foreign client
Turnkey projects are common in the chemical, pharmaceutical, petroleumrefining,and metal refining industries
(7) TURNKEY PROJECTS
(8) TURNKEY PROJECTS
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Advantages
Necessary know-how to starttechnological complicated processes.
Useful for exporting know-how andtechnology and get a return from them
Minor risk due to to th advantage ofposessing the know-how.
Less risky than FDI
(8) TURNKEY PROJECTS
Disadvantages
Short & Mid-term spot businesses. Nolong term interest in the foreign country
Possibility to facilitate the introduction ofa competitor
The transferred of know how &technology may be a source ofcompetitive advantage for thosebenefiting from it.
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Advantages & Disadvantages of Entry Modes
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Advantages & Disadvantages of Entry Modes
(8) STRATEGIC ALLIANCE
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Strategic alliances refer to cooperative agreements between potentialor actual competitors and range from formal JVs to short-term
contractual agreements.
There is an increasing tendency for strategic alliances
(8) STRATEGIC ALLIANCE
The success of an alliance is a function of:
Partner selection
Alliance structure
The manner in which the alliance is managed
A good partner Helps the firm achieve its strategic goals and has the capabilities the firm lacks and
that it values Shares the firms vision for the purpose of the alliance
Is unlikely to try to opportunistically exploit the alliance for its own ends
(9) STRATEGIC ALLIANCE
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Advantages
Facilitate the introduction to a
foreign market
Opportunity to share fixed costsresulting from new products orprocesses
Join complementary capacities or
assetsMean to reach technologicalstandardization
Boeing Roll Royce
(9) STRATEGIC ALLIANCE
Disadvantages
May lead competitors to an easyaccess to kmow-how andtechnology
Risks links to the fact of sharinginformation
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Characteristics of a Strategic Alliance
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Independence ofParticipants
SharedBenefits
OngoingContributions
Markets
Benefits
Control Products
Technology
14-23
Characteristics of a Strategic Alliance
Global Strategic Alliance
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Firms join to attain world leadership
Each partner has significant strength to
bring to the Alliance
A true global vision
Relationship is horizontal not vertical
When competing in markets not part of
alliance, they retain their own identity
Global Strategic Alliance
How to make Strategic Alliances work?
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After selecting the partner and structuringthe alliance, the alliance must be managed
Successfully managing an alliance requires
managers from both companies to buildinterpersonal relationships
A major determinant of how much a
company gains from an alliance is its abilityto learn from its alliance partners
How to make Strategic Alliances work?
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Strategic Decisions in terms of
Implementation Processes
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How to make Strategic Alliances work?
Core Competences vs. Entry Mode (1)
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The optimal entry mode depends to some degree on
the nature of a firms core competencies
When a firms competitive advantage is based onproprietary technological know-how, the firm shouldavoid licensing and JV arrangements unless it believes
its technological advantage is only transitory, or that itcan establish its technology as the dominant design inthe industry
When a firms competitive advantage is based onmanagement know-how and brand name, the risk oflosing control over the management skills is not high.Such firms (e.g., McDonalds) may favor a combinationof franchising and subsidiaries (either WOS or JV)
How to make Strategic Alliances work?Core Competences vs. Entry Mode (1)
Core Competences vs. Entry Mode (2)
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The optimal entry mode for firms depends to somedegree on the nature of their core competencies.
A distinction can be drawn between firms whose core
competency is: Technological know-how
Management know-how
The greater the pressures for cost reductions are, the
more likely a firm will want to pursue somecombination of exporting and wholly ownedsubsidiaries
Core Competences vs. Entry Mode (2)
Core Competences vs. Entry Mode (2)
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Licensing and joint-venturearrangements should beavoided if possible
Should probably use a whollyowned subsidiary
Exceptions include
An arrangement can be
structured to reduce the riskof licensees
If the technological
advantage is only transitory
The firms valuable assetis normally a brandname
The result is thatfranchising andsubsidiaries are veryattractive
Often times a jointventure is politicallymore acceptable
Core Competences vs. Entry Mode (2)
Technological Know-How Management Know-How
Pressure for Cost vs. Entry Mode
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Pressure for Cost vs. Entry Mode
When pressure for cost reductions is high, firms are more likely to
pursue some combination of exporting and WOSs
This will allow the firm to achievelocation and scale economies as well asretain some degree of control over itsworldwide product manufacturing anddistribution
So, firms pursuing globalstandardization ortransnational strategiesprefer WOSs
Greenfield vs. Acquisition (1)
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Firms can establish a WOS by greenfield or acquisition
strategyThe main advantage of a greenfield venture is that itgives the firm a greater ability to build the kind ofsubsidiary company that it wants. However, greenfieldventures are slower to establish and are also risky
Acquisitions are attractive because they:
are quick to execute
enable firms to preempt their competitors
may be less risky than greenfield ventures
Greenfield vs. Acquisition (1)
Greenfield vs. Acquisition (3)
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Pro: Can build subsidiary it
wants
Easy to establish
operating routines Quick to execute
Preempt competitors
Possibly less risky
Con: Slow to establish
Risky
Preemption by
aggressive competitors Disappointing results
Overpay for firm
Optimism about valuecreation (hubris)
Culture clash Problems with proposed
synergies
q ( )
Greenfield vs. Acquisition (3)
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Acquisitions areattractive if: There are well
established firms alreadyin operation
Competitors want to
enter the region
Greenfield ventures areattractive if: There are no
competitors
Competitors have a
competitive advantage
that consists of
embeddedcompetencies, skills,
routines, and culture
q ( )
Risk, Control & Experience (4)
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Risk ,Control, and Experience
, p ( )
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F l d d N i UPC
Conclusiones
1. Es la IED la mejor alternativa frente a losobstculos al comercio?
2. Pueden las pymes exportadoras apostar por
otros modos de entrada adems de laexportacin.que deben hacer?