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Factors Influencing Market and Entry Mode Selection
Factors Influencing Market and Entry Mode Selection
Factors influencing market and entry mode selection: developing the MEMS model
Adam J. Koch
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Adam J. Koch, (2001),"Factors influencing market and entry mode selection: developing the MEMS model", Marketing
Intelligence & Planning, Vol. 19 Iss 5 pp. 351 - 361
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Adam J. Koch
School of Business, Swinburne University of Technology, Melbourne, Victoria,
Australia
overseas markets and entry introduced by Koch (2001), has been designed providing international market information
modes: two decision processes or to accommodate all business contexts and in this process were given due consideration.
one?'', it was proposed that
most of the relevant business practice. This Lists of factors proposed in this paper have
market selection and market entry
mode selection be looked upon as paper focuses on the evaluation stage of the been developed with a view to ensuring a
two aspects of one decision model and briefly examines the great variety high level of their content validity in most
process. Examines a wide of influences on the MEMS process outcomes. conceivable international business
spectrum of factor categories to contexts[2]. Care was taken to include in
References made throughout this paper to the
be included in the proposed MEMS
model and argues that an inclusive organisation's context will help better these lists all such factor categories, which
spectrum of analysis would make explicate the character of influences by these can be assumed to exercise a strong influence
it a universally applicable model, various factor categories. They will also on this process, if only in some contexts. All
capable of accommodating all factors proposed to influence the market/
make it possible for the reader to compare
business contexts and most
this author's suggestions with their own market entry mode selection process fall into
relevant business practices.
prior understanding of these influences and three broad categories: external, internal,
facilitate further refinement of that and the mixed, internal/external category
understanding. (see Figures 1 and 2)[3]. Some of the proposed
The scope of the model's (Koch, 2001) categories of factors may influence some
evaluation process is presented in this paper others, adding to the complexity of the
from two angles: that of market selection, and discussed decision process.
that of market entry mode selection. The role of each of these categories will be
briefly characterized to help the reader
examine the reasons behind each
proposition. Internal environment factors
Market selection
will be looked at first.
This paper aims to describe, rather than
prescribe, or model, the market/market Internal factors
entry mode selection process. It proposes two Company strategic orientation
comprehensive lists of factor categories, Companies develop strategic orientations[4],
which may, and do, influence outcomes of the which reflect their individual and group
selection process. One of these lists relates to experience, values and attitudes of their
market selection, the other ± to market entry employees (those currently employed and
mode selection[1]. their predecessors), changes in their
The relative significance of the individual business environment and strategic
categories, and the way in which the relevant objectives established for the company (some
inputs are going to be used in this decision degree of stretch (Hamel and Prahalad, 1994)
process, depends largely on the context required to achieve these). Strategic
(Bradley, 1984; Cavusgil, 1980; Minor et al., orientation may predispose companies to
1991). The lists and associated discussion are more, or less, collaboration with their
based on a comprehensive review of the competitors; it is also likely to strongly
available literature and on this author's influence the process of business
Marketing Intelligence & direct international business experience of internationalisation.
Planning
19/5 [2001] 351±361
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[ 351 ]
Adam J. Koch Figure 1
Factors influencing market Factors influencing market selection
and entry mode selection:
developing the MEMS model
Marketing Intelligence &
Planning
19/5 [2001] 351±361
Downloaded by University of Tasmania At 09:56 29 April 2015 (PT)
(Elliott and Cameron, 1994). Leading (or lead) MEMS model is the same as for market
markets (usually large, strong at the high-end selection: internal, external and mixed.
of the product line, free from government
regulation and protective measures, with Internal factors
strong competitors and demanding Company size/resources
customers) are of considerable strategic Smaller companies usually have fewer
significance in global marketing (Elliott and market servicing options (Benito and Welch,
Cameron, 1994). Managing to get into these 1994), as their very limited own resources
markets and staying there provide the may simply not allow, or discourage from,
company with an excellent opportunity to some market entry modes. For example,
bring up its capabilities and skills to the establishing a fully owned subsidiary often
highest levels required globally. On the other involves very substantial investment and
hand, this presence can be used in the correspondingly high risk levels. Similarly,
company's introductory promotion in third small companies may not have sufficient
markets to bolster up their competitive management potential and special skills to
credentials. enter foreign markets through establishing
Product performance and customer fully owned foreign based subsidiaries or
expectations gaps between lead markets and international joint ventures.
other countries may at times be very The influence of company size on its
substantial. These gaps may be used as a basis freedom of choice in selecting market entry
on which to compare the competencies, mode and their relevant preferences depends
capabilities and skills of competing companies. on industry-specific resource demands for
Ongoing study of the relevant trends helps individual market entry modes. In the
reduce the danger of developing rankings chemical industry, for instance, this
based on some outdated market information. relationship will be much stronger than in
Attacking the competitors' profit base the computer software industry.
(usually their domestic market) is an Management locus of control
increasingly popular strategy amongst those The significance of management locus of
following a global strategy. Preempting a control for the degree of company international
competitor's move into a new, important business involvement and the market entry
market is another one.
mode preference is often underestimated, if not
Anticipated overseas market risks overlooked altogether. Yet strong internal, or
Another market selection aspect which has external, loci of control are likely to
received more attention than most others was considerably affect manager perceptions; the
foreign market risks assessment (Backhaus way their intuition works and their market
and Meyer, 1986; De la Torre and Neckar, 1990; entry mode decisions may thus, particularly in
Kobrin, 1979). This has been driven by the less experienced companies, determine the
interest in it of export credit guarantee outcome of this decision process.
organizations, banks and companies involved If the decision is significantly influenced by
in international business. a number of managers, we have a potentiality
There are three major categories of of locus of control discord; depending on its
international business risks (e.g. Czinkota management style, the company will either
and Ronkainen, 1996): disregard loci of control which do not agree
[ 356 ]
Adam J. Koch with that of the decision maker (authoritarian competitiveness of its competitive
Factors influencing market end of the spectrum) or undertake actions environment, its relevant experience etc.
and entry mode selection: aimed at achieving perceptual consensus with Risks may be estimated by using appropriate
developing the MEMS model
regard to the situation on hand (participative formulae. One should, however, bear in mind
Marketing Intelligence &
Planning end of the spectrum). that the perception of risks associated with
19/5 [2001] 351±361 Finally, one has to acknowledge that individual market entry modes or countries
individual loci of control may change, as a may influence companies' decisions
result of some critical events or, more considerably, as well.
gradually, as the relevant experience grows. The less risk-averse the management, the
Many, perhaps most, managers will never more likely it is for the company to select
change their locus of control. So the question: countries that show greater long-term
``is locus of control a matter of nature or prospects and promise to enhance the firm's
nurture?'' must remain unanswered here. capabilities (Johansson, 1997, p. 124).
relevant success rates and degrees ± all these desirable results within established planning
factors obviously influence both market periods will be preferred.
entry selection process and the choices For instance, if maximization of market
themselves (Paliwoda and Thomas, 1998; share appears to be contingent on the
Root, 1994; Van Fleet, 1991). development of own distribution and after-
Companies that have gathered a sales network, the company may decide to
considerable knowledge of a region prefer to prefer a fully owned/majority marketing
invest resources into business ventures in subsidiary to be the entry mode into a certain
that region rather than seek contractual foreign country. If it seeks to maximize
modes there. export sales revenue growth over the next
Companies' management cultures will two or three years, it may be prone to use
influence decision influencers', and decision indirect exporting over other entry modes
takers', behaviour. If, for instance, negative into new markets.
personal consequences are certain for Calculation methods applied
proponents of an unsuccessful untried entry The broad alternatives of risk or benefit
mode, untried modes will then be shunned by based calculation method and cost or control
the company decision makers. based calculation method are available also
Effectiveness, and efficiency, of the with regard to the market entry selection.
organisational learning depend on the amount Some concrete methods may not, however, be
of experience gathered by individuals, and on applicable to each of the contemplated entry
the prevalence of reflection sharing in the modes, either because of the unavailability of
company. the required data, or because of the different
It would appear that there may well be a logic, and dynamics of these entry modes
certain optimal duration of the above- (Erramilli and Rao, 1993; Goodnow, 1985;
mentioned responsibility in any given context; Klein, 1989; Root, 1994). If the market entry
going beyond it may increase the chances for selection is to be based on direct comparisons
experience, both group and individual, to of the anticipated outcomes of competing
continue to affect the decision process modes of market entry, the choice of method
outcomes as strongly as before. It has been should make it possible.
suggested that managerial succession often
explains the changes in the preferred market
Profit targets
Various market entry modes are likely to
servicing modes. The market entry selection
produce different levels of profit; equally
process is more likely to be subject to scrutiny
importantly, the dynamics of profit
and ongoing improvement, if the shared
generation of various modes (take, for
reflection-in-action becomes commonplace.
example, indirect export and investment in a
Increased accessibility of information on the
new manufacturing and marketing overseas
Internet can be anticipated to speed up
operation) will be very dissimilar. The
experience acquisition (Hamill et al., 1997).
former will show some profits almost
Management risk attitudes immediately and then may soon level off, the
The level to which the company will accept latter may mean no profits for three or four
various international business risks depends years (construction cycle, time needed to
on the context: the company's financial establish all necessary market contacts,
situation, its strategic options, the acquire/build all necessary assets, train the
[ 357 ]
Adam J. Koch salesforce as required, develop customer quite costly to obtain, a concern for small
Factors influencing market base, etc.). A long decision horizon may beginners, in particular.
and entry mode selection: Similarity and volatility of general
developing the MEMS model prefer the latter, a short one will prefer the
former. The suitability of the method used in business regulation/practices, business
Marketing Intelligence &
Planning estimating and comparing anticipated profits infrastructure and supporting industries
19/5 [2001] 351±361 between various entry modes and reliability levels of development, forms, scope and
of inputs are two other important concerns. intensity of competition, customer
Johansson (1997) suggests that the lower sophistication and customer protection
the target rates of return, the more likely it is legislation are amongst those characteristics
for the company to select countries that show which would normally attract the attention
greater long-term prospects and promise to of potential entrants into a foreign market.
enhance the firm's capabilities. Market barriers
Amongst barriers that can make access to
External/internal category foreign markets more difficult, the following
Competencies, capabilities and skills categories are considered of major importance
required/available for each MEM (e.g. Cavusgil, 1985; Johansson, 1997;
Recently, the competence-based perspective
Van Wood and Goolsby, 1987):
has been adopted by several authors to . tariff barriers;
Downloaded by University of Tasmania At 09:56 29 April 2015 (PT)
does not seem sustainable over several years, environment factors than most previous
the company will be well advised to tap into models have assumed. Influence of some
this opportunity without any delay and use factor categories proposed in this paper is ill
indirect or direct exporting. If demand in a recognised by the predominantly prescriptive
foreign market is anticipated to be very literature[7]. To increase the content validity
large, but only in several years, establishing of its models, theory needs to integrate
own manufacturing/marketing subsidiaries findings of various narrow studies and
may be the best answer. explore a wider spectrum of the relevant
Image support requirements MEMS practice.
In some industries, companies that want to The relative importance of individual factor
build and sustain the image of a leading global categories in the MEMS process has been
supplier have got to be present in leading found here to depend on the external and
markets. Whoever produces industrial robots internal environment of the company. Further,
would like to have customers in Japan, accessibility of various external and internal
leading printing machinery manufacturers environment information has been found to
want to have German or US customers in influence the pace of the internationalisation
their reference lists; global suppliers of wine process, the quality of market/market entry
would want to have a firm foothold in France mode decisions, and the ultimate market/
and, perhaps, Italy and Germany. Some market entry choices made by the company.
companies may license their inventions to The increasing role of the Internet and the
increase their role as global providers of WWW in transforming the international
newest technology, and influence the relevant business environment (Nouwens and
industry standards. Maintaining the same Bouwman, 1996; Quelch and Klein, 1996)
high standard of the after-sales service may necessitates a corresponding shift in the
lead to the preference of modes that help discussion of the MEMS process. In particular,
achieve this objective through establishing the role of the Internet and the WWW in:
high control over the distribution and service . facilitating international business
network. Image support requirements may be information acquisition;
manifold, to correspond with various . reducing the perceived and real risks; and
company strategies and their aspects. . expediting the internationalisation process
of small and medium-sized enterprises
Global management efficiency requirements
Increasing involvement in international can be properly investigated and
business raises the awareness of the acknowledged. Some associated radical
limitations of the company's resources and, changes to international business theory,
sooner or later, results in a re-definition of the including conventional views on the
company's global strategy. For some internationalisation and export development
companies choosing a diversified, processes are anticipated by, for example,
multinational mode of operation is the Hamill et al. (1997).
answer, for others ± the standardised, global The fully contextualised in-depth
approach may turn out to be more appropriate examination of market/market entry mode
from the strategic efficiency point of view. selection practice should be carried out more
Critical success factors and companies' core systematically and longitudinally, to develop
capabilities must be examined to find the a sufficient knowledge basis on which to
[ 359 ]
Adam J. Koch formulate enhanced models. Examination of are: Export Awareness, Export Interest, Export
Factors influencing market associated information flows (Benito et al., Trial, Export Evaluation, and Export Adoption.
and entry mode selection: 1993) would be of particular significance. A 6 Cavusgil (1990) proposes five such clusters:
developing the MEMS model
holistic perspective would help bridge the dependent societies; seekers; climbers; luxury
Marketing Intelligence & and leisure societies; and the rocking chairs;
Planning gap between the narrowness of most current
19/5 [2001] 351±361 models and the immense complexity of global these, or similar, references could obviously
business decisions. It would also provide an be applied to fragments of country markets as
efficient guidance in designing these well.
7 Examples of these would be company strategic
processes by individual companies, to suit
orientation, company international
their particular contexts.
competitiveness, market portfolio congruity;
This paper aims to guide some related
expansion sequence optimization, industry
further investigation. Verification of some of
viability of MEM, calculation method applied,
its current propositions through more management locus of control, popularity of
intensive, longitudinal study of the relevant MEMs (``risk reduction'' effect) and
practice, including the associated information profitability targets.
flows (Benito et al., 1993), is necessary. A
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