8 - Global Market Entry

18/04/2024
Global market entry
www.eeg.uminho.pt
Agenda
• Target market selection

• Choosing the entry mode
Kotabe and Helsen; Chapter 9 – Global market entry strategies
University of Minho | School of Economics and Management www.eeg.uminho.pt
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Selecting the Target Market
• A crucial step in developing a global expansion strategy is the selection of

potential target markets
• Identifying the ‘right’ market(s) to enter is important for a number of reasons:
• • It can be a major determinant of success or failure, especially in the early stages
of internationalization.
• • This decision influences the nature of foreign marketing programmes in the
selected countries. • The geographic location of selected markets affects the
firm’s ability to coordinate global operations. The more distant and diverse
markets the company select, the more difficult the coordination of global
operations will be.
A crucial step in developing a global expansion strategy
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Systematic or casual/opportunistic market selection?
?
• Systematic or casual market selection?

• How to systematically analyse new markets?
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Systematic or casual/opportunistic market selection?
• A Tavol, empresa de Oliveira de Azeméis que fornece componentes metálicos aos

principais construtores de automóveis, decidiu investir na Argentina: “A estratégia
para a Argentina é a mesma do Brasil e o projecto terá uma dimensão
semelhante. O objectivo é impedir que os nossos concorrentes sul-americanos
invadam o mercado europeu. Se os construtores deslocalizam para outros
continentes, temos de os acompanhar nesse movimento”A. Oliveira, fundador da
Tavol
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• A CEL-CAT vai abrir uma fábrica no Brasil e reforçar os investimentos

em Africa. Com o fim anunciado das grandes obras, a mira da Fábrica
Nacional de condutores eléctricos desvia-se para novos horizontes.
Daí a necessidade de “preparar acções em mercados externos para
assegurar a rendibilidade futura” A. Constantino, Administrador
delegado da CEL-CAT
• “ A Reditus decidiu reforçar o seu esforço de internacionalização no

mercado francês (…) A empresa chegara a encarar uma entrada nos
mercados espanhol e brasileiro, mas concluiu que primeiro teria de
ganhar dimensão no mercado nacional (…) O gestor prefere que a
internacionalização do negócio se faça pelo acompanhamento dos
seus clientes, como aconteceu com as Selecções do Readers’ Digest
ou com o BCP nos mercados polaco e grego. “
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Reasons for internationalization
• Small or saturated domestic markets or better

opportunities abroad
• Shortening product and technology lifecycles
• Excess capacity and resources or unique competence
Desire to follow competitors or customers abroad
• Growth aspiration and international orientation of
the firm
• An opportunistic response to unsolicited order or
request from abroad
• Backward or forward integration to reduce costs and
increase control
• Colgate-Palmolive views per capita purchasing power as a major driver

behind market opportunities.
• Starbucks looks at economic indicators, the size of the population, and
whether the company can locate good joint venture partners.
• P&G chose Malaysia and Singapore as the first markets in Asia (ex-Japan)
for the rollout of Febreze, a fabric odor remover. Not only were both
markets known for “home-proud” consumers but people there also tend
to furnish their homes heavily with fabrics.
• A company might also decide to enter a particular country that is
considered as a trendsetter or lead market in the industry. Sany, one of
China’s flagship machinery groups, established a presence in Germany
precisely for this reason
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“in real life, the IMS process will not always be

a logical and gradual sequence of activities,
but instead an iterative process involving
multiple feedback loops”
1. Identificação de mercados potenciais / Identifying potential

markets
2. Triagem preliminar/preliminary screening
3. Triagem detalhada/In-depth screening
4. Seleção final/Final selection
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1 - Identificação dos países/Identifying potential markets
2 - Triagem preliminar/preliminary screening
1. Select indicators and collect data
2. Determine importance of country indicators
3. Rate the countries in the pool on each
indicator
4. Compute overall score for each country
3 - Triagem detalhada/In-depth screening
4 - Seleção final/Final selection
1 - Identification of potential markets
• To identify market opportunities for a given product (or

service), the international marketer usually starts off with a
large pool of candidate countries.
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2 - Preliminary screening
To narrow down this pool of countries, the company
will typically do a preliminary screening. The goal of
this exercise is twofold: you want to minimize the
mistakes of
(1) ignoring countries that offer viable opportunities
for your product and
(2) (2) wasting time on countries that offer no or little
potential.
2 - Preliminary screening
• A four-step procedure for the initial screening
process:
1. Select indicators and collect data
2. Determine importance of country indicators
3. Rate the countries in the pool on each
indicator
4. Compute overall score for each country
(Kotabe & Helsen)
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• Step 1. Indicator selection and data collection.

First, the company needs to identify a set of
socioeconomic and political indicators it believes are
critical. The indicators that a company selects are to a
large degree driven by the strategic objectives spelled
out in the company’s global mission.
Step 2. Determine the importance of country indicators.

The second step is to determine the importance weights of
each of the different country indicators identified in the
previous step.
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Step 3. Rate the countries in the pool on each indicator.

Next, each country in the pool is assigned a score on each of the
indicators. For instance, you could use a 10-point scale (1 meaning very
unfavorable and 10 meaning very favorable). The better the country
does on a particular indicator, the higher the score it receives.
Step 4. Compute overall score for each country.

The final step is to derive an overall score for each prospect country. To
that end, the weighted scores that the country obtained on each
indicator in the previous step are simply summed. The weights are the
importance weights that were assigned to the indicators in the second
step. Countries with the highest overall scores are the ones that are
most attractive.
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Vinho
• Pirâmide etária – Pop. 30-64
• Importação de vinho
• PIB per capita
• População urbana
• Pop. Total
• IDE
• Esperança média de vida escolar
Vinho
• Pirâmide etária – Pop. 30-64 (20%)
• Importação de vinho (20%)
• PIB per capita (15%)
• População urbana (15%)
• Pop. total (10%)
• IDE (10%)
• Esperança média de vida escolar (10%)
13
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University of Minho | School of Economics and Management

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www.eeg.uminho.pt
www.eeg.uminho.pt
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3 - In-depth screening
Based on the country scores from the preliminary screening stage,
select the top 2 or 3 markets. Conduct a detailed analysis of each
market in order to identify of the best prospective market, including
(among others):
• PESTEL analysis
• Estimation of the Market and Company Sales Potential
• Competitive Analysis
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4 - Final selection
TIMELINE INTERNATIONAL EXPANSION OF STARBUCKS COFFEE
1971 First location in Seattle

1987 Canada ( Vancouver, British Columbia)
1996 Hawaii Japan Singapore
1997 Philippines
1998 Malaysia New Zealand Taiwan Thailand
1999 China ( Beijing) Kuwait Lebanon South Korea
2000 Australia Bahrain China ( Shanghai) Dubai Hong Kong Qatar Saudi Arabia
2001 Austria Switzerland
2002 China ( Shenzhen and Macau) Germany Greece Indonesia Mexico Oman Puerto Rico Spain
2003 Chile Cyprus Peru Turkey
2004 France
Source: www. starbucks. com.
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• Discuss Starbuck’s entry decisions. Do you see any patterns in its

expansion strategy?
Resources
• http://globaledge.msu.edu/comparator
• http://geert-hofstede.com/countries.html
• https://www.cia.gov/library/publications/resources/the-world-
factbook/
• http://reports.weforum.org/global-competitiveness-report-2015-
2016/
• http://globaledge.msu.edu/mpi
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Entry modes
Agenda
• Entry modes
• Exporting
• Contractual arrangements
• Joint-ventures and alliances
• Wholly-owned subsidiaries
• Selecting mode of international market entry
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Pan & Tse (2000)
Classificação dos modos de entrada de acordo

com local de produção
• Produção no país de • Produção no estrangeiro

origem • Arranjos contratuais
• Exportação Indireta • Licenciamento
• Exportação • Franchising
cooperativa • Transferência de tecnologia
• Exportação direta • Contrato de produção
• Investimento
• Propriedade total
• Aquisição
• Greenfield
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Exporting
• The commercial
activity of selling and
shipping goods to a
foreign country
• The most common
international entry
mode, specially for
SME’s
Exportação
• Indireta – A empresa vende a um Intermediário
• Direta - A empresa vende diretamente a um cliente noutro país
• Proporciona à empresa um maior controlo sobre as operações melhor
informação sobre os mercados externos e um aumento da experiência
internacional
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Indirect exporting
• Advantages
• Low commitment (in terms of resources)
• Low risk
• Disadvantages
• Lack of control
• Lack of contact with foreign market
• No learning experience
• Potencial opportunity cost
Direct exporting
• Advantages
• More control (compared to indirect exporting)
• More sales push
• Disadvantages
• Need to build up export organization
• More demanding on resources
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Exporting when…
• The firm is small and lacks the resources required for foreign
joint ventures or international direct investiment
• Political risk, or uncertainty or otherwise unattractive
markets
• There is no political or economic pressure to manufacture
abroad
• Disadvantages of exporting
• Susceptibility to trade barriers
• Logistical difficulties
• Less suitable for services
• Susceptibility to exchange rate fluctuation
• Not appropriate if other lower cost manufacturing location exist
• Not appropriate if transport costs are high
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Contractual agreements
Long-term, non-equity
association between
companies
• Licensing
• Franchising
• Turnkey projects
• Contract manufacturing
• Management contracting
Licenciamento
• São cedidos os direitos de produzir e vender, numa determinada área,
a uma empresa local. A licença pode incluir a utilização de uma marca
registada, patentes e técnicas de fabrico e de marketing, sendo o
licenciador remunerado por uma royalty.
• Forma de acesso utilizada sobretudo por empresas de conhecimentos
tecnológicos avançadas ou uma forte imagem de marca, que
pretendam rentabilizar estes activos sem recorrer a investimentos.
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Ex: Após 14 anos de desenvolvimento de produto e 300 millhões de euros de

investimento, a Bial foi a primeira empresa portuguesa a assinar um contrato de
licenciamento exclusivo para desenvolvimento e comercialização de um
medicamento para os EUA e Canadá.
“perante a dimensão da empresa, há alguns mercados onde não podemos chegar

com o produto de forma directa, pelo que optámos por licenciar, em particular
em mercados de maior dimensão, a grandes empresas farmacêuticas. (….)
Começámos por licenciar no mercado norte-americano, para os EUA e o
Canadá, com a Sopracor, que nos paga 175 milhões de dólares. A produção do
que vamos vender nos EUA é da nossa responsabilidade. Não vai ser produzido
em Portugal, porque a nossa fábrica não tem dimensão, capacidade. Teríamos
que construir uma nova unidade, mas enquanto não soubermos a dimensão do
negócio e como vai ser o comportamento do mercado não queremos avançar
com esse investimento.”
“Ao longo deste ano vamos completar mais alguns contratos de licenças
(Alemanha, França, Médio oriente…)” (Luis Portela, Marketeer, Março 2008)
Licensing
• How to seek a good licensing agreement:
• Seek patent or trademark protection
• Thorough profitability analysis
• Careful selection of prospective licensees
• Contract parameter (technology package, use
conditions, compensation, and provisions for
the settlement of disputes)
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Licensing
Advantages Disadvantages
• Little or no • Lack of control
investment • Potential
• Rapid way to gain oppportunity cost
entry • Need for quality
• Means to bridge control
import barriers • Risk of creating
• Low risk competitor
Licensing
• Benefits:
• Appealing to small companies that lack resources
• Faster access to the market
• Rapid penetration of the global markets
• Caveats:
• Other entry mode choices may be affected
• Licensee may not be committed
• Lack of enthusiasm on the part of a licensee
• Biggest danger is the risk of opportunism
• Licensee may become a future competitor
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Franchising
A specialised form of licensing in

which the franchisor not only sells
intangible property to the
franchisee but also insists that the
franchisee agree to abide by strict
rules as to how it does business
Franchising
Benefits: Caveats:
• Overseas expansion with a – Limited franchising
minimum investment opportunities overseas
• Franchisees’ profits tied to – Lack of control over the
their efforts franchisees’ operations
• Availability of local – Problem in performance
franchisees’ knowledge standards
– Cultural problems
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Franchising
• Little or no • Need for quality control
investment
• Reputation risk if lack of
• Rapid way to
gain entry
control
• Managerial • Risk of creating
motivation competitor
Turnkey project
The contractor agrees to handle

every detail of the project for a
foreign client including the
training of operating personnel
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Turnkey projects
• Useful when FDI is limited by • No long term involvement in

host government regulations the country
• Less risky than FDI in risky • Risk of creating a competitor
markets
• Means of exporting process
technology (chemical,
pharmaceutical, oil)
Contrato de produção/contract
manufacturing
• Contratação / Subcontratação
• A empresa delega a produção dos seus bens numa empresa
independente. A empresa desenvolve todo o marketing-mix, cabendo
á empresa contratada apenas a fabricação.
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Contract Manufacturing (Outsourcing)
• Benefits:
• Labor cost advantages
• Savings via taxation, lower energy costs, raw materials, and
overheads
• Lower political and economic risk
• Quicker access to markets
• Caveats:
• Contract manufacturer may become a future competitor
• Lower productivity standards
• Backlash from the company’s home-market employees
regarding HR and labor issues /Risks of bad press
• Issues of quality and production standards
Contract Manufacturing
• Little or no • Need for quality control
investment • No management control
• Overcome import • Risk of bad press
barriers
• Potential security or
• Cost savings confidentiality issues
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Contratos de gestão
• Acordos nos termos dos quais um investidor assegura a construção e
equipamento de um bem económico, após o que confia a sua gestão
a uma empresa independente. A empresa paga uma remuneração
fixa ou variável em função dos resultados.
• Comum em áreas especializadas como cruzeiros e hotelaria.
• Exemplo: Grupo Pestana explora várias unidades hoteleiras em
Moçambique mediante contratos de gestão.
Management contracting
• An arrangement under which operational control of an
entreprise is vested by contract in a separate entreprise
which performs the necessary managerial functions in
return for a fee
• This involves not only selling a method of doing things
(as with franchising or licensing) but actually doing them
• A management contract can involve a wide range of
functions, such as technical operation of a prodution
facility, management of personnel, marketing services
and training
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Management Contracting
• Often formed when • No management control
there is a lack of local • Risk of conflict
skills
• Alternative to FDI,
which does not
involve as high risks,
useful when there are
entry barriers
Contractual agreements
? ?
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Joint-ventures and alliances
Cooperative agreements
between potential or
actual competitors
• Joint-ventures
• Consortia
• Alliances
Joint-venture
• Sociedade conjunta ou sociedade em co-propriedade
• Partilha de activos entre duas ou mais organizações numa nova
organização juridicamente distinta, com o fim de desenvolver uma
determinada actividade.
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Bases for alliances
• Product–market knowledge
• Access to markets and distribution
• Product and processes know-how
• Production capacity
• Unique management resources
Consórcio
• Acordo entre empresas concorrentes ou complementares, com
duração limitada no tempo, que tem um objectivo definido e em que
as partes integrantes têm autonomia jurídica e estratégica.
• Geralmente, consequência de grandes empreendimentos, que
necessitam de fornecedores de grande dimensão em termos de
recursos humanos, instalações e infra-estruturas e recursos
financeiros.
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(cont)
• Exemplo:
• A PROET (grupo EDP) participou no Consórcio internacional para a
construção, projecto, gestão e operação de uma central de gás de 40
MW na Colômbia
Benefits of international joint ventures

Access to
resources
Access to
Markets
• technology, products
International
joint ventures
Political risk
reduction
Improve
competitive
position
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Conflicting Objective in Chinese Joint

Ventures
Drivers Behind Successful International

Joint Ventures
• Pick the right partner
• Establish clear objectives from the beginning
• Bridge cultural gaps
• Gain top managerial commitment and respect
• Use incremental approach
• Create a launch team during the launch phase:
(1) Build and maintain strategic alignment
(2) Create a governance system
(3) Manage the economic interdependencies
(4) Build the organization for the joint venture
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Ex:
Um turbilhão de retalhistas internacionais, incluindo a cadeia sueca
Ikea, está a procurar expandir a sua presença na Índia, após o Governo
do país ter alterado a legislação no ano passado, permitindo assim que
empresas estrangeiras criem subsidiárias locais. A Inditex já se encontra
no mercado indiano através de uma joint-venture.
www.portugaltextil.com/tabid/63/xmmid/407/xmid/42368/xmview/2/ID/42368/D
efault.aspx acedido a 9 maio 2013
Starbucks Coffee’s Criteria in Selecting

Partners
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Joint-ventures
• Risk sharing • Risk of conflicts with

• Less demanding on partners
resources (compared to • Lack of control
wholly-owned) • Risk of creating a competitor
• Potential of synergies (e.g.
access to local distribution
network)
Wholly-owned subsidiary /Investimento direto
Form of access that involves

more intense participation in
international markets
The company holds 100% of the
capital
• Starting a new company -
Greenfield operation
• Acquisition
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Motives for foreign direct investment
Improved operating efficiency
Diversification
Investment
strategy
Market development
Government policy
Wholly Owned Subsidiaries
• Acquisitions
• Quick access to the local market
• Good way to get access to the local brands
• Greenfield Operations
• Offer the company more flexibility than acquisitions in the
areas of human resources, suppliers, logistics, plant layout,
and manufacturing technology.
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• Benefits:
• Greater control and higher profits
• Strong commitment to the local market on the
part of companies
• Allows the investor to manage and control
marketing, production, and sourcing decisions
• Caveats:
• Risks of full ownership
• Developing a foreign presence without the
support of a third part
• Risk of nationalization
• Issues of cultural and economic sovereignty of
the host country
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Acquisitions
• Provides the firm with established means of market entry with institutional
support and an established network of suppliers, intermediaries and customers;
• Benefits from the innate knowledge of local economic, social, cultural, legal and
public policy environment, possessed by the acquired firm;
• May be expensive but attractive if market potential exists – it is also quicker than
investing in new facilitites
• Focuses on acquiring well-known brands and access to a large customer base
Acquisitions
• Full control • Costly

• Access to local assets • High risk
(e.g. plants, distribution, • Need to integrate
network, brand assets) differing
• Less competition national/corporate
cultures
• Cultural clashes
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Disadvantages of foreign acquisitions

• Foreign acquirers often pay more than would domestic buyers and hold inflated
expectations of future synergies
• Differences of language and culture may aggravate the integration of two
management teams
• Misperceptions about new foreign market can lead to mkg mistakes
• Employees tend to be even more frightened of new management if they are from
another country
Acquisitions vs. new foreign ventures

• New ventures are often less costly than acquisitions since customization of
production to market needs is possible;
• Small firms prefer new ventures because they lack finance for acquisitions
• New ventures allow free choice of location and avoid inheritance problems
• Suitable take-over candidates are not always available
• Acquisitions allow purchase of critical assets – especially distribution networks
• Acquisitions may remove aggressive competitors from the market
• It is difficult to value some assets, e.g. brands, and it is difficult to assess the
extent of synergy between firms in an acquisition
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Greenfield
• Full control • Costly

• Latest technologies • High political and
• No risk of cultural financial risk
conflicts • Time consuming
Which entry mode?
•Resources/Investment?
•Risk?
•Involvement?
•Control?
•Flexibility?
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Classification of market entry modes
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Foreign market entry, risk,

resources and control
High Resources
Amount of
resources Foreign Direct
required Investment
Risk
Strategic alliance
Exporting
Low
Low High
Control
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Selecting mode of international market entry
www.eeg.uminho.pt
• Ex. Molin
• Associada na Africa do Sul, e posteriormente uma unidade fabril, inicialmente em
parceria com um parceiro local. No entanto divergências quanto à estratégia
industrial e comercial e desinteligências de vária ordem obrigaram a Molin a
assumir todos os riscos. Se, com o afastamento do parceiro sul-africano a
empresa passou a reunir mais condições para prosperar, a falta de management
local para dirigir a fábrica tornou-se no factor decisivo para o seu irreversível
declínio
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A solução de dirigi-la a partir de Portugal, com deslocações frequentes

a Joanesburgo tornou-se igualmente inviável. Nova situação política
também não ajudou (transição de regime, preparação de eleições e
agitação social). Após algumas tentativas para viabilizar a unidade,
acabou por encerrar.
( A falência da Molin viria a ser declarada em 2001)
Foreign market entry decision framework
Marketing
Strategy Organisation
Foreign Market
Entry Mode
Industry Target
Country
Source: adapted from Gannon, M. (1993) ‘Towards a composite theory of foreign market entry mode
choice: the role of marketing strategy variables’, Journal of Strategic Marketing, 1, 48
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Decision criteria for mode of entry

• Market size and growth
• Risk
• Government regulations
• Competitive environment
• Cultural distance
• Local infrastructure
• Company objectives
• Need for control
• Internal resources, assets and capabilities
• Flexibility
49

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18/04/2024

Global market entry

• Target market selection

Kotabe and Helsen; Chapter 9 – Global market entry strategies

University of Minho | School of Economics and Management www.eeg.uminho.pt

Selecting the Target Market

• A crucial step in developing a global expansion strategy is the selection of

University of Minho | School of Economics and Management www.eeg.uminho.pt

Selecting the Target Market

A crucial step in developing a global expansion strategy

University of Minho | School of Economics and Management www.eeg.uminho.pt

Systematic or casual/opportunistic market selection?

• Systematic or casual market selection?

University of Minho | School of Economics and Management www.eeg.uminho.pt

Systematic or casual/opportunistic market selection?

University of Minho | School of Economics and Management www.eeg.uminho.pt

• A Tavol, empresa de Oliveira de Azeméis que fornece componentes metálicos aos

University of Minho | School of Economics and Management www.eeg.uminho.pt

• A CEL-CAT vai abrir uma fábrica no Brasil e reforçar os investimentos

University of Minho | School of Economics and Management www.eeg.uminho.pt

• “ A Reditus decidiu reforçar o seu esforço de internacionalização no

University of Minho | School of Economics and Management www.eeg.uminho.pt

Reasons for internationalization

• Small or saturated domestic markets or better

• Colgate-Palmolive views per capita purchasing power as a major driver

University of Minho | School of Economics and Management www.eeg.uminho.pt

“in real life, the IMS process will not always be

University of Minho | School of Economics and Management www.eeg.uminho.pt

Selecting the Target Market

1. Identificação de mercados potenciais / Identifying potential

University of Minho | School of Economics and Management www.eeg.uminho.pt

Selecting the Target Market

University of Minho | School of Economics and Management www.eeg.uminho.pt

1 - Identification of potential markets

• To identify market opportunities for a given product (or

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

(Kotabe & Helsen)

University of Minho | School of Economics and Management www.eeg.uminho.pt

• Step 1. Indicator selection and data collection.

University of Minho | School of Economics and Management www.eeg.uminho.pt

Step 2. Determine the importance of country indicators.

University of Minho | School of Economics and Management www.eeg.uminho.pt

Step 3. Rate the countries in the pool on each indicator.

University of Minho | School of Economics and Management www.eeg.uminho.pt

Step 4. Compute overall score for each country.

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt

TIMELINE INTERNATIONAL EXPANSION OF STARBUCKS COFFEE

1971 First location in Seattle

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• Discuss Starbuck’s entry decisions. Do you see any patterns in its

University of Minho | School of Economics and Management www.eeg.uminho.pt

University of Minho | School of Economics and Management www.eeg.uminho.pt