International Business Strategy - Essay Example

International Business Strategy Contents Executive Summary………………………………………………………….. 2 2. Attractiveness of the discount retailing industry in the USA when Wal-Mart first began operations in the 1950s…………………………. 4 2.1. Introduction…………………………………………………………... 4 2.2. Discount Retailing Industry in the USA in the 1950s………………... 4 2.3. Threats from new entrants……………………………………………. 5 2.4. Threats of Substitutes………………………………………………… 5 2.5. The Bargaining Power of Buyers…………………………………….. 6 2.6. The Bargaining Power of Suppliers………………………………….. 6 2.7. Competitive Rivalry………………………………………………….. 7 2.8. Conclusion…………………………………………………………… 7 3. Competitive Advantage of Wal-Mart Based on its Business Model………… 8 3.1. Introduction…………………………………………………………... 8 3.2. Wal-Mart: Business Model and Competitive Advantage……………. 8 3.3. Conclusion…………………………………………………………… 10 4. Sustainability of Wal-Mart’s Competitive Advantage in Discount Retailing in the USA………………………………………………………... 11 4.1. Introduction…………………………………………………………. 11 4.2. Wal-Mart’s Strategies and the Sustainability of its Competitive Advantage…………………………………………………….. 12 4.3. Conclusion………………………………………………………….. 13 5. Wal-Mart’s Entries into Germany and Thereafter in the UK………………. 14 5.1. Introduction…………………………………………………………. 14 5.2. Wal-Mart’s Entry in the German Market and its Failure…………… 14 5.3. Wal-Mart and the Business in the UK……………………………… 16 5.4. Conclusion………………………………………………………….. 18 1. Executive Summary: Discount retailing being a different concept than the normal marketing of products involve greater interests of studies. Particularly when companies like the Wal-Mart are involved in this industry, a detailed study provides an idea on the journey of the company where the customer satisfaction meant to play a primary role in the success of any company. The study has tried to consider the initial stages when the concept of discount retailing was not attractive among the customers, thus determining the initial status and strategies of the Wal-Mart Company. Thus an understanding of the company’s position and threats in the industry in the 1950s has been conducted through the study. Also, the learning determines the manner in which the company has been able to gain competitive advantage over its competitors. This involves the business strategies that the company focused on including the level of customer satisfaction. The success of the company also depends on the ability of the company to manage its sustainability and thus the company’s stand in this context is also significant for the particular study. Lastly, the company’s entry into the German and the UK market would also reflect on the company’s reasons for success at one location while failure in another. Thus the study has been focused to have a complete overview on the Wal-Mart Company and its strategies from the early times till the present times reflecting on the ability of the company to gain and sustain its success. Case Analysis- Wal-Mart 2. Attractiveness of the discount retailing industry in the USA when Wal-Mart first began operations in the 1950s: 2.1. Introduction: The existence of the discount retailing stores can be traced back to the 1940s and the starting of the 1950s. The purpose of these stores was to serve the families of those children who were born after the Second World War. The products were delivered at lower prices thus meeting the basic needs of the families, and accompanied by increasing sales and turnover. Wal-Mart is a leading retail store known to perform in the discount retailing industry providing with a wide range of consumer products (Discount Stores, 2011). 2.2. Discount Retailing Industry in the USA in the 1950s: To understand the attractiveness of the discount retailing industry in the 1950s and early 1960s, the use of Porter’s Five Forces (Jia, 2007, p.1) would be useful. Considering the rivalry factor, studies from the case study as well as other sources reveal that the introduction of the discount retail stores in the 1950s led to severe opposition from other retail companies and stores that were small in size. Issues relating to the closing of small shops, or lesser employment opportunities were considered to be the consequences of the discount retail stores being introduced (Jia, 2007, p.1). Although Wal-Mart started its operations during this period of time, but there were other market players creating competitions for the company, like Target and K-Mart (Guillame, 2011). 2.3. Threats from new entrants: According to this force, a company might have threats from other companies that may wish to enter the market on seeing a company having high returns in a particular location. Thus the level of competition tends to increase (Ahlstrom & Bruton, 2009, p.133). Considering this factor in the concerned case study, it can be realized that the requirement of capital was a factor that proved to be a barrier for the retail companies to open up during the 1950s. It can be realized that in order to open and position a discount retail store in the industry, it would require huge capital as well as time. Wal-Mart also needed time and huge effort to create its position in the industry (Case analysis Wal-Mart, 2011). Thus if the industry is overviewed, then for the time period during 1950s, there were barriers for the entry of new discount retail stores. Wal-Mart was an exception as it could raise itself to be the leading store but the need for capital and time did not prove to be feasible for all retail companies. The primary reason was the affordability of the cost as well as the acceptability among the consumers. WalMart was big but for every other company to become like Wal-Mart would require a long span of time. 2.4. Threats of Substitutes: The threats of substitutes imply the threat that a company might encounter if similar products enter into the market, and customers are capable of using those products instead of the current ones they use. Thus, the threats of replacement of products in the minds of the consumers would be alarming for a company (Ahlstrom & Bruton, 2009, pp.131-132). Considering the threats of substitutes, the 1950s reflect that there were lesser threats of substitutes if the choices and preferences of the buyers are studied. This was primarily because the competitor companies were producing the similar kinds of products. This could prove to have a negative effect on the marketing and positioning of Wal-Mart since their products would not be differentiated from the products of the other companies. This was capable of affecting or impacting the competitive advantage of the company as well (Guillame, 2011). Thus in the context of the availability of substitutes, discount retailing industry could prove to be having positive and negative impacts on a company like Wal-Mart. 2.5. The Bargaining Power of Buyers: The bargaining power of buyers depends on who the buyers of the products are their levels of purchase concentrations and the dependence of the buyers on the company’s products. Thus if buyers purchase greater amounts of products from a company, the bargaining power of the buyers is understood to be high (Ahlstrom & Bruton, 2009, pp.132-133). The bargaining power of the buyers in the 1950s can be observed to be very low since there were not many options available to them. As mentioned above, there was lack of substitutes in the industry. Moreover such stores were available in lesser numbers and at greater distances making it difficult for the consumers, as well as increasing their dependence. 2.6. The Bargaining Power of Suppliers: The bargaining power of the suppliers depends on the company’s dependency on them for the delivery of inputs. For example, if a company is dependent on a particular supplier for greater number of products, then they might raise their prices up (Ahlstrom & Bruton, 2009, p.133). Considering the bargaining power of the suppliers, their power was highly strong during the 1950s, since the number of suppliers was less. Thus the companies were more dependent on the available number and sources of suppliers. This included the dependency of the Wal-Mart company as well on the suppliers. Moreover there was a need that the companies had to maintain good relations with the available suppliers such that they do not lose them (Guillame, 2011). 2.7. Competitive Rivalry: The competitive rivalry reflects on the increasing level of competition among the prevailing companies within the same industry that might create threats and difficulty for a particular company to focus, create and maintain its position in the industry (Ahlstrom & Bruton, 2009, pp.131-132). Considering the case, the threats from competitions from the prevailing companies did not arise since in the 1950s, the discount retailing companies were not relevant players in the market yet. Thus the threats could not arise from the then prevailing companies, for Wal-Mart. 2.8. Conclusion: Thus considering the five forces analysis on the discount retail stores in USA in the 1950s, it can be concluded that the attractiveness of the industry was quite low. This was reflected as a consequence of the high level of competition among the competitive companies, difficulty for the new entrants to enter the industry as a result of barriers, lack of substitutes thus decreasing the bargaining power of the consumers, and strong bargaining power of the suppliers creating dependency on the part of the retail stores. Thus during the 1950s and early 1960s, when Wal-Mart started its operations, the discount retail industry could not be considered to be attractive. The primary reason was the unacceptability among the customers in that period of time that caused fear among new entrants to enter the market. Moreover, the availability of fewer suppliers, lesser presence of substitutes, and the cost factors reveal that the 1950s were not considered to be fascinating for the discount retailing stores. 3. Competitive Advantage of Wal-Mart Based on its Business Model: 3.1 Introduction: Studies reflect that when Wal-Mart had started its operations in the USA in the 1950s, the attractiveness of the discount retailing stores was not up to a level to satisfy the companies. However Wal-Mart today stands out to be the leading discount retailer store in the industry. The company has its own model for maintaining its business strategies and trying to gain success over its competitors. This section of the report focuses on the business model that the company follows and how it helps the company to attain competitive advantage. 3.2. Wal-Mart: Business Model and Competitive Advantage: The primary strategy that Wal-Mart followed in order to gain success in its business was to sell its products at lower prices. Studies reveal the employment of around 1.3million employees in the company to serve the purpose of selling of its products trying to meet the demands of the consumers. The company is known to have a market share of 50 percent in the industry of discount retailing. The policies of the company believe in not depending too much on any single supplier. The products of the company are transported to the different stores by shipping and the distribution centers are located in a manner such that all the retail stores of the company can be benefitted (Achtmeyer, 2002, p.1). If the business model followed by Wal-Mart is studied, it reflects certain factors that the company significantly considers in its achievement of goals. The company maintains proposition of value by its low prices concept which it considers the most important factor in order to maintain its value proposition, the company delivers efficient distribution measures such that the products can be delivered to the customer on time. As studies of Li reflect, the company also gives significance on its relationship with its customers and is thus focused to customize its products as well to meet the customer demands. This determines the nature of the products that are prepared and marketed on the demands of the customers and hence are capable of successfully satisfying the needs of the customers (Li, 2011, p.94). This in turn can be realized to increase the significance of the company among the customers and in the market. The company presents efficiency in the rapid distribution of its products at the same time keeping control over its costs. The available physical and human resources of the company as well as the cultural aspects that are followed by Wal-Mart have proved to have significant positive impacts on the operations of the company. This can be reflected through their increasing efficiency in bringing up their status and position in an industry that was not earlier many attractive and other companies were feared to enter the industry. Moreover the partnership policies of the company focusing as well as on the relationships with the buyer and suppliers are maintained accordingly by the company. The costs of the company are also managed through a cost driven model that the company keeps its focus on (Li, 2011, p.94). Thus considering the business model that Wal-Mart follows, it can be realized how the company achieves competitive advantage. The competitors of Wal-Mart are not as efficient as Wal-Mart that makes it the leader in the industry. Thus the competitor companies are bothered more with their own struggles and do not make efforts to learn about Wal-Mart’s weaknesses. Studies (How to Exploit Wal-Mart’s Weaknesses, 2005) reveal that the company is more popular as it creates higher perceptions in the minds of the customers that list the company at a higher position. Keeping the prices at low rates often results in the consumers ignoring the true quality of the products. Moreover the company possesses other weaknesses as well. For example, the manner in which the company performs its buying activity can be expected to affect the suppliers to great extents. The company is mostly focused on serving its shareholders more than any other stakeholders of the company (How to Exploit Wal-Mart’s Weaknesses, 2005). Thus it can be reflected from these issues that although the company might have several weaknesses, it is capable of gaining competitive advantage since it creates such perceptions in the minds of the customers. The business model that is followed by the company can be understood to present a highly positive aspect of the company. However the weaknesses of the company are not reflected through the model. The company thus can be said to have very efficiently manage the essentials required to reach to the customers and thus gain competitive advantage. 3.3. Conclusion: The study has reflected the efficient measures that Wal-Mart has adopted as parts of its business model. This model can clearly present the reasons for the company to lead the industry. However the study has also considered the fact that the weaknesses of the company are in most cases concealed under the positive aspects that are presented as perceptions of the customers, by the company. Thus the perception and the position that the company has created in the minds of the consumers helps Wal-Mart to gain competitive advantage in the industry. This in other words reflect on the view that the competitive advantage that Wal-Mart Company has gained over other companies in the industry has been mostly due to its presentations and the manner in which it has been able to reach the minds of the consumers. They have considered the most important strategy in order to maintain their competitive advantage and thus gave significant importance to the satisfaction levels of their customers. This in turn helped many of their negative attributes to get hidden from the customers who were completely convinced and pleased with the service of the company. 4. Sustainability of Wal-Mart’s Competitive Advantage in Discount Retailing in the USA: 4.1. Introduction: Wal-Mart’s strategies and performances towards reaching the customers and meeting their demands efficiently led to the company gaining large competitive advantage over its competitors. However the sustainability of such competitive advantage is a significant issue for every company to manage. For example, Wal-Mart is known to follow a sustainability program that has brought about reduction in the use of shipping containers, thereby decreasing the consumption of oil and tress assisting the company in its cost savings (Fust & Walker, 2007, p.1). This part of the report focuses on the sustainability of the Wal-Mart’s competitive advantage in the discount retailing industry in the USA. 4.2. Wal-Mart’s Strategies and the Sustainability of its Competitive Advantage: If the strategies of the Wal-Mart stores are taken into consideration, as have been studied in the previous section of the report, it can be realized that the company’s competitive advantage is obtained to a great extent as a result of the perceptions that the company creates in the minds of the consumers, particularly providing its products at low prices than its competitors. However, the company is known to undertake efficient measures to sustain this advantage and it can be expected that Wal-Mart would be able to sustain its advantageous position against its competitors. The most important factor supporting the company in this regard is its policy of low costs. It would not be an easy task for the competitive companies to lower their prices, as they would have their own set of customers, and planned strategies for profits as well. The company has also made itself quite attractive to its investors which prove to be a positive support for the company (Palikala, n.d., p.6). Since threats are possible to be encountered from the competitor companies, Wal-Mart stores have always been concerned about how they can sustain their competitive advantage. Thus while the company earlier had its focus more on the operations and the supply and distribution of the products, later on the company focused its concentrations on its stakeholders that include the external stakeholders as well. This policy would assist the company in realizing the effective areas of network that could provide greater advantages to the company. The focus of the company can thus be found towards the impact of the environmental issues. The different teams of the network facilities are capable of providing the company with cost savings as well. As studies reflect, these network facilities of the company are required to perform in a sustainable manner and do not get interrupted. Moreover it is necessary that the partnerships involved in such measures do not get affected which would otherwise tend to break the network processes and hamper the effective operations of the company (Heying & Sanzero, 2009, pp.5-7). Thus it can be realized from the strategies of the company that Wal-Mart is focused towards sustaining its competitive advantage and thus has several measures in its planning for the purpose. The primary focus of the company has been on the environmental impacts where Wal-Mart intends to produce less amounts of waste and share all needed information with its shareholders (Walmart Sustainability Product Index, 2009). Since all companies in general are expected to create wastes and impact the environment, thus, Wal-Mart’s focusing on this issue can be understood to be of significant advantage for the condition and future prospects of the company (Dixon, 2006, p.1). If the status of the company can be viewed in the early times, it could be understood that the company could encounter several challenges owing to the competitor companies. However since the company managed to focus on the issue and has relevant practices and strategies incorporated in their business performances towards sustenance of their competitive advantage, it can be said that the company’s competitive advantage is sustainable in regard to the discount retail industry in the USA. 4.3. Conclusion: The study was focused on the sustainability of Wal-Mart’s competitive advantage in the discount retailing sector in the USA. As far as the competitor companies are concerned, they could pose threats to Wal-Mart. However, studies have reflected that the company has made and is continuing with significant efforts towards sustaining their competitive advantage. Thus it can be concluded that if the company continues to focus on its strategies efficiently then they would be able to sustain their competitive advantage. 5. Wal-Mart’s Entries into Germany and Thereafter in the UK: 5.1. Introduction: FDI or Foreign Direct Investment represents the involvement of funds by either utilizing funds or by reducing them with intentions to have greater interests and concerns in the operation of a company that is not prevailing in the home country (Jones & Wren, 2006, p.8). It is known to influence almost every company that has become multinational. John Dunning had conducted some extensive studies on this aspect of the business and industry where FDI seems to play a highly significant role. In many cases, the FDI is considered to be an instrument required for an entry into a new or a foreign country for the purpose of business (Dunning & Gray, 2003, pp.13-14). Considering the case of Wal-Mart as well, the FDI can be found to have a significant role in its making investments in the UK market and starting operations there after its failure in Germany (Ghauri, Elg & Sinkovics, n.d., p.3). This section of the report focuses on Wal-Mart’s entry into the German market in 1997, and its subsequent entry into the UK market in the 1999, reflecting on a comparison between the company’s operations and outcomes in the two different locations. 5.2. Wal-Mart’s Entry in the German Market and its Failure: Wal-Mart being the leading retail company in the industry has a standing of its own. The company entered the market in Germany in the year 1997. To start with, it had acquired two chains of stores within Germany, Wertkauf and Interspar. This major step of the company created fears among its competitors. However a situation was not far when the competitor companies realized that Wal-Mart was not following the correct measures related to foreign marketing and thus they were no more feared of the company. Wal-Mart soon started encountering several difficulties in performing its operations in Germany. Not only were the disciplines of business different and incompatible to that of Wal-Mart, but the company also started facing severe competitions from companies like Aldi and Lidl. These were some of the discount retail stores performing well in the country. Moreover, Wal-Mart faced difficulties in lowering the prices of its products in Germany since they had to make too much of expenses for establishing their business in Germany (Peng, 2008, p.153). The business of the Wal-Mart stores failed in Germany and studies reflect that the management was primarily responsible for the failure. The management of the company could not manage strategies properly and instead led to disorders in the performances of the company. Some of the factors that can have been found to have associated with the failure of the company in Germany include the company’s process of entry. The company acquired two chain stores in Germany in 1997 and 1998 that were not accepted as correct measures undertaken by Wal-Mart. Although Wal-Mart wished to expand its business, it could not lead to successful talks with companies like Metro or Globus. Thus the developmental strategy of the company tended to fail (Knorr & Arndt, 2003, pp.18-19). Moreover, the failure of the company brought into focus the fact that the company did not realize the need to understand the business policies and rules that should have been followed when they entered a foreign country. The management of the company proved to be a complete failure. An American individual was nominated for the position of the head of the department without the company’s realization that the individual did not know the German language was creating a number of difficulties. Moreover the management team did not make enough efforts to learn the language and cooperate with the countrymen in establishing their business. Apart from the above mentioned issues, the price factor had significant impacts on the company’s performances. In Germany it could not offer the low prices to the consumers for its products. The hours of business transactions, the timings of shopping for the customers, were some other factors that completely mismatched with the business strategies of Wal-Mart (Knorr & Arndt, 2003, pp.20-23). 5.3. Wal-Mart and the Business in the UK: The business model that Wal-Mart used in the US not proving to be successful in Germany, the company had to shut down its business in the country and move out. The stores of the Wal-Mart that were opened up in German were taken up by the retail chain, Metro (World’s Biggest Retailer Wal-Mart Closes up Shop in Germany, 2006). The most important reason for the failure of the company in Germany has been analyzed to be the market entry strategy that the company had undertaken which can be considered to be a mistake on the part of the company’s strategy. Its plans that had worked well in the US gave opposing results in case of the German market (Davison & Burt, 2006). Wal-Mart’s entry into the German market thus proved to be a failure. Within a very short phase of time, the company had to move out and close its business in the country. Thereafter the company planned and established its business in the United Kingdom. Contrary to the situation that prevailed in the German market, Wal-Mart experienced success in the UK market. The competitors were again in a position of fearing the level of competition. On the other hand the company had proved to be of advantage for the customers. For the UK market, the products of the company that include a variety of consumer products, were successfully acceptable and proved to be useful for the consumers. The lower prices also helped the company to create its position among the customers (The secret of Wal-Mart’s success, 1999). The major strength of the company could be associated with the huge number of retail stores that it was capable of providing its customers with. It was difficult for the competitor companies to reach the level of operations that Wal-Mart was following. The company had focused on small shops that could be situated in the different centers of towns that proved to have significant positive effects on the business performances. Thus this created challenges for the existent markets and retail stores in the country and Wal-Mart had the advantage of reaching out to the customers (The secret of Wal-Mart’s success, 1999). The success of the company had reached to an extent where the company had made a huge offer in order to buy Asda, which was a supermarket group in the UK. Although this could bring the retail industry in the UK in a trouble state, but Asda itself was quite satisfied and encouraged with the proposal (Wal-Mart bids for Asda, 1999). Thus from the above study it can be realized that the mistakes that the company had done in case of their entry into the German market were corrected when the company entered the UK market. It can be analyzed at this point in reference to Dunning’s eclectic paradigm of FDI that Wal-Mart had the plans for expansion in different countries and thus enter foreign markets that would necessarily involve FDI. However, the failure of the company in the German market was largely due to the fact that the company had not taken into consideration the several factors that might be associated with the entry into foreign markets. The business model of the company did not work out in the German market along with stiff competitions from the retail chains. On the other hand, the company carefully planned its strategies while entering the UK markets and considered all the relevant issues that they could have encountered. However their business model suited the environment in the UK, and their business was a success. Thus if the two establishments and expansion plans for the company is studied, a contrast is obtained between the manners in which the company put its efforts as well as in the outcomes. This also focuses on the fact that only being the leader in the US does not prove that a company would be equally successful in other countries as well. To gain success in the foreign markets, Wal-Mart retail stores require taking into consideration several other issues and incorporate them accordingly in their business strategies to win customers, and gain success and competitive advantages. 5.4. Conclusion: This section of the report reflected how the Wal-Mart retail stores planned to enter foreign markets and encountered complete failure in the case of German market while succeeded when it moved on to enter the UK market. The failure in the German markets brought into focus several flaws on the part of the company since they did not realize the need to understand the foreign market. When they corrected their measures and performed in the UK market, they gained huge success and competitive advantage as well. The competitors feared their presence while the customers were highly satisfied with their variety of products at much cheaper prices. References 1) Achtmeyer, W.F. (2002), Wal-Mart Stores, Inc., Dartmouth, available at: http://mba.tuck.dartmouth.edu/pdf/2002-2-0013.pdf (accessed on December 16, 2011) 2) Ahlstrom, D. & G.D. Bruton (2009), International Management: Strategy and Culture in the Emerging World, Connecticut: Cengage Learning 3) Case analysis Wal-Mart (2011), academicwritingtips, available at: http://academicwritingtips.org/component/k2/item/4081-case-analysis-wal-mart.html?tmpl=component&print=1 (accessed on December 15, 2011) 4) Davison, J. & M. 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