Walmart. An Emerging International Giant - Essay Example

?Walmart An Emerging International Giant Table of Con tents Introduction 2. Culture of learning and innovation 2 Learning through experience 12.2 Learning and innovation 3 3. Marketing approach 4 3.2 Traditional Marketing approach 4 3.3 The Uppsala Model 5 4. International market research and opportunity analysis 8 4.1 International market selection 8 4.2 Opportunity Recognition 10 4. Mode of entry in international markets. 4.1 Modes of entry 11 4.2 Theoretical perspectives on modes of entry 12 4.3 Theory of market imperfection 13 5. Conclusion 15 References 17 1. Introduction Wal-mart, the international giant retailer has transformed the retail industry with its focus on low prices. Its sheer size, growth and profitability have given it the power to define the trends and dictate the nature of the discount stores. Wal-mart has always been alert in developing new retail concepts based on the consumer trends. However, its internationalization process has not been as smooth. Firms with distinctive technological, marketing and managerial capabilities are more likely to achieve success in international expansion. Wal-mart expected that all its strengths and retailing knowledge could help them leverage operations overseas and achieve instant success. They expected that they benefit from their brand image as they had earned a decent reputation in the United States. However, not all of its strategy brought them success. 2. Culture of learning and innovation 2.1 Learning through experience Learning through experience is the best method, according to Senge but organizations seldom experience the consequences of their decisions (Smith, 2001). Thus, adaptive learning or single-loop learning must be supported by generative learning or double-loop learning. When changes become necessary people respond to the change in an ad hoc manner. Without any planning change is executed. Whether single- or double-loop learning can occur only when an organization realizes that learning must occur. An organization with the culture of learning and innovation would learn through every experience including international expansion. Wal-mart realized that its existing strategy did not fetch them the desired success and hence learned from its failures. They started learning through experience at different locations and this is known as reverse learning when firms are exposed to diverse knowledge inputs located in foreign markets (Saloman, 2006). This to a large extent depends upon the export strategies adopted that influence the flow of knowledge and thereby affect innovative productivity. Sometimes the geographic location imposes constraints on acquiring knowledge and information. This can be overcome by hiring local employees and benefit from their expertise. However, Wal-mart did hire local people in Brazil but could not benefit as the focus was on achieving sales volume. They realized that they needed to hire professionals and they started doing so from competitors. This does not demonstrate a culture of learning and innovation. Firms can also acquire knowledge from technology spillovers from competitors (Saloman, 2006). They can also access knowledge through joint-venture local partners. An organization with the culture of learning would also acquire knowledge from customers and customer specifications stimulate innovation. Wal-mart was only trying to develop a culture of learning as they sought to hire professionals from competitors. Theirs can be classified as single-loop learning because they did not generate something new. Wal-mart made no attempts to seek local skills and nor was the location choice based on information availability. Firms do seek to acquire knowledge before they enter a foreign location but to what extent they use this information is not known. Many however, seek to innovate with the knowledge acquired in advance. Again, customers across countries do not share identical tastes and hence the product requirement would vary across nations and cultures (Saloman, 2006). Wal-mart did not take into account that consumers in Brazil and Mexico would vary from those in the home country. However, when information from the foreign customers from these countries reached Wal-mart, they did try to innovate in the domestic market as a result of the customer feedback received. To be innovative, the exporting firm should be able to access diverse knowledge inputs not available in the domestic market. Wal-mart failed initially in Mexico as they stocked American products but over time they learned to meet the needs and diverse purchasing behavior of various customer segments. In fact, to be successful in Brazil, Wal-mart had to incorporate valuable lessons learned from its expansion into Mexico and Canada. They had so far expanded internationally without any controls but they realized that this does not fetch them the desired success. 2.2 Learning and innovation Organizational learning can enhance the innovative capacity of the organization. Innovativeness comprises of two constructs – innovations and innovative culture. Firms can innovate of they develop an efficient learning of their resources, competencies and capabilities (Skerlavaj, Soong & Lee, 2010). Organizational learning culture is very important in trying to improve innovativeness. Organizational culture can be of several different types and this determines whether the organization has an internal or external focus. Developmental culture comprising of elements such as insight, innovation, adaptation, external support, resource acquisition and growth can lead to superior innovativeness. Employees have to continually analyze customer needs and behavior which will enable them to introduce innovation. While they used radio as a means of advertising in the US, they did not follow the same practice in Brazil even though Brazilian housewives have the habit of listening to the radio while conducting the household chores. This demonstrates that Wal-mart kept a tight rein on the advertising policy which was controlled by the head quarters. To be able to continuously innovate they must have a set of shared beliefs and understanding. Cultures may need to be modified in order to develop innovative culture. Organizational learning is a continuous testing of experience according to Senge. It has also been defined as the process of information acquisition, distribution, interpretation and then this becomes organizational memory. Innovativeness is the process of turning opportunities into practical use. Wal-mart was constantly trying to implement its policies of the headquarters and went in for local adaptation only after they failed. This is single-loop learning and they continue to thrive because they learn from their failures and make changes accordingly. This demonstrates that they do have a culture of learning but not of innovation as they continue to apply their low-cost model everywhere. Wal-mart never questioned the underlying assumptions and beliefs. Had Wal-mart the culture for innovation it would not have faltered during most of its international expansions. 3. Marketing approach Wal-mart initially adopted the standardized approach to internationalization in which there is low complexity. The cost of selling and production is also low as there is global roll-out of concepts. However, Wal-mart soon realized that their standardized approach would not work in any of the countries where they expanded. This confirms that lack of knowledge of foreign markets is the main barrier to international expansion (Figueira-de-Lemos, Johanson, & Vahlne, 2011). Strategy has to be altered depending upon the geographic location, local culture, consumer tastes, the lifestyle and the purchasing power and habits of the people. Hence they transferred global know-how and best practices across different countries without achieving success. They wanted to achieve economies of scale but the purpose was not served. 3.2 Traditional Marketing approach The traditional marketing approach is based on transaction cost analysis (TCA) and this is precisely what Wal-mart was attempting at. From a single country domestic marketing they entered into multi-country marketing and soon thereafter entered into global marketing. The transaction cost analysis model is based on the transaction costs involved which include search and contracting costs, monitoring and enforcement costs. If the transaction costs are higher than the control costs then internationalization takes place through a foreign subsidiary. This model however, overlooks the internal transaction costs. Wal-mart too could not achieve the intended success through the TCA. Initially they could capture the market in Brazil in 1994 because of low pricing strategy as well as wide product offering. The decision to open aggressively in Brazil was based on TCA. Managerial autonomy was essential in Brazil but their focus was on achieving volume sales in the stores. Artificial demand was stimulated by keeping the prices below cost. This suggests that they expected to achieve economies of scale by volume sales and they believed that this would help them meet the costs. Their decision on hiring the local people without expertise was also proved wrong and they subsequently changed their decision. They ultimately hired proven professionals from competitors. The organizational structure, the logistics and distribution lagged far behind that in the US. However, they soon faced challenges in Brazil and had to alter their strategy. 3.3 The Uppsala Model The Uppsala Model suggests that firms start with the countries closest to them when they decide to expand internationally, and then slowly they penetrate distant markets as they gain in experience. How the organization learns and how their learning affects the investment decisions are the basis of the model (Forsgren, 2002). However, there can be exceptions when firms have larger resources and can take longer steps in internationalization. Wal-mart being rich in resources wanted to capitalize on this strength and took long leaps into the international market. What they did not realize was that market conditions were not stable nor were they homogenous. They could have gained relevant market knowledge even before entering the markets but they choose to enter without preparing themselves. For instance, in Brazil Wal-mart offered products such as such as golf equipment, vacuum cleaners for garden leaves, American footballs, and food grinders without investigating into the demand for such products. They even assigned a mere 25% for food sales whereas supermarket sales in Brazil comprises of 60 percent. They stocked imported goods from the US in Mexico without the knowledge or information that Mexicans prefer Mexican food. However, as they realized their mistake, they adopted a localization approach. They changed the name of the retail stores and with the knowledge of consumer behavior they could meet the divergent purchasing needs. This suggests that any firm has to adjust with the firm environment in order to succeed in international markets. This implies that firms should handle the risk problem through incremental decision-making process such that information acquired in one phase helps take decision in the next phase of expansion (Forsgren, 2002), which is what Wal-mart resorted to and met with success. In the fast-paced world and with advancement in technology and communications, commitment decisions have to be made based on the achievable knowledge while there is lack of knowledge. The commitment decision as per Uppsala Model considers risks as dependent on commitment and uncertainty. Information may be available but the interpretation of the information can differ across individual managers. Knowledge and uncertainty are linked concepts in the Uppsala model where market experience provides the knowledge needed to reduce the lack of market knowledge. Uncertainty decreases when knowledge increases. The risk level changes as there are changes in uncertainty and commitment during the internationalization process. After Wal-mart’s disappointing performance in the Brazilian market, they revised their strategy and opened only ten stores between 1995 and 1997, down from their initial 80 stores. The next step after information gathering does not necessarily mean more resource commitment, according to Forsgren. It could also mean withdrawal from the market which means the strategy should evolve with the changing situation, as Wal-mart rightly did. They did pursue on the basis of the Uppsala model and made resource commitment based on its experiential knowledge. They even reversed their plan to acquire an existing retail chain instead of exploring other partnerships as was originally planned. Stability of personnel is essential for the success of internationalization based on the Uppsala model. Wal-mart had always tried to differentiate based on the low-pricing strategy. It did not succeed in Germany because of this strategy as this had severe impact on the suppliers and small local stores. Wal-mart however, did make an exit in Germany by selling off all of its stores. In Korea too they could not sustain local competition as they could not adapt the stores to local tastes. While entering Japan they followed a different strategy. The Uppsala model employs a reactive perspective of experiential learning (Forsgren, 2002). They acquired more knowledge about the existing available solutions instead of trying to have proactive learning and obtaining new solutions. Thus, in Japan, Wal-mart first studied the market as its potential partner before entering the market. They made efforts to understand the Japanese consumer behavior which was a result of their initial failures in Germany, Brazil and Korea. If learning is positive it increases the organization’s knowledge about possible alternatives. By continuing to do what it is already doing the firm can increase its competency level and deepen its activities in that particular market. Wal-mart realized that adapting to local business environment is essential but despite this, they have not been able to register profits in Japan even five years after starting operations. They did not evaluate the information that Japanese consumers are not price-sensitive and introduced jeans for a mere $8. Their low-cost strategy did not work here. They continue to focus on differentiation even in areas where it is not necessary such as keeping stores open 24 hours a day. Overall, Wal-mart does exhibit the characteristics of the Uppsala model in some countries but in Japan they exhibit a different trend. They did take certain decisions based on experiential knowledge gained but they rely more on the transaction costs rather then the market trends and consumer demand. 4. International market research and opportunity analysis When a firm decides to internationalize two vital decisions have to be taken – selection of the country where expansion can take place and selection of the foreign market entry strategy (Andersen & Buvik, 2002). International market research is the pre-requisite to decision making. Any organization has to take into account the changing business environment, develop consumer and competitor insights and tailor the marketing mix accordingly. Many research designs and conceptual models for data collection are available and it is generally believed that the model used for one country can be replicated by changing the data (Douglas & Craig, 2005). This may be the typical procedure but the organizations overlook the fact that any theory is developed with a particular socio-environmental context in mind. 4.1 International market selection International market selection has traditionally been based on a systematic and an unsystematic approach. While the systematic approach is to evaluate the alternatives based on the objectives of expansion, the unsystematic approach is descriptive in nature (Andersen & Buvik, 2002). In this process decision makers have limited information processing capacity. Firms even enter countries with greater psychic distance but this normally would occur when firms have low knowledge or information of the customers and the business environment. It is also likely that biases creep in during the research process based on the cultural perspective of the researcher (Douglas & Craig). During the market research phase, Wal-mart also ignored relevant factors such as political risks and uncertainties. The economy in Brazil was not stable and inflation was at its peak thereby reducing the purchasing power of the people. People even economized on power consumption thereby the purchases per visit was limited. Thus consumption patterns and buying behavior was not considered. Psychic distance was vast in Brazil and Wal-mart ignored the fact that Brazilians prefer shopping in small- to medium-size neighbourhood stores. Visiting discount superstores may be just once a month although market potential was high which is evident from the 40% stock-out rate in Brazil. Competition too was intense in the retail sector when Wal-mart entered Brazil. Lack of infra-structure and government regulations too were not congenial to enter the Brazilian market when Wal-mart did, suggesting that Wal-mart ignored the basic principles of international market selection. They did not go in for primary and secondary data search. While market entry was easy in Brazil, they did not have any distinctive advantage when they entered Brazil. Thus the risks and uncertainties in opening in Brazil were very high. As far as Japan is concerned, Wal-mart did take five years to investigate and conduct market research. They made attempts to develop consumer insights as the psychic distance was very high compared to the home country. Here they did have competitive advantage of expertise in supply chain and logistics. Despite these efforts they suffered continued losses in Japan. The Japanese consumer is not price-sensitive but Wal-mart stuck to its low-cost differentiation strategy which back-fired in Japan. Competitor insight too was low in Japan because the retailers in Japan are moving away from self-reliance while Wal-mart wanted to be self-reliant. For instance, Aeon generate revenue by renting out space to specialty retailers at its stores while Daiei focuses on grocery. Their market research of five years either failed to generate the required information or the organization’s interpretation of the knowledge gained was incorrect. 4.2 Opportunity Recognition Opportunity recognition in international markets is the outcome of extensive research which should provide insight into the industry structure. Brazil demonstrates high demand potential but because of economic instability the buying power of the customers was low. Income distribution is most unequal in Latin America. The infrastructure was poor, distribution channels were not of desired standards, and the country was poor in technology as well, which impacted the inventory management system. However, Wal-mart had the competitive strength purely by its price index and brand image but these are not sufficient enough reasons to enter a county. This was an immature economy where the opportunities were high but this also means high risks and uncertainties. Wal-mart could not cope with the risks and uncertainties and was forced to revisit its plan in Brazil. Japan on the other hand was a matured economy but Wal-mart failed to meet the required standards of retail business environment here too. While the currency was stable and the purchasing power was high, Wal-mart continued to apply its low-cost differentiation approach which was evident even from their store appearance. Japan has high consumer purchasing power and the consumers are not price-sensitive. Moreover, very low cost model has its own disadvantages as it can drive away customers resulting in revenue loss (Porter, 1979). The economy is stable and political risks were minimal. Wal-mart went in for exploration and entered into 42% partnership with a local retailers specializing in apparel and general merchandise. However, despite their extensive consumer behavior research, they failed to recognize that the Japanese consumer looks for ‘one-stop shop’. They had easy access to the market with no trade barriers. Over time Wal-mart has gained experience and now its local partner is its wholly-owned subsidiary. Its investment in technology and infra-structure is expected to pay off and bring it the returns in the forthcoming years. The case of Wal-mart reveals that taking into account of the external business environment should be a part of any organization’s policy before venturing into expansion. Apart from the political, economic, cultural and technological environment, assessing the local partner is equally essential. Selection of the local partner determines the entry strategy. However, merely information gathering does not suffice the purpose, as in the case of Wal-mart before entering Japan. The information obtained has to be evaluated to make strategic decisions. International marketing research should be a systematic process which would help determine the opportunities that the country in question presents. 4. Mode of entry in international markets. 4.1 Modes of entry International expansion can be done through four different modes - exporting, contracts (licensing) joint ventures (JV) or wholly owned subsidiaries (WOS) and the choice depends upon the level of control required (Brouthers & Hennart, 2007). The choice of the mode of entry depends upon the level of control required. The level of control again depends upon the risk that an organization is prepared to take in foreign markets. Joint ventures involve sharing of risks, assets, profits and participation in profits, in which stakes can vary from 5% to 95 percent (Rajan & Pangarkar, 2000). Technology can give the investing firms an edge and allow them better terms in the joint ventures (Smarzynska, 2000). In addition, the local firm characteristics are significant determinants of choice of entry mode (Eapen & Hennart, 2002). 4.2 Theoretical perspectives on modes of entry Agarwal and Ramaswami (1992) contend that Dunning’s eclectic model or the OLI approach (ownership, location and internalization advantages) should be considered when assessing the entry mode. Porter’s Diamond of Determinants also explains how an organization can access its competitive position in the industry. This provides a complete assessment of the factors including human resources, infrastructure, demand, domestic competition and governmental support. Other factors that influence the entry choice decision include the firm size, the international experience, and product distinctive features that can provide competitive advantage. The external factors that should be assessed include the macro factors such as risks, demand uncertainties, trade barriers and intensity of competition. 4.3 Theory of market imperfection Wal-mart entered Mexico under joint venture with a local partner to gain from local knowledge but they did not succeed because assessment of local demand and the poor infrastructure had not been considered. Wal-mart’s strategy at this juncture was based on the theory of market imperfections as they had little knowledge of the local conditions (Malhotra, Agarwal, & Ulgado, 2001). Mexico is a less developed market and has several constraints. Through ownership advantages they expected to overcome the handicap but they did not succeed. This suggests that imperfect market condition existed when Wal-mart wanted to make an entry. While joint ventures have advantages the constraints of internal resources was not taken into account. Brazil too was explored initially through a local player and after the initial success they met with losses, forcing them to revisit their strategy. Wal-mart had the ownership and the internalization advantages as per the eclectic model of Dunning. They had internal strength such as financial and human resources as well as its supply chain and logistics but they overlooked the external factors such as local constraints. Thus the OLI paradigm does guide an organization in the internationalization process. They then decided to acquire an existing local chain rather than another form of partnership. They entered Canada through acquisition and this proved to be the most successful expansion outside of the home country. Factors such as similar culture and brand familiarity helped Wal-mart overcome most of the hurdles in Canada. Hence it cannot be concluded that acquisition is the best mode of entry for Wal-mart but since they had the location benefits, the OLI paradigm has been found to be an effective model for international expansion. Wal-mart entered Germany and South Korea also through acquisition of existing retailers but they failed everywhere due to imperfect market conditions. All of their entries into foreign markets were aggressive and posed fierce competition for the local players. Performamnce of foreign companies depends upon the entry strategy (Mayrhofer, 2004). Their entry strategies were shaped by the national environment of their headquarters and this may not be conducive to the foreign business environment. They were keener for ownership and ownership strategies can be in the form of joint ventures, alliances or acquisitions. Wal-mart did not consider the location advantages as suggested by Dunning’s eclectic theory. Ownership of any form requires huge investment as the owners are keen to keep control over operations. Acquisitions and joint ventures offer high level of control but the risks too are high. Higher the control desired higher the risks. They wanted to capture a large market share and made initial success in some countries but were forced to revise their strategy. Location specific advantages can make strategic alliances successful but they failed because of lack of locational advantages. Direct or indirect export is not a feasible option for Wal-mart because the exporter has no control over the market or the pricing structure. Joint ventures too are not practical for an organization such as Wal-mart because such contracts carry risks. It could also lead to brand dilution although the level of investment determines the risks and control over the venture. Having a local partner is expected to provide benefits and advantages in terms of knowing the market and the business environment but this has not been the case with the joint ventures that Wal-mart entered into. The possible reasons could be that Wal-mart wanted to standardize its procurement and distribution channels without taking into account the country-specific constraints. They also did not consider the socio-cultural differences or the psychic distance between the target country and the home country. Acquisition is the best mode of entry as far as Wal-mart is concerned as it has a range of benefits. Moreover, this is suitable for firms that need local production or sourcing of groceries and supplies as Wal-mart needed. This eases local distribution as the channels are known. Acquisition also helps overcome other issues such as resistance by local competitors or political reaction to job losses. The existing local supply contracts can also be maintained which provides an indirect support to the organization which takes over an existing retail chain. This suggests that Wal-mart’s strategy of acquisition was the preferred mode of entry but they failed in certain markets due to other factors. Based on the transaction cost analysis acquisition appears to the appropriate mode of entry for the emerging and developing economies where as for the developed countries they should enter through local partner. Acquisitions have their own advantages because they are quicker to execute and the firm can have strategic assets. These assets could be in the form of established customers and suppliers, the supply chain and the distribution channels. All these enable the foreign firm to start quickly and increase the efficiency of the acquired firm. Besides, to succeed in foreign markets the government support is essential which becomes easier to handle through acquisition of existing retailers. The existing retailer is familiar with the laws and regulations which helps in starting effectively in a new business environment. Joint ventures in developing regions could succeed because of the benefits that Wal-mart could derive from the local partner. These include country-specific marketing expertise and organization skills. Wal-mart has its own organization systems and structure and when coupled with the value that a local partner can add, the chances of success in developing markets is highly likely. 5. Conclusion Wal-mart draws on its own strengths such as financial stability, organizational systems and structure, human resources, and the technical know-how. Such firms are more likely to achieve success in international expansion. Besides, they carry with them the strength of their brand image. In their pursuit for international expansion, Wal-mart encountered several failures but at each step they derived a teaching and changed their strategy. Thus they do have a culture of learning but they do not have a culture of innovation because they continue to use their low-cost differentiation strategy. Wal-mart exhibits single-loop learning and not generative learning which leads to innovation. Their decisions are influenced by the national environment at headquarters and can carry biases. Wal-mart’s internationalization strategy can be explained both through the transaction cost analysis and the Uppsala model. The Uppsala model suggests that firms can revise their strategy as the situation demands. This is based on the experiential knowledge acquired during the process of internationalization. Wal-mart not only changed or revised their strategy as they gained experiential knowledge they even decided to exit from a market which is also suggested by the Uppsala model. For the initial stages Wal-mart applied the TCA approach as they sought to standardize their procedures. They wanted to take advantage of their low-cost strategy but this strategy is not always accepted. Wal-mart made errors in market assessment and partner assessment before entering the foreign markets. The eclectic model suggests considering the OLI paradigm but Wal-mart did not take into account the location disadvantages when deciding to enter any market. Selection of the foreign country and selection of the foreign market entry strategy are the two critical decisions that require extensive market research. They failed to develop the right consumer insights and attend to their demands. International market selection should be a systematic approach which evaluates the alternatives based on the objectives of expansion. Lack of the right partner has also been a drawback with Wal-mart at least in the initial stages, which suggests that they have not been able to assess their local partner effectively. Because of the errors in market and partner selection, their entry mode too has been inappropriate. They did not adopt a single entry strategy for all countries and entered either acquisition or through joint ventures. However, it is not possible to have a singly entry mode for all markets. This would depend upon several factors and in the case of Wal-mart entering through acquisitions in developing countries and through joint ventures in matured markets would be appropriate. References Agarwal, S & Ramaswami, SN 1992, 'Choice of foreign market entry mode: Impact of ownership, location and internalization factors'. Iowa State University, Retrieved July 6, 2011 from: http://aib.msu.edu/awards/23_1_92_1.pdf Brouthers, KD & Hennart, J 2007, 'Boundaries of the Firm: Insights From International Entry Mode Research'. Journal of Management, vol. 33, pp. 395 Eapen, A & Hennart, J 2002, 'ENTERING INDIA: LICENSING OR JOINT VENTURE? 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