Multinational Companies: Do They Add Any Value to a Local Brand Preferred by Local Customers - Literature review Example

Multinational Companies: Do They Add Any Value to a Local Brand Preferred By Local Customers: Literature Review and Analysis University Affiliation Name Multinational Companies: Do They Add Any Value to a Local Brand Preferred By Local Customers: Literature Review and Analysis Stonehouse et al (2003, p. 15) in differentiating a multinational company from global and international business asserts that differences that exists in these terms relate to the nature and extent to which these firms are involved in international markets and the level of integration and degree of coordination of geographically dispersed operations. While the term international business indicates that a firm is operating in more than one country or simply across its national boundaries, the term multinational business suggests that the firm is not only conducting international business and operating in several countries but also implies an existence of decentralization of management and strategy to overseas subsidiaries, markedly evidenced in limited coordination of activities across national boundaries. Global business on the other hand conducts its business in a range of countries in the world adopting a highly coordinated and integrated single strategy across the world. Multinational businesses therefore allow their subsidiaries considerable autonomy in regards to their strategies largely determined by local conditions in the operating environments. One of the most critical decisions that multinational companies have to make is in regard to branding. Branding is defined as a term, sign, name, symbol, design or combination thereof that is intended to differentiate a product from the competitors (Stonehouse et al, 2003, p. 24). Branding when successful is a critical aid in creating brand loyalty, differentiating the products from its competitors, maintaining certain quality and image, achieving consumer commitment and acting as a barrier to entry. Firms therefore often aim to generate a strong brand presence in the markets that they operate in order to attain these benefits. In consumer markets, brands are especially crucial compared to industrial markets where technical specifications and price override brands. (Uncles 2010, p. 398) captures the critical role of branding in enhancing the success of companies citing recent successes experienced by Apple making it the top global brand following its advertising-centric view of brand management. While apples brands such as the iPad meet most of its clients requirements regarding design style among other attributes, emphasis on the narrative of communication as evidenced in public media has resulted in the near mythological brand recognition resulting to increased shareholders wealth. The importance of brand management especially coupled with brand issues in global and international markets has thus resulted to wide interest among marketers on the best strategies to utilize especially when faced with local brands in foreign markets. On one spectrum, is the benefits associated with brand foreignness resulting to positive brand associations of quality, glamour and so on thus resulting to the success of the brand. On the other end, such foreign associations especially in an already successful local brand may result to poor brand image associations as proven in recent failures of acquisitions of brands in emerging markets such as China. The choice of brand approach that firms should take has thus become a critical issue that multinational firms must approach carefully as they expand globally with the increased globalization. One of the decisions that multinational companies have to make decision is whether to differentiate brands in local markets or whether to adopt a standardized approach. The standardization approach has often been supported by the perspective that with globalization resulting to convergence of supply chain, production, and globalization of markets and supported by political, social, and economic developments within the last decades, the world has become converged in commonality. Filho et al (2003, p. 52 ) posits that increased globalization has been triggered by the slowing growth in US and European consumer goods, which has contributed to many companies turning to other fast growing markets such as Asia, Latin America and Africa to expand their presence. By 2002, the top 20 consumer goods companies in the world had these markets accounting for nearly 40% of their sales in grocery products and clothing with spending in expansion at more than $10 billion. Some proponents of globalization maintain that the main beneficiaries of globalization and the subsequent convergences will be businesses that will adopt standardization strategies in production of global products thereby resulting to world economies of scale. Stonehouse et al (2003, p. 28) in supporting the assertion posits that there are certain benefits that can be gained from a global brand name and image. A multinational that has gained prominence in brand recognition based on positive consumer perceptions such as quality, performance, reliability and other positive attributes may ride on the brand name to generate sales and acquire market share from competitors. Besides, a global brand image may contribute to increased marketing efficiencies thereby contributing economies of scale, besides promoting a global image, which may create global consumer loyalty. Additionally, it has been suggested that foreign brands may enjoy perceived brand foreignness (PBF), a perception that the brand is foreign or of non-local origin, which may result to benefits of non-local brand associations (Zhou et al, 2009, p. 202). The difference between the traditional countries of origin tag from perceived brand foreignness is clear since the country of origin tag is largely associated with a single specific country while PBF represents more general perceptions of a brand as of foreign appeal or image. Zhou et al (2009, p. 203) posits that there is ample evidence to suggest that foreign brands especially from developed countries and western societies benefit from consumer associations with non-local brand image. Foreign image appeal is often attributed to perceived glamour that most local brands are unable to compete with, especially in the developing countries. Additionally, local brands may also attract the perception of foreignness. For instance, Lenovo, which acquired personal computer division of IBM in 2004, is considered by most Chinese to be foreign due to the prominence of its brand in the global market. Similarly, Erkhardt (2000) observed that local brands such as the local pizza brand in India were strongly associated with foreignness due to the perceptions of consumers on Pizza as a foreign product. The equity associated with foreign brand image has resulted in many multinational firms especially from western countries attempting to take advantages of the perceived foreignness image and thus enhancing the appeal of their products such as through use of foreign sounding names, use of foreign symbols in advertising, and use of foreign languages on products. Similarly, more firms from the emerging markets are utilizing the foreign image associations as an important strategy in marketing communication and branding. The use of foreign appeals is based on the assumption that such associations are bound to bring improved appeals that result to increase social status for the brands (Erkhadt, 2005). Other studies conducted among newly registered Chinese brands suggested that over 36% of such brands had a foreign sounding name Zhou et al (2009, p. 203) cites the example of Chinas local brands such as C’estbon, a Chinese brand of bottled water that uses non Chinese pronunciations and characters in order to convey inference of foreignness. This is further supported by studies conducted on printed advertisements for local brands of 130 printed magazines which showed that over 12% of the models portrayed in the magazines were judged to be non-Chinese (Zhou et al, 2009, p. 204). However, whereas there is strong support for the globalization of markets in certain aspects, and use of standardization and global brands, there is enough proof from the market failures that a strategy that exclusively concentrates on standardization and costs is bound to oversimplify the situation. This is further supported by the observation that the global market is overly complex and thus requires more sophisticated strategies. In fact, as markets become global, there is evidence that consumers are becoming even more sophisticated and variations in consumer needs globally and even regionally and locally are apparent. Recent research indicates that the phenomenon of brand foreignness associations has not been entirely successful as evidenced by the mixed fortunes that multinational companies have experienced in the emerging markets (Zhou et al, 2009, p. 204). While such brands associated with foreignness, may enjoy inherent brand glamour, consumers are now more wary and skepticism has grown about the automatic positive associations of these brand with glamour as evidenced by increased interest among consumers in differentiating which brands are of non-local origin and which brands are of local origin (Samiee et al, 2005. P. 380). This has resulted to a growing backlash for the multinational companies in emerging markets such as China as evidenced in the slow growth of multinational sales in some of these markets (Ewing et al, 2002, p. 198). Confusion to consumers has also resulted form the approach by multinational firms to either pursue global branding or localizations thereby losing the authenticity of the perceived foreignness brand appeals (Zhang and Schmitt, 2001, p. 317). Such loss in the appeal of foreignness has further been exacerbated by the proliferation of foreign looking rivals who have been associated lower quality performance compared to the expectations of consumers. This has also led to the decline and loss of brand value associated with the concept of foreignness and this should be a crucial factor for multinational companies acquiring in successful local brands. The Boston Consulting Group (2008) found out that many consumers in the emerging markets are no longer finding the foreign brand image as distinguishable and thus it is becoming less a factor in the consumers diagnostic in product evaluation and even in subsequent purchase decisions. This has led to growing interest in research identifying the outcome of local and non-local brand confusion, an issue that is becoming even more critical for multinationals in the fast emerging economies. Zhou et al, (2009, p. 202-218) sought to determine the extent to which extent the perceived foreignness of a brand is relevant to diagnostic and consumers evaluations and brand purchase decisions besides determining whether local brands would benefit more from perceived foreignness compared to foreign brands. The study also aimed at identifying how multinational companies would enhance the value of perceived foreignness to generate sales and customer loyalty. The study conceptualized a construct referred to as confidence in brand origin identification (CBO) which measured the extent which consumers perceive brand image in either positive or negative manner through the ability to judge a brands country of origin. Zhou et al (2009, p. 205) argued that with the increased uncertainty in the actual brand origins especially with the increasing imitations strategies adopted by local rivals and the movement towards localization by multinational companies, consumers attribution of brand origin is supposed to enhance the value of perceived brand foreignness on consumers brand evaluation. This should be evident in the consumer’s interpretation of things related to perceived associations to countries of origin accompanied by misleading signifiers that are prevalent in the global market place. This is captured in Smith (2009) article on the recent incident in the white house where the choice of brands that various individuals chose while reflecting different origins were actually owned by companies that were global. For instance, Smith cited that while Louis Gate, the personal friend of President Obama and law professor opted for the Red Stripe, which is a Jamaican brand, while president Obama, chose the all-American Bud light. However, behind these brands, Smith pointed out that while Bud light had created its image as an all-American beer brand, it was actually owned by InBev, a company that is listed in Belgium, but run by Brazils. On the other hand, the Red Stripe that is Jamaican in origin is owned by Diageo, the world’s largest beer maker. Still, the brands have managed to create certain brand images associated with various countries through use of misleading signifiers and therefore leading to Erdem and Swait, 1998, p. 133) asserting that the signaling effect on PBF brand value may result from the customers confidence in the attributions of brand origin. By increasing the diagnostic use of the information on brand origin, confidence in brand origin (CBO) is thus a relevant phenomenon, which acts as as a distinct construct in shaping a multinational companies success by enhancing perceived brand foreignness (PBF). Depending on the perceptions on country of origin, this may result to either positive effects or negative effects on the firm’s performance. Smith (2009) observes that a permanent shift in economic power that is occurring within the BRIC countries and other emerging markets such as Singapore, Taiwan, Korea among others has been accompanied by growth in powerful consumers who favor their local brands to the international brands. This assertion is further supported by using the example of China, with statistics from the National bureau of Statistics in China indicating that the Chinese companies have increased their market share to a market penetration of 23% compared to 3% within a period of ten years compared to the foreign multinationals that have experienced a slowdown in market penetration. Some local brands in various markets such as China have thus shown good performance and they include TV maker Konka, Haier, which is a home appliance manufacturer, Fujian peak, a sportswear retailer brand and Lenovo, which acquired the IBM brand thus becoming a multinational. Such evident success of local brands has attracted multinational companies to pursue ownership of such brands. Growth in market share by global businesses and multinationals has thus led to increased interest in management of brands in world markets. Expansion to other markets has followed varied patterns with some firms buying local brands or creating local brands while others opting to market standardized or differentiated global brands. For instance, Diageo, the world’s largest alcoholic drinks maker shifted its strategy from focusing on global brands to creation of its own local brands and purchase of other local brands (Padmakshan, 2010). Other examples include the purchase of Lebedyansky, the biggest soft drinks company in Russia by PepsiCo for about $900 million, acquisition of Inmarko, biggest ice cream brand by Unilever besides attempts by Diageo, the world largest alcohol producer to purchase United Spirits, Indias biggest drink company (Smith, 2009). This thus has shown that there is a growing recognition of the need for marketers to adapt to the consumers needs in a flexible and responsive approach rather than using a rigid standardization approach. However, an important issue that is arising from such acquisition concerns the contributions that the multinational would have on the value of the successful local brands that are already performing well. Fears of failure of such purchases to add value to already successful local brands stems partially from the rise of anti-globalization movement as was evidenced in 2000 in Seattle at the World Trade Organization conference that was held in London, annual meetings of the World Bank and the International Monetary fund and the G8 meetings have brought into sharp focus the arguments against globalization. Globalization is seen as a major cause of various problems in both developing and developed countries ranging from job losses in developed economies as multinationals shift to less developed countries with lower wages to threats to national identities, cultures, industries, languages and customs. Multinational companies riding on the crest of globalization epitomize the ills resulting from globalization therefore carrying the image of foreignness with them. Such negative connotations may impact negatively on the success of local brands acquired by multinational companies. Zhou et al (2009, p. 206) however notes that in reality, the origin of most brands is unknown by consumers because of the desire for many global marketers to mask their origins and due to cross border acquisitions of brands, which complicates the nature of brand origin. Samie et al (2005, p. 378) therefore concludes that brand-origin knowledge tends to be vicariously acquired through word of mouth and consequences of market-place experiences. Liefield (2004 p. 88) has suggested that consumers have to use the products frequently or use investigations to determine the origin of the product. With many consumers unable to identify origins of various brands, researchers have argued that the true importance of brand origin information may in fact be unreasonably estimated in most previous studies on country of origin studies (Samiee et al, 2005, p. 390). Zhou et al (2009, p. 205) thus suggested that the confidence of consumers in the identification of brand origin is the major factor in the consumer evaluations of brand value and not the actual origins of the brands. Smith (2009) highlights the challenges of branding while noting the crucial role that branding plays in gaining market share citing Lidl in Ireland, which had to stock more branded products following consumers demand and Marcadona in Spain, which suffered heavily from an approach towards stocking non-branded products. Smith (2009) notes that besides the images that a brand may portray, such as uniqueness, quality, freedom, among other attributes, the question of who owns the brands can also be a crucial factor in determining consumers purchase decision and as such as ownership becomes concentrated, multinational brand owners should create brand differentiation that responds to local susceptibilities. Additionally, multinational brand owners have to be careful in their projections of global power considering the limitations that may suffice in local markets. For instance, American multinationals may experience negative brand image while expanding as consumers in various countries may consider America as imperialistic. The consequent of such attitudes may include a negative image for American multinational brands and successful local brands acquired by multinationals thereby impacting negatively on the success for the companies in respective countries. Smith (2009) provides the example of the negative experiences that Coca-Cola and McDonalds have experienced over the years in various markets and the boycott of Nokia mobile phones by consumers who were sympathetic to election protests in Iran due to the company’s joint venture in monitoring and communication equipment with the Iran government. Filho et al (2003) McKinsey report on the study of global consumer goods makers found that many global consumer companies that entered in the foreign emerging markets largely failed in adding value to the brands. Expensive management practices from the global consumer companies were the culprits that resulted to hindrances in ability of the firms to reach consumers and therefore resulting to loss of value for the firms and brands. Such studies indicated that in vastly low-income market segments, organizational strategies that often are contradictory to established practices in advanced markets and adaptation of local branding are the consistent ingredients in imparting on the performance of the firms. In the study, Filho et al (2003) found out that firms that entered local markets often used acquisition of local competitors and brands that were successful in the local markets. Such acquisitions enabled the firms to access the local distribution networks, facilities, brand and so on. Filho et al (2003) adds that once the firms had acquired the local brands, they often brought in new brand managers from the developed markets that more often than not proceeded to overhaul manufacturing processes while launching expensive marketing campaigns. The multinational companies also often attempt to integrate the acquired local brands into the parent organization and in the process extending corporate functions from the multinational companies to the local companies. This move often accompanied by allocation of costs and in nearly all cases resulting to the companies raising the process. Filho et al (2003) notes that while such an approach works for products that are aimed at affluent consumers, who are willing to pay premium for brand names, in most cases when dealing with mass products, the effect drives the product out of reach of the mass market. Consequently, instead of adding value to local brands that are preferred by local customers in the local markets, multinational companies end up eroding the value from the brands and in the process resulting to reduced market share for the brands. On the other hand, the increases in prices by multinational companies provide local competitors with an opportunity to compete by providing them with an enormous cost advantage. Filho et al (2003) asserts that it is not unusual for multinational companies to lose over half of their market share of the brands that they acquire. Various studies have contributed to increasing knowledge on the strategies that firms may adopt to attain success after acquiring local brands. Filho et al (2003) study of a local company in one of the emerging markets identified that a lowest-priced local competitors sold its soap brand for nearly 40% less compared to the global companies brands. This was possible since the local company concentrated on only manufacturing and distribution of their soaps with limited brand management expenses and marketing expenses. The company was thus able o enjoy far much lower costs in regard to marketing, branding, packaging, materials and general production costs compared to its global competitors. The local brand product was therefore able to give its competitors comparable rates of returns to the multinationals for its shareholders while selling at a nearly 40% less. Additionally, the local manufacturer manages to provide retailers with higher profit margins creating demand from retailers who stock the company’s products thereby increasing the loyalty of retailers. Such local manufacturers are able to maintain their levels of profitability without engaging in tax evasion, a common charge that is raised against local manufacturers in most markets. Filho et al (2003) therefore suggested that global manufacturing companies should develop different approaches in emerging markets especially where entry involves acquisition of local brands. One strategy should be for the high-income segment that is less sensitive to prices and more inclined towards brand prominence while the other approach should target the low price market that is often vibrant in the emerging markets. In the high-income market segments, the multinational companies can increase the value of their acquired local brands by pursuing sophisticated brand building strategies in order to build profitable positions. However, in order for multinational firms to capture the low-priced market segments, Filho et al (2003) suggests that multinational companies should emulate their local competitors if they are to succeed in increasing value of the acquired brands. One strategy that should be adopted is maintaining of best local managers who are often than not less likely to shit the companies packaging and promotion thereby ensuring that the firm’s costs are maintained at minimum levels thereby enabling sustenance of the competitiveness of the multinational companies. Filho et al (2003) studies on expansion of manufacturing companies through acquisition of local brands found out that those manufacturing companies that made adverse changes to the promotion, management and packaging through product reformulations and marketing efforts were often likely to result to increase their prices in order to remain profitable. The result of such price increases especially in price sensitive emerging markets resulted to failure of the acquired brands and even exists of multinational firms for these markets. In over two thirds of the firms that did not make adverse changes to the local brands that were successful, profitable growth was attained compared to those who made adverse changes. Filho et al (2003) therefore concluded that the key focus for multinational companies especially in emerging markets and in regards to brands that are largely sensitive to price changes, include operational efficiency, cost reduction and simplicity and not product reformulations and new branding and other marketing efforts. By relying on managers from their global operations in advanced markets, multinational companies were often likely to get managers focusing on the wrong things considering the fact that most global managers are imbued with the branding mind-set that is pervasive in the advanced markets. Another approach that multinational have used in successful foray into global emerging markets is minimization of risks. Filho et al (2003) found out that firms that minimized their risks in emerging markets through adherence to local technologies and standard were more likely to succeed than firms that uprooted the local designs and made numerous changes to the local brands. The researchers therefore recommended that firms that enter into the emerging markets should let the consumers define quality thus such firms should maintain not only the designs but also the production systems. The researchers gave the example of Unilever, a multinational company that introduced an inexpensive local powder detergent in response to competition and even outsourced the production of the detergent to a local manufacturer. While the product was less refined compared to the premium Indian brand, the detergent was able to serve a market that had previously been neglected and resulting to Unilevers growth in the detergents market share to 38% of Indian detergents market in India thereby matching its main rival market share. Additionally, these studies also indicated that manufacturing companies that acquired local brands and maintained their operations separate and only sharing a few of the functions such as logistics and purchasing enjoyed far much superior performance to companies that integrated the local brands into the global operations. Filho et al (2003) suggested that evidence from these researches showed that the parent companies should act as capital ventures, through investing in companies and brands that are promising in terns of growth and returns while preserving the autonomy of such brands and firms, lowering their cost structures and transferring product ideas from one country to a different country. For instance, in the case of Unilever, after the success of Wheel, the low market segment local detergent in India, the multinational company introduced a similar product in South America. Filho et al (2003) concludes that such success will remain elusive unless firms are able to appreciate the differences in incomes and tastes that exist in the low-end segment in the emerging markets thereby necessitating development of homegrown solutions that cater for the needs, tastes and desires of the local populations as would be evidenced in an already successful local brand in a local market. Multinational company acquisitions should thereon ensure that the do not contribute to loss of brand value b failing to take cognizance of the differences that exist in different markets and adopting their strategies to match not only the type of markets but the differences in the populations. Another approach that can be taken by the management in regard to local brands as evidenced from the results from a study by Zhou et al (2009) is the assertions that from a managerial perspective, and in this era of global outsourcing and global branding, international marketers should while focusing on foreign culture brand positioning, also focus on the consumer association with the brand origin and the consumers identification with the brand origin. Alden et al (1999, p. 78) suggests that this approach is especially true in developing countries and the fast emerging markets such as India and China. Various researchers therefore suggest that instead of focusing on the country-of-origin cues, which is prevalent in most studies on country-of-origin, multinational firms should instead take advantage of the consumer’s beliefs about brand origin associations in order to promote their brand value. For local brands that are already successful in the local market, the decision on whether to create consumer associations with the country of origin should be done only where such associations may result to positive or enhanced brand image for the local brands through identifying consumer’s perceptions about foreignness. Where the consumers perception on foreignness may foster believes in the quality, standards among other positive attributes among consumers, the multinational companies may use subtle was such as source of information in packaging, brand name and thereby fostering a sense of confidence in the consumers own belief in the brand associations (Shmitt and Pan, 1994, p. 42). Schmitt and Pan (1994, p. 43) further suggests that when the sense of brand origin is successfully instilled in the local consumers minds, perceptions on brands are also likely to improve due to reduced uncertainty thereby resulting to enhanced effects of perceived brand foreignness. Zhou and Hui, (2003, p 37) however notes that there seems to be no simple solutions to the challenges affecting multinational companies especially in regards to acquisition of local brands that are already successful and especially in the developing markets and the emerging markets such as China. This is evident from studies that indicate that the foreignness appeal is no longer holding sway amongst many consumers in these markets for various reasons such as imitations, poor quality by certain foreign firms among other reasons. The dwindling positive effect of foreignness is further exacerbated by imitation of foreignness that is evident in most of the emerging markets. Zhoui and Hui (2003, p. 38) suggests that local brands in China appear to benefit more from dressing themselves as foreign but maintaining a strong footprint with local identity indicating a shift towards appeal on foreignness being evidenced among local brands rather than foreign brands. Local brands such as Lenovo notebook, Tsingtao beer and Li-Ning sportswear have adopted foreign international and foreign appeals through sponsorship of international events, use of international celebrities, packaging, design and global sourcing thereby creating an advantage of foreignness for the local brands. The evidence advantages that are accruing to local brands that are adopting foreignness has resulted to many multinational companies seeking a pie of local markets through acquisition of local brands especially with the increasing erosion of the uniqueness of the value associated with foreignness for global brands especially in emerging markets such as China (Ger, 1999, p. 66). Such studies therefore suggest that while use of local positioning can be used by the international brands as an effective strategy in competing locally, local brands can also pursue foreign positioning strategy that may enable the firms to compete with international brands in the local markets and also with other local brands. References Alden, D. L., Steenkamp, J.-B. E. M., & Batra, R. (1999). Brand positioning through advertising in Asia, North America, and Europe: the role of global consumer culture. Journal of Marketing, 63, 75–87. Ger, G. (1999). Localizing in the global village: local firms competing in global markets. California Management Review, 41, 64–83. Stonehouse, George, David Campbell, Jim Hamill, Ton Purdie. 2003. Global and Transnational Business: Strategy and management. John Wiley and Sons. Filho, de Abreu, Gilberto Duarte, Calicchio, Nicola, Lunardini, Fernando, Brand building in emerging markets. 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