Global Marketing - Assignment Example

? Global Marketing Analysis of Foreign Markets and Strategies for successful entry Contents Contents 1. Executive Summary 3 1 The motivation to do this research 4 2. Background 5 2.1 Pestle Analysis 6 2.1.1 Political 6 2.1.2 Economic 7 2.1.3 Socio-Cultural 9 2.1.4 Technological 11 2.1.5 Legal 12 2.1.6 Environmental 13 2.2 McKinsey’s 7-S Framework 14 2.3 SWOT Analysis 15 3. International Marketing Strategy Recommendations 17 3.1 Other growth options and possible mode of entry 19 3.2 Segmentation, targeting and positioning in each country 19 4. Evaluation and conclusion 19 5. References 20 1. Executive Summary The company, Bats Bank, is an operator in financial services industry and wishes to enter in Egyptian and Russian markets. Financial services sector has been experiencing rapid growth in recent times especially after tariff barriers have progressively been broken down with more and more nations joining the World Trade Organization. Egypt and Russia are two countries that vary widely not only in terms of economic prosperity but also in terms of prevailing culture. While the per capita GDP of Egypt is $ 6,200 (Central Intelligence Agency: Egypt Economy 2011) that of Russia is $15900 (Central Intelligence Agency: Russia Economy 2011). When analyzed through GE Matrix, both Egypt and Russia presented markets that would be highly attractive given the medium strength of Bats Bank as a business unit. (12manage 2011) While Egypt is the holder of proud legacy of a bygone glorious civilization, the present condition of the country is not that glorious and its main importance in world commerce and industry is in its guardianship of Suez Canal. But the positive aspect of Egyptian economy is its stable agriculture and large concentration of population along both sides of the Nile River that practically bisects the country. However, the high levels of public debt leave very little opportunity for Egyptian Government to invest large amounts in industry. Hence, the scope of other financiers entering the market is rather rosy. And, this is true irrespective of the current political turmoil that the nation is going through. Russia has finally been able to come out of the trauma of disintegration of Soviet Union and its loss of global superpower status. Free market mechanism has gradually taken a firm grip on Russian economy right from the advent of Perestroika a decade and a half ago and the political and economic stability of the country presents a very attractive opportunity for doing business there. Also, there is a dearth of finance in the market and financial services companies could do very well to bridge this gap. Any company entering Russian markets must take extreme care not to violate the statutory requirements of doing business in that country as any violation of local laws usually leads to exemplary penalty. 1.1 The motivation to do this research Globalization has become the norm of today’s industry and commerce. Business entities are finding it imperative that in order to survive and prosper in this age of cutthroat competition; they must cross national boundaries and mark their presence in foreign markets (Kay 1995). Foreign markets, though a treasure trove of opportunities, also present many issues and problems that need to be solved in a novel manner as business environments in these foreign shores need not be identical to those prevailing in the mother country. The primary motivation to do this research has been a desire to identify the process that a business entity must adopt to ensure that its global foray is a success. In the course of enquiry, differences in cultures and levels of economic prosperity between nations have been given a special importance as that only would enable one to properly understand and appreciate the multi-layered nuances and intricacies of global marketing. Financial services have an intimate relation with the culture and political climate of a country and cannot be described simply as the end result of a series of cold calculations of interest rates and principal invested. A client would trust their hard earned money or approach for loans only when they develop a feeling of faith and reliability on the financial services provider. Such sense of faith and reliability do not develop overnight and surely would not be there for a business entity that is inherently perceived as foreign. These details have been discussed in this assignment taking two countries that have considerable differences in both, levels of economic prosperity and culture, simply to bring out the relevant issues into sharper focus. 2. Background The basic premise on which global marketing works is the age old concept that buyers everywhere are same but different. This apparent contradiction actually means there are certain common needs for buyers, irrespective of where they are located, but their priorities would be different depending upon the countries they reside and cultures they adhere to. Any company functioning with this principle tries to come up with a single promotion strategy in various cross-national markets (Rugman and Girod 2003). This approach also brings in its wake an identical brand name, product portfolio and packaging, if that is applicable, across countries and cultures (Vahlne and Johanson 2002). It would be proper at this stage to distinguish between global marketing and export. While an exporter offers a product in a new overseas market after a careful survey of the demand structure and cultural propensities in that country, a global marketer offers a product across multiple countries that vary widely in cultural complexities and economic levels. Standardization of products across different markets is one of the most notable characteristics of global marketing (Schmitt and Simonson 1997). Any attempt by the marketer to standardize marketing approach and activity across countries must surely factor in local market swings else they will definitely face failure in markets where the swing is not favorable during a particular period. One of the most popular methods of tackling such situations is to ‘think globally and act locally’. Thus, it is in effect striking an optimum balance between standardization and customization (Keegan 2001). 2.1 Pestle Analysis As global marketing and forays into foreign markets depend primarily on external macroeconomic factors, the best way to start the examination would be through PESTLE analysis. 2.1.1 Political Political climate has a very great relevance in properly running a financial services business. The impact can be further broken down into following issues for a better understanding: A stable political scenario is absolutely essential to promote a favorable climate for investment. Any financial services company can prosper only when entrepreneurs are willing to invest and households are willing to part with their liquid cash in various schemes and mutual funds for higher returns. Egypt, barring the current political upheaval, which happened in any case after a gap of thirty years, has a stable political setup. Russia had strictly regimented regime during the Soviet era and after a few years of comparative turmoil, now things have settled down barring occasional acts of terrorism by fanatic secessionist elements. So, in both the countries where Bats Bank wishes to commence its business the political climate does not cause any concern. Entrepreneurs need to know in unambiguous terms about the status of the governmental authority with whom they need to interact and approach in conducting their business and such clarity can only be possible if the political climate is stable. In both Egypt and Russia the governmental authority is clearly demarcated and entrepreneurs would never face any doubts about where the power and decision making authority actually resides. The political climate also determines international diplomatic relations between countries and multinational companies will never be willing to do business with countries that the world community does not view in a favorable light. Egypt is not only a stable ally of United States but has very warm relations with each western country. Thus, entrepreneurs would not be facing any problems arising out of diplomatic tensions or strained international relations. Russia was once upon a time a superpower and, even when it has lost its earlier glory, its preeminence among nations of the world is still unquestioned and there is absolutely no possibility of international tensions or misunderstandings reaching such a stage where entrepreneurs would face difficulties because of that. Even during the height of Cold War, barring a few economic sectors, entrepreneurs never faced much difficulty in conducting business in Russia. 2.1.2 Economic Economic scenario in a targeted country should ideally be rosy. Though the current economic scenario is bleak with almost all economies of the world experiencing a downturn, there are distinct signs of global economic recovery. Such recovery augurs well for companies providing financial services as entrepreneurs will be motivated to invest only when they feel reasonably assured of getting handsome returns on their investment. Similarly, households, which form the main source of funds for financial companies, will be interested in putting their money in savings schemes and deposits only they are confident that they would get back not only their principal but also substantial interest after a few years. That confidence can arise only when the economic scenario is not only currently stable but also has a very positive future. (Lynch 2005) Egypt does not score well in this regard as an average Egyptian is still not economically affluent and has to toil hard to make both ends meet. As a country Egypt has very stable source of income in the form of Suez Canal revenues and the GDP grows at a rate of 5% per annum, but equitable distribution of national income has never taken place in that country. (CIA - Africa 2011) Russia has a very stable industrial infrastructure and is economically prosperous though needing occasional help from United States to maintain its growth rate. After the economic crisis of 1998, Russia could bounce back with a fast emerging middle class having considerable levels of disposable incomes. But it was very badly hit during the global economic downturn during 2008-2009 when oil prices declined sharply and foreign credit lines on which most firms depended drying up completely. But the country has since been able to recover substantially (CIA - Russia 2011). The dominance of industrial sector has a great impact on the success of financial services companies. It is a common wisdom in financial services that loans should be offered only to industrial sectors since industrial output can be totally controlled by producers while agricultural output is almost always dependent on vagaries of nature. Thus, companies offering financial services would always prefer tom operate in industrially developed economies. In Egypt, though agriculture contributes only 13.5% to the GDP it employs 32% of the employable workforce. In contrast, industry while contributing 38% of the GDP employs only 17% of the available workforce (CIA - Africa 2011). This implies that Egypt does not have a very well developed industrial infrastructure but the possibilities of a bright future cannot be wholly discounted. Though Russian agricultural is a throbbing sector, industries dominate Russian economic scene with nearly 32% of the country’s labor force being employed in industrial sector. Hence, Bats Bank has great chances of successful foray into Russian markets (CIA - Russia 2011). The share of public debt as a percentage of GDP gives a very good indication of governmental capability of making fresh investments – the higher the level of public debt, the greater is the burden of interest leaving very little free funds for the government to spend on developmental activities. So, one the one hand while a high level of public debt signifies a stagnating economy, on the other hand it also signifies an opportunity for financial services companies that can take advantage of governmental absence and satisfy the huge market demand for funds. While public debt is only 9.5% of GDP in Russia (CIA - Russia 2011), it is a massive 80.5% in Egypt (CIA - Africa 2011). 2.1.3 Socio-Cultural Socio-cultural environment, especially stereotyping foreigners (Chapman, et al. 2008), oftentimes, mar or make the business prospects of companies when they venture into foreign markets. So, before venturing into any overseas market a careful analysis needs to be done to ensure there are no prevailing negative sentiments in the minds of the people about the country from where the foreign comes from (Pearce and Robinson 2007). The stereotypes that are present in the minds of the people are nearly impossible to erase mainly because such stereotyping are formed through decades, often centuries, of historical interaction between two nationalities. As for example, Poland and Germany had a long history of violent confrontations with Germany dominating Poland most of the time. Hence, majority Poles viewed Germans in a poor light while they viewed British in a much better light though cultural scores calculated by Hofstede for UK and Germany return fairly identical results (Nasierowski and Mikula 1998). In the current scenario, Egypt has a long and fairly easy relation with western countries and thus there is no scope of any overwhelming negative sentiment about any western company. In Russia there is absolutely no problem in this regard in spite of decade’s long propaganda during Soviet regime about the monster of western capitalism. Negotiating styles also depend a lot on cultural propensities. As for example, while most Asians believe the main objective of a negotiation is to build strong business relationships, Americans and majority of Europeans believe signing and sealing an official contract is the main aim of a negotiation process (Pye 1982). Financial services is mainly based on extensive negotiations, hence Bats Bank must be extremely careful to offend cultural sensibilities of people of Egypt or Russia. Though in Egypt a vast majority of the people are dependent on agriculture and are tradition bound, Bats Bank has to deal primarily with urban population that is well versed and thoroughly exposed to western culture. In Russia, no such cultural conflict would possibly surface at all. Communication styles also vary from country to country. While, Japanese, for example, would like regular and forthright communication between business associates, Germans would rather stick to formal and officially approved frequency of communication. Thus, western executives often and companies often project a cold, impersonal and indifferent image to its Asian and far eastern clients (The Negotiation Experts 2010). However, such issues would not rise when Bats Bank commences its operations in Egypt and Russia since, the cross section of population that would interact with bats bank executives would mostly be those that are exposed to western culture and education. 2.1.4 Technological Technological constraints often restrict the capabilities of a business organization to effectively carry out production in foreign locations. More than availability of good quality of raw materials, it is the availability of qualified manpower that handicaps foreign companies from setting up bases in different countries. Though some companies try to outsource the labor intensive portions of the production process to countries where cheap manpower is available, high transportation costs often negate the benefits of cheap labor (Haag 2006). In case of Bats Bank, however, such problems would not occur since the company is involved in financial services rather than any brick and mortar production process. Other technological issues such as improper levels of internet penetration or telecommunications connectivity might play a vital role in restricting how frequently and how efficiently the Bats Bank would be able to interact and service its clients because personalized service often becomes the crucial differentiating parameter between competing service providers. Though Egypt has serious drawbacks with regard to internet penetration and communication facilities, Russia is at par with western countries in this regard. It might become a problem for Bats Bank to hire properly trained local manpower for its branches in Egypt as levels and penetration of education are rather low in that country. This would surely not be a problem in Russia. Also, it might become rather difficult for Bats Bank executives to properly explain the benefits of sophisticated financial products to rural Egyptians as they are not that much aware about stock markets or derivatives. This is surely an issue that the bank must have to sort out if it is to be successful in Egypt but such problems would never be encountered in Russia. Any financial services company can operate in a smoother manner only when banking system of the country is powered by cutting edge communication technology. This is not possible in Egypt though Russia would be able to provide the latest in world class technology. 2.1.5 Legal Legal system with a strong judiciary is a must for any financial services company to operate at its full efficiency. Financial services companies enter into legal contracts with both their depositors and their borrowers. In case of insurance, the legality of contracts is of utmost importance for a company and its clients to maintain a long and dispute free interaction. Thus, a properly codified legal framework and independent judiciary should surely be present in countries that financial companies intend to operate. Though the judiciaries of both Egypt and Russia are far from genuinely independent, in both the countries there is enough muscle with judiciary to enforce sanctity of legally entered contracts. The legal system must function efficiently and quickly. Indefinite delay in resolution of court cases and a corrupt judicial system is a big de-motivating factor for foreign companies. In this regard, courts of both Egypt and Russia cannot be totally dependent upon. It totally depends on how much the governments of these two countries are eager and sincere about quick disposal of a particular court case. So, Bats Bank must take extra care to keep government officials of these two countries in good humor. The legal system should be compatible with internationally accepted legal norms and procedures else it would become a real hassle for Bats Bank to comply with such a system. In Russia the legal system is broadly compatible with international legal system with quite a few conditions but in Egypt in some areas Muslim legal interpretation do play a significant role. Thus the company must be totally aware of the peculiarities of the legal systems of these two countries before it makes a foray in these markets. 2.1.6 Environmental Being a financial services company, environmental issues concerning its direct operations would never become a debatable point but Bats bank must be careful about the following: It must be doubly sure before forwarding a loan to a company that it does not flout any environmental norms or statutes in force in either Egypt or Russia. Else, its name will be unnecessarily sullied by association with such law breaking companies and it might be difficult for the bank to recover the loans it has forwarded to these entities. It should not involve itself in any form advertisement or publicity that might project the company as being insensitive to environmental concerns. Rather, it might spend money in publicity of environmental issues that are current topics of discussion among the general public of these two countries. Being a responsible company it must always be seen on the right side of law and eager to lend a helping hand in solving environmental problems that might be jeopardizing agricultural activity. As majority of Egyptians are involved in agriculture, this will surely create a favorable impression in the minds of majority Egyptians and they might sooner rather than later break out of their inherent mould of distrust and disbelief about all things western and start putting in their small savings in Bats Bank. As every banker knows, efficient and large scale mobilization of small savings is often the best way for a bank to earn profit. In Russia, however, such possibilities are not there but projecting a sincere and helpful image always works in favor of financial services companies that thrive mainly on customers’ faith and trust. 2.2 McKinsey’s 7-S Framework While Pestle analysis concentrates on external and therefore largely uncontrollable factors, an organization needs to undertake an internal analysis to judge its strengths and weaknesses as such an analysis only can provide a proper guidance for further improvement. (Sherwin 2009) There are seven interrelated forces that can be used to best describe the capabilities of an organization. These are: i. Strategy: It is nothing but a firm’s long term process of reaching its stated goals. In the current scenario, Bats Bank’s primary strategy is to enter into new markets and become a market leader there. The firm’s strategy would involve judicious allocation of scarce resources in such a fashion that the stated goals are achieved most efficiently. ii. Structure: This deals with the internal structure of the organization, i.e. whether decisions are taken in a centralized manner (i.e. top down manner) or in a decentralized manner (i.e. the manner in which most large corporations are run). As Bats bank is planning to set up business in foreign shores, a great degree of decentralization must be incorporated if it is already not there as each foreign market has its own specialties that can be responded to with tailor made solutions. iii. Systems: These are nothing but the manner in which important decisions are taken within the organization in matters related to finance, human resource, data management, marketing etc. Bats Bank must have secure systems in place that are to be determined after due deliberations as a multinational entity cannot retain its identity if these vital procedures get modified in different situations. iv. Skills: Bats Bank must identify certain distinctive skill sets that would differentiate it from other competitors. If such skill sets are already there with the available human resource then nothing would be better than that but if necessary, Bats Bank must allocate resources for proper training and development of its manpower so that they are properly equipped with the necessary skill set. v. Staff: This is an especially sensitive issue and Bats Bank must have adequate human resource at its disposal taking utmost care to eliminate any extra manpower. vi. Style: The culture prevalent in the organization and the management style need to be compatible with the market that Bats Bank is operating in. A lot has been already discussed about cultural compatibility and how it is of utmost importance in a financial services company and the organization must be alive to those issues. vii. Shared Value: This constitutes the core beliefs and values that the organization stands for and strives to achieve and it is formed through the interaction of the other six forces. Shared value conveys the reason for existence of the organization in a specific marketplace in a specific economy (Martins and Terblanche 2003). 2.3 SWOT Analysis Strengths Russian industry funds and it is an excellent opportunity for any financial services company to enter this market. Same is the case with Egypt where the government is so debt ridden and so much dependent on foreign aid that entrepreneurs are bound to look for other sources of funds. Russia will be able to provide requisite manpower at a cheaper rate than other developed western economies. However, the scenario in Egypt might not be that rosy but, with high rates of unemployment, there will always be properly trained manpower available in Egyptian cities. The rise of a middle class with high levels of disposable income will provide Bats Bank a steady source of deposits. Weaknesses The strict and often arbitrary rules and regulations in both Russia and Egypt might hamper smooth functioning of Bats Bank. The poor economic condition of an average Egyptian might not be conducive for Bats Bank to profitably run its financial services in that country. In Russia, though private enterprise is allowed, the major sectors are still under governmental control. Hence, the scope of forwarding substantial loans to industrial sector is rather limited in Russia. Opportunities Bats Bank has the big opportunity of entering into the vacant space in financial services that is present in Egyptian and Russian economies. If it can properly frame its strategies, there is open space for it to work upon. As it is a new entrant, Bats Bank will have no previous baggage to carry and can, through well designed advertisements and publicity campaigns might create a favourable impression about itself in the minds of local Egyptians and Russians. Threats Big names are already firmly entrenched in these markets and it will be an uphill task for Bats Bank to make a mark for itself in such a competitive market. 3. International Marketing Strategy Recommendations Growth in new markets can best be studied with the help of Ansoff’s Matrix as that provides a clear graphic presentation of the various options a marketer has as they attempt to penetrate a new market. The four pronged attack that a marketer should unleash in order to enter a new market are well represented in Ansoff’s Matrix which identifies between existing products and new products and existing markets and new markets. (tutor2u 2009) As Bats bank is focusing on entering in new markets the relevant strategies that it needs to follow are market development and diversification. Market Development – Bats Bank has to actively pursue various strategies to develop markets in Egypt and Russia. There are many ways to develop new markets and the bank has to choose which route it would adhere to. The generally accepted methods applicable for other products would not all be applicable for financial products. The relevant techniques would be new ways to package the financial products so that they become attractive to households. Obviously the packaging should be such that the low income groups of Egypt become interested in high rate of assured returns that would be delivered in small installments throughout the financial year. However, in the much more affluent Russia, long term investments with higher possibilities of capital gains would be a much more attractive packaging. The distribution channels would similarly be different in Egypt and Russia. While in Egypt Bats Bank should try to penetrate its vast rural population, in Russia it could concentrate only in large cities as there would be enough number of households that would provide a decent savings mobilization pool for the new entrant. Diversification – Bats Bank must be able to tailor make its products so that they offer to the entirely different markets of Egypt and Russia. While in Egypt small loans to households would be a raging hit with industrial sector also chipping in with large borrowings at high interest rates, in Russia the bank would do well to concentrate more on industrial sector rather than on offering loans to households. However, as the middle class is rapidly expanding in Russia, there is a huge market for loans to build houses or purchase consumer durables. Bats Bank will have to modify its product offerings accordingly. 3.1 Other growth options and possible mode of entry There are of course other growth options in the form of mergers, acquisitions or strategic alliance. Since the countries are Egypt and Russia and the company is also relatively small neither of these options would be suitable as a growth option. Rather, a joint venture with a local player would be a much better alternative as that would remove any misconceptions or apprehensions the local public might have about a foreign financial services company. This is especially true for Russia which suffered very badly during 2008-2209 when all of a sudden all foreign sources of credit dried up following a global downturn and only government owned financial services companies were present to ease the massive and completely unexpected credit crunch. 3.2 Segmentation, targeting and positioning in each country The normal techniques of market segmentation and targeting that are resorted to by marketers is not applicable in case of a financial services company as there are only two segments in the market that are relevant and both have to be targeted – one as a source of funds and the other as potential borrowers. Those two segments are household and industrial sector respectively. As regards positioning with the help of perceptual map it must be remembered that such marketing research can be undertaken only after the company has been in existence as a regular player in financial services sector for quite a few years. When a company is a new entrant it needs a few years to create an impression among prospective clients. 4. Evaluation and conclusion Without repeating any of the things that have already been discussed in detail it could be said that global marketing has become the mainstay of large corporate houses as tariff and political barriers are progressively melting as the all consuming tide of globalization is weeping the world. All business organizations now need to spread across frontiers and search new markets and spread their production centers across the world not only for higher turnover but also for cost benefits. However, the current assignment only concentrates on entering newer markets as marketers not as producers so the issue of cost reduction has not been discussed. Global marketers must learn to respect cultural differences and also be aware of the political and economic history of a country before they attempt to break into their markets. Such knowledge would help them to position their products and plan their advertisement campaigns much more effectively. Detailed and accurate knowledge of socio-economic factors is an absolute must for any foreign marketer to create an impact in a foreign market. 5. References 12manage. "McKinsey Matrix: GE Business Screen." 12 Manage: The Executive Fast Track. February 11, 2011. http://www.12manage.com/methods_ge_mckinsey.html (accessed February 11, 2011). Central Intelligence Agency: Egypt Economy. "Egypt Economy 2011." Countries of the World. January 13, 2011. http://www.theodora.com/wfbcurrent/egypt/egypt_economy.html (accessed February 11, 2011). Central Intelligence Agency: Russia Economy. "Russia Economy 2011." Countries of the World. January 13, 2011. http://www.theodora.com/wfbcurrent/russia/russia_economy.html (accessed February 11, 2011). Chapman, Malcom, Hanna Gajewska-De Mattos, Jeremy Clegg, and Peter Jennings Buckley. "Close neighbours and distant friends—perceptions of cultural distance." International Business Review 17, 2008: 217–234. CIA - Africa. "Africa :: Egypt." The World Factbook. February 1, 2011. https://www.cia.gov/library/publications/the-world-factbook/geos/eg.html (accessed February 14, 2011). CIA - Russia. "Central Asia :: Russia." The World Factbook. January 20, 2011. https://www.cia.gov/library/publications/the-world-factbook/geos/rs.html (accessed February 14, 2011). Haag, S. Management Information Systems for the Information Age, Third Edition. Ryerson: McGraw-Hill, 2006. Kay, J. Foundations of Corporate Success. Oxford: Oxford University Press, 1995. Keegan, Warren J. Global Marketing Management. Prentice Hall, 2001. Lynch, R. Corporate Strategy (4th edition). Prentice Hall, UK, 2005. Martins, E, and F Terblanche. "Building Organisational Culture that Stimulates Creativity and Innovation." European Journal of Innovation Management, Vol. 6 (1), 2003: 64-74. Nasierowski, W, and B. Mikula. "Cultural dimensions of Polish managers: Hofstede's indices." Organisation Studies 19 (3), 1998: 495-509. Pearce, John A, and Richards B Robinson. Strategic Management: Formulation, Implementation and Control. Irwin: McGraw-Hill, 2007. Pye, L. Chinese negotiating style. Cambridge, Mass.: Oelgeschlager, Gunn, & Hain, 1982. Rugman, A. M., and S. Girod. "Retail multinational and globalization: the evidence is regional." European Management Review 21(1), 2003: 24-37. Schmitt, B., and A. Simonson. Marketing Aesthetics: The Strategic Management of Brands, Identity and Image. New York: Free Press, 1997. Sherwin, Lindsay. "McKinsey 7S Model." Managing Change Toolkit. 2009. http://www.lindsay-sherwin.co.uk/guide_managing_change/html_change_strategy/06_mckinsey.htm (accessed February 14, 2011). The Negotiation Experts. "The Importance of Business Communication." The Negotiation Experts: Create Value. 2010. http://www.negotiations.com/case/business-relationship/ (accessed January 19, 2011). tutor2u. "ansoff's product / market matrix." tutor2u. 2009. http://tutor2u.net/business/strategy/ansoff_matrix.htm (accessed January 14, 2011). Vahlne, J. E., and J. Johanson. "New technology, new companies, new buisness environments and new internationalisation processes." In Critical perspectives on internationalisation, by Havila, Forsgren and Hakansson. London: Pergamon, 2002. Evaluation of resources All the resources have been of immense value as those have helped the author to get a clear idea about the actual situation in Egypt and Russia. This background information helped to form a clear opinion and allowed the author to give personal judgment on the techniques Bats Bank should adopt to make its foreign venture an economically successful one. Read More