Entry Strategy in the Market of Scotland for Sony Corporation - Assignment Example

Strategy of International Business Executive Summary International business is a comparatively complex phenomenon that requires managing a large number of variable factors associated with the business. Internationalization of business becomes important due to multiple factors such as saturation of the home market, expanding opportunities in the foreign markets, economies of scale in the global production and many more. However, before entering into international business, a firm must analyze its own capabilities in terms of whether it is strong enough to participate in the global business process as well whether it will be profitable for the firm to expand business in the targeted foreign market. Once the capabilities of both the entities are ensured, the company must decide on the foreign market entry strategy that it is going to incorporate. In this context, the firm should also confirm whether it will standardize their existing business practices in the target market or adapt the business process, prevailing in their target market. Once all these foreign market strategies are evaluated, the company will be able to formulate its marketing and expansion strategies solely for this particular market, depending on the competitiveness of the host country. Such strong market evaluation and accordingly strategy formulation will definitely bring success to the company in its international business. Contents 1. Introduction 4 2. Internationalization of Business Process 4 2.1. Saturation of Existing Market 4 2.2. Increase Sales through Acquiring Global Consumer Base 4 3. Current Market Scenario 5 3.1. Current Position of Sony Corporation 5 3.2. Current Market Analysis of Scotland 6 3.2.1. Political Regulations 6 3.2.2. Economic Factors 6 3.2.3. Social Aspects 6 3.2.4. Technological Consideration 7 4. Competitiveness of the Host Market 7 4.1. Bargaining Power of Buyers: Low 7 4.2. Bargaining Power of Suppliers: Low 7 4.3. Threats from Substitutes: Low 8 4.4. Threats from New Entrants: High 8 4.5. Competitive Rivalry: Low 8 5. Market Entry strategy 8 5.1. Franchise 8 5.2. Joint Venture 9 5.3. Wholly Owned Subsidiary 9 5.4. Strategic Alliance 9 5.5. Direct Ownership 10 6. Business Strategy: Adaptation versus Standardization 10 7. Product Strategy: Ansoff’s Matrix 11 7.1. Market Penetration 11 7.2. Product Development 11 7.3. Market Development 11 7.4. Diversification 12 8. Marketing Strategies: 4 Ps of Marketing 12 8.1. Products 12 8.2. Price 12 8.3. Place 12 8.4. Promotion 12 9. Conclusion 12 Reference List 14 1. Introduction With the rapid expansion of globalization and liberalization of economies, the business world is experiencing huge progression in international trade. International trade refers to all the commercial transactions and trade and investment that take place between governmental and private organizations from different countries (Arnold, 2003). Naturally, organizations participating in international business are highly exposed to the global competition and the constraints of international trade. Therefore, such organizations are bound to formulate business strategies that will help the organizations to perform successfully in international market and to ensure their long term sustainability. Fundamentally, strategy of international business concentrates on the aspects regarding how an organization, especially private organizations can maximize their profitability (Rau, 2011). However, in order to sustain in the global competitive world, relevant strategies should be implemented in every aspects of business starting from sources of raw materials, methods of productions and operations, logistics and supply chain as well as marketing and financial process. In fact, as social and cultural prevalence tends to be different in various countries, organizations should incorporate appropriate strategies for different markets. Moreover, whether the organization should adapt the prevailing business process or implement their standard business operations that are also determined by the strategies of international business (Galbraith, 2014). In this paper, the strategy for international business of Sony Corporation will be analyzed. Sony Corporation is a conglomerate company based in Tokyo, Japan with special focus on consumer electronics goods. Success of this leading manufacturer of electronics goods has enabled the company to establish and expand business in most of the countries in the world. However, Sony still has not been able to penetrate into the capital enriched market of Scotland (Sony Corporation, 2013). Therefore, the paper will devise an entry strategy in the market of Scotland for Sony Corporation, keeping in mind the nature and scope prevailing in the market so that the company can efficiently operate in this market segment. 2. Internationalization of Business Process The following reasons acts as drivers that influences companies to expand their business internationally. 2.1. Saturation of Existing Market When the market becomes saturated in terms of declining purchasing power of the consumers, reducing scope for product diversification and continually disruptive technologies, companies operating in such marketplace loss interest in business because they do not experience further scope of increasing market share or sales. In such circumstances, the companies feel an urge to expand their business internationally in order to capture the global essence of business (Gannon, 2006). 2.2. Increase Sales through Acquiring Global Consumer Base Once a company establishes its business in the domestic market through capturing substantial market share and customer base, in order to seek further enhancement in the customer base and accordingly, accelerate sales growth, the company will have to opt for internationalization of business. However, before entering into the process of internationalization, the company should evaluate its existing financial and operational position, as well as the capacity lies in the target foreign market in order to confirm the viability of the international business of the organization (Jansson, 2008). 3. Current Market Scenario Before penetrating into any new international market, it is important to evaluate the present scenario of Sony Corporation and its ability for internationalization as well as scope relied in the Scotland economy in order to understand whether it will be profitable for Sony Corporation to enter and institute business in this particular economy. 3.1. Current Position of Sony Corporation Sony Corporation used to be unrivalled in the global market of consumer electronics, especially during the last decade. Inclusion of latest and cutting-edge technologies, durability, superior functionality and at the same time sophistication of the products together have made the products and services of the company most desirable to the consumer groups across world. Along with that, efficient business planning and strategic implementation of the corporation has enabled it to expand business in approximately 183 countries in the world. Such wide spread operations has facilitated the company to achieve revenue of ¥7.767 trillion in 2014 through integrating 140,900 efficient employees from every corner of the world. From these statistics, it is evident that the Sony Corporation is financially and operationally strong enough to participate in further internationalization process (Business Insider, 2015). Though the company is still engaged into manufacturing of exquisite products into the consumer electronics segment, it has been identified by many researchers that in recent times, the company has deteriorated from its primary position of global market leader. According to The Wall Street Journal, Sony Corporation that used to be the most prestigious company in this particular segment is showing a sharp decline in terms of its sales, revenue and number of consumer participation. The rationale of such market condition can be justified by reducing scope of operation in the existing markets and evolution of a large number of competitors in the global market of consumer electronics. For instance, the major operations of Sony Corporation is concentrated on matured markets such as Europe and the United States as well as tech- savvy Asian countries like its home country Japan, Hong Kong, China, Korea, Singapore and many more (Sony Corporation, 2013). Therefore, in spite of continuous innovation and diversification products and services, it is becoming difficult for the company to further push its products in such exhausted markets. Moreover, the company is experiencing evolution of a large number of competitive brands who are coming up with highly fashionable products in low or identical price. For example, Sony Corporation never had a prominent presence in the mobile handset manufacturing industry. However, advancement of companies such as Nokia, Samsung, Motorola as well as low price mobiles such as Videocon, Lenovo, Oppo and Xiaomi etc. are giving huge thrash to Sony Corporation in this segment. Gaming business of the company i.e. Sony’s PlayStation is always associated in a cut throat competition with Xbox Live, a product of Microsoft Corporation. Concerning other consumer electronics goods such that television, music systems etc. the company is experiencing tough competition from Panasonic Corporation, Videocon, LG Electronics, Samsung Group and many more (Harvard Business Review, 2012). In such circumstances, in order to ensure long term sustainability of Sony Corporation, the company must explore the opportunities in the untapped markets rather than diversifying the product basket in the matured markets where all its competitors are also striving to capture a larger share of market through exercising the same strategies. As the objective of the paper is to formulate entry strategy for Sony Corporation in Scotland market, in the next segment, feasibility of the market will be briefed. 3.2. Current Market Analysis of Scotland The market of Scotland reflects the market of the United Kingdom as well as the vast area of Europe. The country is considered to be one of the industrial powerhouses of the European economy. With a par capita Gross Domestic Product (GDP) of $45,045, the country shows substantial capacity of the citizen to maintain a sound standard of living and lifestyle (Scotland, 2015a). Naturally, the demand from the consumers to obtain high quality consumer electronics goods should be very high in this country. Moreover, presence of multinational consumer electronics companies is almost negligible in Scotland. Therefore, apparently it can be assumed that penetrating into consumer electronics industry of Scotland will bring huge benefits to this multinational company. In order to institute that, PEST analysis will be exercised for the purpose of evaluating the macro- environmental variables of Scotland. 3.2.1. Political Regulations The political regulations of Scotland regarding international trade and development are highly influenced by norms imposed by various international organizations such as the European Union, World Trade Organisation, World Bank and International Monetary Fund. As the country takes active participation in the process of globalization and cross border trade for the purpose of attracting foreign companies and to promote competition, the country strives to create favorable business condition within the economy through establishing low regulation and low corporate tax practices under the guidelines of General Agreement on Tariffs and Trade (GATT). Trade Related Investment Measures (TRIMS) has kept the foreign companies free from any pre-conditions such as meeting any performance benchmark or inclusion of local labour etc. Moreover, less restriction on barriers to entry has made it favorable for any foreign country such as Sony Corporation to penetrate into the market and establishes business (Paterson, 2014). 3.2.2. Economic Factors Considering the economic factors of Scotland, as per the statistics of 2014, the country has been able to capture GDP of $240.975 billion which clearly indicates sound economic condition of Scotland. The country holds population of approximately 5.3 million with per capita income of $45,045. This also indicates standard purchasing power of the inhabitants of the country. All these factors prove to be beneficial for Sony Corporation to establish business in this market segment. Moreover, though the country possesses 2.615 million of labor force, the unemployment rate is as high as 5.4%. This indicates that Sony Corporation will get an access of local and cheap labor which will further help the company to establish business and will reduce their cost of operations as well (Scotland, 2015a). 3.2.3. Social Aspects It has mentioned well in advance that Scotland is known as industrial powerhouse of Europe. Naturally, the prevailing societal culture will be reflected in such industry-driven practices. The demography of the country is characterized by approximately 60% of urban people who are keen to latest technologies. Therefore, the demand for consumer electronics is very high in the society with low access to such products. Hence, the local people have to rely on such goods, smuggled mainly from various Asian countries which are often found to be duplicated. However, as the scope for higher education is increasing, the awareness among the consumers is also increasing regarding branded consumer electronics products. Such social consideration combining with handsome purchasing power of the individuals clearly indicates huge business opportunities for Sony Corporation (Sharan, 2008). 3.2.4. Technological Consideration The government of Scotland gives high priority on technologies and innovation in order to increase competitiveness of the country and accelerate its economic growth. Moreover, in contemporary days, the economy is putting huge emphasis on establishing a knowledge-based economy for the purpose of stimulating the business activities of the country. In fact, such technological inclusion is considered to be the key driver for success of Scotland economy in each and every aspect of business. Apart from life and chemical sciences, the country has gained excellence in the electronics technologies as well through carrying out extensive research and development in this segment for 50 years. Such research and development has facilitated the country to innovate the first camera on a computer chip and smallest television screen in the world. In fact, continuous strive for technological progression has changed the landscape of the country and reshaped the industry in aggregate. Therefore, the current scenario of the country can be defined as existence of high-end users as opposed to low-volume manufacturers. In such circumstances, it will be highly favorable for Sony Corporation to establish business in this country and gain profitability through capturing the high-end technology oriented consumer base (Scotland, 2015b). From the above analysis, it is prominent that entering into the Scotland market will definitely prove to be beneficial for Sony Corporation. Therefore, in the next segment the strategies that can be adopted by Sony Corporation for entering the foreign market of Scotland will be evaluated. For this purpose, all the alternative strategies will be analyzed in order to identify the best possible strategy for the company. 4. Competitiveness of the Host Market Competitiveness of the host market i.e. the market of Scotland can be analyzed through incorporating strategic marketing technique of Porter’s five force model. The five forces, used for evaluating competitiveness are as follows: 4.1. Bargaining Power of Buyers: Low In Scotland, there exist very few companies in the consumer electronics goods industry segment. Presence of internationally recognized brands is even negligible in this market. Therefore, in absence of large number of competing firms, the bargaining power of buyers tend to be minimum, creating a positive notion for Sony Corporation to establish business in this market (Cavusgil and Knight, 2015). 4.2. Bargaining Power of Suppliers: Low Due to absence of a large number of firms in this industry in Scotland, the demand for suppliers tends to be considerably low. Moreover, it is expected that any supplying company will be willing to work for multinational companies like Sony Corporation and will agree to supply materials at a competitive rate in order to establish long term relationship with such internationally recognized brand (Joel, Jaakkola, Levy and Nahmias, 2014). 4.3. Threats from Substitutes: Low In this era of technological progression, the consumers have become so much dependent on technologies in their daily lives that it becomes difficult to find any substitute products of consumer electronics goods. Therefore, the threat from substitute products is really low (Cavusgil and Knight, 2015). 4.4. Threats from New Entrants: High Examining the favorable business condition, tax laws and low barriers to entry and low competition, many more multinational players such as LG and Videocon are planning to enter the market as well. Therefore, threats from new entrants are experienced to be very high in Scotland (Jokela, Jaakkola, Levy and Nahmias, 2014). 4.5. Competitive Rivalry: Low Though the threats from new entrant are very high, the existing market players in the consumer electronics industry is considerably low. Presence of very few domestic and international companies such as Wolfson Microelectronics and Rockstar North etc. makes this industry segment less competitive (Cavusgil and Knight, 2015). Overall, low degree of competitiveness makes it favorable for Sony Corporation to establish business in Scotland. 5. Market Entry strategy Once it is proved that establishment and expansion of business in Scotland market will be a viable option for Sony Corporation, it is important to identify which mode of entering the market will be most effective for the company. 5.1. Franchise Franchise model has gained substantial attention in today’s global business world. This type of international market entry strategy is best suitable for retail business where products and services can be easily transferred into other markets. In this type of business strategy, foreign company such as strong brand reputation engages into contract with a local market player with moderate to high visibility in the market with an aim to push its products and services into the intended market. The foreign company that penetrates its products into the host countries is known as franchisor and the companies through with it push its products and services are known as franchisee. Franchisees are considered to be solely responsible entity for selling the products and services of the franchisors. Therefore, it is expected from the franchisees to contain a great hold on its domestic market and sound knowledge regarding the competitive firms and their marketing strategies (Jansson, 2008). In fact, the franchisor delegates the responsibilities of branding and promotional activities to the franchisees so that they can comply with the best practices in the domestic industry in order to create the provision for its future expansion. Therefore, as the control of operations is delegated to the domestic firm of the host country, success of international business of the foreign company depends on the inclination of the franchisee to carefully execute the business of that foreign company. Considering the market entry strategy for Sony Corporation, the market research report has shown that there is no such concrete company in the consumer electronics goods industry, depending on which this foreign company can start their franchise business. Hence, this strategy for entering Scotland market many not is beneficial for the company (Gannon, 2006). 5.2. Joint Venture The strategy of international joint venture indicates a business agreement between two parties, one domestic and another foreign for a specific time period in which a new entity is formed with contributory equities from both the parties in order to run business in a particular market. Depending upon such partnership with the domestic company, a foreign company can penetrate global market and establish their businesses. Such partnership is beneficial in terms of stronger financial power, technological access for both the companies and enhanced marketing abilities which would not have been able to achieve by the foreign company in absence of the joint venture (Jansson, 2008). In fact, under such joint venture, the foreign company gets access to the distributions channels, manufacturing units, and research and development facilities of the domestic company as well. In this way, it becomes easier for the foreign company to enter into the targeted foreign market and expand business successfully. However, success of such venture depends upon relationship and coordination between the parties involved in business. In many cases, it has been experienced that lack of financial and technological support from the parent company, tendency of uneven profit sharing, asymmetry in information etc. results in termination of such agreement which in turn affect both the parties involved into business. However, similar to franchise model, no strong domestic company is found in this industry segment of Scotland with whom Sony Corporation can join hand and experience business excellence. Therefore, this strategy as well will not be appropriate for this Japanese company (Johnson, Whittington and Scholes, 2011). 5.3. Wholly Owned Subsidiary Wholly owned subsidiary is created when a foreign company such as Sony Corporation takes full control over a firm operating in the Scotland market and engaged into similar business line as the foreign company. Wholly owned subsidiary can be achieved in two ways viz. Greenfield investment and acquisition. Greenfield investment is a comparatively new concept in which the foreign company takes full control over the domestic company, including its equity shares. The strategy has shown an excellent record of yielding a return above average of the industry return. In acquisition, the parent company also aims to take over the business process of the domestic company and compels it to follow the business process shown by the parent company (Johnson, Whittington and Scholes, 2011). However, objective of both of the strategies is to capture the in- built customer base and market share of the domestic company. As greater market share indicates opportunities for the firm to augment and exercise higher market power, many times foreign firms tend to acquire domestic firms to constitute wholly owned subsidiaries in the host market. Wholly owned subsidiary is not a viable option for Sony Corporation because the Scotland’s market for consumer electronics products does not involve any domestic company acquiring which the foreign company can achieve readymade market share and consumer group, depending upon which the company can consider for further expansion (Gannon, 2006). 5.4. Strategic Alliance Strategic alliance is a famous practice especially in the international business of electronics consumer goods where a domestic company and a foreign business unit come together for a shorter time period to create a new product or services or enhance their market share through utilizing input of the domestic company, without hampering the existing business practices. The rationale behind the domestic companies entering into such alliance is to get an access to the technological consideration and research and development of the foreign company as well as its resource and capabilities utilizing which the firm can achieve competitive advantage in the market segment (Jansson, 2008). In fact, strategic alliance tends to reduce cut- throat competition in the global industry segment through creating positive alliance among many domestic and foreign companies. Large scale operations of the aligned company also create economies of scale which in turn enhances the firms’ profitability. Business risk is also reduced as no party involved in strategic alliance bears full responsibility of cost of operations and accordingly encounters full risk of business. However, analyzing this particular foreign market entry mode, it is evident that the domestic company involved in the strategic alliance tends to become more benefitted by the alliance rather than the foreign company itself (Johnson, Whittington and Scholes, 2011). The domestic company engages into such alliance with an aim to exploit the resources and capabilities of the foreign company and gain competitive edge through efficient utilization of such attributes. Therefore, joining strategic alliance with any domestic company of Scotland will not be a viable option for Sony Corporation. 5.5. Direct Ownership If a company has sufficient knowledge regarding the process of internationalization and is proficient in foreign market entry, the company can enter into its desired market on its own capabilities and establish business without influence of any third party business partners. Under direct ownership, the company is free to formulate their own development strategy in the foreign market, taking into consideration its political and economic framework as well as the social and technological considerations. Though there is a risk of product failure in the untested market, proper market research and careful implementation of the strategies undertaken can bring unparallel success to the company as there is no scope for profit sharing (Gannon, 2006). Considering the case of Sony Corporation, from its international operations since long, the company has gained considerable knowledge regarding penetrating the desired foreign market. Moreover, Sony Corporation is already operating in 48 European countries among which 18 are from United Kingdom. As the market structure of Scotland is considered to be the reflection of European market, it will not be very difficult for the company to formulate relevant strategies that will bring success for the company in this particular market in the upcoming future. Above all, in absence of any strong domestic company in the consumer electronics goods segment, the Sony Corporation has a a negligible scope to collaborate with any Scotland based company who can provide valuable insights regarding the scope and structure of the Scotland market. therefore, rather than amalgamating with any mid-sized or small company, the best strategy for Sony Corporation will be to decide on establishing direct ownership in this market segment (Sony Corporation, 2013). 6. Business Strategy: Adaptation versus Standardization In terms of business strategies, for operating successfully in the Scotland market, Sony Corporation will have to incorporate either of the two available strategies. Either the company can institute their existing business practices that they exercise in the home country Japan or Sony Corporation can adapt the prevailing practices in the consumer electronics goods industry in Scotland. No matter which strategy the Sony Corporation chooses, it should yield maximum benefits to the company in terms of sales and profitability. Standardization indicates the process through which a company strives to establish its existing business process and operations including technological standards, labor participation as well as marketing and distribution activities in the targeted foreign market (Verbeke, 2013). In contrast, adaptation refers to the process of acclimatizing the business process such as source of raw materials, manufacturing process of products, technological inclusion, nature of labor and supply chains prevailing in the target market of the company. Considering the case of Sony Corporation, it will become a costly affair for this Asian company to standardize its business process in the western country, Scotland. Moreover, from the macro-economic analysis, it was evident that the country has accomplished sufficient achievements in the field of innovation and technological development. Availability of cheap labor was also assured by the evaluation of labor market of the country. In fact, adaptation of business process will help the company to understand the choice and cultural preferences of consumers in this region and accordingly design their products in order to successfully address their requirements. Therefore, in order to conduct business in a cost effective way, Sony Corporation should adapt the prevailing business norms and practices in Scotland rather than standardizing the business model followed by the company it their home country, Japan (Blomstermo and Sharma, 2006). 7. Product Strategy: Ansoff’s Matrix Ansoff’s Matrix indicates the strategy that a company should incorporate among four possible alternatives at the time of penetrating into the foreign market. The four quadrants of the matrix are as follows. 7.1. Market Penetration In market penetration, strategy of the company is to strive for capturing more shares in the existing market through sales of the existing products and services. The existing markets in which Sony Corporation operates has become so matured that the scope for further market penetration has declined for the company to a great extent. Therefore, this strategy is not viable for Sony Corporation (Rugman, 2009). 7.2. Product Development Product development concentrates on the company’s effort to offer new products in the existing markets in order to achieve an enhanced growth. The product basket of Sony Corporation already includes a wide range of products. However, due to saturation of the existing market, the company is already experiencing decline in sales. Therefore, further product development may not prove to be a feasible option for the company (Rugman, 2009). 7.3. Market Development Under market development strategy, firms strive for expanding their businesses into new markets. Considering the present condition of Sony Corporation, in spite of having a strong product range, the company is experiencing business turmoil only due to operating in the matured European and Asian markets. Therefore, opting for the strategy of market development and accordingly entering the markets with immense sales opportunities such as Scotland will bring huge success in the near future (Rugman, 2009). 7.4. Diversification Diversification influences the companies to offer newly innovated products and services in the newly developed market. However, initially Sony Corporation should concentrate on market development in Scotland only. Once it establishes its primary offerings in this market and achieves brand loyalty, then the company can slowly start pushing others products and services of the conglomerate company as well (Rugman, 2009). 8. Marketing Strategies: 4 Ps of Marketing Considering the marketing strategies that Sony Corporation should implement in the Scotland market are as follows: 8.1. Products During the initial period of market development, Sony Corporation should introduce its fundamental products only i.e. the consumer electronics goods such as television, music system, video games etc. in Scotland. Once the products are accepted by a large chunk of customers, the company may further push other products in their baskets such as entertainment and financial services of Sony Corporation (Cole, 2003). 8.2. Price The company should introduce value based pricing for the consumer electronics products in which pricing is done on the basis of the value of the products, rather that its cost of production (Hitt, 2009). 8.3. Place Considering the place of business, Sony Corporation should institute its wholly owned showrooms in the urban areas of Scotland in order to attract young to middle- aged consumers with sound purchasing power and knowledge on international technologies. However, as the company is planning to adapt the existing logistics and distribution systems, Sony Corporation should conduct extensive market research in order to obtain an access to the standard vendor who will provide services at an affordable cost (Cole, 2003). 8.4. Promotion As the company is aiming to launch its products into the new market segment of Scotland, high priority should be given to promotional activities so that brand awareness can be obtained. For this purpose, Sony Corporation should drive for rapid advertisements, both in televisions and hoardings. The company can also organize promotional activities in shopping mall in order to create brand visibility among their target customers. Celebrity endorsement and corporate sponsorship can also be used for capturing attention of the high end corporate clients (Hitt, 2009). 9. Conclusion The international business of Sony Corporation is already visionary in the global business context. Capability of the company to formulate efficient strategies for international business and foreign market entry has enabled Sony Corporation to experience grand success during the business lifecycle of the company. Concerning the present initiative of the company to penetrate the still untapped Scotland market, from the above analysis it is prominent that if Sony Corporation plans to enter the market through the mode of direct ownership and attempts to adapt the existing business process in the Scotland market, it will prove to be cost –effective for the company. In fact, the business strategy, product and marketing strategies are formulated keeping in mind what will be the best fit for Sony Corporation to enter and operate successfully in the Scotland market. If the company can implement the prescribed strategies efficiently, it will be able to experience huge business success in this less competitive market in the upcoming future. Reference List Arnold, D., 2003. Strategies for Entering and Developing International Markets. Financial Times: Management & Leadership, 1(1), pp. 1-5. Blomstermo, A. and Sharma, D. D., 2006. Learning in the Internationalisation Process of Firms. 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