Global Strategic Management - Research Paper Example

Global Strategic Management Table of Contents Executive Summary 4 2.Introduction 5 3.Company Overview: Air Products & Chemicals, Inc. 6 4.Industry and Company Related Factors Influencing the Global Strategic Management 8 4.1.Industry Forces 8 4.2.SWOT Analysis 10 5.External Drivers of Global Strategic Management 14 5.1.Factors Influencing International Business 14 6.Methods for Developing International Strategy 17 6.1.International Business Strategy 17 7.Key Elements for Developing International business Strategy 20 7.1.International Marketing Mix 20 8.Strategy Recommendation 22 8.1 Glocalisation Strategy 22 9.Major Implications for Functional strategies 23 9.1.Functional Strategies 23 10.Conclusion 25 11.Recommendation 25 Reference 26 1. Executive Summary This paper involves the multiple aspects and requirements for global strategic management. Therefore, in order to offer a better description, the entities paper focuses on the international business and strategic management of Air Products & Chemicals, Inc, a U.S.-based leading manufacturer and seller of packaged gas and chemical. Due to innovative strategic management and product development, the company has experienced a rapid growth in domestic as well as international market. The company has identified a better and potential opportunities in international markets and hence, it has entered into major markets of Asia, Europe, Middle East etc. In the process of international expansion involves a number of issues relating to multiple macro-economic, specifically due to cultural diversity. Besides, the industry forces of is also prominent for determining the attractiveness of the industry. Industry for packaged gas and chemical manufacturing has a great economic importance as it offers very vital raw materials to other industries. The global gas and chemical manufacturing industry is becoming very competitive with increasing opportunities. However, the overall industry competition is quite attractive as higher availability of consumers comparing to international organisation. To cater the international market Air product must use its strengths to counter the underlying opportunities. In this process, the foremost task is to identify the multiple factors influencing international business and the major factors are external forces (political, culture, market trend, geographic features etc) and consumer behaviours. Air product must assess these factors for framing proper strategies. However, the core organisational strategy should support international strategy and Air product must develop distinct strategy for each country. To identify the strategic direction for international market, it can use the nine strategic windows. Marketing mix should also be considers the feature of prevailing international market. The glocalisation strategy should be core essence of global strategic management and hence, it should acts as local company in international market with the international standards. To meet short term and specific aims, the functional strategies should focus on understanding the culture of the market and consumers. Moreover, it also needs to comply with legal frameworks to avoid the country related risks. 2. Introduction There have been significant changes in the nature of trade and business activities. The Industrial Revolution of 18th century can be considered as the first occurrence that changed the thought process of the entire world regarding industrialization. People and world economies have realized that industrialization is one of the most crucial tools for bringing economic and social developments within a country. In order to encourage industrialisation, economic policy makers have to take necessary initiatives so that people can use their entrepreneurial and productive skills. Besides, industrialization also requires multiple resources like labour, capital, materials etc and many countries are not self sufficient in this respect. Therefore, the world economies are inter-dependent on each other for their own benefits i.e. domestic market developments (Dijck et al, 1987, p.223). The developed countries such as Japan, UK, and U.S. etc have experienced a rapid growth of industrialisation that has placed them in the category of first world countries. Moreover, at present, countries like China and India are now aiming to enhance the industrial growth. In this process, these countries are focusing more on free trade policies which encourage global companies for market expansion. This has intensified the competition level in global market. Hope and Maeleng have defined free trade policy as a tool for enhancing competition level. They have termed free trade policy as a “competition-enhancing device” (Hope and Maeleng, 1998, p.52). Growth of international trade and business is an outcome of globalisation followed by free trade policies. It has brought a revolution in the global economy and major social developments. At present, the multinational business organisations are focusing more on markets with great potentials and better future opportunities. However, in a foreign market, they also have to face a number of challenges as the new market is very different from their respective domestic markets due to cultural diversification, government policies, availability of resources etc. A multinational enterprise has to deal with these factors by formulating effective and plausible strategies for achieving success. These strategies are known as global or international business strategy and Jansson has explained that global strategy is meant to help an organisation in the process of “global market participation, product standardization, integrated competitive moves, coordination and concentration of value-adding activities as well as action programmes” (Jansson, 2008, p.64). This paper will attempt to deal with the packaged gas business of the company, Air Products & Chemicals, Inc. The primary objective is to frame and offer a set of international strategies for the company by conducting an analysing using multiple sources. These international strategies will aim to facilitate the company in the international business and strategic management. 3. Company Overview: Air Products & Chemicals, Inc. Air Products & Chemicals, Inc. is a U.S.-based chemical and gas selling company. This company was established in 1940 with an innovative concept of producing and selling industrial packaged gasses. The company opened its first business unit at the Detroit city of Michigan. Soon, the products of Air Product became very popular and it experienced a rapid growth. Specifically, the packaged oxygen was very much in demand “as a highly compressed gas product in cylinders that weighed five times more than the gas itself” (Air Products and Chemicals, Inc.-a, 2010). With time, the company brought several other developments in the field of R&D, product development, infrastructure and customer services. Today the company has gained a respectable position in the gas and chemical industry. It has also expanded its market in more than 40 countries of the world. The company is managing its multiple business units in different countries with more than 18,300 employees all over the world. This company is publicly listed in the New York Stock Exchange (NYSE) where its stock symbol is ‘APD’. In May 2010, the Fortune magazine disclosed that Air Product ranked 273rd in terms of sales among the 500 largest companies of S&P (Air Products and Chemicals, Inc.-b, 2011). The products manufactured and sold by the company covers three major areas i.e. packaged gas, performance materials, and equipment & services. Besides, the company also produces chemical for electronics and fluorination. It develops wide ranges of products, serving a large numbers of markets like chemical and processing, metals, aerospace, enhanced oil and gas recovery and many more. In U.S., the gas and chemical industry has great economic importance as this industry provides key raw material for further manufacturing processes. In this respect, Air Product plays a very significant role in U.S. and other country’s industrial developments (Air Products and Chemicals, Inc.-c, 2011). Technological development is the key success factor for the company’s growth. The company has introduced latest technologies for product developments and for its operational process. Air Products Direct (APDirect) is a system implemented by the company for offering better level of services to its clients and to its suppliers. This system is secured as well as convenient which is meant to save valuable time of its customers and suppliers by providing the latest information regarding product knowledge. It is also helpful in receiving and delivering orders, cylinder holding & inventory management, safety services etc (Air Products and Chemicals, Inc.-d, 2011). What do you consider to be the significant external and internal drivers for globalisation or localisation for this business? 4. Industry and Company Related Factors Influencing the Global Strategic Management 4.1. Industry Forces In order to identify the degree of the competition in an industry, it is necessary to assess the multiple driving forces of an industry that influences overall profitability of that industry. In this respect, Michael E. Porter has identified five major forces that drive an industry. These five factors are bargaining power of suppliers, bargaining power of customers, threats from potential entrants, threats from substitute products and rivalry with the exiting companies (Porter, 1980, p.6). Air Product is in gas and chemical manufacturing industry. However, this paper will concentrate on its packaged gas segments and hence, the Porter’s five forces analysis has been done focusing on packaged gas manufacturing and selling business. Bargaining power of supplier: Air Product has identified the group of suppliers as the key success factor for its business. In case of international expansion, availability of suppliers is the foremost criteria and on the other hand, it is also necessary to assess the bargaining power of the suppliers in a particular existing market. The major suppliers groups for the company include the suppliers of equipments, power, and other services. The skilled employees are also a part of suppliers. The availability of high quality equipment suppliers is not easy in most of the countries and hence, the company has to depend on the imports. This intensifies the bargaining power of suppliers. However, skilled people are easily available due to academic developments of technological field. The company tries to develop partnership with suppliers that lead to reduction in the suppliers bargaining power (Air Products and Chemicals, Inc.-e, 2010). Bargaining power of customer: Air Product serves a wide range of market and hence, the company receives an ample amount of customers. The company does not deal with the retail customers as it provides finished goods to the corporate. However, these customers buy products in bulk and they are able to influence the pricing strategy of the company. The company has been able to control the bargaining power of the customers as it offers better quality products and its consumer satisfaction level is also quite high. On the other hand, numbers of the packaged gas manufacturing and selling companies are not significant. Therefore, overall bargaining power of customers is moderate in this industry. Threats from potential entrants: The entry barrier in the gas manufacturing and selling industry is quite high. The business of packaged gas manufacturing requires high amount of investments for acquiring expensive equipments. Moreover, technical expertise in the business is inevitable and the cost of technical employees is also high. Air Product has gained 70 years of experience in this industry that has sharpened its technical expertise. It is quite difficult for a new entrant to understand the business techniques of this industry. The product quality and safety are the primary needs in this industry and existing customers have developed their brand preferences in this respect which creates high barrier for new entrants. However, the companies from oil and gas industry can enter this market by diversifying themselves. These companies have greater technological expertise and they also have financial capability to invest in this industry. Therefore, Air Product must analyse the threat to these potential entrants for market expansion. Threats from substitute product: Air Product produces packaged gases like oxygen, helium, nitrogen, argon, hydrogen and other speciality gases which are used for specific tasks. There are hardly any substitutes available that can meet those specific tasks. For example, the packaged oxygen gases are used in health care sectors for treatments and there is no substitute available in this respect. However, scientists are trying to invent alternatives e.g. renewable products that may be considered as potential threats from substitutes in future. Rivalry with existing competitors: Along with the Air Product, its key competitors have also entered the multiple international markets and the entire market of packaged gases is becoming too competitive. The competitors are competing with each other on the basis of reliability of product supply, price and quality of the product (Air Products and Chemicals, Inc.-e, 2010). The competitors are trying to cater to the wide ranges of target markets by offering best product at a cheaper price that reduces the profitability of this industry. The major competitors of Air Product in packaged gas industry are Liquide SA, the Linde Group, Airgas, Inc and Praxair, Inc etc. 4.2. SWOT Analysis SWOT analysis is a celebrated analytical tool for evaluating the internal and external environment of an organisation. SWOT is one of the widely used management tools in the process of strategic management and decision making. SWOT helps in analysing the internal strengths and weaknesses and the external threats and opportunities (Ferrell and Hartline, 2008, p.118). SWOT analysis of Air Product for framing the global strategy has been conducted below. Strengths: 70 years of experience in this industry is the primary strength of Air Product. The company has acquired useful industrial knowledge and technical expertises. Secondly, the company has covered wide range of market and a wide base of consumers. This also helps it to reduce the negative impact of business cycle. Since last 70 years, the company has been able to maintain a steady growth in terms of finance, market expansion and operations. It is present in more than 40 countries and hence its revenues are highly diversified. The following model geographical division of sales revenues. Figure 1: Sales Revenue (Source: Air Products and Chemicals, Inc.-f, 2010) Weaknesses: After the financial crisis of 2007-2008, the company has suffered a decline in its sales revenue. As a result, financial strengths of the company have reduced and the key financial indicators are given below in the table. Table 1: Key Financial Indicators (Source: Air Products and Chemicals, Inc.-f, 2010) The above table indicates that due to financial stress, the company had to reduce the number of employees for reducing cost. Moreover, in U.S. market, the company seems to be weaker than its key competitors in terms of financial strengths. The following table presents a comparison of Air Product with its key competitors. Table 2: Comparison with Direct Competitors (Source: Yahoo Finance, 2011) Besides, the company is also suffering from litigation as it tried to make a hostile attempt to acquire the Air Gas Company. As a result, it has also affected its corporate image in the market (Anderson & Corroon LLP, 2011). Opportunities: With the technological developments, new products are being invented. Air Product has launched a number of new products that offers greater opportunities by increasing the market exposure. Moreover, the company is also trying to reduce its processing cost through improved R&D programs (Air Products and Chemicals, Inc.-e, 2010). Expansion in the European markets and China is also an important opportunity for its business. The product demands in these countries are expected to be higher compared to its domestic market. On the other hands, it can also acquire potential companies is its international markets. Threats: In case of its international business operations, the government’s unfavourable policies are a major threat for the success of its business. Moreover, its direct competitors are already present in most of the international markets that may affect the overall profitability of the industry. Gas manufacturing business involves a greater threat to the environmental safety and hence, the governments often impose stricter regulations on the companies for taking safety measures for environmental protection that may cause lower profitability. On the other hand, increasing operational cost of industrial gases is also a major issue for the company. 5. External Drivers of Global Strategic Management 5.1. Factors Influencing International Business Intensifying competition in the domestic market encourages the business organisation to expand their market in foreign lands. Hence, they aim to analyse the potential markets which are suitable for their business expansions. In this process, they also have to consider the factors affecting business and profitability. Many critics and scholars have identified a number of key factors which are very crucial for the international business expansion. Daniels has identified the political and social criterions as the vital factors. He stated that the political and legal condition of a country determine the effectiveness of business growth and development. For example, stable political conditions in developed counties like Japan, U.S. France, and U.K. etc are the key success factors. The political powers are also responsible to formulate legal framework that provides protection to a business. In order to explain this argument, Daniels tried to represent it through a model given below. Figure 2: Factors Affecting the International Business. (Source: Daniels et al, 2010, p.99) The above model shows that apart from political and legal factors, there are also four other major factors i.e. culture, economic, geographic and competitive environment that influence international business. A favourable economic condition means that the country must have lower and stable inflation, higher GDP & industrial growth, higher purchasing power, availability of better resources etc. These economic parameters are vital consideration for international market expansion. The cultural factors are one of the most critical areas for multinational companies in international markets. Culture and features of various international markets differs from each other and it influences the organisational culture, consumer behaviours and regulators perspectives. For example, China is dominated by communists and it has a conservative and traditional culture which is very different from Western culture and market. China is a developing country and has greater market opportunities but due to cultural diversity, many multinational companies fail to sustain. In this process, Geert Hofstede has defined five cultural dimensions that drive a culture of a market. His five cultural dimensions are power distance index, individualism, masculinity, uncertainty avoidance index and long-term orientation. These five dimensions are also helpful in understanding the core organisational culture of an economy (Geert Hofstede-itim, 2009). Daniel D. Bradlow has defined that the global environmental is rapidly changing and currently, there are three major factors influencing an international business. These three factors are “transnationalization of economic activity”, “increased concern about the environment”, and “increased attention to the human rights obligations of actors other than states” (Bradlow, 2008). Therefore, Air Product must analyse and evaluate the above stated factors for developing its objectives and global strategies for its international market expansion. Apart from the specific models discussed in the above sections, there have been other forces shaping up the global strategy of any organisation. The following figure displays those forces leading to improved globalisation strategy of any organisation. Figure 3: Global Strategy Forces (Source: Yip, 1989) The figure shows that there are resources of the company as well as the industry drivers which lead to the framing of globalisation strategy. Some of these factors including the market factor, resources, environmental and competitive factors have been discussed in the earlier segments. Cost factor has been one of the significant attributes to drive the companies to have one single strategy across the globe. When any organisation found that having one strategy can fit in all the operational locations and it would reduce the cost of local adaptation, it may opt for globalisation strategy to have uniform marketing, product standardisation, major market participation and better integrated operational moves. However, cost actor can also drive the companies choose local adaptation, when the demand would increase for local products with global brand name. Furthermore, the resources are significant as sustaining a global business strategy would demand enough coordination among the local business centres. So, all these macro as well as micro environmental factors would define and frame the global and local strategies of Air Products and Chemicals, Inc. What future international strategy would you recommend for the business and what are the key elements of that strategy? 6. Methods for Developing International Strategy 6.1. International Business Strategy International business strategy management is a more difficult task than managing a domestic market. The previous two sections have explained the necessity of analysing multiple factors for gathering relevant information. After understanding the driving forces, a company must decide its international strategy. However, in this process, the company also needs to scrutinise the internal strength for catering to a new international market. Alexander and Korine have explained that a company should avoid the international expansion of its business in three cases. Firstly, the company should not go for international market expansion when the demand of its product in that market is low or stagnant. Secondly, sometimes, companies are often incapable in meeting the demands of international market and managements also do not have necessary skills to exploit the benefits. Finally, in spite of greater market demand and greater market opportunities, other factors are unfavourable that may cause drastic loss to the company. The company must compare the available benefits with major prevailing threats (Alexander and Korine, 2008). However, when a company finds that the above stated three areas are favourable, it must go for international market expansion. In this process, they are supposed to experience a number of benefits that adds value to their entire image and financial strengths. Firstly, international market expansion offers greater product demand and the company is able to produce in large quantities by achieving the economies of scale. Ultimately, it leads to cost reduction. Secondly, due to better knowledge gained in international market, the product quality improves. Thirdly, as multinational companies serve a large number of culturally diversified consumers, they are able to understand and meet consumers’ preferences. Fourthly, companies gains greater competitive leverages and advantages (Yip, 1989). Yip has developed a model showing the entire framework for global strategy. The model is given below. Figure 4: Total Global Strategy (Source: Yip, 1989) As per the above strategic framework, there are three levels of strategies for international expansion. Firstly, a company seeking internationalisation must develop its core business strategy which is supportable for international expansion planning. The core business strategy will be same in each market e.g. values and mission of the company. Secondly, it should try to internationalise its core strategy. Finally, it must need to formulate distinct strategies for each country depending on its business environments. To classify specific strategic direction for international strategic planning, Air Product can use various strategic models and matrix. Solberg has developed a model known as nine strategic windows that offers specific strategies based on industry globalism and planning for industrialization. This model is given below. Figure 5: Nine Strategic Windows (Source: Hollensen and Banerjee, 2009, p.6) As per the above matrix, Air Product is a matured company as it has already in the international market. On the other hand, packaged manufacturing gas industry is global market. Hence, Air Product must try to strengthen its global position in its existing international markets. 7. Key Elements for Developing International business Strategy 7.1. International Marketing Mix The foremost task in framing suitable strategies for any particular market involves the marketing mix. The business organisations always try to frame the proper marketing mix in case of international strategic managements. Effective marketing mix strategies are the foundation of a strong global strategy. Marketing mix involves four basic elements of marketing i.e. product, price, promotion and place which is known as four P’s. Kotler has stated that the decision makers must determine its marketing mix for “influencing their trade channels as well as their final consumers” (Kotler, 1972, p.24). Therefore, Air Product must adjust its marketing mix as per the nature of its various international markets. Before drafting marketing mix strategies, Air Product must collect necessary information regarding factors like economic, governments’ policies, culture, consumer behaviours etc and the marketers have to concentrate “more of a local unit analysis” for determining the marketing mix (Young and Javalgi, 2007). Necessary consideration for developing the international marketing mix policies are given below for Air Product. Product: Air Product should understand local consumers’ needs, tastes and preferences and then, accordingly, it should determine multiple requirements in product developments like packaging, technology, size, quantity etc. Price: In order to determine the price, Air Product must assess the purchasing power of the consumers and the offered prices of prevailing competitors. Moreover, Air Product also needs to identify the influence of price and discounts on the consumers’ decision making process. Promotion: Communication is another critical area for catering to the international market. One of the primary reasons for failure of international business is that the multinational enterprises are not able to properly communicate with the local consumers and market. Cultural diversity and language barriers are two major issues in this respect. Therefore, for proper communicational system, Air Product must understand and respect the local culture, and its promotional activities must reflect the local culture. The advertising activities must be understandable by the local target audience. Place: Air Product should assess the coverage of market and required technical efficiency for distribution activities. The company also needs to forecast the demand in each area for punctual distribution process (Katsioloudes and Hadjidakis, 2007, p.285). By what methods would you recommend the strategy is developed? 8. Strategy Recommendation 8.1 Glocalisation Strategy Air Product must follow an effective approach for managing its international strategy. The prime essence for sustaining in a foreign market is to gain the trust and confidence of the local market and target consumers. The companies must try to develop the brand image in the mind of local consumers as a local brand. In an international market, the domestic companies have greater advantages as being an indigenous entity, they receive better government support and they are also able to understand and communicate with its target market. However, in order to gain an upper hand position in a foreign market, Air Product must follow the ‘Glocalisation’ approach. Glocalisation is a modern strategic approach in international trade and business. Tulder commented that “Glocalisation pertains to a company’s attempt to become accepted as a ‘local citizen’ in a different trade bloc while transferring as little control as possible over its area of strategic concern” (Reich, 1998). Therefore, it is necessary for Air Product to act as a local company in its foreign markets. However, on the hand, it needs to maintain its global thought process. For example, in case of promotional strategy, it must show the respect to its local culture. On the other hand, it aims to bring social, economic and community developments in its local market (Bruner, 2004). In this contemporary business environment, it is very important for the global companies to understand the local needs and at the same time, they must put the effort to establish a globally renowned brand in any specific market. The company must rely and invest more in the locally based suppliers to curtail down the cost. Furthermore, the company should also rely on the local people to reduce the labour cost and the productivity further, as they are the people who are more accustomed to the market and community in any specific location. It is pretty important from the organisational perspective to understand the local diversity and must work to integrate the activities and culture to optimise its resources, both globally and locally (Air Products and Chemicals, Inc.-f, 2010). What are the major implications for functional strategies of your corporate strategy? 9. Major Implications for Functional strategies 9.1. Functional Strategies Air Product is already in the more than the 40 countries in the market. Therefore, it needs to maintain a higher position in its existing market and on the other hand, the company should also try to keep expanding its business into new potential markets. In this process, the company can follow a number of market entry strategies like indirect or direct import and export, partnering with international intermediaries, acquiring licensing, developing franchising, joint ventures and foreign direct investments (Walden University, 2011). Maintenance of global position in the competitive international market is the prime task in the process of global strategic managements. Based on the above analyses and discussions, some relevant and plausible functional strategies for Air Product have been given below. Should conduct an extensive and flawless analysis to assess the potentials of the new international markets. Should try to understand the consumer preferences by conducting market research programs. Should train the expatriate managers and employees regarding culture of the particular local market. Should respect the locally diversified culture and become a part of it to gain the trust of consumers. Should conduct a better programs for social and community developments and try to portray voluntary effort in this respect. Should comply with government rules and regulations and take necessary steps for environmental protection. Should frame more than one strategy for each international market. Should aim to increase the overall value of the consumers and the market by offering the best possible products and services through its operational process. 10. Conclusion This paper has presented a discussion on global strategic management focusing on the Air Products & Chemicals, Inc for its packaged gas business. This U.S. based company is present in more than 40 countries and hence, global strategic management is the major task for the company. Increasing global competitiveness in packaged gas industry reduces the overall profitability of the industry. Moreover, its key direct competitors are already present in most of the markets and its global market position is weaker than its key competitors. To survive the competition, it is pretty significant to analyse the local as well as the global strategies of the company in response to both the internal and external environment. Framing up global strategies with local adaptation can reduce the operational cost and enhance the profit margin for this renowned organisation. 11. Recommendation International market for industrial gases has greater opportunities and Air Product must strengthen its global position through better global strategic management. There are a number of factors like political, cultural, environmental, economic, competitive environment that affect the international business and Air Product must analyse and evaluate the favourability of these factors for framing global strategies. The marketing mix is the core of the entire global strategy and it must be framed considering the local market. Trust of the local consumers and markets are very necessary in this respect and the company should reflect the respect of local culture through its marketing mix strategies. Social development program is one of the effective marketing tools for achieving success in foreign markets. The overall aim of the company should be on value creation of local consumers through proper communications and business processes. Reference Air Products and Chemicals, Inc-a. (2010). We are Air Products. [Pdf]. Available at: http://www.airproducts.com/NR/rdonlyres/1A283538-3FFA-4785-8BCC-8F06CA7A9678/0/We_are_Air_Products.pdf. 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