The Best Suited Entry Mode by ASDA into Cypriot Retail Market - Example

Report Title: The best suited entry mode by ASDA into Cypriot Retail Market Module: Management of International Business Student Name: Student ID: Degree Title: Tutor Name: Executive summary ASDA is a top retail store in the UK. It currently enjoys a grocery market share of 16% in the UK. The retailer has plans to set up shop in Cyprus a market where it has never ventured into. The report intended to analyze ASDA strengths and weaknesses in relation to this move. The report also sought to analyze the country and regional situation using appropriate theoretical model and empirical evidence to assess the feasibility of such a move by ASDA. ASDA has several strength such as long experience and technical knowledge in the retail business that it could use in the venture, ASDA also has good financial backing from Wal-Mart and ability to source for experienced and competent staff for project. It is however weakened by the fact that it has only operated in Britain and thus its brand may not be so popular outside Britain. All the same there exists an opportunity to sell ASDA competitive pricing model in Cyprus even though the competition threat is very real in Cyprus where the small population is served by a number of supermarkets some of which are strong local players such as Carrefour, Papantoniou and Alphamega. The country is not experiencing political instability at the moment although internal conflict is always a major investor concern. The legal environment is favorable for investors with investor friendly taxation of 10% and adherence to European Union norms which ASDA is already used to being a British entity. The economy of the country is recovering from euro zone crisis even though at a slow pace, this may mean investors will take a longer time before recovering their investment. All these factors make it a complicated situation for ASDA as it seeks to enter the foreign market. ASDA can go ahead to invest in the country as there are sign that the market is lucrative and shows future growth prospects. ASDA will however have to use an acquisition mode of entry into the market, this is a low risk move that will help ASDA gain market share quickly and have predictable revenue projection before it decides to rebrand the new acquisition. It may take a longer time to compete such a move but the risk is low and the market share is almost guaranteed while risk is minimized considerably for ASDA. With time ASDA can rebrand to harmonize promotion and branding of the stores as well as the philosophy and way of doing business for the company. Table of Contents Report Title: The best suited entry mode by ASDA into Cypriot Retail Market 1 Executive summary 2 1 Introduction 4 2 ASDA Analysis 4 2.1 Strengths 5 2.2 Weaknesses 5 2.3 Opportunities 5 2.4 Threats 6 3 Retail industry analysis- Five forces analysis 6 3.1 Threat of new entrants 6 3.2 Threat of substitute products 6 3.3 Bargaining power of customers 7 3.4 Bargaining power of suppliers 7 3.5 Rivalry in the industry 7 4 Country analysis 8 4.1 Political issues 8 4.2 Trade and investment policy 8 4.3 Tax policy 9 4.4 Economic issues 9 4.5 Legal issues 9 5 Analysis of the regional organization 9 6 FMSS/Mode of Entry analysis and recommendation 11 6.1 Recommendation 15 6.2 Benefits of acquisition in the case of ASDA 16 6.3 Disadvantages 17 7 Conclusion 17 References 19 1 Introduction ASDA is a top UK retailer currently controlling around 16% of the grocery retail industry in UK (Nevile, 2013). The retailer operates on a low priced offering strategy priding itself as Britain’s lowest priced supermarket. The supermarket retails mostly food, clothing and general merchandise. The ASDA is a wholly owned subsidiary of the US based Wal-Mart (ASDA, 2013). The company has had an impressive progress to its current market position from its founding in 1949 (ASDA, 2013) .The company is planning to open operations in Cyprus where it has yet to make inroads. Cyprus is an island nation with a population of around one million people but the population may vary at any given time given the country is a major tourist destination in the Mediterranean. The country has a strong diversified economy with GDP per capita soaring above $20, 000 as of 2012 but the euro zone crisis largely affected the economy (CIA, 2013). The political situation is conducive for business but mild hostility exists between the de facto north inhabited Turkish Cypriots and south comprising of the rest including Greek Cypriots (IBP USA Staff, 2009; European Union,2013) . The situation then presents a mixture of opportunities and risks meaning an exhaustive analysis of the ASDA strengths and weaknesses, industry, country and region situation are vital to advising an appropriate entry strategy for ASDA into Cyprus; this is the main objective of the report which will be achieved under appropriate subheadings. 2 ASDA Analysis To succeed in a new market, a company needs to be in favorable situation to ensure success. The most appropriate way to determine this is through a SWOT analysis. 2.1 Strengths ASDA has a long experience in running successful retail ventures; this means that the company has overtime accumulated technical expertise and industry knowledge that will help it operate a successful venture in Cyprus. ASDA runs over 500 ASDA stores. The stores offer more than 40, 000 products ranging from food, clothing, household goods and electronics. Most of the stores are actually supercentres while some are supermarkets being rebranded after the acquisition of Netto in 2010 (ASDA, 2013). Over time ASDA has been associated with cheap prices for UK consumers. Some competitors may therefore have a hard time convincing consumers otherwise (ASDA, 2013).ASDA is able to achieve cheap prices by leveraging on economies of scale due to the huge nature of its operations. Its private labels also help lower prices for consumers at its stores (Dalic, 2004). Apart from operational advantage, ASDA has adequate financial backing from Wal-Mart and is thus able to compete effectively through mergers and acquisitions (Nevile, 2013). 2.2 Weaknesses A large product offering may reduce the company’s flexibility towards focusing on high margin products and also delivering value to consumers. The huge operations too mean a high number of employees thus increasing costs and reducing quality of service delivered at ASDA stores. It is important to note that ASDA’s experience is limited to UK only; different countries have different factors which ASDA has not experienced yet. This may pose a challenge for the supermarket as it positions itself to enter the Cypriot market. 2.3 Opportunities ASDA operates in UK alone (ASDA, 2013). Its reputable brand can attract a great deal of consumers in Cyprus. Cyprus is a major tourism destination meaning there is a sizable homogeneous population all year round thus ensuring a better chance of the ASDA brand doing well in the Cypriot market. 2.4 Threats Competition from discount retailers such as LIDL may be rife considering there is a host of strong local retailers that have already established their brand in the local market. High operating expenses may be expected especially in the short run period of entering the Cypriot market. This is due to the fact that the brand is not yet popular with the Cypriot population. Changing consumer taste especially in the service based industries may serve to make it a challenging situation for ASDA pin the Cypriot market considering it’s a new market which has different tastes and preferences from the British population that ASDA is used to serving. 3 Retail industry analysis- Five forces analysis 3.1 Threat of new entrants The threat of new entrants into the Cypriot retail market is very real considering the fact that Cyprus is a European Union member thus conforming to EU regulations which seek to increase movement of capital and opening up of member economies. The threat is minimized by the fact that getting premises in prime areas of Cypriot cities is difficult due to the small size of the island nation as noted by IBP USA Staff (2009). 3.2 Threat of substitute products Supermarkets in Cyprus just like any other developed world market offer almost the same range of products. Just little differentiation is achieved in terms of product range offering and service delivery. Cyprus does not have a monopolized domestic market but has several players key among them being Carrefour, LiDL, Papantoniou and Alphamega supermarket (Rudolf, 2011). This means that threat of substitutes is very high. 3.3 Bargaining power of customers The Cypriot population is just over a million. It is a fairly small population for the increasing number of retailers setting shop in the country (CIA, 2013). This means that the customers are spoilt of choices when it comes to choosing their retailer of choice. This erodes the businesses power and increases customers bargaining power leaving supermarkets with a small profit margin due to price based competition and high promotion and advertising costs. 3.4 Bargaining power of suppliers The power of suppliers is very high. ASDA will be entering a new market far from its home country. The retailer will therefore have to look for new suppliers especially for groceries in the local Cypriot market. ASDA will be disadvantaged in this kind of arrangement as it does not control a wide market share or integrated vertically to control the supply chain. 3.5 Rivalry in the industry The Cypriot population is very small but there is a presence of several retailers including Carrefour, LiDL, Papantoniou and Alphamega supermarket (Rudolf, 2011). This means there is intense competition for the small market. From the five forces analysis above, it is clear that ASDA will meet stiff competition in the Cypriot retail market due to opening up of the Cypriot economy as a European Union member. The bargaining power of consumers and suppliers is very high and the threat for substitutes as well. Pit is a difficult market but ASDA can rely on pits strong brand and technical knowledge to break even and go on to make profit pin the Cypriot market. 4 Country analysis Cyprus is a European Union island country with a population of slightly below one million people. The World Bank considers Cyprus economy as a high-income economy with a GDP per capita of more than $24, 000 (CIA, 2013). There are several factors to be considered by ASDA such as politics, economy and legal 4.1 Political issues Cyprus enjoys a stable political environment despite an ongoing dispute between the southern part of the island and the northern part. The north is a self declared Turkish republic of Northern Cyprus which is not recognized internationally (Papadakis, Peristianis, & Welz, 2006). The rest of the country makes up the internationally recognized Cyprus (around 60% of the island). The relation between the two has always been hostile since the 1970s but of late the possibility of clashes is very low (Ker-Lindsay, 2011). 4.2 Trade and investment policy Cyprus is a European Union member and as such conforms to EU regulations that among other things aims to eliminate trade barriers such as tariffs and market regulation by member government to ensure the member states have a common market and also there is free movement of people and capital (IBP USA Staff, 2009; Windhoff-Heritier, 2001). 4.3 Tax policy A favorable tax system of 10% corporate tax was introduced in 2002 by the government to attract investors. The government has also signed more than 40 double taxation agreements with countries within and outside the euro zone (IBP USA Staff, 2009). 4.4 Economic issues The country has a fairly diversified economy exporting a lot to the European Union members. Tourism is a major industry complementing the contribution of sectors such as finance, agriculture and sea transport (CIA, 2013). The economy has been adversely affected by euro-zone crisis and is yet to recover fully (BBC, 2013; Schneider, 2013). 4.5 Legal issues Cyprus has extensively reviewed its laws to conform to euro zone requirements thus removing restrictive bottlenecks on foreign direct investments (European Union, 2013). These favorable regulations open up the Cyprus economy for prospective investors like ASDA for as long as they come from EU zones. Businesses from outside EU may face stringent regulatory issues especially from the regional body but EU endeavors to make Euro zone a competitive market rather than a protected territory in global trade (Windhoff-Heritier, 2001). 5 Analysis of the regional organization Cyprus is a member of the European Union which comprises 28 other states mainly in Europe (European Union, 2013). Cyprus has also adopted the euro as its sole currency together with 17 other nations within the euro zone (CIA, 2013). The European Union has several mandates which have a real impact on commerce across the member states’ territories. The EU has established a single market where movement of capital, goods, services and citizens is unrestricted to boost trade within the region and strengthen the union. The single market is a step towards eliminating restrictive laws and regulations touching on trade including tariffs, customs and other barriers to trade (Bishop, 2009). The EU is in charge of a competition policy administered within the territories of its member states. Issues such as antitrust behavior, cartels, mergers and acquisitions are effectively dealt with by the European Commission for Competition. The commission has shown in the past that it can affect trans-national business activities when it stopped a merger of General Electric and Honeywell (Bishop, 2009). The EU has set standards for its member countries in terms of infrastructure. Member countries must improve their land, air and water transportation to meet EU standards. The union also engages in development activities to improve regional infrastructure such as the Trans-European Networks which comprise transport infrastructure including rails, waterways and roads across the territory to facilitate movement of people and goods in the region (Lapavitsas, 2012; IBP USA Staff, 2009). The European Union through the European Commissioner for Environment has also set some environmental laws binding member states and organizations operating in the European territory. The laws are meant to achieve environmental sustainability within the European Union. The member states are bond by a single policy and legal framework to deal with environmental issues thus reducing ambiguity which would result from multiplicity of environmental laws (Bishop, 2009). 6 FMSS/Mode of Entry analysis and recommendation Entering a foreign market is mostly a tricky situation for any MNE. the choice is between minimizing the risk which will in turn mean less returns or risking a great deal of resources and make huge returns. For example if a company wants to reduce the amount of risk it exposes itself to, and then it can choose to partner with a local firm in a joint venture. If the project becomes successful then the two will have to share returns if a loss occurs then the foreign firm would have minimized the impact of the risk. If the foreign firm decides to go it alone in a by opening a wholly owned subsidiary in a foreign country, the risk of failing might be high and so is the impact but if successful, the firm will enjoy the profits alone (Hennart & Park, 1993; Bartett, Ghoshal, & Beamish, 2008). Such is the situation facing ASDA as it intends to enter the retail industry in Cyprus. The Cyprus market poses a number of difficulties for a new retailer intending to start operations. To start with, the economy is just recovering from a crisis emanating from the euro zone sovereign debt (BBC, 2013). This means that the population’s consumption is more limited to necessity goods. According to the CIA fact book on Cyprus (CIA, 2013), the economy depends largely on earnings from tourism mainly from European tourists. This makes it even worse for the economy; as such any new entrant may have to brace themselves up for some tough entry which will not return the investment made immediately. There are several players ion the Cyprus retail market including Alphamega, papantoniou and LiDL. The local players have gained considerable experience overtime and have established themselves as homegrown supermarkets for the small island nations (Rudolf, 2011). It may be difficult to challenge the market share enjoyed by the players collectively. It is also worthy to note that ASDA has not ventured outside the British territory and this may present itself as a challenge since the brand may not be popular with consumers outside the UK. The fact that ASDA is an expansion mode after recently acquiring Netto discount stores (ASDA,2013 ) means the companies human, financial and operational resources maybe overwhelmed by the additional obligations. Constrain on critical personnel and financial resources may actually cause the expansion intention into Cyprus be difficult to manage thus resulting into losses for the company. This coupled with the fact that ASDA has no international experience calls for careful strategizing to ensure that every critical matter is taken care of to guarantee success of the program. International markets present different challenges such as variation in labor relations where the average costs of living may differ. It may mean that a company has to pay more for the services rendered by the employees. The cost of doing business may also be high especially when it comes to overhead costs such as water and electricity bills, waste management and tax (Tielmann, 2010). The Cyprus situation is one characterized by a low corporate tax at 10 percent to attract investments (IBP USA Staff, 2009). The country is however not as developed as the UK. The cost of waste management may be up since environment is a major issue in Cyprus due to scarcity of water and the limited land area. This however should not cause a lot of issues for ASDA since being a member of the European Union Cyprus is bound by EU laws and regulatory framework which among other things seeks to encourage free movement of people and capital to ensure a common market for its members as noted by Windhoff-Heritier (2001). Political instability in the country is always an issue that has impacted negatively on the country as an investment destination. The likelihood of a conflict between the north and the south is however limited since the country has enjoyed a relative calm for the past three decades (Ker-Lindsay, 2011). Investors should all the same be aware of the political history of the island nation since there remains unresolved conflict between the Turkish Cypriots and the south comprised mainly of the Greek Cypriots Papadakis et al (2006). However, the fact that several businesses are thriving in the retail sector including LiDL-an international retail chain means the political situation is all but conducive for business. The growth of the economy further strengthens the contention that Cyprus is a safe destination to set up shop for investors. ASDA however has a strong brand in the UK where it markets itself as the most price friendly supermarket in the country (ASDA, 2013). Now this type of branding is becoming quite popular with consumers the world over as economies struggle in the wake of economic downturn caused by the credit crunch and the European sovereign debt crisis. Many consumers across Europe are living on tight budgets and as such prefer shopping in places where they will save something to take care of other expenses (Lapavitsas, 2012). ASDA has over the years as a cheap option for consumers. This will for sure be a good selling point for ASDA in the Cyprus market which is also dealing with a domestic economic downturn associated with the euro zone debt crisis. Consumers in Cyprus will definitely prefer shopping at ASDA provided its prices will be lower than the prices offered in the market. This may prove tricky for ASDA as it has to develop similar systems it relies on in the UK to deliver such low prices. One would expect ASDA sources its supplies at lower prices; it has lower operating costs due to manageable employee numbers and supply chain efficiency. This may take time and a considerable investment for ASDA to achieve in Cyprus where it will have to establish fresh market activity. It may therefore mean that ASDA has to change its strategy as a cheap alternative into an averagely priced supermarket with a higher quality of service; this will consequently reduce its competitive advantage in a market filled with several players who can as well offer high quality service and beat ASDA. This therefore calls for a huge investment in Cyprus by ASDA if at all it will be able to market itself in the new region as cheap alternative which is its selling pint pin the UK over the years. ASDA will also have to take care of competition matters in Cyprus which is a European Union territory where strict EU regulations and standards apply. However, the European Union is always in favor of simulating growth in the region through cross-border investments to improve the economic situation of its member nations to be at par with each other economically and socially (Windhoff-Heritier, 2001). In this spirit then the European Union may actually make it smooth for ASDA a British company to invest in Cyprus provided British and Cyprus authorities approve of the move. ASDA model of business involves selling a product in which a tangible product is bundled together with a service to deliver the final product which the consumer buys which is the shopping experience at ASDA stores and the tangible product. It means therefore that ASDA cannot export its products into the new market and allow a third party to buy and sell in the name of ASDA. In other words ASDA has to directly be involved in the market if at all it is to establish operations in Cyprus. This should however take into consideration the various risks and opportunities presented by the new market such as over estimation of market potential, consumer indifference and competition as highlighted by Berkema & Vermeulen (1998). OLI Framework It is important to note that when a firm owns its own assets in the new market, it will enjoy the ownership benefits such as the unlimited use of assets and ability to control the activities that go on in the businesses as opposed to a case where the firm uses franchising or partnership to enter a foreign market (Tielmann, 2010). Location advantages will also be vital consideration for ASDA as retail businesses is closely related to good choice of location due to the close interaction with the customers. According to Dalic (2004) retailers need to be in places with high traffic and most of all attractive buying power. Internalization of the firm’s activities should also be an important issue to concern ASDA management. When activities are organised from within there is a high probability for success as opposed from external organization which misses a lot of factors when it comes to critical decision making, therefore autonomy of a new subsidiary is important to guarantee success (Bartett, Ghoshal, & Beamish, 2008). 6.1 Recommendation The most favorable entry mode for ASDA will be acquisition of an existing retailer in the Cyprus retail market. The existing retailer must of course be having a good competitive advantage in the market especially when it comes to ownership of strategic locations in major cities such as Nicosia and Paphos. This will be a form of foreign direct investment where ASDA will have to buy the whole investment thus wholly owning the venture. Acquisition involves fully buying the assets and the brands owned by an existing company (Tielmann, 2010; Peng, 2008). It has several benefits and disadvantages as will be exemplified on below; 6.2 Benefits of acquisition in the case of ASDA ASDA will acquire a business that has already established itself in Cyprus retail market and as such has a considerable market share which ASDA can bank on to have a predictable revenue generation for the next few years as it hopes to recoup its investments and deliver value o its shareholders through profitable operations in a foreign market. This will in a way reduce the level of risk associated with green field investment which would have required ASDA to establish new operations in the new market. The acquisition will help ASDA acquire strategic real estate space which is difficult to find especially in big traffic areas of cities around the world. This will guarantee ASDA of good supply of customers judging from the progress of the previous operators of the business. ASDA will ride on the local operator’s knowledge in the market. This is vital considering ASDA has not ventured into the country in the past. It will thus reduce the risk associated with lack of knowledge in the foreign market and the chances of ASDA staff being overwhelmed by new duties. It is important to note that ASDA will definitely have the chance to acquire even the employees of the existing business and as such will be an added advantage as transitions are not usually favorable for businesses. ASDA will have the opportunity to gradually introduce its way of doing things without any opposition since it owns the business and there is enough time to adjust the system to the new managements’’ desire. ASDA will therefore take advantage of its technical knowledge and financial muscle to accelerate the progress of the local retailer to increase its market share ASDA will quickly gain a market share into Cyprus retail market since it will inherit the market share that was enjoyed by the former owner of the business 6.3 Disadvantages Getting a retailer willing to sell-off a successful entity maybe difficult as it may meet shareholders objection. Only businesses that are struggling with debts or financially constrained business are always willing to be bought out (Hubbard, 2001). In either case it will take ASDA a great deal of investment to wholly acquire a local retail business in Cyprus. The process of acquisition maybe long and complicated as it involves a lot of negotiations between the owners, countries’ authorities and regional body approval (Hennart & Park, 1993). This may mean that ASDA will have to take a longer time before it can actualize its intentions of entering the market in Cyprus. A competitor may have entered the market during this time and acquired a market share thus reducing the attractiveness of the market. ASDA will have to operate under the brand name of the former ownership at least for some while. The reputation and brand image might not necessarily fit with the brand positioning and philosophy of ASDA meaning there is likelihood for there being a conflict between the Cyprus subsidiary and the mother company. However the company may rebrand the subsidiary to effectively mark its entry into the Cyprus market, this will most certainly have a mixture of reactions from the consumers as they may not be attracted to the new brand. 7 Conclusion Foreign market entry is usually a tricky affair for any business. It involves a lot of risks and uncertainties yet at the same time there may be a potential for the foreign market to generate impressive revenues for the concerned business. Managers and corporate strategists are mainly torn between different forms of entry modes which are basically inspired by risk minimization, cost minimization and maximization of expected return. By reducing risks a business may be reducing expected return. From the analysis in this paper, ASDA is faced by a tricky situation since it intends to enter a foreign market something it has not done before, the Cyprus retail market is currently going through a hard economic time just like any other sector in the euro zone. The political and legal environment is favorable since the government and the European Union may support ASDA intentions but the market dynamics may not be so favorable. 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