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The data used in the identification of the internal and external factors was obtained from a report by the Korean Government and internal analysis by IKEA on its profitability and strengths. This internal-external analysis of factors is provided in full in the appendix section of the paper with close references in the body of the report. The researcher’s indebtedness to foreign literature and ideas is shown in the text (in text citations) and in full in the bibliography section of the study.
Direct exporting forms the most basic mode of exporting that IKEA can use in the entry of its products into the Korean market (Doole & Lowe, 2008). Based on the strong financial performance of the company in the previous year, IKEA can successfully enjoy from reduced costs due to economies of scale from concentrated production in the home country by directly exporting its products into the Korean market and subsequently enjoying control of the distribution chains. The company can either use sales representatives or importing distributors in the Korean market. The sales representatives will be comprised of foreign suppliers and manufactures of the IKEA products in the Korean market working for an established commission of sales (Lymbersky, 2008). This will be advantageous to IKEA as the sales representatives will provide support services in the foreign country. Importing distributors can be used by the company to purchase the products directly from IKEA in their own right and resell these products in the Korean market as wholesalers, retailer or a mix of both. These importing distributors are best suited for entry of products that are carried in inventory such as the appliances and furniture products manufactured by IKEA.
A franchising agreement is a system in which a semi-independent business owner (franchisee) pays royalties and fees to a parent company (franchiser) in return for the right of identification of the franchisee to the trademark, sale of goods and use
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To cope with the challenging tasks posed by the environment organizations need to develop a sound understanding, for this purpose organizations conduct external environment analysis. External environment analysis is a difficult task but important activity which includes scanning, monitoring, forecasting and assessing.
Conclusion 9 References Appendix 1. Introduction The expansion of recession in markets worldwide from 2007 onwards has led to the increase of competition in all industrial sectors. However, there are sectors, like the grocery industry, where the effects of the financial crisis have been quite limited.
According to Mintzberg’s phenomenological approach he defines strategy as a “plan, ploy, pattern, position and perspective” (Prevos, 2005, p.2). This definition define strategic planning phenomenon completely and helps to understand its importance in marketing.
These functions are broadly categorized as forecasting, arranging, directing and scheming. Planning is the determination of courses of future actions and considerations of how best they can be done. Organizing is about arranging factors of operations and structures, in a manner that will bring about achievement of the goals that were set at the planning phase.
Despite this, however, there is relative consensus that the core components of E-Business are Enterprise Resource Planning (ERP), Supply Chain Management (SCM) and ecommerce.
It is important to note that a business may not deploy every component or even attempt to link the three components.
For AIG, internal factors of influence involve organizational culture and strategic decision-making, company’s vision and mission, staff relations and customer relations, etc. insurance industry is influenced by technological
Research report suggests that Europe along with United Kingdom will face shortage of human capital in upcoming future. Labour market of Europe is suffering for aging workforce issues. Study suggests that there will be 4% hike in aging population within next eight years. Companies are aware of the fact but they do not have much choice left.
With the liberalization of trade markets and emerged opportunities for international business development, many companies have faced with a challenge of deciding the best foreign market entry strategy for a host country/countries/region(s). Foreign market entry strategy is a comprehensive theme, which is influenced by three major groups of factors.
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