Global Marketing of Vermont Teddy Bear - Case Study Example

Global marketing; Vermont Teddy Bear (VTB) The kind of difficulties Vermont Teddy Bear would meet if it were to internationalize its business In a bid to enhance the market shares, reach the global consumer, and increase the profit margins and in order to enhance their sustainable competitive advantage, contemporary organizations are internationalizing their business across national boundaries as noted by IBM (2006, p. 4). Among variables internationalized include knowledge, technology, products, resources, services, ideas and people. At a national level, internationalization permits economies to capitalize on national expertise in trade to deliver products and services in the global market and helps improve the diversity of products and services accessible in local markets and thus, expose local customers to new knowledge, ideas and lifestyles which in the long run influence the national cultures and impact on political, social and economic institutions. For a company such as Vermont Teddy Bear, an American founded, internet based and a privately owned company in the gift delivery service industry, internationalization of its services would mean increased revenues, tapping into new growth market and accessing greater business opportunities, exposure to new ideas, skills, technologies and innovations, enhanced market shares and improved competitiveness (Hollensen, 2007, p.34). Be it as it may, internationalization is easier said than done because, the process brings with it challenges and complexities of doing business globally. This means, there are varied difficulties that Vermont Teddy Bear would encounter if it were to internationalize its business. Among these difficulties include 1. Political uncertainties and Regulatory barriers Internationalization of a business is coupled with diverse challenges that require effective business strategies to overcome. For Vermont Teddy Bear and the entire toy industry, political challenges and regulatory barriers form part of the difficulty of the internationalization process. This is because different international markets have different political structures and systems that are different from what the United States political system is as echoed by Anderson (2011). For example, markets such as Africa, Asia and Europe are governed by different political systems which include single party governments or dictatorial administrations and democratic governments. These political systems influence how business is run on their countries which may be unfavorable for a foreign company such as Vermont Teddy Bear. This may range from non-conducive business terms and conditions, long legal procedures, strict regulatory frameworks and policies that would make it hard for the company to start the business and if it does, making it hard for it to operate independently, effectively and efficiently to meet the needs and expectations of its customers or the new market. Different political systems mean uncertainties in terms of support for business developments and effect on the national demands for goods and services, which for Vermont Teddy Bear would mean uncertainties regarding the return on its investments (IBM. 2006, p.6). 2. Trade Barriers Trade across national boundaries is governed by established standards and regulations. In order to limit access into local markets, trade barriers are set up to safeguard local companies from unfair competition from multinational companies (Ramírez, 2011, p.319). Trade barriers are another difficulty Vermont Teddy Bear or any other gift service delivery company is likely to face when it opts to internationalize its services. Trade barriers would mean that it would be difficult for the company to penetrate into markets that would be profitable or at worst, cost the company significantly if it agrees to comply as implied by Rajshekhar et al. (2003, p. 185). 3. Liability of foreignness and Competition The choice for Vermont Teddy Bear to internationalize its gift delivery services is more likely to encounter the challenge of stiff competition from other multinational gift delivery service companies and local firms offering the same services at lower prices using superior marketing and financial resources, who have already established supply chains and substantial amount of the market share, customer loyalty and influence of the market Vermont Teddy Bear seeks to penetrate. Apart from the stiff competition from other companies offering substitute products, the company is faced with the liability of foreignness where it lack the influence to appeal, attract and retain loyal customers in a new global markets and it has limited legitimacy in that, the new global markets do not know what the company presents, the quality it offers and whether they can be reliable and trusted to make potential customers prefer and purchase their services. This is coupled with the challenge of learning new roles and developing effective and stable relationships in the new global business environments (Melo, 2011, p.1). 4. Economic Challenges Different markets within the global environment have economic wealth disparities which are characterized by different rates of employment and disposable income, varying gross domestic products, national budgets, tax structures and balance of payments. Economic problems have a huge impact on how the toy industry and specifically Vermont operates and how it calculates its returns on investments and costs. According to Hryckiewicz & Kowalewski (2010, p. 205), economic factors impact on the choice of market based on the existing economic condition of the foreign market. Rapidly changing rates of inflation influence the saving habits of consumers, their purchasing power and their living standards which in return affects the success of the toy industry which relies on consumers having sufficient disposable income and purchasing power to spend on gifts. In a global market with high unemployment rates means less money to purchase basic amenities and even less to spend on buying gifts which directly affect Vermont negatively in a new market with a poor economic state. This coupled with firm attributes and external influence makes internationalization process difficult as noted by Senik, et al. (2010, p.285). 5. Cultural and social diversity The global business environment consists of business professionals and consumers with varied cultural backgrounds, languages, beliefs, standards and ideals which influence how business is conducted, how people relate, how work is performed, and the purchasing and consumption trends and patterns (Ramírez, 2011, p. 319). These differences generate new challenges in terms of Vermont Teddy Bear understanding who and what the market is and the market understanding what Vermont is and what it represents and hindering communication, decision making and organizational management in new markets as supported by Beamish & Lupton (2009, p. 85). Cultural and social differences have the potential to ruin businesses especially if the organizational culture of the internationalizing company contradicts the national culture of the new global market it seeks to penetrate in (Melo, 2011, p.1). Modeling the organizational culture to align to the existing culture of the new market is essential in appealing and penetrating into the new market internationally as supported by Felix (2009, p. 553). 6. Financial Challenges According to IBM (2006, p.6), internationalization of business requires substantial amounts of resources in order for the business to succeed in a global environment. Vermont Teddy Bear has to factor in the financial challenges associated with internationalization. Substantial financial resources will be required as capital, for establishing reliable supply chains, for advertising in order to enhance consumer awareness on a global scale, for conducting marketing and consumer research and for purchasing technology and knowledge. In addition, Vermont needs to consider important financial elements such as the exchange rates, asset valuations, and use of foreign currencies in transacting business abroad. Area that Vermont Teddy Bear should start its internationalization The most productive and lucrative potential market that Vermont needs to focus in and starts its internationalization is Canada. There are significant reasons why Canada would be a good market for Vermont Teddy Bear to begin its business internationalization which includes 1) Alignment to Vermont Teddy Bear’s marketing positioning Investment into global markets should be based on a firm’s market positioning and the brand image it would like to presents to its potential market segments. As highlighted by Hollensen, (2007, pg 37), it is the goal and intention of Vermont Teddy Bear to retain its production in Vermont, USA since the company believes that its identity as an American produced brand is essential to its market positioning for the company as a brand. This means that starting the internationalization process in Canada will not compromise the company’s belief to retain its production in Vermont as its market positioning, since they will easily produce at Vermont and as efficiently deliver the required gift delivery services in Canada. This would be difficult to do if the company was to start its internationalization in markets such as United Kingdom, Russia, China, Japan and Australia among others, where it would require Vermont Teddy Bear to establish new production systems and plants in the new markets in order to sustain its efficiency and competitiveness in delivering quality services to its customers in the new markets. In addition, starting in Canada will not only be cost effective due to low shipping and delivery expenses due to the proximity of Vermont and Canada but also, the management at VTB will be in a better position to monitor, control and evaluate the new Market from Vermont without the need to establish a new management system in Canada. 2) Ready market Canada as a potential starting point for Vermont Teddy Bear has an established gift delivery service industry with majority of the business focusing on delivery of gift-baskets and flowers. Although this present stiff competition for VTB’s TastyGram Service and the Calyx & Corolla operating segments that markets and sells variety of food specialties and delivers direct from the grower flowers, plants and preserved floral items respectively, the market is beneficial and ready for VTB in that, customers are already aware of the business or products involved. This translates to fewer resources on educating the customers on product use and the enhanced ability of the company to take advantage of the existing business opportunities within the Canadian gift delivery service market. In addition, the company will be in a better position to market and sell its services using the already established technology systems, market and distribution channels, which would otherwise be expensive to establish from scratch for a foreign company such as VTB as supported by Alexander & Myers (2000, p.334). 3) Low barriers to entry As earlier mentioned, internationalization is impeded by trade barriers and barriers to entry meant to limit accessibility of foreign firms into local markets as supported by IBM (2006, p. 6). Canada as a starting point for VTB’s internationalization is advantageous for the company due to the low barriers to entry it has. The regulatory systems and legal frameworks in Canada are favorable for foreign companies which are illustrated by certain tax advantages offered by the Canada Revenue Agency and efficient acquisition of legal documents such as trade licenses. In addition, the minimum capital requirements for foreign companies seeking to start business in Canada are relatively low, which are essential in cutting start up costs and building on the firm’s return on investments. 4) Conducive political and economic climate Political stability and favorable economic environment fosters successful internationalization process (Huang & Sternquist, 2007, p. 613). Canada as a potential market has a relatively stable political climate and economic environment which is favorable for establishing business and operating in. Apart from the stable democratic political system that exists, the government supports business development by development and implementation of business-friendly policies and issuance of tax advantages for foreign companies investing in the country. For Vermont Teddy Bear, this presents an ideal market scenario to begin at since the company has less political and economic issues and difficulties to deal with. The economic elements such as employment, disposable income, gross domestic product, exchange rates, and inflation rates and average incomes for Canadians are favorable for businesses operating in the country, which VTB can effectively and efficiently capitalize in. 5) Business opportunities Businesses seeking to venture into the international markets must identify potential markets that are not only cost effective to enter, but also, those that have potential high market growth and high prospects for return on investments (Jones, 2001, p.192). Despite the political stability, favorable economic climate and low barriers to entry that Canada as a potential market presents, the market has significant market and business opportunities the gift delivery service companies such as VTB can take advantage of. Although the gift delivery service companies in Canada have invested in technology such as the internet, the degree at which they have done so cannot compare to the depth and length VTB has. Canada is a suitable market to introduce all the six segments VTB has which includes the Bear-Gram service segment which entails sending personalized teddy bears directly to customers for special occasions, PajamaGram service segment that delivers to customer convenient gifts with an additional free gift, The TastyGra, Calyx & Corolla, retail operation segment and the wholesale and corporate segment as highlighted by Hollensen (2007, p.35). How Vermont Teddy Bear should penetrate the foreign markets There are varied entry strategies that firms seeking to internationalize their business can use to penetrate into the global markets which are determined by the financial capability of the firm, transaction costs, the type of market, skills and knowledge the firm possess and the business strategic goals and objectives of the firm and cultural costs among others as highlighted by Brouthers (2002, p.203). International market entry strategies Among ways firms penetrate foreign markets include foreign direct investments, Franchising, establishing wholly owned businesses, joint ventures, partnerships, forming corporations and through mergers and acquisitions as highlighted by Chan (1995). In foreign direct investments strategy, a company such as VTB exports already manufactured products and services directly to the foreign markets while in Franchising strategy, the company (franchiser) enters into a contractual agreement and offers a firm established in the foreign market (franchisee), legal consent and rights to market and sell goods, services and processes produced by the Franchiser in a specified way and within certain conditions and areas (Welsh, et al., 2006, p.134). When entering foreign markets using wholly owned strategy, the firm establishes a new enterprise in the foreign market where it carries out all the marketing, production, research and development, supplies and administrative processes (Kyaw & Theingi, 2009, p. 108). In joint ventures, the firm enters into strategic alliances with firms within the foreign markets and where they agree to contribute resources to a mutual business enterprise while in forming corporations, the business in incorporated at a federal or provincial level where the legal entities are separate from the owners and the shareholders of the company. In mergers and acquisitions, the firm merges with another where it may get major or minor ownership and purchase a foreign business respectively. In partnerships, the firm joins with another with the aim of running a business in common. Joint Venture for Vermont Teddy Bear The most effective and suitable entry strategy for Vermont Teddy Bear into a foreign market is forming a joint venture. When effectively done by choosing the right firm to form the joint ownership and when adequately operated in line with set strategic business goals and objectives, joint venture will accrue more benefits and gains for Vermont compared to any other entry strategy. I. Accumulation of additional financial resources and shared economic risks The main reasons why Vermont Teddy Bear should use the joint venture as an entry strategy into foreign market is that it will be able to accumulate and access additional resources in terms of finances, which it would have not acquired if it decided to form a wholly owned enterprise as supported by Beamish & Lupton (2009, p. 75). In addition, there is the element of shared economic risks, where the company will safeguard itself against huge risks such as financial and investment losses if the business in the foreign market collapses or fails to succeed as anticipated as implied by (Killing, 1982, p.120). Huge losses in foreign markets negatively affect profits made in the firm’s home market. II. Acquisition of new techniques, approaches, technology and information Vermont Teddy Bear will be able to acquire new techniques, approaches and technological systems which it may lack but needs and through a joint venture with a partner that has the new techniques, approaches and technology, the company will easily and at no cost, be able to use what they do not have (Beamish & Lupton, 2009, p.82). In addition, the company will gain business wise, by acquiring and being accessible to knowledge, information and other resources that would be otherwise be too expensive to obtain or unknown to the company as supported by Beamish & Lupton (2009, p.75). Joint venture for Vermont will help in extending the company’s market reach and more so, help it access new markets that would be otherwise be difficult to penetrate without a partner who has already established base in them. III. Asset sharing More importantly, joint ventures will provide VTB with the opportunity to share assets (Killing, 1982, p. 120). This has a positive effect of accumulation of assets which are used to boost the business in terms of advertising, marketing, research and development and in creasing capacity of production, which helps serve the customer better and hence, enhance sales, profit margins and market shares as. IV. Gaining legitimacy and credibility and attracting tax advantages As earlier mentioned, among challenges of internationalization is the liability of foreignness where the firm seeking to internationalize fails to gain trust and loyalty of the new market since their legitimacy is questioned. Vermont Teddy Bear can easily overcome the challenge of credibility as the new alliance helps in generating trustworthiness in the new market (Beamish & Lupton, 2009, p.85). In majority of foreign markets, joint ventures attract tax breaks and advantages as governments seek to attract foreign investments. By entering in a joint venture, VTB can easily accumulate profits through low cost of production associated with tax advantages and tax breaks. V. Enhancing global relationships and acquiring fundamental business contacts Joint ventures develop an opportunity for VTB as an American firm to establish stable business relationships with other firms within and without the gift delivery service industry internationally and in so doing, obtain essential business contacts and networks, which may be beneficial for conducting business elsewhere and even crucial to forming new business ventures with in the future. Future plans for Vermont Teddy Bear If Vermont Teddy Bear was my business, there are key plans that I would make for the company’s future which includes i. Shift from traditional marketing communication strategies As Hollensen (2007, pg. 36) highlights Vermont Teddy Bear presently spends millions of dollars which accounts for a substantial percentage of its earnings in marketing and selling expenses. The company has focused on traditional strategies of marketing which includes use of radio advertisements, television commercials and print advertisements. Future plans would therefore involve a shift from these strategies to incorporating strategies such as enterprise social networking where the company will set up a social media profile among popular social media networks such as Tweeter, My Space and Facebook among others to market and sell its products. Enterprise social marketing is essential presently and in the days to come owing to the large part social media plays in the professional and social lives of existing and potential customers (Anria, 2009, p. 906). The company will not only create global awareness by creating a global profile, it will also be able to assess consumer awareness based on reviews, comments and fan following it has, maintain old business contacts and develop new ones on a global scale, advertise variety of gift delivery services it offers, highlight on the ‘how to’s,’ answer direct questions to customers, conduct market research and more importantly learn what the needs, expectations, demands, tastes and preferences of varied foreign markets are and deliver the same accordingly (Collier & Bienstock, 2006, p. 260). This will translates to better quality services to customers, enhanced credibility, improved customer loyalty, stronger brand name and equity and access to a larger market reach thus, increased sales and profitability for Vermont as supported by Ramírez (2011, p.316). ii. E-Retailing According to Gareiss (2000, pg 69), the internet is the catalyst of internationalization and globalization. Future plans will encompass setting up a company website highlighting all important aspects of the business including the history, investors, financial statements, service categories, corporate social responsibility, mission and vision of VTB, business principles, customer and supplier relations and organization structure among others. This information will be accessible virtually to anyone who logs onto the website. Moreover, the website will have the options for clients to purchase online and in conjunction with online money transfer companies such as VISA, allow the clients to pay on purchase. Another aspect of e-retailing is use of smart mobile phones where consumers from anywhere and at anytime can buy and review the company’s services by using their smart phones. This will be crucial since, virtually every adult globally even those in remote areas where they do not have access to computers, possess a GPRS enabled phone, where they can surf the internet cost-effectively and efficiently. Being able to reach such a huge global market is essential in helping VTB internationalize. E-retailing provides a chance to know the customer and effectively satisfy them (Collier & Bienstock, 2006, p.260). iii. Establish new production centers and units in emerging markets As highlighted by Hollensen (2007, pg 37), Vermont Teddy Bear has concentrated its efforts and resources in selling its product and services to customers in the United States alone primarily, the major cities on the east coast like Boston, New York and Philadelphia. Therefore, this means there is still a very large market in the United States which Vermont Teddy Bear has not ventured into. This means future plans will include penetrating the markets within the North and South America first since, the company will not have to establish new production centers and it can still retains all the operations at Vermont and therefore retains its market positioning and image of the brand as an American one. Be it as it may, since Vermont Teddy Bear has retained its operations in the United States only, among future plans would be to establish new production grounds in emerging markets such as Asia and Africa which have very high potential in market growths. Despite the fact these regions have large population densities which form a large section of a potential market the markets for gift delivery services in these areas are yet very young if not untapped. Therefore, adopting the right entry strategy coupled with the right marketing mix and strategies during the internationalization process will turn these markets into lucrative business grounds for Vermont Teddy Bear. iv. Investment in innovation and new technologies Success in internationalization of business lies in investing firms being flexible and adaptable to changing global business environments which are characterized by cut throat market competition and rapidly changing political, social, economical, legal, financial, environmental and technological forces (Ramírez, 2011, p.315). In order for Vermont Teddy Bear to survive in the global environment and adequately adapt to changes and effectively and efficiently satisfy its customers through its positioning, future plans will constitute establishing a fully equipped global management and operational systems, investing in innovations and being an early adopter of emerging technology. Developing efficient global management and operational systems for VTB is critical in facilitating, monitoring and reviewing the internationalization process, managing international operations and in making decisive business strategies to help sustain the company in a global market environment. In addition, innovations and technologies are fundamental to international business success since they help in production of diversity, rarity, value, uniqueness, inimitability and quality widely sought by customers globally as supported by Gareiss (2000, pg. 69). For VTB, this will be achieved by investment in research and development, being keen and aware of emerging technologies relevant to the business and strategically incorporating it in the operational processes, systems and structures and developing effective relationships with suppliers and customers to best understand what the market wants and deliver efficiently. Through encouraging innovation and investing in new technology, Vermont Teddy Bear will be in a better position to develop customized and diversified products and services to customers that are quality, valuable, unique, inimitable, rare, unique and costly to substitute. In addition, develop services that target key market segments based on the characteristics of the customer and not the region as suggested by Melo (2011, p. 1). VTB should also focus on innovation in terms of service innovation and process innovation that entails altering the existing services and processes to be able to remain sustainable to meet anticipated future needs and expectations of the global customer. It goes without saying that VTB can use new technologies and innovation as a means to advance its differentiation strategy, where it position and present itself in foreign markets as a brand that offer customized, hard to substitute, unique, efficient and a last-minute personalization services to its customers (Melo, 2011, p.1). v. Diversifying existing service segments Diversifying brand designs and broadening existing service segments is among ways companies attract and retain loyal customers who have become more sophisticated and are always in search of new things that add value to their lives. Among ways the current service segments at VTB which includes Bear-Gram service segment, PajamaGram service segment, TastyGram service, Calyx & Corolla, retail operation segment and wholesale/ corporate segment can be diversified includes developing a specific service segment that involves direct delivery of customized cookies and candies to recipients. In addition, establishment of a service segment that packages, market and sells an assorted gift pack of toiletries for travelers which can be used by customers traveling on road, sea, air or by customers during camping retreats. vi. Strengthening Vermont Teddy Bear’s global brand Internationalization is not merely about introducing a company’s products and services into the global market. It constitutes developing and strengthening the company’s global image and reputation in order to enhance credibility by the foreign markets and foster customer loyalty and association (Melo, 2011, p.1). A lot is required in terms of finances, time, strategizing, and commitment and professionalism, to develop sustainable brands as implied by IBM (2006, p.7). Therefore, for Vermont Teddy Bear to succeed as a multinational company, it needs to incorporate different marketing strategies such as organizing trade fairs and exhibitions in foreign markets, media campaigns, road shows, online advertising and brand renaming among others beyond pricing in order to retain credibility which is necessarily for new foreign companies. In addition, adopt differentiation as the branding strategy. Apart from service and process innovation by development, design and delivery of innovative services that meets consumer needs and use of differentiated business strategies that offer high quality, efficient services to specific market segments, VTB should establish itself as a consumer brand that develops strong relationships with its global consumers by providing customized products for distinct market segments as supported by Hollensen (2007, pg.37). All the future plans can only be effective by developing a comprehensive execution strategy that highlights all the major areas namely establishing a global branding strategy, developing a global management and operations framework, product and process innovation, strengthening the global image of VTB and establishing a skilled, fully equipped global management system. Internationalization of Vermont Teddy Bear business will not only make business sense in terms of enhanced access to a larger market, acquisition of new knowledge, information and technologies, tapping into new growth markets and increasing its volume of sales, but also, helps in creating credibility, strength and value of the brand and enhancing VTB’s sustainable competitive advantage in the global business environment (Melo, 2011, p.1). Successful internationalization process for Vermont Teddy Bear therefore, constitutes integration of effective global marketing strategies and branding strategy, identifying the right market segmentation, adopting an effective brand and market positioning and implementing the most effective and beneficial international market entry strategy as supported by IBM (2006, p. 11). For VTB this entails using a blend of marketing strategies to target different market segments, adopting differentiation strategy, positioning itself as an efficient brand that offer personalized and diversified customer solutions to specific market segments and using joint ventures as a means of entering foreign markets. References Alexander, N & Myers, H. 2000. The retail internationalization process. International Marketing Review, vol.17, no.4/5, pp.334-353. Anderson, W. 2011. Internationalization opportunities and challenges for small and medium sized enterprises from developing countries. Journal of African Business, vol. 12, no. 2. Anria, S. Z. 2009. The impact of Social Networking 2.0 on organizations. Electronic Library, vol. 27, no. 6, pp. 906 – 918 Beamish, P.W., & Lupton, N.C. 2009. Managing joint ventures. Academy of management Perspectives, pp 75- 94. Brouthers, K. D. 2002. Institutional, cultural and transaction cost influences on entry mode choice and performance. Journal of International Business Studies, vol. 33, no. 2, pp. 203–221. Chan, P.S. 1995. International joint ventures vs. wholly owned subsidiaries. Multinational Business Review. Accessible from http://findarticles.com/p/articles/mi_qa3674/is_199504/ai_n8729617/ Collier, J.E. & Bienstock, C.C. 2006. Measuring service quality in E-retailing. Journal of service Research, vol. 8, no. 3, pp. 260-275 Felix M. 2009. Strategies and challenges of internationalisation in HE: An exploratory study of UK universities. International Journal of Educational Management, vol. 23, no. 7, pp.553 - 563 Gareiss, D. 2000. Business on the Worldwide Web. InformationWeek, 69–78. Hollensen, S. 2007. Vermont Teddy Bear: Should Vermont Teddy Bear go abroad? Global Marketing, 4th Ed, pp 34-37. Hryckiewicz, A., & Kowalewski, O. 2010. Economic determinates, financial crisis and entry modes of foreign banks into emerging markets. Emerging markets review, vol. 1, no. 3, pp. 205-228. Huang, Y & Sternquist, B. 2007. Retailers’ foreign market entry decisions: An Institutional perspective. International Business Review, vol. 57, no. 5, pp. 613-629. IBM. 2006. Going global: prospects and challenges for Chinese companies on the world stage. IBM Business Consulting services, pp 1-15. Accessed from http://www-935.ibm.com/services/us/imc/pdf/g510-6269-going-global.pdf on the 31st Aug 2011. Jones, M .V. 2001. First steps in internationalization: concepts and evidence from a sample of small high technology firms. Journal of international Management, 7(3), 192-210 Killing, J. P. 1982. How to make a global joint venture work. Harvard Business Review, vol. 60, no. 3, pp. 120–127. Kyaw, N. A. & Theingi, H. 2009. A Performance Analysis of Wholly Owned Subsidiaries and Joint Ventures: Electrical and Electronic Industry in Thailand. International Journal of Business Studies: A Publication of the Faculty of Business Administration, Edith Cowan University, vol. 17, no. 1, pp. 107-125 Melo, S. 2011. How to overcome internationalization risks. International business. Accessible from http://ezinearticles.com/?How-to-Overcome-Internationalization-Risks&id=4478883 Rajshekhar (Raj) G. J., David A. G., D. & Steven W. 2003. An empirical examination of factors influencing the internationalization of service firms. Journal of Services Marketing, vol. 17, no. 2, pp.185 - 201 Ramírez, A. A. 2011. Conditions for the Internationalization of Higher Education: Between Inclusion and Exclusion in a Globalized World”. Globalization and Internationalization of Higher Education, vol. 8, no 2, pp. 313-325 Senik, Z.C., Isa, R.M., Scott-Ladd, B. & Entrekin, L. 2010. Influential factors for SME internationalization: Evidence from Malaysia. International Journal of Economics and Management, vol. 4, no. 2, pp. 285-304. Welsh, D. H. B., Alon, I. & Falbe, C. M. 2006. An Examination of International Retail Franchising in Emerging Markets. Journal of Small Business Management, vol. 44, pp. 130–149. Read More