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Investigating The International Strategy Of A Chosen MNE. The lectricit de France - Essay Example

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The research paper aims to provide the international expansion strategies for the multinational enterprises. The company chosen for the study is Électricité de France. The research paper will focus upon the international expansion strategy in India. …
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Investigating The International Strategy Of A Chosen MNE. The lectricit de France
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? Investigating the International Strategy of A Chosen MNE Table of Contents Introduction 3 Company Background 5 External and Internal Environment ofCompany 8 Motives of the Company for International Expansion 11 Identify and Analyze International Business Opportunities, and Choose One Target Country 14 Market Entry Strategy 17 Conclusion and Recommendations 18 References 20 Introduction The Electricite de France can be considered as the leader in the energy sector and it has also been dynamic in all the aspects of the electricity value chain. The company has an excellent business model where a proper balance has been maintained between the regulated and the non regulated activities (EDF, 2009). The research paper aims to provide the international expansion strategies for the multinational enterprises. The company chosen for the study is Electricite de France. The research paper will focus upon the international expansion strategy in India. Therefore, it is vital to understand the company thoroughly and its operation in various sectors of the economy. The emerging countries such as India have become an important ground for the international business activities of the multinational corporations. However, there are certain challenges that the MNCs need to face when expanding their operation in countries like India. The market seems to be uncertain, turbulent and messy. The rapid changes taking place makes in the business environment make it even more complex, turbulent, uncertain and risky in comparison to the western countries. However, the MNCs need to consider these uncertainties as challenges and decide its strategy accordingly (Jannson, 2008). Therefore, the research paper will try to tackle the problems that can be encountered while expanding its operation in India. Various theories of international expansion will be sought in order to gain a broad view of the study. The theories will serve as a guide to complete the research paper successfully and will also provide insights into the various market entry strategies and the methods to tackle the problems that are usually encountered while entering into emerging countries such as India. Through this research paper, it can be intended to view the effectiveness of country such as India where Electricite de France desires to enter. Various suggestions will be provided to the company in light of the challenges and issues it is facing and may encounter while expanding its business in India. SWOT analysis and PESTEL analysis will be conducted in order to understand the business environment in which the company operates. Therefore, the current paper investigates the efficiency of Electricite de France in France and the motives of the company for international expansion. Particularly, in addition to identifying the motives behind international expansion, the current study will try to gauge the opportunities that lie in India for any multinational enterprise. Company Background Electricite de France is a France based company. It is an integrated energy operator and is active in creation, distribution, and supply and trading of electrical energy. The generation of the energy takes place by using the nuclear technology along with the usage of thermal, hydroelectric and renewable sources. Electricite De France is also engaged in the gas segment. The EDF group’s parent company is Electricite de France SA that operates through its subsidiaries and also includes totally owned subsidiaries such as EDEV, RTE-EDF transport, Figlec, EDF Belgium, Finelex BV and EDF UK Ltd among others. The group is present in most of the countries such as France, the United Kingdom, Belgium, United States and several other countries (Corporate information, 2011). The company was originated in the year 1946 on 8th of April when a law nationalised approximately1450 French gas and electricity creations, distribution and transmission companies. During the post war in France, it was noted that 90% of the households had proper access to the electricity and the operation of the small appliance. Despite this fact, the demand of the consumers was doubling every 10 years. It was in the year 1947 when the construction work started on a large- scale. In the year 1950, support and advice were provided by EDF to the consumers regarding the benefit of using the electricity. The year 1960 saw the emergence of the culture where the people preferred domestic comfort such as use of the electrical appliances in their everyday life. This led to the increment in the usage of the home electrical appliances by the French households. It was in the year 1963 when the company started its real sales campaign and in the same year, the first civil nuclear power plant came into being. In the year 1969, the company signed an industrial relation agreement with the union for salaries that can be partially indexed on the profits so that mediation procedures could be established in order to avoid the strikes. 1971 has been a remarkable year for the company as it introduced electricity powered heating. It was because of the oil crisis that France turned to nuclear-powered electricity generation. It further announced that it would build 13 nuclear plants. The year 1974 saw the first generation unit at Fessenheim. By the year 1984, EDF started to export its nuclear knowledge globally. With the creation of the EDF Foundation, the corporate citizenship program was strengthened. The years 1999 and 2000 have been remarkable as it witnessed the opening of the European markets and the EDF’s growth. The IPOs were issued in the year 2006 which brought the EDF in the stock market. It was the year 2009 when the EDF consolidated its position in several countries of the world such as Austria, Netherlands, Belgium and Poland (EDF, 2010). The company is rated by the three rating agencies namely Moody’s, Standard & Poor’s and Fitch. This rating enables the company to enjoy the favorable condition in order to access the financial markets. The rating as stated by the three rating agencies can be described in a tabular format below. Agency Long term rating Short term rating date Fitch ratings A+, stable outlook F1 January 2009 Standard & Poor’s A+, stable outlook A-1 July 2009 Moody’s Aa3, stable outlook P-1 January 2009 (EDF, 2010). A+ long term rating specifies that the economic situation may affect the finance. +/- Sign indicates the modifiers i.e AA and CCC for each of the category. The Fitch short term rating shows the ‘level of default’ within the period of 12-month. F1 indicates the ‘best quality grade’, with strong capability of obligor with an aim to meet its financial related commitment. On the other hand the Standard & Poor’s generally rates the borrower on a scale from AAA to D. The intermediate offerings at each level ranges between AA to CCC. The Moody’s credit rating system is a bit different from the two. In long term ratings the investment grades used are Aaa, Aa (Aa1, Aa2, Aa3), A (A1, A2, A3) and Baa1, Baa2, Baa3. The company judges the obligation that are rated Aa as ‘upper-medium grade’ which is subjected to very low credit rate. However, it can be suspected that the long term risk is a bit greater of Electricite de France. The chairman of the company decides to realign the organization in order to accelerate the synergies at the group level. It further decides to strengthen the three lines of production and networks in their consent to guide synergies across the geographical areas (EDF, n.d.). The company has utmost trust in the EDF’s industrial, technological and human potential. The dedicated team members of the company are the strengths for the company who assist EDF in all the activities of operation (EDF, 2009). The main business of the company is that of energy. However, the major unregulated supply business in France is also operated by the company that acts as a broker among the generators and retail end users. External and Internal Environment of Company The relation between the business and the consumer is vital. If the businesses were to put themselves into the shoes of the customers, then this would have helped them to gain a better understanding of the needs and wants of the customers. However, the potential to reach the business’ customer base is beyond just the product that is provided to them. Positive feeling about the brand plays a vital role. It is the known fact that there is lots of business potential to attract its customers for the businesses. Businesses need to continuously upgrade its operations in order to satisfy the needs and wants of the customers. The external environment of the company can be better analyzed with the help of the PESTEL analysis of the home nation and that of the global perspectives. The home country for the Electricite de France is France while it also has its presence in the United Kingdom, Belgium, the United States, and Austria. Therefore, the PESTEL analysis will be conducted for the home country as well as its surrounding nations to determine the effectiveness of its operation. France is a republic nation and has three arms namely the Executive, the Legislature and the Judiciary. In the French political system, the relation between the Prime Minister and the President seems to be quite critical (Roger Darlington, 2010). The multinational enterprises such as Electricite de France must operate in those countries that have different political and legal conditions. The company in order to succeed is important for the management to carefully analyze if the corporate policies of the company fit with the desirable political along with legal environments (Scribd, n.d.). The environmental factors have a major impact upon the operation of the company. The company thrives to reduce the greenhouse gas emissions. The company is committed to reduce its total Co2 emission in the mainland France by 30% between the year 1990 and 2020. This is a positive sign for the country and the company as well (EDP Group, 2008). The economic factors also play a vital role in determining the external environment affecting the operations of the company. According to the current statistic of 2010, it has been found that the price of the oil in dollar has increased significantly (National Institute of Statistics and Economic Studies, 2010). The GDP in France seemed to have expanded by 0.40 percent in the third quarter of the 2010. It has been found that France is the second biggest economy as well as one of the leading trading nations in Europe. The growth rates of economy in France are steady since decades. The reason behind this has been the conservative planning of the economy that is more centralized in France by the government in comparison to the other western countries (Trading Economics, 2010). In case of Electricite de France, it has been noted that even during the time of global economic crisis, the group showed its robustness amidst the exceptionally challenging situation. The EBITDA was increasing and the revenue increased by 4% (EDF Group, 2008). Technology plays a vital role in the upliftment of the company in any countries. By means of the companies’ R&D capabilities, it is able to track record and its expertise and experience in nuclear generation as well as the renewable energy. Along with energy eco-efficiency, the company offers competitive solution that can reunite the sustainable economic development and the climate preservations (EDF Group, 2008). There is probability that the population of the world may reach to 8.4 billion by the year 2030. It has also been expected that by 2030, the number of people preferring to live in the urban areas will be six out of ten. This implies that the electricity consumption would double by the year 2030. The electricity supply worldwide is generated because of fossil fuels which account for nearly 67%. The EDF’s proportion is 4.1% of the fossil fuel in the generation of the electricity (EDF Group, 2008). The company has acquired the British Energy in the United Kingdom. In the United States, it made almost half of the constellation nuclear assets that are subjected to the approval of its authorities. It has also created a joint venture with its local partners in China named CGNPC. It has been noted that the company’s integration of British Energy has helped them to consolidate its role as the leader in Europe in terms of energy player. It has been evident that the external environment of Electricite has a major impact upon the operation of the company. It has its presence in Austria, the United States, Asia, the United Kingdom and many parts of the central Europe. Thus, the changes in the environment of this countries will affect the operation even in the home country i.e. France. (College of Redwoods, 2011). The market share of the company is quite stronger in comparison to its rivals such as GDF Suez, SNET, Compagnie nationale du Rhone and Societe Hydro-electrique du Midi. The main threat for the company is the governments pending decision on the NOME law that sets up the regulations and the price controls for the energy companies. It has been analyzed that the company is being forced by the government to sell 25% of its nuclear power to its competitors. However, the selling price has not been determined and it can be said that this is going to negatively impact the business. There are immense opportunities for the company. However, it needs to identify them and make strategies to take those opportunities. The company’s main products are nuclear, hydro-electric, thermal and wind power. The company has their business operations in various countries of the world such as United Kingdom, United Sates, Belgium, Asia and Central Europe. Motives of the Company for International Expansion In simple words, globalization refers to the increase of wealth, technologies as well as jobs to many regions of the world. When the companies globalize, they are forced to become more competitive. The benefits as sought because of the globalization are evident in terms of the lower prices and greater availability of goods (LMU, 2011). Companies can go global for various reasons, some might be proactive and while others can be reactive. At times, the risk of their own diminished competitiveness can be the overriding reason for the large companies to adopt for the strategy of globalization. In order to remain competitive, it has been noted that the firm desires to move faster with the aim to build strong position in world markets with the products that are tailored to meet the needs of the consumers around the world in Europe, Latin America, Japan and India. The most common reactive reason prompting the companies to go overseas is the global competition. The other reason is that of trade barriers because of which the companies change from exporting to overseas manufacturing. Tariffs and other restrictive trade practices make exports too expensive and impractical to be competitive. Therefore, they decided to expand their operation globally. In the similar way, the restrictions and regulations by a firm’s home government may tend to become too expensive for the companies and they might tend to search for the countries having less restrictive foreign operating environment. The demand of the customer is another important factor that stimulates the firms to expand their operation abroad. The proactive reason shades light upon the reason for the firms to go global. If the firm has made certain kind of careful and long range strategic planning, then these plans often encourage the firm to expand their operation on an international basis. One of the reasons for the firm to expand their operation overseas is to seek economies of scale. This implies to achieve world scale volume so that the modern capital-intensive manufacturing equipments can be fully utilized. The company that has experienced a growth in mature markets in the developed countries tends to look for new opportunities in the emerging markets. When the companies feel that the expansion opportunities in the home country are limited they often seek for expanding in the countries where the growth opportunities seems to be higher. Greater access to the resources and cost savings often motivate the companies to operate from the foreign bases. The raw materials available and the resources can offer greater controls over the inputs and the transportation costs. Significant ingredients to the competitiveness of the companies are the lower labour cost, and lower unit cost. If the government provides incentives by means of tax exemption, tax holidays, subsidies and the use of the property, then the companies may be tempted to expand their operation in that particular country. These tend to decrease the risk and increase the profits and attract the foreign companies (Deresky, 2006). Through international trade, Electricite de France would take advantage of the international trade technology. It would also prefer to enhance the domestic competitiveness. The increment in the sales and profit are other objectives of the Electricite de France. It will help the company to gain a global market share and reduce the dependence on the existing markets. The seasonal market fluctuation can be stabilized via means of international trade and the sales potential of the existing product can also be extended (EconomyWatch, n.d.). When the companies try to expand their operation to the international markets they generally employ five different modes to enter the foreign market. They are exporting, licensing, franchising, strategic alliances or joint ventures and setting up of the wholly owned subsidiary. The term strategic alliances and the joint venture are taken together as strategic alliances are initially considered as contract. However, if it becomes successful, then it takes the form of joint venture. It is to be remembered now that the modes of entry depend upon the company. Each mode is different and has a specific level of risk and control. It has been noted that the company starts up with low risk and low control option at the initial level and then according to the experience it moves on to the high risk and high control mode. The various criteria that influence the choice of the mode of entry by a company are objectives of the company, country selection strategy, resources, experience and expertise, flexibility, risk, degree of penetration and level of control (Levi, 2007). Identify and Analyze International Business Opportunities, and Choose One Target Country India has been chosen as the country where the Electricite de France can enter as it has been evident that the power sector in India is expected to grow manifold in coming years because of the urban and the industrial expansion. As per the McKinsey report the demand for power in India is expected to soar to as much as 315000 MW by the year 2017 with an investment of $600 billion if the pace of growth of the economy remains at 8%. It has been observed by the UNCTAD that India has emerged as the second most attractive destination for FDI after China. It is ahead of the US, Russia and Brazil. The FDI can be the significant catalyst to the overall industrial development (Thomas International Publishing Company India Pvt. Ltd, 2011). Based upon the analysis above, India can be chosen as one of the target markets. There are several motives of Electricite de France to expand their operation in India. For this, it becomes important to understand the business environment of India. India is a huge country that is recognized for its diversified culture as well as tradition. It is a peninsular country surrounded by water on three sides and in the north it has the world’s highest mountain range. The neighboring countries of India are Pakistan, China, Tibet, Bangladesh and Sri Lanka (EENI, n.d.). India has maintained its sustained process of liberalisation since the year 1991. There has been an average GDP growth rate by 6% in the last 10 years. The country has experienced increased openness to the international trade and investment, for instance declining tariffs and liberalisation of the FDI restrictions have taken place. There has been strong balance of payments and the growing portfolio investment. The opportunity that lies for Electricite de France is that India is large and has a rapidly growing domestic market. There is abundant availability of raw materials. The political environment of India seems to be favorable and stable (IFC, n.d.). It has been evident that the investment climate is afloat in India. The macro economic factors are reflecting that the pace of development has been increasing at a rapid rate. It has been found that the country has been able to gain an economic growth rate of 8% annually since the last few years and it has been estimated that the digit will double as far as the growth rate is concerned. The growth rate of the industry has been estimated to be over 9% consistently in last few years. The rate of inflation has been moderate in spite of the hike in the international oil price. Moreover, the foreign exchange reserves seem to be at a comfortable level of nearly $170 billion (Shahi, n.d.). The Porter’s Diamond model can be applied to understand the effectiveness of India for the energy industry. The model is helpful in deciding which country the company should opt for while planning to expand its operation. The nation where the threat like that of rivalry is lower in comparison to the domestic market can be selected. As stated by Porter, the firms that are based on certain nations had competitive advantage based upon the four dimensions. They are firm’s strategy, factor conditions, related and supporting industry’s structure and rivalry and demand conditions. In addition to these, the government also has a vital role to play in this regard (James Madison University, 2010). The diagram given below illustrates the Porter’s Diamond Model (American University, 2011). Market Entry Strategy Electricite de France entered the Italy market in the 1970s. Both EDF and Enel worked together to build a current HV line. In the year 1988, a long term supply contract was signed by EDF and Enel that expired in the year 2007 in order to offset the Italy structural power related deficit because of the nuclear moratorium. The company entered into first partnership in the year 1995 with Edison to construct the ISE plants in Taranto and Piombino steelworks. It was further noted that the EDF entered into the Italian renewable energies market through 50-50 joint ventures with the Italian markets (EDF Group, 2008). If the Electricite de France or any other company wants to enter into the Indian economy, they can do so by a joint venture agreement in those areas which are not reserved exclusively for the public sector and those which are prohibited categories. FDI in India is governed by the Foreign Direct Investment Policy and the Foreign Exchange Management Act, 1999. This policy helps the foreign investors to understand the investment environment and the opportunities, foreign investment policies, taxation laws and facilities and incentives. It also assists them to identify the collaborators in India. After having identified the target market and the opportunities that lie for expansion, it becomes imperative for Electricite de France to adopt a market entry strategy in India. While venturing into the Indian market, it becomes important for the investors to increase their basic knowledge of the potential of the concerned market in India. The market potential has already been identified in the above paragraphs. The entry strategy needs to be developed. Looking at the market scenario of India, it can be suggested that the firm enters into the Indian market via joint venturing. The term joint venture implies the joining of one or more foreign companies to produce or promote the products and services. By adopting this strategy Electricite de France can speed up the market entry by finding a foreign partner (Tielmann, 2010). Two or more companies can provide complementary competitive advantages for Electricite de France. There are several firms in India having expertise in the related field. Joint venture will help Electricite de France with complementary expertise and resources. There will be more direct participation in the market and Electricite de France can gain better understanding of how firms in India work. Financing is the lifeblood of any organizations. Through joint venturing, the company will be able to achieve its objectives. The sales and the profit will also increase as Electricite de France would opt for joint venture. Moreover, Electricite will be able to exert greater control over the operation of the joint venture. The performance of the company will accelerate if the company opts for the joint venture with any of the firm operating in India in the related sector. It will get full benefit of the resources along with easy availability of finance. Conclusion and Recommendations Electricite de France is facing multifarious challenges while expanding its operations abroad. Faced with rapid deregulations, the company has to prepare for the challenges of new customer demands and consolidation along with the vertical integration. At the time of transforming, its retail operations in order to retain the customers and improve the service as well as the sales capabilities, Electricite de France was ready to serve to the needs of the 2.3 million customers (Capgemini, 2004). In order to solve the problem, from 2002 onwards Capgemini worked with EDF’s customer branch to develop, implement and market an operational client-centric system with the aim to enhance the commercial capabilities from the sales to the service. These two capabilities were wrapped around two new brands so that the dynamic commercial approach could be viewed by expanding range of services with EDF enterprises and EDF PRO. It also faced innumerable challenges and problems. It was revealed by the EDF that the profitability of the company was declining by costs related to its US nuclear ventures. It further said that the construction of its latest generation power plant in France would delay because of it. Moreover, the debt of the company was increasing at a rapid rate (The New York Times, 2010). In light of the challenges faced by Electricite de France abroad, it can be recommended that the company should develop various strategies through which it can overcome the challenges. It would be beneficial for the company to merge with any of the energy giant in order to achieve operational improvements as demanded by the shareholders. The revenues and the profits can also be improved to a certain level. In order to remain competitive and overcome the challenges, it would be better for the companies to restructure themselves. References American University, 2011. Overview. National IT Strengths in Korea. [Online] Available at: http://www1.american.edu/initeb/hp2566a/National IT& Weaknezsses/new_page_4.htm [Accessed February 11, 2011]. Capgemini, 2004. Capgemini and Electricite de FranceMeet a Deregulated Open Market. Enhanced Services for Electricity Customers. 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Detailed Analysis of Power Plant Equipments(Power Sector). Power Sector Current Scenario. [Online] Available at: http://www.slideshare.net/kannancos123/detailed-analysis-of-power-plant-equipments-power-sector [Accessed February 11, 2011]. Trading Economics, 2010. France GDP Growth Rate. Markets. [Online] Available at: http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=FRF [Accessed February 10, 2011]. TERI, 2006. Competition in India’s Energy Sector. The Competition Imperative. [Online] Available at: http://www.cci.gov.in/images/workshop/17-18/17ajoy.pdf?phpMyAdmin=NMPFRahGKYeum5F74Ppstn7Rf00 [Accessed February 11, 2011]. Tielmann, V., 2010. Market Entry Strategies: International Marketing Management. GRIN Verlag. The New York Times, 2010. Nuclear Woes Hurt Bottom Line at EDF. Global Business. [Online] Available at: http://www.nytimes.com/2010/07/31/business/global/31energy.html?_r=1 [Accessed February 11, 2011]. Thomas International Publishing Company India Pvt. Ltd, 2011. India's Power Sector - The Next Big Thing. Indian Economy. [Online] Available at: http://www.thomex.com/article/resources_details.aspx?ID=R_2007060414180&catid=C_20090226175334&flag=1 [Accessed February 11, 2011]. Read More
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