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The Effects of Liberalization on International Business - Essay Example

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The essay "The Effects of Liberalization on International Business" focuses on the critical analysis and evaluation of the effects of liberalization on the internationalization of organizations across the borders of different developing and developed countries, mainly the UK…
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The Strategy of International Business Executive Summery The study is based on evaluating the effects of liberalization on internationalization of organisation across the borders of different developing and developed countries mainly the UK. The discussion has elaborated market entry procedures of foreign organisations which have opened the door for new opportunities while developing economic condition of the host countries. These processes have also improved the lifestyle of the consumers in different host countries of these internationalized organisations. Alternatively, the new market entrants have also generated higher competition for the domestically focused organisations. This situation has not only reduced the profitability and market share of the local firms, but also has enforced a number of local firms to sell their businesses to the international giants. Hence, the report has elaborated a number of market strategies that can assist the local firms to strengthen their competitive position to ensure their long-term profitability and sustainability. Table of Contents Introduction 4 Liberalization 4 Overview of the Liberalization Concept and Practices 4 Liberalization in the UK 5 Impact of Liberalization on Internationalization of Firms 7 Effect of Liberalization on Domestic Organisations 8 Internationalization and its Impact in the UK Market 11 Strategic Solutions for Local Firms 14 Conclusion 18 Reference List 20 Introduction The term ‘liberalization’ describes the process of relaxation of governmental regulations and restrictions in different areas such as trade, economy, social, political etc (Alessandria and Choi, 2014). Globalization has highly influenced the practices of trade and economy related liberalization within different industry sectors of developed as well as developing countries (Dix‐Carneiro, 2014). The United Kingdom can be utilized as a successful example which has initiated and efficiently conceptualized liberalization in their different industry segments, mainly the energy segment. The rapid changes in the business processes and trade policies in the globalized economy influences government authorities to modify the trading policies of the nation to accommodate it with the global economy, political regulations and social practices. This intervention of government authorities has allowed a number of industry sectors to avail the facility of free trade in terms of their international business venture (Corbet and Robertson, 2014). The further topic will emphasize on liberalization and its impact on the internationalization of businesses. The study will also evaluate the impact of liberalization on the domestically focused business industry in terms of increase in competition within the local and global market. Finally, the discussion will elaborate various strategic reactions which can assist various domestically focused industries of the UK to face the increased competition of foreign competitors. Liberalization Overview of the Liberalization Concept and Practices The increasing process of liberalization allow different nations to minimize the restriction of borders while allowing free or more liberal trading facilities between the nations. This procedure has assisted a number of businesses from different parts of the world to expand their operations within various new market segments of host countries (Takatsuka and Zeng, 2012). Hence, the process of liberalization has not only allowed the organisation to increase their competitive advantages in the new market area, but it also has enabled the government of different developing and emerging countries to increase their GDP and total revenue earning through the trade taxes of the foreign organisations. Along with the development of governmental earning, the rapid market entry of different international organisation into the host country also enables the host nations to elevate the employment status of the local population. This process also assists countries to adapt and develop knowledge regarding different practices related to technology, culture, business management etc (Takatsuka and Zeng, 2012). As per WTO (2001), liberalization has increased the competitive environment across the globe which is very essential to assess the efficiency of different firms to secure competitive position by providing higher value to the consumers. Finger and K_nneke, (2011) have mentioned that the process of liberalization has assisted various nations and countries to improve their overall infrastructure while providing security and better lifestyle to the population. The authors have also elaborated that the increased entrance of multinational organisation in different nations has influenced the demand of skilled labours (Finger and K_nneke, 2011). Liberalization in the UK Liberalization has influenced the emergence of globalization across the world including different markets of the UK. Liberalization of international trading within the country has opened the door for global business environment which subsequently has brought a large number of multinational companies to create business alliance. This alliance has also introduced the concept of free trade within various countries and regions as this practice can simplify the different trading activities across border (Corbet and Robertson, 2014). On the other hand, in spite of free trading policies, the cross border organisations need to follow a number of governmental regulations which are introduced in terms of protecting the domestic business processes of different countries (Corbet and Robertson, 2014). The rapid liberalization within the global as well as the UK market has allowed the country to emphasize on the privatization of different industries. Telecommunication and energy sectors are the major example of the UK market which has experienced early privatization. The process of privatization along with trade liberalization has diminished the monopoly practices within different business market (Fallon and Cook, 2010). Hence, liberalization has enhanced the competition within different industry sectors due to the rapid privatization and increase in the entrance of new market players and larger international player in different market segments. Along with this competition, liberalization has also allowed different private and new organisations to modify their and services quality products while frequently introducing new competitive products for the consumers (Fallon and Cook, 2010). The liberalization in the UK had started during 1989 with the Electricity Act adoption. Before this period, the transmission in England was under monopoly of Central Electricity Generation Board. Similar to a number of European countries, the governmental bodies of the UK strictly held the regulation of price to avoid the misuse of the market leadership position. The action towards liberalization was enhanced due to inefficient and aging power plant and increase demand of replacement which required immense investment (Pond, 2006). The actions of liberalization have assisted the UK market to introduce a number of electricity generation companies with different market shares (Figure 1). Figure 1: Electricity Generation Companies in the UK (Source: Pond, 2006) This period of transition within the UK was not that simple and easy. This process has taken several years for different industry segment. Liberalization within the trade and economy of the UK came with several disadvantages apart from as long list of advantages. Though the experiment and transformation through a long period of time has assisted the UK to initiate fully functioned liberalized markets, it has also faced hard criticism from various other countries (Pond, 2006). Impact of Liberalization on Internationalization of Firms Small market and lower demand in the market of home country has influenced a number of organisations to adopt the policy of internationalization. The increased saturation of the operated market can also be considered one of the major reasons behind the decision of internationalization of different organisations. The practice of trade and economic liberalization has assisted a number of multinational organisations to enter in host nations to expand their business operations (Zhou, et al., 2012). Generally, the multinational companies in today’s business condition prefer the developing and emerging countries to expand their business functions. The major reasons for this activity are the liberal trade policies of those locations as well as the increased and untapped demand of the market which provides them the future growth opportunities and higher industry attractiveness (Breinlich, 2014). Liberalization has assisted a number of countries including the UK to decrease their market entry barrier which has subsequently enhanced the attractiveness of foreign direct investment (FDI) in different regions. Thus, various organisations that have faced a number of obstacles in terms of securing a competitive position within their home country have shifted its important operations to different international markets as per the comparative advantages (Zhou, et al., 2012). Kaynak, (2014) has evaluated that the comparative advantages of different countries is dependent on their resources and competencies which maker them exclusive than the other countries. For instance, African countries are well known for a huge number of FDI due to low trade barrier. Simultaneously, the ‘open door policy’ in China has been initiated due to the low waged, highly skilled and large number of human resources (Kaynak, 2014). Majority of multinational organisations across the world are attracted towards these comparative advantages which encourages them to expand their business operations within different global market areas. Hence, this procedure influences the foreign direct investment procedure within different countries. As per the data of 2012, the UK has secured the 6th position in terms of attracting FDI towards different business sector of the country, while it has been positioned in the 5th rank in terms of investing in different developing and emerging countries (UNCTAD, 2013). Figure 2: FDI by different Countries (Source: UNCTAD, 2013) Effect of Liberalization on Domestic Organisations It has been established that the concept of liberalization has enabled a number of multinational organisations to improve their market position and competitive advantage by expanding their business and financial operations towards different geographical locations. This process has also assisted multiple to improve their economic condition while enhancing their attractiveness in terms of global marketing zone. On the contrary, a number of researchers have opposed the concept due to its adverse effect on domestically focused organisations (Mehra, 2015). Baldwin and Forslid, (2010) have mentioned that apart from all the advantages of the internationalization process, the liberalization of trade and economy has also highly affected the growth of various local and domestic firms. One of the major reasons behind the degradation of the domestic firms is the lack of financial capacity. Most of the international firms that are facilitating the benefits of liberalization of trade and economical policies of different host countries are financially sound and capable of attracting the huge tide of market preferences towards their products and services due to their uniqueness (Mehra, 2015). Most of these firms are capable of utilizing and modifying essential marketing strategies to attract new consumers towards their products and services while gaining added advantages over the domestic firms. Hence, the rapid internationalization of multinational companies is highly affecting the competitiveness and profitability of the domestic organisations in the host countries (Baldwin and Forslid, 2010). Multinational organisations generally utilize their financial capabilities to attract the potential market segment of the host country. The organisation mainly focuses on modifying their market strategy to secure the leading position in terms of market demand and overall sales. Predatory pricing is one of the major strategies that are very commonly adopted by the foreign organisations to penetrate into the lucrative market within the host countries. This pricing strategy encourages the foreign organisation to introduce their high quality and innovative products in a very low and below average prices. This process allows the foreign organisations to attract a huge mass of consumers towards their products and services while it is immobilizing the local firms to achieve their desired profitability (Baldwin and Forslid, 2010). Therefore, this practices results in decrease of the market share and profitability of the domestic organisation which generally results in bankruptcy. As per instance, Shell and Esso have faced a number of allegations due to their predatory pricing in the UK market. Shell, an Anglo-Dutch company, along with Esso, a US based organisation, has initiated the practice of offering below the average pricing for their fuel to the local customers of the UK. This process has allowed them to acquire a huge share of the UK market while it has forced a number of local businesses to reduce their profitability in terms of securing their position in the highly competitive market (Gosden, 2013). The increased protest by the domestic organisation has influenced different countries, such as the UK, Canada and Australia, to tighten their regulation in terms of the predatory pricing. As per example, Aberdeen Newspaper has been legally charged by Office of Fair Trading (OFT) for deliberately utilizing predatory pricing strategy to eliminate competition from the domestic as well as international market. The organisation was fined by £1.3million for the same (Gosden, 2013). The liberalization of economic policies and communicational facilities assists internationalized organisations to utilize innovative communication facilities to generate a strong brand image within the mind of potential consumers in the host countries. Exceptionally, low trade barrier and financial capability also allow them to integrate the domestic as well as international product preferences to introduce unique product features. This strategic movement of internationalized organisation enable them to create high perceived value for the potential consumers in the host countries. This situation therefore, reduces the competitive advantages of the domestic organisation with limited financial structure and innovation capability. The unique value proposition of the products and services of the internationalized organisation also forced various local firms to finish their businesses (Schivardi and Viviano, 2011). The differentiated and innovative product categories of the foreign organisations also increase the chances of abolishing the product of domestic companies from the market. The supermarket retail chain of the UK can be utilized as an example in this scenario. The country possesses a number of leading supermarket chains such as Tesco, Sainsbury’s, Morrisons etc. Most of these organisations are facing huge challenges in the current market scenario due to the introduction of innovative product and services as well as huge price war by the Germany based supermarket chains, such as Aldi and Lidl, within the UK market. The increased competition by the internationalized organisations has reduced the market growth of the domestic supermarket chains (Schivardi and Viviano, 2011). Figure 3: UK Supermarket Growth (2014) (Source: Schivardi and Viviano, 2011) In this highly challenging situation, it is very common for the domestic firms to face early market saturation for their product and services. Though these challenges can be overcome by new international market expansion strategies by the domestic organisation, the limited financial access and lack of communicational relationship restrict the local organisations to evaluate the internationalization facilities. On the other hand, it becomes very challenging for them to survive in the local market due to the increasing competition of the foreign organisation (Reinartz, et al., 2011). Internationalization and its Impact in the UK Market The enhanced liberalization in the trading policies of the UK has assisted the country to actively attract FDI inflow in different business sectors. According to Crescenzi, et al., (2015) the country has possessed the second position in terms of the highest attracting foreign direct investment within the developed countries across the world, while the leading position is secured by the US. As per the research report by Fallon and Cook, (2010) over 1773 new projects within different industry sectors of the UK has been imitated with the assistance of the finances of different foreign organisations. Most of these projects are focused on the telecommunication and energy sectors of the country. On the other hand, a number of projects are also targeting the construction, fuel, rail and digital marketing sectors. This situation is clearly emphasizing on the liberalization of trading policies of the country. The increase in the foreign investment inflow within different sectors of the UK is highly influencing the lifestyle and financial condition of the local economy (Reinartz, et al., 2011). Figure 4: Global net FDI into the UK from 2004 to 2013 (Source: Statista, 2015) During the phase of 2011 to 2013, the FDI in different sector of the UK has demonstrated moderate growth. In comparison to the £28.88 million in 2011, the inflow of FDI has increased to £43.72 billion by the end of 2013. Therefore, the market has witnessed a sharp 51.3% increase in the FDI inflow within the last three years (Figure 4). The major investor countries in different sectors of the UK are the US, Japan, France, Germany, Canada and China (Figure 5). These countries are mainly investing in the sectors of advanced manufacturing, energy and infrastructure, financial services, telecommunication etc (Figure 6). These investments have assisted the host country to improve its financial condition and employment structure (Figure 6). Figure 5: Top 10 Countries Investing in the UK (Source: UK Trade & Investment, 2014) Figure 6: Foreign Invested Project and Job Distribution by Industry Group (Source: UK Trade & Investment, 2014) The retail industry of the UK had enjoyed the higher barrier to the foreign investment and new market entrants for a very long time. The market possesses a large number of domestic players such as Asda, Tesco, WM Morrisons and Sainsbury’s with very small number of multinational companies such as Aldi and Lidl. Over the last few years, the industry has experienced low barrier in this segment along with rising demand of foreign products due to the increased practice of liberalization. Therefore, it has influenced the entrance of a number of multinational players in the local market (Schivardi and Viviano, 2011). A number of international giant has selected the acquisition process to enter in the retail market of the UK. As per instance, US retail giant Walmart has entered the market of the UK by the acquisition of Asda. Hence, this process can highly affect the domestically focused retail organisation of the country due to their lack of international focus and finances (Cowe, et al., 1999). The main motive of the large international organisation to enter in the retail market of the UK is to increase their financial gain by enhancing their consumer database. Hence, they are less bothered about improvising the domestic retail market of the country. This situation has provoked the concern of the local players in terms of securing their competitive position and profitability within the local market. Strategic Solutions for Local Firms It can be clearly observed that the trade and economic liberalization within the UK has allowed a number of large foreign players to enter and explore the new business market. These practices have been proved to be beneficial for the local consumers as it has assisted them to avail various innovative products and services of international levels (Baldwin and Forslid, 2010). Most of these new entrants in the UK market prefer to utilize the market development and market penetration strategies to attract more potential consumers towards their products and services. These situation and new strategies adopted by the market entrants can be proved to be extremely disadvantageous for the local organisations which has already achieved a competitive and leadership position in the home market. These firms generally face early saturation of their coveted market due to rapid introduction of new and innovative global products. Due to lack of international experiences and financial capacities, the local organisations face huge setbacks in terms of advanced technology, product quality, resource abundance and marketing skills (Baldwin and Forslid, 2010). In this kind of scenario, the local organisations generally consider few basic steps such as: Governmental and regulatory supports to modify the market entry policies and trading rules and regulations to protect the national players and their rights. Initiating business partnership with the leading international players to utilize their financial capabilities and technological expertise. For instance, a number of local automobile organisations in China are initializing joint venture with the international giants such as General Motors, Nissan, Toyota etc. to survive in the rapidly liberalized market. Industry exit through complete acquisition or selling out of the business (Zhou, at al., 2012). Apart from these steps, the local organisations can explore a number of new strategies and processes to improve their market expertise while utilizing their traditional market knowledge to fight the increasing competition of new market entrants. Various domestic organisations do not process sufficient financial capacities to expand their business in the international market. Therefore, it is not feasible for them to expand their business in the international market. On the other hand, various strategic approaches can enable these organisations to explore their existing market in a profitable manner which can assist them to secure a competitive position. The local organisation needs to analyse the market entry barrier within different industries of the UK market. These entry barriers, strategies and initial investments differ from industry to industry. As per example, to initiate a business in the electronics equipment market and telecommunication market the organisations generally require a huge financial investment which is unlikely to be recovered from one particular market operations. Simultaneously, the requirements of these kinds of products in different geographical locations are quite high in comparison to the overall production. These products and services also required very less modifications and localizations in terms of expanding it to the new market areas of the foreign locations. Therefore, the entry barrier is very low for the international organisation in these segments while they can generate a huge amount of profit for these products and services. On the other hand, various other business segments such as restaurants, fast food, specialty foods and retailing sectors is highly dependent on the preferences and demands of the local consumers. Every market demonstrates their unique requirements as per the characteristics, lifestyle, spending capacity, tradition and culture. Therefore, the standardization of product and pricing system can be disadvantageous for the international organisations. The new entrants need to highly differentiate and diversify their products and services in order to efficiently fulfil the requirements of the local consumers. On the other hand, the excess establishment and transportation costs along with lowered pricing strategy may not provide desired financial outcome to the multinational companies from the local market. Hence, the local firms need to expand their business operation in such market areas where the international organisations face high entry barrier and fewer chances for making profit. The multinational organisations are less likely to enter in these types of market where they need to improve very low price with high demands of localized products. Therefore, the local organisations can enjoy less competition of foreign firms in these market segments. The international firms which are expanding their businesses in the foreign market possess very limited knowledge regarding the local culture and preferences. The workforces of the organisations are not well-versed with the in-depth market structure of the new market areas. On the contrary, the domestic organisations are very well equipped with local employees who are knowledgeable about the local preferences, lifestyle and product choices. Evaluating and researching the changing market preferences can also be proved less expensive for the local organisations rather than the international businesses. Therefore, the domestic organisation can utilize these attributes to generate highly competitive and localised products which, in contrary to the standardized internationalized products, can efficiently fulfil the needs and requirements of different segments of the local market. The strategic movement to localize and differentiate product and services as per the local preferences and traditional differences in the UK will allow the domestic organisations to offer value proposition to their consumers which subsequently will allow them to secure a competitive position in the market. The local organisations of the UK also need to concentrate on evaluating the strengths and weaknesses of the international firms which are entering in the domestic market. The marketers should be highly knowledgeable about their own strong as well as weak points along with the rapid changes in the domestic market segments. These processes will enable the marketers to utilize their own strengths to serve the changing demands of the local market while developing new competencies to contradict the weaknesses of the international organisations. Proper evaluation and utilization of their own strengths in terms of resources, skills and marketing strategies will enable the domestic organisations to reduce their overall product development and marketing costs which can be reinvested to the research and development of new products and services. The local organisations of the UK should shift their strategic movement towards market penetration and product development. The market penetration strategy will assist them to explore new and untapped market of the UK with their existing product and service ranges. This procedure will allow the marketers to enhance their market share. For instance, the domestic retail banking sector of the UK can penetrate the rural banking segment of the country. This process will not only enable the organisation to explore new market area, but also reduce the pressure of competition from international organisations. Similarly, the product development strategy will be beneficial for the organisation to develop new and innovative products for their existing market to eliminate competition. The marketers of domestic organisation can seek for governmental assistance in terms of finances and resources to indulge in the modification of their existing product as well as innovation of new products as per the changing demands of the local consumers. The low intra-country transportation cost, abundance of local resources and raw materials and close relationship with the distributors, wholesalers and suppliers will enable the domestic organisations to offer value proposition to the existing customers of different segments of the UK market. Market centric customer services can be considered as another important strategies that the local marketers need to adopt in terms of achieving competitive advantages over the international firms. Most of the international organisations which are entering the new market segment of the UK follow a standardised customer services procedure. Less adoptability and knowledge regarding the differences of customer preferences, communication procedure and product specifications can enforce the foreign organisation to utilize incompetent customer service procedure. This process may hamper their strategies to target the potential consumers in the international market. On the other hand, the domestic market can utilize their traditional business expertise and knowledge in terms of providing personalised and localised customer services which will efficiently fulfil the needs of the local consumers. All these strategies will provide long lasting success to the domestic organisation if they maintain a certain level of flexibility. The local market of the UK is changing rapidly which is impacting the choices of the local consumers. The potential customers are shifting their focus from the traditional products and services to the more convenient, innovative and lucrative one. The less flexibility of the local marketers may diminish their demand and reputation from the consumers. Due to the changing market structure and increase in the pressure of new market entrants, the feasibility of recent strategies of the local organisation may decrease. Therefore, the domestic organizations should focus on continuously updating their strategic movement as per the changing market demands and competitions. The local organisations not only need to observe the operations and functions of the international players to improve their own market presence, they also need to provide adequate concentration on the development of other local firms in the UK to dodge the increase competition in the local market. Hence, the domestically focused organisations in the UK market should emphasize on their flexibility in terms of continuous adaptation of changing market to easily face the competition. Conclusion The discussion of this study has evaluated the importance of liberalization in terms of abolishing the trade and economic barriers within different countries including the UK. The trend of globalization in different business sectors of the developed as well as developing countries has also assisted the organisations to utilise internationalization as their market development and market expansion strategy. The reduction in trade barriers within different borders has not only enabled the multinational organisations to explore new market, but also the nations to enjoy various economic benefits. Simultaneously, these activities have also enhanced the competition within different local and global market while elevating the demand and expectations of the consumers. Therefore, it has highly affected the local market players of the UK in terms of product development, market share, sales ratio and profitability. The advanced technologies and financial power of the international organisations have also suppressed the competitive advantages of the domestic firms in the UK market. Hence, the local firms need to adopt various defensive market strategies in order to fight back these increasing competitions in the market by the international organisations. Focusing on the localization and customization of the products and services has been suggested as one of the potential solutions to achieve competitive position. Actively analysing the internal capacity of the organisations and matching them with the changing preferences of the market is also very essential for the domestic firms of the UK. Rural as well as new market penetration and product development to offer value proposition to the consumers have also been suggested to the local firms to improve their overall market presence. They also need to focus on developing market and customer centric customer service processes to give tough competition to the international competitors. Finally, it has been suggested that the local organisations need to maintain their flexibility in terms of market evaluation to cope up with the changing demands and increasing market competition. Reference List Alessandria, G. and Choi, H., 2014. Establishment heterogeneity, exporter dynamics, and the effects of trade liberalization. Journal of International Economics, 94(2), pp. 207-223. Baldwin, R. E. and Forslid, R., 2010. Trade liberalization with heterogeneous firms. Review of Development Economics, 14(2), pp. 161-176. Breinlich, H., 2014. Heterogeneous firm-level responses to trade liberalization: A test using stock price reactions. Journal of International Economics, 93(2), pp. 270-285. Corbet, H. and Robertson, D. (Eds.)., 2014. Europes free trade area experiment: EFTA and economic integration. Netherlands: Elsevier. Cowe, R., Backingham, L. and Martinson, J., 1999. Wal-Mart swallows Asda. [Online] Available at [Accessed 22 June 2015]. Crescenzi, R., Gagliardi, L. and Iammarino, S., 2015. Foreign Multinationals and domestic innovation: intra-industry effects and firm heterogeneity. Research Policy, 44(3), pp. 596-609. Dix‐Carneiro, R., 2014. Trade liberalization and labor market dynamics.Econometrica, 82(3), pp. 825-885. Fallon, G. and Cook, M., 2010. Exploring the regional distribution of inbound foreign direct investment in the UK in theory and practice: Evidence from a five-region study. Regional studies, 44(3), pp. 337-353. Finger, M. and K_nneke, R. W. (Eds.)., 2011. International handbook of network industries: The liberalization of infrastructure. Edward Elgar Publishing. Gosden, E., 2013. Esso and Shell face allegations of predatory pricing’ over fuel cost. [Online] Available at [Accessed 22 June 2015]. Kaynak, E., 2014. Internationalization of companies from developing countries. London: Routledge. Mehra, A. K., 2015. Political Economy, Liberalization And Globalization. ICSSR Journal of Abstracts and Reviews-Political Science, 38(1), pp. 21-43. Pond, R., 2006. Liberalisation, privatisation and regulation in the UK electricity sector. [Pdf] Working Lives Research Institute. Available at [Accessed 22 June 2015]. Reinartz, W., Dellaert, B., Krafft, M., Kumar, V. and Varadarajan, R., 2011. Retailing innovations in a globalizing retail market environment. Journal of Retailing, 87, pp. 53-66. Schivardi, F. and Viviano, E., 2011. Entry barriers in retail trade*. The Economic Journal, 121(551), pp. 145-170. Statista, 2015. Global net foreign direct investment (FDI) into the United Kingdom (UK) from 2004 to 2013 (in billion GBP). [Online] Available at [Accessed 22 June 2015]. Takatsuka, H. and Zeng, D. Z., 2012. Trade liberalization and welfare: Differentiated-good versus homogeneous-good markets. Journal of the Japanese and International Economies, 26(3), pp. 308-325. UK Trade & Investment, 2014. UK attracts highest levels of inward investment on record. [Online] Available at [Accessed 22 June 2015]. UNCTAD, 2013. Regional Trends In FDI. [Pdf] UNCTAD. Available at [Accessed 22 June 2015]. WTO, 2001. Communications Liberalisation in the UK. [Online] Available at: [Accessed 22 June 2015]. Zhou, L., Wu, A. and Barnes, B. R., 2012. The effects of early internationalization on performance outcomes in young international ventures: the mediating role of marketing capabilities. Journal of International Marketing, 20(4), pp. 25-45. Read More
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