1. Chapter 5
Multinational and Participation
Strategies: Content and Formulation
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2. Learning Objectives
•• Appreciate the complexities of the global-local dilemma
Appreciate the complexities of the global-local dilemma
•• Understand the content of the multinational strategies
Understand the content of the multinational strategies
•• Formulate a multinational strategy
Formulate a multinational strategy
•• Understand the content of the participation strategies
Understand the content of the participation strategies
•• Formulate a participation strategy
Formulate a participation strategy
•• Understand political risk and how multinational
Understand political risk and how multinational
companies can manage such risks
companies can manage such risks
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3. Multinational Strategies:
Dealing with the Global-Local
Dilemma
•• Local-responsiveness solution: respond to differences
Local-responsiveness solution: respond to differences
in markets/customize to country or regional differences
in markets/customize to country or regional differences
•• Global integration solution: conduct business similarly
Global integration solution: conduct business similarly
throughout the world
throughout the world
•• Global-local dilemma: choice between a local-
Global-local dilemma: choice between a local-
responsiveness or global approach to a multinational’s
responsiveness or global approach to a multinational’s
strategies
strategies
•• Forms basic strategic orientation of a multinational
Forms basic strategic orientation of a multinational
company
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4. Multinational Strategies:
Dealing with the Global-Local
Dilemma
•• Four broad multinational strategies
Four broad multinational strategies
-- Multidomestic
Multidomestic
-- Transnational
Transnational
-- International
International
-- Regional
Regional
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5. Multidomestic Strategy
•• The company attempts to offer products or services
The company attempts to offer products or services
that attract customers by closely satisfying their
that attract customers by closely satisfying their
cultural needs and expectations
cultural needs and expectations
•• Emphasizes local-responsiveness issues
Emphasizes local-responsiveness issues
-- Ex.: different packages, colors
Ex.: different packages, colors
-- Costs more to produce, need to charge higher prices
Costs more to produce, need to charge higher prices
to recoup
to recoup
-- In many respects, a form of differentiation strategy
In many respects, a form of differentiation strategy
-- Not limited to large multinationals
Not limited to large multinationals
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6. Transnational Strategy
•• Two goals get top priority:
Two goals get top priority:
-- Seeking location advantages
Seeking location advantages
-- Gaining economic efficiencies from operating
Gaining economic efficiencies from operating
worldwide
worldwide
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7. Transnational Strategy (cont.)
•• Location advantages: dispersing value-chain activities
Location advantages: dispersing value-chain activities
anywhere in the world where they can be done best or
anywhere in the world where they can be done best or
cheapest
cheapest
•• Global platform: country location where a firm can
Global platform: country location where a firm can
better perform some of its value-chain activities
better perform some of its value-chain activities
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8. Transnational strategy (cont.)
•• With location advantages, the transnational can:
With location advantages, the transnational can:
-- Set up global platforms to gain better quality and low costs
Set up global platforms to gain better quality and low costs
-- Locate subunits near cheap manufacturing
Locate subunits near cheap manufacturing
-- Be close to key and most demanding customers
Be close to key and most demanding customers
•• Location advantages can exist for all activities of the
Location advantages can exist for all activities of the
value chain
value chain
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9. Transnational Strategy (cont.)
•• Comparative advantage: advantages of nations over
Comparative advantage: advantages of nations over
other nations
other nations
-- Quality advantages associated with a specific nation
Quality advantages associated with a specific nation
-- No longer only available to domestic firms
No longer only available to domestic firms
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10. International Strategy
•• International strategy: selling global products and
International strategy: selling global products and
using similar marketing techniques worldwide
using similar marketing techniques worldwide
-- A compromise approach to global-local dilemma
A compromise approach to global-local dilemma
-- Limited adaptations in product offerings and
Limited adaptations in product offerings and
marketing strategies
marketing strategies
-- Upstream and support activities remain concentrated
Upstream and support activities remain concentrated
at home country, unlike transnational companies
at home country, unlike transnational companies
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11. Regional Strategy
•• Regional strategy: managing raw-material sourcing,
Regional strategy: managing raw-material sourcing,
production, marketing, and support activities within a
production, marketing, and support activities within a
particular region
particular region
-- Another compromise strategy
Another compromise strategy
-- Attempts to gain economic advantages from regional
Attempts to gain economic advantages from regional
network
network
-- Attempts to gain local adaptation advantages from
Attempts to gain local adaptation advantages from
regional adaptation
regional adaptation
-- Attempts to balance between other three strategies
Attempts to balance between other three strategies
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12. Exhibit 6.1: Content of the Four
Basic Multinational Strategies
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13. Resolving the Global-Local
Dilemma: Formulating a
Multinational Strategy
•• Selection of strategy depends on degree of
Selection of strategy depends on degree of
globalization in an industry
globalization in an industry
•• Globalization drivers: conditions in an industry that
Globalization drivers: conditions in an industry that
favors transnational or international strategies
favors transnational or international strategies
•• Four categories of global drivers:
Four categories of global drivers:
•• Markets
Markets
•• Costs
Costs
•• Governments
Governments
•• Competition
Competition
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14. Global Markets
•• Are there common customer needs?
Are there common customer needs?
•• Are there global customers?
Are there global customers?
•• Can you transfer marketing?
Can you transfer marketing?
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15. Costs
•• Are there global economies of scale?
Are there global economies of scale?
•• Are there cheaper sources of low-cost raw materials?
Are there cheaper sources of low-cost raw materials?
•• Are there cheaper sources of highly skilled labor?
Are there cheaper sources of highly skilled labor?
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16. Governments
•• Do the targeted countries have favorable trade
Do the targeted countries have favorable trade
policies?
policies?
•• Do the target countries have regulations that restrict
Do the target countries have regulations that restrict
operations?
operations?
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17. The Competition
•• What strategies do your competitors use?
What strategies do your competitors use?
•• What is the volume of imports and exports in the
What is the volume of imports and exports in the
industry?
industry?
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18. Exhibit 6.2: Pressures for
Globalization vs. Localization
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19. Transnational or International:
Which Way for the Global
Company?
•• Select a transnational over an international strategy
Select a transnational over an international strategy
when:
when:
•• Benefits of dispersing activities worldwide offset the
Benefits of dispersing activities worldwide offset the
costs of coordinating a more complex organization
costs of coordinating a more complex organization
•• Select an international strategy over a transnational
Select an international strategy over a transnational
when:
when:
•• Cost savings of centralization offset the lower costs
Cost savings of centralization offset the lower costs
of higher quality raw materials/labor from worldwide
of higher quality raw materials/labor from worldwide
locations
locations
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20. Participation Strategies:
The Content Options
•• Participation strategies: options for entering foreign
Participation strategies: options for entering foreign
markets and countries
markets and countries
-- Exporting
Exporting
-- Licensing
Licensing
-- Strategic alliances
Strategic alliances
-- Foreign direct investment
Foreign direct investment
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21. Exporting
•• Easiest way to sell a product in international market
Easiest way to sell a product in international market
•• Passive exporter: company that treats and fills
Passive exporter: company that treats and fills
overseas orders like domestic orders
overseas orders like domestic orders
•• At the other extreme, companies can put extensive
At the other extreme, companies can put extensive
resources into exporting with dedicated export
resources into exporting with dedicated export
department or division with an international sales force
department or division with an international sales force
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22. Exporting Strategies
•• After companies move beyond passive exporting, two
After companies move beyond passive exporting, two
general export strategies:
general export strategies:
•• Indirect
Indirect
•• Direct
Direct
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23. Export Strategies
•• Indirect exporting: uses intermediaries or go-between
Indirect exporting: uses intermediaries or go-between
firms to provide knowledge and contacts overseas
firms to provide knowledge and contacts overseas
•• The most common intermediaries:
The most common intermediaries:
-- Export Management Company (EMC)
Export Management Company (EMC)
•• Specialize in products, countries, or regions
Specialize in products, countries, or regions
•• Provide ready-made access to markets
Provide ready-made access to markets
•• Have networks of foreign distributors
Have networks of foreign distributors
-- Export Trading Company (ETC)
Export Trading Company (ETC)
•• Takes title to product before exporting
Takes title to product before exporting
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24. Export Strategies
•• Direct exporting: take on duties of intermediaries and
Direct exporting: take on duties of intermediaries and
make direct contact with customers in the foreign
make direct contact with customers in the foreign
market
market
•• More aggressive exporting strategy
More aggressive exporting strategy
•• Requires more contact with foreign companies
Requires more contact with foreign companies
•• Uses foreign sales representatives, distributors, or
Uses foreign sales representatives, distributors, or
retailers
retailers
•• May require own branch offices in foreign countries
May require own branch offices in foreign countries
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25. Export Strategies (cont.)
•• Channels in direct exporting
Channels in direct exporting
-- Sales representatives use the company’s
Sales representatives use the company’s
promotional literature and samples to sell product
promotional literature and samples to sell product
-- Foreign distributors resell the products
Foreign distributors resell the products
-- Sell directly to foreign retailers or end users
Sell directly to foreign retailers or end users
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

26. Licensing
•• Licensing: contractual agreement between a domestic
Licensing: contractual agreement between a domestic
licensor and a foreign licensee
licensor and a foreign licensee
•• Licenser has valuable patent, know-how, or trademark
Licenser has valuable patent, know-how, or trademark
•• Foreign licensee pays royalties for use
Foreign licensee pays royalties for use
•• Provides easiest, least risky, and most low cost way to
Provides easiest, least risky, and most low cost way to
internationalize
internationalize
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27. Exhibit 6.3: Contents of a
Licensing Agreement
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28. Special Licensing Agreements
•• International franchising: the franchisor grants the use
International franchising: the franchisor grants the use
of a whole business operation
of a whole business operation
•• Contract manufacturing: production following the
Contract manufacturing: production following the
foreign companies’ specifications
foreign companies’ specifications
•• Turnkey operation: multinational company makes a
Turnkey operation: multinational company makes a
project fully operational before the foreign owner takes
project fully operational before the foreign owner takes
control
control
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29. International Strategic
Alliances
•• Cooperative agreements between firms from different
Cooperative agreements between firms from different
countries to participate in business activities
countries to participate in business activities
•• May include any value-chain activity
May include any value-chain activity
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30. Foreign Direct Investment
(FDI)
•• Companies own and control directly a foreign
Companies own and control directly a foreign
operation
operation
-- Symbolizes the highest stage of internationalization
Symbolizes the highest stage of internationalization
•• Greenfield investments: starting foreign operations
Greenfield investments: starting foreign operations
from scratch
from scratch
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31. Exhibit 6.4: Cross Border
Mergers and Acquisitions
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32. Formulating a Participation
Strategy
•• Must take into account several issues:
Must take into account several issues:
-- Basic functions of each participation strategy
Basic functions of each participation strategy
-- Strategic considerations, intent, products, and
Strategic considerations, intent, products, and
markets
markets
-- How best to support company’s multinational
How best to support company’s multinational
strategy
strategy
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33. Deciding on Export Strategy
•• Does management need to control sales, customer
Does management need to control sales, customer
credit, and sale of the product?
credit, and sale of the product?
•• If yes, choose direct exporting
If yes, choose direct exporting
•• Does company have resources to create positions to
Does company have resources to create positions to
manage export operations?
manage export operations?
•• If not, use indirect exporting
If not, use indirect exporting
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34. Deciding on Export Strategy
•• Does company have resources to design/execute
Does company have resources to design/execute
international promotional activities?
international promotional activities?
•• If not, use foreign intermediaries and indirect
If not, use foreign intermediaries and indirect
exporting
exporting
•• Does company have resources to support extensive
Does company have resources to support extensive
international travel or possibly an expatriate sales
international travel or possibly an expatriate sales
force?
force?
•• If so, choose direct exporting.
If so, choose direct exporting.
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35. Deciding on Export Strategy
•• Does company have time and expertise to develop its
Does company have time and expertise to develop its
own overseas contacts and networks?
own overseas contacts and networks?
-- If not, rely on foreign intermediaries or choose
If not, rely on foreign intermediaries or choose
indirect exporting.
indirect exporting.
•• Will time and resources affect domestic operations?
Will time and resources affect domestic operations?
-- If not, choose direct exporting.
If not, choose direct exporting.
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36. Deciding to License
•• Based on three factors:
Based on three factors:
-- Characteristics of the products
Characteristics of the products
•• Best products are older or soon-to-be replaced
Best products are older or soon-to-be replaced
-- Characteristics of the target country
Characteristics of the target country
•• Situation in target country
Situation in target country
-- Nature of the licensing company
Nature of the licensing company
•• Company may lack resources to go international
Company may lack resources to go international
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37. Licensing: Disadvantages
•• Gives up control
Gives up control
•• May create new competitors
May create new competitors
•• Often generates only low revenues
Often generates only low revenues
•• Opportunity costs (loses opportunities to enter he
Opportunity costs (loses opportunities to enter he
country with other means such as exporting or FDI)
country with other means such as exporting or FDI)
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38. Foreign Direct Investment
(FDI)
•• Most experienced international firms choose FDI
Most experienced international firms choose FDI
•• Usually try other participation strategies first
Usually try other participation strategies first
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39. Exhibit 6.5: Advantages and
Disadvantages of FDI
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40. Choosing Participation
Strategy: General Strategic
Considerations
1. Company’s strategic intent regarding profits vs.
1. Company’s strategic intent regarding profits vs.
learning
learning
2. Company capabilities
2. Company capabilities
3. Local government regulations
3. Local government regulations
4. Characteristics of the target product and market
4. Characteristics of the target product and market
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41. Choosing Participation
Strategy: Strategic
Considerations (cont.)
5. Geographic and cultural distance
5. Geographic and cultural distance
6. Trade off between risk and control
6. Trade off between risk and control
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42. Exhibit 6.6: The Risk versus
Control Tradeoff
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43. Exhibit 6.7: Decision Matrix for
Formulating Participation Strategies
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44. Participation Strategies and
the Multinational Strategies
•• What is the strategic reason to be in the market?
What is the strategic reason to be in the market?
-- Location advantages vs. market penetration
Location advantages vs. market penetration
•• E.g., source of raw materials, R&D, production,
E.g., source of raw materials, R&D, production,
etc.
etc.
•• This reason dictates choice of multinational strategy
This reason dictates choice of multinational strategy
•• Basic diagnostic question: which participation strategy
Basic diagnostic question: which participation strategy
best serves firm’s objectives to be in the country
best serves firm’s objectives to be in the country
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45. Exhibit 6.8a: Participation Strategies
and the Multinational Strategies
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46. Exhibit 6.8b: Participation Strategies
and the Multinational Strategies
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47. Political Risk
•• Refers to the impact of political decisions or events on
Refers to the impact of political decisions or events on
the business climate in a country such that a
the business climate in a country such that a
multinational’s profitability and feasibility of its global
multinational’s profitability and feasibility of its global
operations are negatively affected
operations are negatively affected
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48. Political Risk
•• Why should a multinational company be concerned
Why should a multinational company be concerned
about political risk?
about political risk?
•• It can have a serious impact on its profitability
It can have a serious impact on its profitability
•• World is dependent on energy coming from
World is dependent on energy coming from
locations with high political risk
locations with high political risk
•• World is so interconnected, political uncertainties in
World is so interconnected, political uncertainties in
one country can have worldwide impact
one country can have worldwide impact
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49. Political Risk
•• Some of the factors that influence political risk in a
Some of the factors that influence political risk in a
society
society
-- Changes in the government
Changes in the government
-- Sudden shift in governmental policies or ideology
Sudden shift in governmental policies or ideology
-- Social volatility
Social volatility
-- Passage of new laws
Passage of new laws
-- Leadership changes and potential for related unrest
Leadership changes and potential for related unrest
-- Level of corruption
Level of corruption
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50. Political Risk
•• Key questions which provide some preliminary insights
Key questions which provide some preliminary insights
into the political risk of a market that a multinational
into the political risk of a market that a multinational
firm is choosing to enter:
firm is choosing to enter:
•• How durable and resilient is the political system?
How durable and resilient is the political system?
•• How peaceful have governmental transitions been
How peaceful have governmental transitions been
in the past?
in the past?
•• What roles do other nongovernmental organizations
What roles do other nongovernmental organizations
play in the country’s political stability?
play in the country’s political stability?
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51. Political Risk
•• Key questions which provide some preliminary insights
Key questions which provide some preliminary insights
into the political risk:
into the political risk:
•• Are there internal factors that could result in social
Are there internal factors that could result in social
unrest or civil war?
unrest or civil war?
•• What is the level of corruption?
What is the level of corruption?
•• How reliable is the rule of law?
How reliable is the rule of law?
•• What is the likelihood that the country can be hit by
What is the likelihood that the country can be hit by
natural disasters?
natural disasters?
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52. Political Risk
•• MNCs have several options to assess and manage
MNCs have several options to assess and manage
risk. Private and government agencies offer insurance:
risk. Private and government agencies offer insurance:
-- Political risk insurance
Political risk insurance
-- Political violence insurance
Political violence insurance
-- Foreign currency inconvertability insurance
Foreign currency inconvertability insurance
-- Expropriation insurance
Expropriation insurance
-- Business interruption insurance
Business interruption insurance
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53. Exhibit 6.9: Index of
Democracy
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54. Conclusion
•• Multinational manager faces array of complex strategic
Multinational manager faces array of complex strategic
issues
issues
•• All companies must deal with global-local dilemma
All companies must deal with global-local dilemma
•• Multinationals also face the challenges of choosing
Multinationals also face the challenges of choosing
participation strategies
participation strategies
•• Political risk is also becoming an important component
Political risk is also becoming an important component
of investment decisions overseas
of investment decisions overseas
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.