ball 13e chapter 1 challenging world of ib -...

Chapter 01 - The Challenging World of International Business

CHAPTER 1 The Challenging World of International BusinessLearning ObjectivesLO1-1 Understand what international business is and why it is important.

LO1-2 Comprehend why and how international business differs from domestic business.

LO1-3 Appreciate that international business has a long and important history in the world’s development.

LO1-4 Appreciate the dramatic internationalization of markets.

LO1-5 Understand the five kinds of drivers, all based on change, that are leading firms to internationalize their operations.

LO1-6 Recognize the key arguments for and against the globalization of business.

LO1-7 Explain the reasons for entering foreign markets.

LO1-8 Recognize that globalization of an international firm occurs over at least seven dimensions and that a company can be partially global in some dimensions and completely global in others.

NOTE:

International business statistics, data, and facts about countries, regions, governments, and companies can change rapidly and dramatically. We recommend that you update this information regularly.

As an adopter of this text, McGraw-Hill offers you a complementary online resource each month, the International Business Newsletter. The IB Newsletter gives you an array of timely and relevant articles, videos, country profiles, teaching suggestions, and data resources to add breadth, depth, and richness to the ever-changing topic of international business.

iGlobe is also a way to keep your courses current. In partnership with PBS, iGlobe is a free video service for McGraw-Hill adopters that allows you to download breaking news videos onto your desktop to show in class or online. Updated monthly, these streaming videos are complete with teaching notes and discussion questions. Key concepts for each video are identified to save you time! Visit www.mhhe.com/ball13e, or talk to your McGraw-Hill sales representative for more information about iGlobe or the IB Newsletter.

Overview

Global competition continues to increase at a rapid pace. The huge increase in imports due to the reduction in trade barriers, coupled with increased foreign investment, means that all firms face competitors from any place in the world. This increasing internationalization of business requires managers to have a global business perspective gained through experience and education.

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International business differs from domestic business in that it involves three environments–domestic, foreign, and international–instead of one. Although the kinds of forces are the same in the domestic and foreign environments, their values often differ, and changes in the values of the foreign forces can be at times more difficult to assess

International businesspeople must know enough about the differences in the environmental forces of the markets in which they operate to be able to decide if a concept or a technique (1) can be transferred to another country as is, (2) must be adapted to local conditions, or (3) cannot be used elsewhere.

Suggestions and CommentsStudents find the definitions in this chapter helpful. Stress that building, understanding, and correctly using the terms associated with international business helps them move toward understanding and being able to articulate IB's complexity. This will assist them in comprehending and being able to perform effectively within a world that is increasingly international in its context and forces.

Students tend to be aware marginally of their consumer-level dependence on international business. To arouse their early interest in the importance of this course, we use one or more of the student involvement exercises listed in the following section.

Student Involvement Exercises1. One professor starts the course by asking students this question: “If I snapped my finger (snap your

finger) and every piece of clothing we are wearing today that was NOT manufactured in the U.S. disappeared, how we would be dressed?” The obvious answer is “naked.” Then move into a discussion of our dependence on foreign manufactured goods as a segue into your orientation for this course.

2. Hold up a common object such as a lead pencil. Where do the materials come from? Rubber comes from the Far East, the copper and tin from which the brass ferrule is made may come from Chile and Malaysia respectively, etc.

3. Ask if anyone in class is influenced by international business. The response is often negative, except for foreign students. This can open up a discussion to show our dependence on imports (Smart Phones, iPads, laptop computers, Blu-ray, Flat Screen HDTVs, cars, etc.), outsourcing, and foreign direct investment. For example, foreign ownership of grocery chains in the U.S. has grown significantly in the last five years (Trader Joe’s, Stop&Shop, Aldi, Food Lion, Hannaford).

4. Research other American brands and businesses that are owned by foreign companies. They might be surprised who really owns what in the U.S. and how brand identification and ownership may be different. The chapter’s Worldview, “Are You Really Buying American?,” and Mini-case 1.1 at the end of the chapter, “Ownership of Companies and Brands,” provide opportunities to explore these issues in more depth.

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Course Project

You can start the class off on an international business project here or wait until the class has started so students have an understanding of IB. Here is a summary of a possible project:

International Business ProjectObjective: To create a foreign market entry business plan for taking an American consumer product into a foreign country.

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Project Outline

1. Size of market (demographics, socioeconomic state, urban/rural).

2. Sociocultural acceptance of product – is adaptation necessary?

3. Legal/bureaucratic environment (imports, local manufacture, taxation).

4. Competition in market.

5. Economic and political climate for foreign business.

6. Methods for marketing and distribution.

7. Managerial and labor climate.

8. Financial viability (profit margin, currency translation, profit repatriation).

Project Report

The report will essentially cover all topics in the outline plus an executive summary, introduction (country and product), and recommendations. The report will be word-processed, about 20 pages (double-spaced) and will have an appendix that contains exhibits and a complete bibliography of sources. Examples are maps of the country, tables, and charts.

Project Presentation

The project will be presented to the class in the week prior to the exam week. Thirty minutes will be allotted to each team. Each member will participate in the presentation. Develop appropriate visual supports.

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Guest LecturersAny of the following business people could describe the challenges presented by the rapidly changing aspects of international business by discussing the pace of change in their own industry:

1. Personnel managers who staff the overseas subsidiaries and international divisions for a local firm to talk about job possibilities.

2. Retired executives who have worked as expatriates.

3. Bankers from the international division of a local bank. Often, they share leads to firms in your area that are engaged in international business.

4. Executives from a local international or multinational firm.

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You might also be able to contact a foreign exchange student in advance and ask him/her to discuss the nature of his/her home country and some of the differences that he/she has observed here.

WorldviewThe focus of this Worldview explores “Are You Really Busying American?” From bumper stickers to tee shirts, the slogan “Buy American” has become a common refrain from some American consumers. What does it mean to buy American? Is the Honda Accord made in Marysville, Ohio less American than the Nike Air athletic shoe made in China? What about that Dodge Ram truck? Nothing is more American than a pick-up truck, but Dodge is now controlled by Italy’s Fiat. The globalization of markets has created cross-border investments linking the workers and consumers of the world to one another in a way that was unimaginable 50 years ago. This Worldview examines the nationality of the companies that own a variety of common American brands. This serves as a starting point for a stimulating class discussion, which might be expanded through discussion questions such as: “Is there such a thing as an ‘American made product’?” and “As a consumer, are you more patriotic when you purchase an American made product?”

Global DebateThe focus of this Global Debate explores “The Globalization Debate and You” and hints at a range of issues regarding the pros and cons of globalization. This serves as a starting point for a stimulating class discussion on globalization. Ask students to discuss how they view globalization and the reasons for their views. Potential discussion questions can include: “Discuss the benefits of globalization and the concerns regarding the globalization of markets as outlined in the textbook? Are you concerned with the internationalization of markets? If so why?, “ or “If international business is not a new topic, what about the globalization is it new? What are the roots of globalization? Is globalization accelerating? Why or why not?,” or “How have you benefited personally or been negatively impacted by the forces of globalization? Please be specific in your response.” A summary of the class discussion would offer an appreciation of the many issues related to globalization and the many views on this complex issue in which we are all involved.

The Global Path AheadThe focus of this The Global Path Ahead explores a student’s initial extended international experience, in which he taught English in Dalian, China, for 5 months, as part of an AIESEC internship. It can be valuable to discuss the experiences he had, and ask the class what they might expect from a similar experience: what would be different and how, what would be very similar, what might be the most difficult, etc. It is worth considering a question such as, “Ryan suggests that the most important thing, when going abroad, is to keep an open mind. Do you agree with this recommendation? How easy is this to accomplish? What might you need to do, or not do, in order to ‘keep an open mind’ in a different culture?”

At least some of your students are likely to be interested in exploring international job opportunities, but we find that many of them feel that such opportunities are limited or are hard to find. In that respect, the “Resources for Your Global Career” section at the end of The Global Path Ahead has a broad range of valuable insights and linkages to assist students in finding opportunities to work abroad and in preparing themselves to perform well if and when they are able to exploit such opportunities. It may even be a useful expenditure of class time to visit one or two of the websites listed, such as the Riley Guide or the Expertise in Labour Mobility sites, to illustrate some of the resources that are readily available to the students. Remind students that each chapter will contain a vignette in The Global Path Ahead box, as well as a variety of “Resources for Your Global Career” suggestions.

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Mini-Case 1.1, “Ownership of Companies and Brands”This mini-case provides an opportunity for students to test their knowledge about who the owners are of some common brand names, and which country(ies) the owners are based in. Putting these on PowerPoint slides, projecting them, asking students to give their answers, and then presenting the actual answers can be a good basis for discussing the internationalization of business in our everyday lives. The answers are:

1. 7-Eleven Stores is owned by Seven and I Holdings Co. of Japan.2. Chesebrough-Pond (Vaseline) is owned by Unilever of the Netherlands.3. Meybelline costmetics is owned by L’Oreal of France.4. Diesel clothing is produced by Diesel S.p.A. of Italy.5. Aquafresh toothpaste is owned by GlaxoSmithKline plc of the United Kingdom.6. Baby Ruth candy bars are produced by Nestle of Switzerland.7. Holiday Inn motels are owned by InterContinental Hotels Group plc of the United Kingdom.8. Arrowhead water is owned by Nestle of Switzerland.9. Columbia Pictures motion picture studios are owned by Sony of Japan.10. Arco gasoline is owned by BP of the United Kingdom.11. Nerds candy is owned by Nestle of Switzerland.12. Popsicle frozen treats are owned by Unilever, a British-Dutch multinational.13. Random House is owned by Bertelsmann of Germany.14. Ralston Purina pet foods are owned by Nestle of Switzerland.15. Motel 6 is owned by Accor of France.16. Pinkertons is owned by Securitas AB of Sweden.17. Ban deodorant is owned by Kao Corporation of Japan.18. RCA Records is owned by Sony of Japan.19. Thinkpad laptop computers are owned by Lenovo of China.20. Norelco electric shavers are owned by Philips of the Netherlands.

Lecture OutlineOpening SectionThe chapter begins with the assertion that all managers need to have a basic knowledge of international business to be able to meet the challenge of global competition. This is a good time to encourage students to begin to consider themselves as a potential international businessperson. Refer students to The Global Path Ahead on pages 24-27 to explore international job opportunities.

I. What is International Business?A. Definitions of terms used in this text

1. An international business is a business whose activities are carried out across national borders.

2. A foreign business is the operations of a company outside its home or domestic market.

3. A multidomestic company (MDC) is an organization with multi-country affiliates, each of which formulates its own business strategy based on perceived market differences.

4. A global company (GC) is an organization that attempts to standardize and integrate operations worldwide in all functional areas.

5. An international company (IC) is a global or multidomestic company.

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B. Additional terminology for international businesses used by UN, academic writers1. Transnational company – a company that combines the characteristics of global and

multinational firms; responsive to different global environments.2. Multicultural multinational is a newer name for a transnational company.

II. What is Different About International Business?An international firm operates across borders and deals with 3 environments – domestic, foreign, and international.A. Influence of External and Internal Environmental Forces Forces in the Environments:

1. External Forces (uncontrollable) a. Competitive g. Physicalb. Distributive h. Politicalc. Economic i. Socioculturald. Socioeconomic j. Labore. Financial k. Technologicalf. Legal

2. Internal Forces (controllable) : such as:a. Factors of production – capital, raw materials, and peopleb. Activities of the organization – personnel, finance, production, and marketing

B. The Domestic EnvironmentAll the uncontrollable home country factors that surround and influence the firm.

C. The Foreign Environment1. All uncontrollable forces originate outside of home country and surround and influence

the firm.a. Forces Have Different Valuesb. Forces Can Be Difficult to Assessc. The Forces Are Interrelated

D. The International Environment1. Interactions between:

a. Domestic and foreign environmental forcesb. Between the environmental forces of 2 countries when an affiliate in 1 country has

customers in another2. International organizations affect the international environment and include:

a. Worldwide bodies – World Bankb. Regional economic groups of nations – NAFTA, EUc. Organizations bound by industry agreements – OPEC

3. Decision Making is More Complexa. Multiple forces make decision making more complex.b. Not only are there many sets of forces, but the differences among them sometimes

are extreme.4. Self-Reference Criterion

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a. Managers are frequently unfamiliar with other cultures. Moreover, many have the tendency to refer unconsciously to their own cultural values. Self-reference criterion, as this is called, is probably the biggest cause of international business blunders.

III. A Brief History of International BusinessA. International trade and the international firm are not new aspects of business.

1. Phoenician and Greek merchants were selling abroad before the time of Christ2. China, world’s leading manufacturer for 1,800 years until about 1840, established

integrated trading systems3. Trade impacted politics, the arts, agriculture, industry, and public health throughout

recorded history4. The Ottoman Empire profoundling influenced international trade

a. Control ultimately spanned Europe, North Africa, and the Middle East.b. Influenced emerging trading roots for people, goods, money, animals, and

microorganisms, from England to China, across the Mediterranean and Northern Africa, and through Central Asia and the Indian Ocean region.

c. By raising cost of Asian trade for Europeans, they spawned a search for sea routes to Asia.

5. British East India Company (1600) established foreign branches.6. “Age of Mercantilism” in the 17th and 18th centuries.7. Number of multinational companies existed in late 1800s.8. By 1914, at least 37 American companies had production facilities in two or more

overseas locations. At that time, American foreign direct investment was $2.53 billion, which amounted to 7% of nation’s GNP.

9. Level of intracompany trade of multinationals in 1930, as a percentage of overall world trade, may have exceeded the proportion at the end of the 20th century.

10. International firms have become the objects of much discussion, especially the increasing globalization of their production and their markets. What are the reasons for globalization?

IV. Growth of International Firms and International Business There has been explosive growth in the size and number of U. S. and foreign international concerns. One variable used to measure this growth is the increase in total foreign direct investment (FDI).

A. Expanding Number of International Companies1. According to UNCTAD, there are 82,000 transnational companies with international

production, having 810,000 foreign affiliates employing 78 million people. These transnationals account for 25% of global output and two-thirds of world trade. Foreign affiliates’ sales have grown 700% in the past 20 years.

2. Since the 1980s, there has been a marked liberalization of government policies and attitudes toward foreign investment in both developed and developing nations.

3. Critics of large global firms cite such statistics as the following to “prove” that host governments are powerless before them: In 2010, only 23 nations had GNIs greater than the total annual sales of Wal-Mart Stores (world’s largest IC by sales volume).

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B. Foreign Direct Investment and Exporting are Growing Rapidly (Fig. 1.1)1. The world stock of outward FDI is estimated to have risen to $19.0 trillion by the

beginning of 2010— 9 times larger than in 1990. 2. World merchandise exports in 2010 were $15.24 trillion, about 2.35 times larger than

in 2000 and 8 times larger than 1980.3. World service exports are growing faster than merchandise exports, reaching $3.7

trillion in 2010, 10 times larger than in 1980.C. What is Driving the Globalization of Business?

No widely accepted definition, but it has political, social, environmental, historical, geographic, and cultural implications. Technological and political globalization may be developing.

V. What Is Globalization?Although there are many definitions of globalization (political, technical, social), the most common definition in IB is economic globalization—the international integration of goods, technology, information, labor, and capital; or the process of making this integration happen.

VII. The Drivers of Globalization There are five major kinds of drivers: (1) political, (2) technological, (3) market, (4) cost, (5) competitive.

1. Political – there is a trend toward unification and socialization of the global community. The reduction of barriers to trade and foreign investment and the privatization of industry are hastening the opening of new markets by international firms.

2. Technological – advances in computers and communications technology are permitting an increased flow of ideas and information across borders. This enables small firms to compete globally.

3. Market – As companies globalize, they also become global customers.4. Cost – Globalizing product lines help to achieve economies of scale, which reduce

development, production, and inventory costs. Company can also locate where the costs of factors of production are lower.

5. Competitive – One of the competitive driving forces for globalization is the fact that companies are defending their home markets from foreign competitors by entering the competitors’ home markets to distract them.

A. Arguments Supporting Globalization (see Global Debate box)1. Free Trade Enhances Socioeconomic Development2. Free Trade Promotes More and Better Jobs

B. Concerns with Globalization (see Global Debate box)1. Globalization Has Produced Uneven Results Across Nations and People2. Globalization Has Had Deleterious Effects on Labor and Labor Standards3. Globalization Has Contributed to a Decline in Environmental and Health Conditions

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VIII. Motives For Entering Foreign MarketsMotives are: (1) desire for increased profits and sales, or (2) protect profits and sales from competitionA. Increase Profits and Sales

1. Enter New Marketsa. Viable markets have rising per capita GDP and population growthb. Not in markets where economy is growing faster than in home country

2. New Market Creationa. Produce locallyb. Assemble abroad

3. Faster-Growing Markets4. Improved Communications5. Obtain Greater Profits6. Greater Revenue7. Lower Cost of Goods Sold8. Higher Overseas Profits as an Investment Motive

B. Protect Markets, Profits, and Sales1. Protect Domestic Markets by Following Customers Overseas2. Attack in Competitor’s Home Market3. Using Foreign Production to Lower Costs4. Protect Foreign Markets5. Lack of Foreign Exchange6. Local Production by Competitors7. Downstream Markets8. Protectionism9. Guarantee Supply of Raw Materials10. Acquire Technology and Management Know-How11. Geographic Diversification12. Satisfy Management’s Desire for Expansion

IX. The Seven Dimensions For Globalizing A BusinessA. The seven dimensions for globalization (standardization) are:

1. Product2. Markets3. Promotion4. Where value is added to the product5. Competitive strategy6. Use of non-home-country personnel7. Extent of global ownership of the firm

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X. Organization Of This BookA. The nature of international business and related institutionsB. Understand External Forces, uncontrollableC. Review how IB managers cope with external forces through functional specialties

Answers to End of Chapter Questions

1. What are the differences among multidomestic, global, and international companies?A global company attempts to standardize and integrate operations worldwide, whereas a multidomestic is an organization with multi-country affiliates, each of which formulates its own business strategy based on perceived market differences. An international company refers to both global and multinational companies.

2. Business is business, and every firm has to find ways to produce and market its goods. Why, then, might managers be unable to successfully apply the techniques and concepts they have learned in their own country to other areas of the world?Some techniques and concepts can be applied to operations in other nations. However, the differences among the environmental forces often require that these techniques are altered and in some cases, they cannot be used at all.

3. Give examples to show how an international business manager might manipulate one of the controllable forces in answer to a change in the uncontrollable forces.Students will come up with any number of examples such as:a. If a law is passed limiting the number of foreigners who may be employed in the firm (legal force), management will have to make the appropriate changes in the company’s personnel (controllable force).b. If a new highway is built (physical force), the manager may have to make changes in the firm’s physical distribution system (controllable force) to reach the new market created by the highway.

4. Although forces in the foreign environment are the same as those in the domestic environment, they operate differently. Why is this so?The kinds of forces in the two environments are identical, but they operate differently because:a. Their values frequently differ widely and sometimes are diametrically opposed.b. Changes are often difficult to assess. A manager from a country where laws are vigorously enforced may take literally a new law passed where law enforcement is less rigorous.c. Many times, forces are interrelated so that even though the values of a force may be the same in two markets, values of other forces may be different. The resulting interactions, then would not be similar.

5. What is the difference between the foreign environment and the international environment?The foreign environment includes all of the uncontrollable forces originating outside the home country that surround and influence the firm. In contrast, the international environment consists of the interactions (1) between the domestic environmental forces and the foreign environmental forces and (2) between the foreign environmental forces of two countries when an affiliate in one country does business with customers in another.

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6. Why, in your opinion, do the authors regard the use of the self-reference criterion as “probably the biggest cause of international business blunders”? Can you think of an example?When a situation familiar to the manager arises, there is a tendency to respond without analyzing the reasons from another cultural viewpoint, especially if it is something he or she has dealt with successfully before. The nearly automatic response is conditioned by the manager’s experience in his or her own culture. Thus the manager would give the local personnel director a list of job descriptions for which the firm needs to fill and let the director do the job. The manager probably would not stop to think that the personnel director’s extended family needs work and as a result, these people may be hired even over others whose skills better match the job descriptions. Ricks’s International Business Blunders is full of examples. Many of the famous “horror” stories overseas business failures are directly attributable to a failure to analyze the situation from the point of view of the local culture.

7. Discuss some possible conflicts between host governments and foreign-owned companies.International firms have grown in size and number. As a result, they have become increasingly significant in the economies of many nations. Governments have found that important segments of their industry have come under the control of foreigners whereas previously local citizens were the principal owners. This has led to a fear the absentee owners may follow policies that are in conflict with government objectives. This fear is heightened by the knowledge that headquarters can and does control their affiliates much more closely than previously.

8. “A nation whose GNI is smaller than the sales volume of a global firm is in no position to enforce its wishes on the local subsidiary of that firm.” Is this statement true or false? Please explain your rationale.The comparison of total sales to GNI is similar to comparing apples with oranges. The subsidiary must obey a nation’s laws or run the risk of legal action or even expropriation. Admittedly, a global or multinational firm does have some bargaining power in some instances that a purely local firm would not have. It can threaten to leave the country which will reduce the number of jobs available and the earning of foreign exchange if it is exporting from that country. The important factor is that a firm with operations in various countries permits management to be flexible in choosing where it wants to produce and supply other subsidiaries and markets. Sales of the subsidiary, not the entire firm, could have some bearing if they indicate that the affiliate is significant within the local economy.

9. Discuss the forces that are leading international firms to the globalization of their sourcing, production, and marketing.There are five major kinds of drivers that are leading international firms to the globalization of their operations: (1) political, (2) technology, (3) market, (4) cost, and (5) competitive.

10. What examples of globalization can you identify within your community? How would you classify each of these examples (e.g., international investment, international trade)?Recent consolidation in music, supermarket and publishing industries will yield ample examples of globalization.

11. Why is there opposition to globalization of trade and integration of the world’s economy? Please assess the major arguments for and against such globalization efforts.Essentially, the pro-globalization debate centers on free trade and its benefits. The opposition points to three areas where globalization’s effects have been problematic: the gains have been unevenly distributed among developed and developing nations, globalization reduces labor and safety standards, and its impact

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on the environment is harmful. One could argue that these two approaches are not actually in opposition, but that trade requires management as it globalizes. The second part of the question requires a student evaluation.

12. What are the reasons that explain why international firms would enter foreign markets?International firms enter foreign markets for either of two reasons: (1) the desire to increase profits and sales or (2) the desire to protect these profits and sales from being eroded by competitors.

13. You have decided to take a job in your hometown after graduation. Why should you study international business?No matter where a person is, he or she cannot be entirely free from the impact of international business. Foreign firms can create competition for your hometown company. Exchange rates can cause local prices for imported goods to become more or less competitive. Ask a salesperson who works for a local Toyota (or Mercedes) dealer if he or she felt the impact of the more expensive yen (or euro). If the hometown firm cannot compete with imports, you can lose your job. What you learn in the international business course will make you a more knowledgeable citizen.

GlobalEDGE Answers

Exercise One1. The Emerging Market Global Players (EMGP) Project produces annual reports ranking the top

multinational enterprises (MNEs) in emerging markets by their foreign assets. Locate the most recent annual report of Hungary and identify the ten largest non-financial Hungarian MNEs. In what industries are they classified? In how many countries do they have operations? In which regions of the world? Do you notice any similarities or differences in terms of the industries represented in the ranking and the regions where these MNEs operate? Prepare a short report summarizing your findings.

Answers:http://globaledge.msu.eduGo to Resource Desk: http://globaledge.msu.edu/ResourceDesk/ Search Phrase: “multinational enterprises”Resource Name: VALE Columbia School on Sustainable International Investment: Emerging Market Global PlayersglobalEDGE™ Category: “Research: Rankings”Website: http://www.vcc.columbia.edu/content/emerging-market-global-players-project-0The annual report can be found by clicking on “Hungary.”

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Exercise Two 2. The KOF Index of Globalization, provided by the KOF Swiss Economic Institute, measures

globalization on economic, social, and political dimensions. Provide a brief description of this index and its ranking. Specifically, what factors are considered in calculating the index? Find the most recent ranking and identify the ten countries with the lowest and highest Globalization Index. Do you notice any trends or similarities among the countries listed?

Answers:http://globaledge.msu.eduGo to Resource Desk: http://globaledge.msu.edu/ResourceDesk/ Search Phrase: “KOF Index of Globalization”Resource Name: KOF Index of GlobalizationglobalEDGE™ Category: “Research: Rankings”Website: http://globalization.kof.ethz.ch/The requested information can be found under “Detailed Rankings” and “Method of Calculation.”

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http://globalization.kof.ethz.ch/

http://globaledge.msu.edu/ibrd/ibrd.asp

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