7MNST004W Dissertation Project Sample : Analysis Of International Business Strategies That Can Help In Penetrating A Newmarket
Here’s the best sample of 7MNST004W Dissertation Project on Analysis Of International Business Strategies That Can Help In Penetrating A Newmarket.
Abstract
The research work has been focusing on the analysis of the development of international business strategy for the company Reliance Industries Limited that has been trying to penetrate the Japanese market. The first chapter focuses on the introduction of this research paper includes the concept of the study, research overview, background of the organization in the first portion, However, the aims and objectives of the research work have been provided as well along with research questions and research rationale. The second chapter focuses on the literature review consisting of all relevant data regarding the study that has been useful for the study. Then the third chapter has emphasized methodology containing the data collection method of this research work which is a qualitative secondary method. Positivism philosophy has been chosen for the research work. Then the interpretation of the data has been presented in the fourth chapter. Three themes have been developed according to the findings of the research work. At last conclusions and recommendations have been provided. The reason behind executing the research work includes the market penetration of a company like RIL into an appropriate international market. The company can develop an expanding international business strategy that can be beneficial for the organization. It can help the company to attain more consumer base and profit outcomes from its international operations. As a result of the research work, it has been found that the company can identify in which international market they can easily penetrate while overcoming the challenges that they encounter.
CHAPTER 1. Introduction
1.0 Concept of the study
Internationalization is the way of penetrating international markets and generating effective revenue from the business executing in the foreign lands. Business organisations tend to expand their business in the international market with the help of this process of internationalization. To establish a consumer’s base in the international market business organisations tend to strategize their initiatives and develop their product or services according to the country the company tends to target. This strategy for penetrating foreign markets is known as an international business strategy (Rogmans and Abaza, 2019). There are various types of business strategies that can be developed according to the requirements of the business organisations. Before developing the business strategy for internationalization of the business companies have to analyse the cultural and social background of the consumers based in the new country. This helps in identifying the preferences and choices of the target consumer base in the new market. Besides developing products and services as per the consumer’s preference conglomerate companies have to identify which industry or sector can provide the company success in the international market.
1.1 Research Overview and problem
The research has been executed by focusing on the conglomerate company based in India named Reliance Industries Limited. The company has been planning to expand theory business by inducing internationalization in their business. To do that, the company has been planning to penetrate the Japanese market. However, penetrating in an international market required through international business strategy. To do that the company is required to attain knowledge about the Japanese market and various external factors that affect the market and the businesses. Two major religions in Japan have been influencing their culture which are Shinto and Buddhism. The cultural aspects of Japan have to be analyzed to determine its effects on the market and the various businesses. Understanding the cultural aspects can not only help the company to develop its products accordingly but can also help in the marketing policies. Marketing of the products or services can be planned or strategized as per cultural accuracy. However, the business culture of Japan has often been considered as a resistance for multinational companies to execute their business in the country. Reliance Industries can attain profits by entering the Japanese market as the economy of this country has been stable for quite a long time. It is the largest economy in the whole world by nominal GDP. Establishing business in this international market can help Reliance Industries to increase its revenue generation and lead the company towards growth. Being a part of the major contributing industrious of the overall GDP can be proven as helpful for the company trying to penetrate in the market. Industries such as agriculture, manufacturing, tourism, and fishing are the major contributors to Japan’s economy.
1.2 Organisational Background
Reliance Industries Limited is a multinational conglomerate company that executes its business in energy, telecommunications, textiles, petrochemicals, natural resources, and many other sectors. Reliance Industries was established by Dhirubhai Ambani in the year 1973 in the state of Maharashtra in India. The current CEO and owner of the conglomerate business is Mukesh Ambani. The annual revenue of this multinational India based company is approximately 90 Billion USD. The company has a workforce of around 1, 94,056 employees who contributed to the success of the company. The company already has a huge consumer base in India and have been fighting their business in foreign land including Kenya, Uganda, Tanzania, and many other East African countries. The company has been aiming at the market of Japan as the country has a huge consumer base and is technologically advanced. Entering the Japanese market with an effective international marketing strategy can be beneficial for Reliance Industries. Importing products to Japan according to the preference of the consumers can help the multinational company to penetrate the Japanese market. However, it has to be identified which sector would be the most acceptable and easy to penetrate. The company Reliance Industries has various subsidiary companies that operate throughout the world (Ril.com, 2020). However, entering the Japanese market requires proper selection of the company in which industry the company will be expanding its business in Japan. Selecting the ideal industry and sector can help the company to establish a consumer base in Japan that can contribute to increasing the amount of profit generation for the company. However, penetrating the market through the wrong or unsuitable industry does not effectively provide any favours to the company then it can face losses as well.
1.3 Aims & Objectives of the project
The main objective of the project is to analyse the chances of succession of Reliance Industries in Japan if they export their products there. In case the company has a chase of cervical and attaining success in that country then this research work aims to develop proper international business strategies that can help the company to enter the Japanese market. Besides this identifying the accurate sector which will provide advantages to the company for penetrating in the Japanese markets has to be done with the help of this project. While penetrating to the new market Reliance Industries, may face certain difficulties andchallenges. Identifying the potential challenges and developing strategies to overcome those berries has to be done with the help of this research. However, the objectives of the research work are as follows,
- To identify the scope of business of Reliance Industries in the Japanese market
- To identify the most accurate sector that can provide advantages to the company and help in the penetration process
- To identify the potential challenges the company Reliance Industries Limited may encounter while entering the new market
- To develop international business strategies for penetrating the market in Japan
1.4 Statement of research question
The research work of multinational companies entering new markets have been established previously. However, analysing the development process of international business strategy has not been a matter of research work. Hence the research problem is as follows,
“The multinational conglomerate company Reliance Industries Limited opened for expanding their business in Japan with the help of international business strategies while eliminating any arising barriers”.
1.5 Research questions
Research questions ask the researchers the main motive of the research work. In this case, the following research questions help to develop the overall research work. Through the study, researchers tend to establish prosperous answers to the research questions with the help of collected data that has been analysed. Providing answers to the following questions can help to fulfill the objectives of the research world as well.
- What is the potential chance of success for reliance industries in Japan?
- What field will be easier to penetrate by reliance industries in Japan?
- What are the potential Barriers to overcome to obtain success in Japan?
- What are the strategies to undertake to penetrate the market in Japan?
1.6 Research Rationale
The research has been executed to develop a proper international business strategy that can help the conglomerate Multinational Company Reliance Industries Limited to make an entry in the Japanese market and provide increased revenue generation to the company. However, the strategies developed for the company have to ensure that the challenges and barriers that may prevent the company from entering the market or attaining success in the international market can be mitigated too. Executing the research can help the business organisation to attain industrialization and expand their business further. Identifying the challenges, the company may face can help further companies based in India to identify the essay and convert ways to penetrate the Japanese market. Besides providing help to Reliance Industries Limited the research work further helps other India based companies to attain industrialization with proper development of international business strategy. The research world has helped to identify the cultural factors that may determine the success of certain industries in the Japanese market. The most successful industries that can be proven as favourable for foreign companies to enter the market of Japan have been identified with the research work too. The strategies that can help the company to penetrate the Japanese market can be considered as the main reason for executing this research work. The cultural, economic, technological, and social factors that influence the success of any company in the Japanese market have been effectively identified with the help of the research work. Identifying the external factors that may affect the business of Reliance Industries after penetrating the market can help the company to attain success in the international market.
1.7 Contribution of the research
The research has focused on international business strategies, has to be developed according to the current trends, consumer’s requirements and market conditions. Taking into consideration these aspects, the development of international business strategy has taken place. The research has focused on collecting the information through the means of secondary data collection methods. This has effectively enhanced the overall quality of the research. Various external factors of the country determine the success of multinational companies entering the market in any foreign country for the first time. This has been well discussed within the study. The research has discussed that the companies usually utilize their strengths and tend to minimize the weaknesses with effective initiatives as per international business strategy developed by the organisational authority.
CHAPTER 2. Literature Review
2.0 Conceptual Framework
2.1 Various International Business strategies
Companies nowadays tend to export their products to the global market to generate increased profit outcomes and establish a brand identity in the foreign markets and become a part of the global economy (Lin et al., 2019). International Business strategies are the guidelines that help business organisations to induce globalization and expand their business in foreign countries. It includes plans and strategies that can help business organisations in fulfilling their objective of entering any new foreign market. International strategies can be of various types depending on the purpose it will be used by any business organisation. The four types of international business strategies include International, Multi-domestic, Global and Transnational.
International
Business organisations that work that focus on the initiation of exporting their products to any foreign countries usually develop this type of business strategy. Based on the ideas of Dang et al., (2020), it can be stated that, this business strategy allows the business organisations to stay in their country of origin and utilise its resources to produce increased amounts of products and supply it in the international markets. The companies tend to avoid the extra cost of establishing a business in some unknown country to increase revenue generation. International business strategy allows the company to enter a new market with minimum capital investment while utilizing communication and supply chain.
Multi-domestic
Companies that fail to tempt the local people of foreign locations about their product or company and decide to establish subsidiary headquarters on foreign lands usually develop a multi-domestic business strategy. This strategy helps the business organisations to target the domestic consumer base of various countries with the help of the subsidiaries (Tallman et al., 2018). However, the main headquarter of the company remains in the country of origin. Usually, food and beverage companies develop multi-domestic business strategies to target the local people of various countries and market their products according to the preference of the local people and their cultural backgrounds.
Global
Companies that have already entered international markets and want to control the cost of expansion by minimizing the profit generations tend to develop a global business strategy as a guideline for their future initiatives (Lee and Eckhardt, 2017). These initiatives allow the companies to approach the global consumer base with the help of a homogeneous approach. These companies tend to utilize their profits for coming up with the fluctuation of the global market states or exchange rates. This initiative helps these companies to establish a stable position in the global market and gradually leads the company towards success in the market. To attain growth beyond its borders required global business strategies to target the global market, widen the consumer base, and generate increased profit outcomes from the business.
Transnational
Transnational business strategies are developed by combining global and multi-domestic strategies. Business organisations wanting to keep thecompany headquarter and core technology in their own country usually develops “Transnational business strategy” to develop their business option on a global scale. It is a personalised approach in which various initiatives for various countries or cultures are developed by the organisational authority. This personal initiative helps to target the consumers in an enhanced way and the companies can effectively generate profit outcomes as well. Companies utilising transnational business strategy tend to focus on their target consumers and design their marketing initiatives according to consumer preference. This helps in marketing the company’s goods in a personalized way for various countries or cultural areas with accuracy.
2.2 International trade theories
Refer to appendix 1
“Mercantilism”
This trade theory is one of the oldest trade theories that have been used during the 1630s when the market was dependent on gold and silver (Magnusson, 2019). The more amounts of gold and silver a country possessed the more economically stable the country was at the time. These countries were able to collect the capital to export their goods and access their national borders. The country that has the capital to produce more products has to have the financial stability to send those products in international markets. On the contrary, the countries that used to lack finances to even produce their goods had to be dependent on the imported products and used to contribute a greater amount of their economy to other countries. Though the scenario is a bit old but the situation is still similar as the countries with greater economic conditions produce the most amounts of goods and supply it through their domestic areas as well as international areas for stabilizing their economy further. However, comparatively smaller countries fail to produce their items and have to be dependent on the foreign goods (Guerrero and Martínez‐Chávez, 2020).
“Absolute Advantage”
The international theory of absolute advantage emphasises the factors that increased the amount of efficiency in any kind of reduction process as compared to any other country that can be proven as beneficial for the country itself. Based on the statements of Seretis and Tsaliki (2016), the increased efficiency can effectively provide a competitive advantage to the company as well as the country of origin of the company as attaining growth in the company can provide economic stability to the country as well (Wettsteinet al. 2019). This theory was developed by Adam Smith in 1776. For instance, if two countries are producing similar products but one country has been providing the same product in better quality and at reduced rates then consumers will be willing to purchase from that country and provide economic stability to the country rather than the other country that fails to provide good quality and cost-efficiency.
“Comparative Advantage”
David Ricardo has developed the Comparative Advantage International trade theory during 1817 that promotes collaborative efforts and shared profits among countries with maximum absolute advantage and countries which have been struggling to produce any product on their own (Davis and Dingle, 2020). According to this theory, the countries which can obtain maximum advantages for the production of more than one product as compared to other countries are more likely to be more economically stable than others. However, the countries with maximum absolute advantage in the creation of more than one product can collaborate with countries which are less efficient in the production process to help in generating profits and enhance their productivity levels. The country can focus on one of the efficient productions and helps the collaborative country to pursue the other products with effective help. This can help in developing a comparative atmosphere in the global market.
“Product Life Cycle Theory”
To explain global trade patterns, the product life cycle can be used according to this international trade theory. As influenced by the ideas of Haanstraet al., (2017), it can be stated that during the 1970s Raymond Vernon developed the Product lifecycle international trade theory to understand the demand for a newly developed product in the global market. It has been identified with the help of this theory that as the demand for any new product grows the country provides facilities to the company to improve their productivity and produce an increased amount of products to cope up with the increasing demand. The increased number of local manufacturing plants is opened to fulfill the demand of the consumers and gradually business expands in the global market as well. Various subsidiaries are established in the foreign lands across the national borders to cope up with the international demands as well. In this way, business becomes global from local.
“Global Strategic Rivalry Theory”
This theory has been developed to emphasize the increased amount of competition in the global market among the multinational companies. These rivalries in the international market help multinational companies to attain advantages in the competitive environment as compared to international corporations. This is the reason that companies executing their business in the global market need to differentiate their business- and business-related aspects to establish a stabilized position in the global market. Companies use unique and different manufacturing processes to differentiate each other in the market and attract an increased number of consumers (Freeman, 2018). The source of obtaining raw materials for producing any product has to be different to maintain the difference between the companies competing in the global market. So, this theory focuses on developing strategies that can help to cope up with the increased competition in the global market.
“Heckscher-Ohlin Theory”
Bertil Ohlin and Eli Heckscher have developed the theory to describe that in case the supply of any product grows as compared to the demand of the product then the price of that product reduces accordingly as competitive pricing takes place in the global market (Zhang, 2017). This is the reason beyond countries exporting those products that they have in increasing amounts even after fulfilling their own countries requirements. On the other hand, countries import products that have high demand in the domestic market and have scope in the business. This theory states that companies utilize the labour, raw materials, and other factors available in the country of origin that can influence the business positively (Sousa and da Silveira, 2019).
“National Competitive Advantage Theory”
According to Maheepala (2017), it can be stated that during the 1990s Michael Porter established this theory which emphasizes that the efficiency of any business venture that is operating in the international market depends on the advancements and innovation the company induces to its business. Besides this for other factors also plays a significant role in the performance level of the business organisations according to the National competitive advantage theory. The company has to be stable enough to cope up with the arriving competition in the international market and the company should have the ability to attain advancements within the business. Advancements and innovation are the two key factors that provide success to any organisation executing their business in the global market.
2.3 Challenges of entering the foreign market
Various challenges may be encountered by the business organisations trying to enter a new market. The business organisation requires overcoming the potential challenges with effective international business strategy along with the application of international trade theories. The challenges that may deteriorate the flow of work included in the penetration of new market are as follows,
Tariff and export fees
Various countries have various amounts of taxes on their export products. Companies based in the countries with lower export rates are more likely to penetrate the international market with the help of exporting their items (Crowley et al., 2018). Besides the export rates, tariff rates also impose challenges for initiating business internationally across the national borders. Tariff rates determine the price of the product in the international market. Tariff and export rates in the new countries in which any business organisation tries to establish their business can be considered as challenging. Tariff and export fees of the market have to be calculated according to the legislation of that country and trade laws. Companies that have to pay increased tariff rates and export fees are compelled to set their product price high to cope up with the expense of exporting its products to the international market (Peleckis et al. 2020). However, in case the international or global market has reduced demand for the product then such high-priced products do not generate any profits for the company.
Selection of appropriate country
Countries with an absolute advantage in the manufacturing of any products can be chosen as the most favourable countries to penetrate for international business expansion. As stated by Christian et al., (2016), it is quite evident that selecting the appropriate country determines the level of success of the multinational company that tends to achieve an increased amount of success across the national borders. Countries with affordable labours, land, and availability of raw materials are usually chosen as the easiest country to penetrate or to establish an international business. However, comparatively smaller countries which have a lesser number of local companies to cope up with the demand of the consumers are most suitable for penetration (Peleckis et al. 2019). In such countries, multinational companies or international companies can capture the market very easily after some time of entering the market. Selecting the appropriate country that will allow the business to blossom is one of the most challenging tasks for a business opting for expansion internationally. A country that fails to provide enough consumers and advantages for the business may result in losses for the company.
Choosing of appropriate sector
Conglomerate business organisations have the privilege to choose through which industry they will be penetrating in any international market. The sector of industry any foreign country has most demand and local companies cannot effectively fulfil their demands leaving a gap for the multinational companies to establish their business can be chosen as the most suitable actor to penetrate the international market (López-Cózar-Navarro et al., 2017). Determining and choosing the most appropriate sector for penetration in any foreign market requires a thorough analysis of the business and the market condition. This can help in overcoming the challenge. Otherwise, entering the market through any of the sectors in which demand is fulfilled by the local companies and have no space for further companies in the market can compel the international company towards losses. Especially for conglomerate business organisations that execute their business in various sectors and industries choosing the appropriate industry that can help to enter a new international market can be challenging. Chasing any industry that lacks scope in the new market can deteriorate the business of that country (Nambisan et al. 2019).
Physical Distance
International companies entering foreign markets cannot directly establish their headquarters in the new country and shift the business in the new environment. For quite some time the business has to be executed despite the physical distance. In the viewpoints of Li et al.,(2019), the management team of the companies are required to manage the company and its operations from the country of origin and gradually employ a new workforce in the international business. This physical distant can create a gap between the organisational management and the new business established in a foreign country which can provide a negative impact on the company. Corrupt people within the organisational structure can utilise the challenge of physical distance and gain personal profits from the business. Physical distance is the main issue that companies encounter while managing their business in any foreign country. Organisational authority or management has to travel to that country for resolving any arising issue in times of crisis. Physical distance can determine the level of success or failure for any multinational company executing its business in the foreign markets.
Unknown cultural aspects
The unknown cultural background of foreign markets can be pretty challenging for international companies while penetrating as the cultural aspects affects the consumer preferences and requirements. To overcome this challenge, companies entering foreign countries have to analyse the market and the culture that has the most impact on the market and its consumer base (Schotteret al., 2018). Then product development and marketing strategies have to be developed accordingly to cope up with the challenge. Understanding the cultural aspects and developing an international business strategy with cultural accuracy can help in entering the market and establishing a stable business internationally. Companies that enter new international markets have to gain knowledge about the cultural aspect of the country for proper brand positions and product placing. Besides this, accurate strategies with cultural accuracy can help the company to thrive as well.
2.4 Research Gap
The literature provides various ways of developing an international business strategy that helps business organisations to enter new international or global markets. Besides that International Trade Theories that can help to expand business have been provided. Challenges companies encounter while penetrating new markets have been discussed too. However, any information about the scope of various industries in the international markets has not been provided. The literature has not provided any insight into Japanese culture or their market(Matovic, 2019).The several advantages and disadvantages that can be obtained because of international business expansion have been discussed in the research work. However, the advantages or disadvantages the Japanese market can provide to any business have not been discussed in the research work which has created a research gap. Important elements of international business strategies have not been explored as well. Along with the important elements the analysis of developing an international business strategy would have been easiest for the researchers. The research gap provides several opportunities for future researchers who can explore the aspect and develop new research works. The Japanese market has not been analysed thoroughly which creates further gaps for the study. Providing an overview of the Japanese market would have helped the company Reliance Industries to develop a suitable international business strategy that can allow them to penetrate the Japanese market. Without any knowledge about the target market and target consumer base penetrating in the market can be a difficult task. The importance of international business strategies has not been explored either in the literature which further prevents the raiders to identify the significance of the overall research work.
CHAPTER 3. Methodology
3.0 Introduction
The methodology of a research work helps in the process of collecting data that is used to develop a proper argument for the research work. The collected data can be analysed and then interpreted for use in the research work. The data required for executing a research work can be collected through primary or secondary resources. Primary resources allow the researchers to obtain data through first hand whereas secondary data collection allows the researchers to use internet portals for researching relevant and authentic data. Besides the data collection, methodology includes different types of data. The statistical or mathematical data collection process is known as Quantitative and data that are dependent on observations, surveys and interviews are termed as Qualitative.
3.1 Research Philosophy
Positivism has been chosen as the research philosophy for the research work of Reliance Industries. The company tends to enter the Japanese market for expansion of their business. However, positivism has helped the research work to identify the scope of Reliance Industries Limited in Japan. As influenced by the ideas of Ryan (2018), positivism helps the research to be executed depending on the factual data and evidence that have accuracy. It further allows us to depend on the evidence collected in the data collection step. The collected data have helped to develop an international business strategy for the company to enter the international market of Japan. The factual data collected from secondary resources have helped to establish a proper understanding of the research work. The research objective that includes the development of the international business strategy of the company Reliance can be fulfilled with the chosen research philosophy. Researchers can effectively select accurate and relevant data that can be used in the research work because of the positivist philosophy. Researchers can observe past case studies for attaining data that is relevant to the topic and can help to develop proper answers to the research questions. Based on the viewpoints of Dougherty et al., (2019), it can be stated that research philosophy guides the researchers to collect, analyse, and utilise the collected data for filling the research objectives. The findings developed with the help of the collected data are the outcome of using positivist research philosophy.
3.2 Research Approach
The research approach is the proper planning that helps researchers to execute research thorough relevant data collection and its analysis and interpretation (Mohr et al.,2018). Relevant theories have been chosen for executing the research work which allowed the researchers to choose deductive research approaches. The effectiveness of the theory and strategies developed for the company Reliance Industries can be identified in this research approach. In the deductive process, theories are chosen according to the relevance and then tested for ensuring accuracy (Woiceshyn and Daellenbach, 2018). Hypotheses are tested for identifying the usefulness in the deductive research approach which has been chosen for this research work by the researchers as well. The chosen research approach has allowed the researchers to choose a hypothesis or theory and then develop their research work. Relevant literature has provided the required knowledge to execute the research work and fulfill the research objectives. This research approach focuses on aiming and testing the findings before establishing any conclusion for the research work. The researchers have executed this research work while obtaining data and then testing it for its accuracy and then only using it in the research work.
3.3 Research Design
Explanatory research design has been chosen for the research work on international business strategies for Reliance Industries Limited to enter the Japanese market. In the viewpoints of Rahi, (2017), as the topic chosen for the research work has not been well explored in the past so it has required further research through this study. This is the reason behind choosing the explanatory research design which has allowed presenting the information of the research in a property explained manner. In this type of research design, the researchers tend to connect all the ideas developed from the collected data and establish a proper understanding of the matter for providing answers to the research questions. According to Abdulkadiroğluet al., (2017), this helps in understanding the cause and effect of the research work and the aspects of the research. For instance, in this research work, the cause of developing an international business strategy for the company Reliance Industries has been identified with the help of the collected data. According to the requirements of the organisation, and accurate strategy or plan for international business expansion in Japan has been developed by the researchers.
3.4 Sampling
The Research work that has been executed for identifying the scope of Reliance Industries in the market of Japan in any of the sectors or industries the company has been executing its business. The researchers of this research work have used non-probability sampling techniques for the sampling method. Subsets of the Japanese population have been used to identify their acceptability towards the products and services Reliance Industries can offer to them. The chosen sampling method has provided equal opportunity to all the members of the population for providing effective information for the research work (Etikanet al., 2016). The cultural impact of the country in purchasing behaviour and preferences of the Japanese people has been identified. Besides this, consumer acceptance towards multinational companies has been identified. The sector or industry that can help Reliance Industries to penetrate the Japanese country has been identified descriptively. The researchers have observed the data and established the study based on the data. However, this sampling method is usually used in primary data collection but researchers have chosen for collecting data from secondary resources for fulfilling the aims and objectives of thesis research work.
3.5 Data collection
The Researchers have used a secondary qualitative data collection method for the research work. Secondary data collection allows the researchers to obtain data from secondary resources including the internet (Sherif, 2018). As the internet has a wide range of accurate and authentic information the researchers have effectively fulfilled the objective of the research work. However, qualitative data are usually non-mathematical or non–statistical. Previous case studies, surveys, and interviews among the Japanese population have helped the researchers to gain insight into the country and the population. Understanding the population and their preferences has helped the researchers to identify the scope of Reliance Industries in Japan and the easiest ways of penetrating the market of that country. The secondary data have been collected from ten of the chosen articles from various internet sources that provide authentic and relevant data that can be used in research work. In the viewpoints of Almalki (2016), obtaining data from peer-reviewed journals has helped the research work to become informative and accurate. Chances of inaccuracy have been eliminated from the research work. However, the internet has provided a wide range of the data that has helped to establish the arguments of the researchers for the study that provided a solution to the issue of internationalization of the company Reliance Industries Limited.
3.6 Sample Size
Sample sizes have significance in the research work. A big sample size helps to develop research work with more accuracy than smaller sample sizes for the research work (Malterudet al., 2016). The largest samples provide reliable results and findings for research works. Collecting data from secondary resources have been executed by the researchers where they have used various internet protocols that provide authentic data resources are Google Scholar, EBSCO, JSTOR, and Academic star are the few portals that have been used by the researchers for accessing relevant data that have helped in the establishments of the arguments. 10 articles have been chosen for the sampling method among which half of them are practitioner articles and the remaining five are press releases. The sample size that has been developed with the help of the collected data has allowed the researchers to utilise the data for the research work. The sample size has been adequate as it has helped to develop answers for the research questions. Adequate research size has helped the research work to attain accuracy. Obtaining accurate data has helped the researchers to attend accuracy and relevance to the topic.
3.7 Ethical consideration
To avoid any type of ethical dispute in the research work certain considerations have been followed by the researchers. They have stored their collected data in private hard drives that will ensure the safety of the data. According to the “Data Protection Act”, the researchers have ensured the safety of the data collected for the research work. The researchers have also used the data for the research group’s roses only. Personal usage of the collected data has been avoided for maintaining an ethical environment during the research work. Researchers have avoided any type of discrimination throughout the research and have been executed which includes no usage of offensive or abusive languages while working on the study. Besides these ethical considerations, several other considerations have helped to execute the study. Based on the viewpoints of Benton et al.,(2017), it is quite evident that data collected from the internet portals have to be collected in an ethical way for avoiding any kind of ethical issues that may deteriorate the flow of research work. Selecting peer-reviewed data is the only way to ensure the ethics of the research work. The researchers have not shared the information of the research work to any external parties for ensuring the safety of the data used in the research work. To ensure that no other researcher or researching parties have been executing their research on a similar topic the data and findings including the topic has to be protected.
3.8 Research Limitation
The researcher has faced a few limitations, which has hampered the overall quality of the research. For instance, this research has focused on collecting information from secondary sources. due to limited budget, the researcher has not been able to access those journals, which have paid subscriptions. This has resulted in making the researcher not been able to extract quality information from those sources. additionally, the time was also limited. This has resulted in making the researcher overlook certain important steps.
CHAPTER 4. Interpretation/Data analysis
4.0 Introduction
The secondary data that have been collected from, various secondary sources and a total number of ten articles have allied the researchers to identify the scope of Reliance Industries Limited. After identifying that the researchers have further identified which sector has the most popularity or success in Japan. It has been understood that any type of manufacturing industry with advanced automation can help the company to penetrate the Japanese market effectively. The data collected with the help of secondary qualitative methods have been analysed to develop the findings of the research work. The following themes have been developed according to the interpretation of the collected data. These themes can help the researchers to provide effective information that can help the company Reliance Industries to penetrate the Japanese market.
4.1 Theme 1
Japanese culture plays a significant role in the consumer acceptance towards any new market entrant in Japan
Reliance Industries have been attempting to enter the market of Japan and induce internationalization in their business. However, the data collected from secondary data resources have helped to identify that the social and cultural background of Japan plays a significant role in the consumer’s acceptance of any new product or brand. Based on the viewpoints of São Simãoet al., (2017), it has been interpreted that product development has to be executed after identifying the consumer preferences and requirements. The requirements of the Japanese population can help business organisations to develop such products or services that can improve the lifestyle of the Japanese people. However, the data collected from the secondary resources have helped to develop a thorough understanding of the various aspects of the Japanese culture. It has been identified that Japanese culture has strong beliefs and values which helps people to live in harmony and order while working on self-development (Kim et al., 2018). Despite having a very competitive market Japan-based companies ethically execute their business to maintain the order of the society and the business. The data have helped to establish a paper understanding of the values that Japanese society follows. Following these values can help Reliance Industries Limited to establish their business in the market. Besides, the product development market can be considered as another aspect of the business that has been impacted by the culture and the society. As stated by Kannan (2017), the marketing of a new brand or product has to be executed while utilizing the cultural aspects of the society. Cultural holidays and occasions can help in marketing the products or accelerating the sales of the new products of Reliance Industries in the Japanese market. In case Reliance Industries fails to attain cultural accuracy in their business then market acceptance and potential chances of succeeding will be reduced. Japan is a technologically advanced nation and digital marketing can help in the process. Automation can be utilized in the business for achieving success in the business execution.
4.2 Theme 2
Manufacturing industry is the most favourable sector to penetrate the Japanese market
Japan has a technologically advanced manufacturing industry which contributes a major portion of the GDP of the country. India originated a multinational conglomerate company that can penetrate the Japanese market through the manufacturing sector. After analysing the data collected from secondary sources, it has been identified in the manufacturing sector including automobile, electronic, textile, steel production, and ship manufacturing. The manufacturing sector can provide favourable conditions for new companies that have been planning to enter the Japanese market (Fujiiet al., 2016). From previous case studios, it can be interpreted that multinational companies have penetrated within the market through the manufacturing sector and Reliance Industries can undertake a similar policy. The manufacturing industry also induces advanced technology and innovation for attaining advancements. This provides a newer approach to the conventional products and advancement in product development as well. However, the service industry provides the majority in the economy of Japan. In the statements of Huijie (2018), companies with established businesses in their base country can start the business by exporting their manufactured items to Japan. This allows the company to enter the market and understand the way of executing business in foreign and international land. After gaining adequate knowledge and experience regarding the country, companies can effectively develop international business strategies to penetrate the manufacturing sector of Japan and generate adequate profit income from the business. The research work and data interpretation can help in the development process of the business strategy.
4.3 Theme 3
Advanced technology helps multinational manufacturing companies to attain success while overcoming barriers in Japan
Japan is a technologically advanced nation in which the existing companies tend to utilize the various aspects of their business. However, technology can help in eliminating the barriers that multinational companies encounter to enter the Japanese market (Sueyoshi and Goto, 2019). The company executes its research regarding the social and cultural factors that may affect the business with the help of technology. Besides this, the manufacturing sector of Japan depends on automation which helps in producing the maximum amount of products with the minimum workforce. Companies that can afford to attain automation can easily penetrate the Japanese market and fulfil the requirements of the consumer with the help of advanced technology. In the views of Takahashi (2019), besides the production unit, digital marketing can help new companies to establish a brand name and execute product placement effectively. The majority of the Japanese consumers are active on social media which has widened the consumer base and made marketing easy and convenient for the business organisation. Multinational companies like Reliance Industries Limited can utilize their technological advancements while investing adequate amounts of capital money and penetrate the Japanese market. After penetrating the market, the company has a positive scope of attaining success in the international market of Japan. Inducing technology with the business helps in enhancing consumer engagement and communication with the company that provides information regarding consumer preferences and choices which helps the company to achieve excellence.
4.4 Theme 4
Competitive market of Japan can effectively help to enhance the performance of the company RIL
Japan’s stable economy and a huge consumer base for the manufacturing industry will contribute to the taxes of the Indian company to establish an international business in Japan. However, international business strategies have to be developed for entering the Japanese market. The strategies can contribute to the expansion of the business on the international market (Christian et al., 2016). Business strategy helps to execute business in such a way that can be considered as accurate as per the governmental guidelines, social norms, and cultural background of the country. Marketing policies have to be developed according to the business strategy which will allow Reliance Industries Limited to generate positive profit outcomes from penetrating the Japanese market. International business strategies have been developed with the help of the data collected from various data resources which have provided insight into the Japanese culture and have helped to understand the preference of the Japanese consumers in the terms of manufacturing products. However, Japan has a very competitive market and Reliance has to be very competitive to establish a proper position in the foreign market. As stated by Freeman (2018), the strategies developed for the company can help to establish a stable position with the market of Japan where already industrial companies have been executing their business for quite some time. The local competitors of RIL in the Japanese market have been using advanced machinery and automation to attain high productivity. The data collected have provided a notion that RIL has to invest adequate amounts of resources to produce or manufacture in increased quality to compete with the existing companies. The company has to provide increased effort to penetrate the market and establish a stable business across international borders.
4.5 Theme 5
Potential challenges have to be mitigated for attaining customer acceptance within the market
Identifying the potential challenges that the company may face while penetrating the new market can help it in attaining internationalization within their business and generate increased profits and attain success at the same time. To enter the market and succeed in the business the company requires developing an International Business strategy. This research work has helped the company to analyse the market of Japan from data collected through secondary resources and interpretation of the data. Identification of the challenges that the company will face while entering the most suitable industry can help this conglomerate company to penetrate the international Japanese market. The case studies of previous foreign companies that have penetrated the Japanese market have an overview of RIL regarding the challenges that they may encounter. This is the reason that developing a strategic plan can help to smoothly enter the market (Lee and Eckhardt, 2017). Taking initiatives as preventive measures of the barriers can be beneficial and profitable for the company. It has been identified through the collected data that the manufacturing industry is the most successful and the largest industry in Japan. Reliance Industries can initiate their business executing in Japan from the manufacturing industry as well.
4.6 Theme 6
Data have been attained regarding relevant business theories
Theorists have developed various theories that can emphasise the ways of trading throughout the globe. The process of exchanging goods for executing businesses in two entities or persons is known as trade and executing this trade beyond the borders of the country is known as International Trade. Theories that provide effective knowledge about expanding business in various countries throughout the globe are known as International trade theories. These theories help to analyse the challenges that business organizations may face while executing business expansion strategies in a new market. The application of these theories provides an easy and convenient sector for conglomerate business companies to penetrate in new markets. Moreover, the application of international trade theories provides easy and convenient ways of overcoming arising challenges and helps in entering new markets and generates increased profit outcomes from the business. Seven major theories have been used widely in various business sectors. “Mercantilism”, “Comparative Advantage”, “Product Life Cycle Theory”, “Absolute Advantage”, “Global Strategic Rivalry Theory”, “Heckscher-Ohlin Theory” and “National Competitive Advantage Theory”.
4.7 Theme 7
Advantages and disadvantages of international business expansion
Widening the consumer base
Already established business organisations have an idea about their consumer base in their country of origin. The already existing consumer base helps companies to assume that the consumer base can be widened with the help of entering into foreign markets. After analysing the potential consumer base in foreign markets business organisations can enter the market for increasing their consumers and increase sales as well. As stated by Oh et al., (2019), it can be said that attracting the consumers of the foreign markets can generate increased amounts of profits for the company as well. Widening the consumer base is one of the major advantages that business organisations usually attain because of penetrating international markets. Widening the consumer base provides more publicity and exposure to the company and even helps to establish stable business internationally.
Improved consumers loyalty
Companies with an established business in the international market tend to create a loyal consumer base in the local markets with an increased amount of exposure of a local company. People tend to become more loyal to the local company which has entered the international market and making it big there too which can contribute to the brand equity of the company (Kotler et al.,2019). Besides a loyal consumer base in the local markets, the company entering into foreign markets also can effectively attract an increased number of consumers and establish a loyal consumer base in the international market.
Reducing business risks related to geographical aspects
Business organisations operating their business from single locations tend to fail in case the location encounters any unfavorable business condition. This is the reason that companies having their business in various countries and various locations tend to cope up with the business risks and sustain their business even during difficult times. In the statements of Karaca (2018), business organisations that have businesses in various countries and locations can effectively manage business risks even at any location their business fails due to any unfavourable business condition. The operations in other locations in other countries can help the company to sustain its business despite failing in any country. Operating business in the international market distributed the business risks which can be considered as an advantage.
Accessing new talents
Entering the international market allows multinational companies to access new talents and contribute to the employment rates of the foreign countries. Providing work opportunities to the talented and unemployed youngsters in the international market provides straight to the companies trying to establish their business in many foreign countries. These talented new graduates have a creative and innovative approach in the workplace which provides benefits to the company itself (Kim, 2017). These new talents induce innovation and creativity in the business execution and provide stability and new heights to the companies. Besides new employees, new business partners with a visionary approach in the business helps to take the company to the next level in the international market.
Expanding the brand name
Expanding business in the international market helps in expanding the brand name on a global level that can contribute to accelerating the sales of the business organisation as well. Expanding business from the country of origin contributes to a positive impact on brand equity and brand name as well. According to Mohr and Batsakis (2018), a new consumer base in a foreign country can provide several benefits to the company. The new consumers can consider the company as it is a foreign company in that international market. This attitude can help the company to further attain exposure for the company that can lead to business expansion in other several countries as well.
Achieving foreign investments
Expanding business in foreign countries provides access to the investors available in that country as well. This increases the level of foreign investments for business expansion. The companies that have penetrated the international market may utilise these investments to further stabilise their business in the international market. These advantages cannot be attained while operating business in the local market. Local markets have a limited number of investors only which fails to provide an increased amount of advantages to the companies. However, companies that have access to the international market also attain foreign investments. Increased foreign investments help in establishing subsidiaries in foreign countries as well. All these advantages can be attained with increased investments (Hacioglu, 2020).
Reducing the cost of purchases
Operating in several locations provides another advantage that allows the company to control the cost of the purchases. As the company has large manufacturing units established in various international locations the company tends to purchase its raw materials in bulk which provides the organisational authority the liberty to bargain regarding the process of the purchases. Increased production in various locations requires an increased amount of purchases which provides benefits to the company and helps in reducing the cost of the purchases due to strong bargaining power. Bulk purchases reduce the overall cost of purchase for the company and provide benefits to the company. It provides the company an upper hand over the suppliers and they become capable of bargaining and purchasing their required items including raw materials within their budget.
Immunity for emerging trends
Operating in more than one country provides the opportunity to gain knowledge about the emerging trends in the global market and helps to identify the potential trends as well. It provides wider access to the company to identify the trends and cope up with them with effective strategy and change in business strategies. Trends that fade in developed countries tend to be still tending in developing countries which provide multinational companies to develop their coping strategy. Trends keep spreading through various countries and companies which have their subsidiaries or businesses can help track the trends and how much more it has the potential t stay in the market from records. This helps the company to strategize their future initiative to cope up with changing trends (Wettstein et al., 2019).
Disadvantages of international business expansion
Foreign legislations
To expand business in foreign markets and multiple countries required paperwork according to the legislation of the country. In the views of Picciotto (2018), tax rates and employment laws and trade law as in the foreign countries have to be analysed as it can be pretty challenging. The lengthy process of paperwork is one of the major disadvantages of international business expansion. Besides this, business registration and trademark registration in a foreign country require form fill up and submission of request letter in the national language of the country which can be another disadvantage for companies trying to penetrate from another country into the market.
Handling logistics
Taking care of the logistics of a business is already a complicated task which becomes more complex in any foreign country. Communicating with the local employees and managing the shipping of the goods from one location to another can create a nuisance into the business and can be considered as a disadvantage of the international business expansion (Alshubiri, 2017). Different countries have different infrastructure and availability of resources which can deteriorate the business and its operation in the foreign land.
Language difference
Approximately 195 countries thought the world does not use English as their common language for communication which can contribute to the language difference among the organisational authority and the new workforce of the company that has attained international business expansion. Besides developing communication with the new workforce, it is more important to effectively communicate with the consumers to identify their requirements and fulfil those. Companies unable to understand the requirements of consumers and fail to take feedback from them cannot attain success in the business. The language barrier can be considered as another con of the business expansion in the international market.
Different time zones
International business expansion may contribute to several issues within the business operation due to the time zone. Subsidiaries or businesses established in foreign countries cannot presumably communicate with the main headquarters at any time as the time zones are different in many countries. However, not all time zones conflict but establishing international business in faraway countries can encounter such problems (Lupton et al.,2018). In times of crisis, the management team cannot be contacted rightward because of the time gap which can contribute to several issues within the company.
Fluctuating Exchange rates
The exchange rates of currency keep fluctuating all the time which affects the business of companies with international expansions. The weak currency of the country of origin of internal companies can contribute to an increased amount of profits. However, stronger home currency provides reduced amounts of profits and may cause losses in some instances as well. Fluctuation in exchange rates is one of the main cons of internal business expansion which constantly creates interests for the business that has been executing in multiple foreign markets.
CHAPTER 5. Conclusion and recommendations
It can be concluded that the research has helped the researchers to identify which industry or sector would be appropriate for the business expansion of the multinational conglomerate company Reliance Industries Limited which is based in India. India has a very different culture from Japan and the research has helped to explore the cultural aspects of Japan. The challenges Reliance Industries may encounter in the process of market penetration in Japan have been explored in the research. The business strategy development process has been excited effectively because of the potential challenges that have been identified. Various types of International Business Strategies have been employers in the study too. This has helped to choose the best suited international business strategy that can help the company to identify the most appropriate industry that can be used for penetrating the market of Japan. Various international trade theories have been explored in the study as well. These theories have helped the researchers to choose the most appropriate theory that the company can use to expand the business. All the data required for the research work have been chosen through secondary resources from various internet protocols. Non-mathematical data have helped to establish the arguments of the research work and attain answers to the research question.
Recommendations
Recommending the actions that need to be taken can help organisations to develop international business strategies that can help in their business expansion in the international market. The SMART recommendations are specific to fulfil the requirements of the organisation to enter a foreign market and attract new consumers. Recommendations can help the company Reliance Industries Limited to enter the market of Japan and establish their business in the foreign country. The recommendations that can help in the business expansion are as follows,
Recommendation 1
| SMART | Reliance Industries can enter the market of Japan through the manufacturing Industry. This recommendation is based on theme 2. |
| S-Specific | Japan’s manufacturing industry is world-renowned and the strong values and of the manufacturing industry allows superior quality product manufacturing within the country. Entering the market through the manufacturing sector can help the company to maintain the cash flow effectively and gradually increase the revenue generation. |
| M-Measurable | To measure the effectiveness of the recommendation the market response and acceptance towards Reliance Industries Limited will be enough. The market position of the country can help in identifying the efficiency of this recommendation. |
| A-Achievable | Reliance Industries have several manufacturing companies in India. The company can initiate market penetration by exploring some of its goods in the Japanese market and then gradually entering the market with increased production rates. |
| R-Relevant | Reliance has been trying to enter the Japanese market and this is the most suitable sector that can be favourable for the company to ensure market penetration. |
| T-Time based | This can require 1-2 years as it is a prolonged process of market penetration |
Recommendation 2
| SMART | The company is advised to utilise the advanced technology the country has to offer to attain success. This recommendation is based on theme 3. |
| S-Specific | Japan has technologically skilled and knowledgeable employees available for employment. Besides this automation is readily available as per the requirements in Japan. This technological advancement of Japan is recommended to be utilised by the company Reliance Industries Limited. |
| M-Measurable | The effectiveness of this recommendation can be measured after analysing the technological advancements that can help the company to establish a stable business in Japan. Loyal consumer bases and increased revenue generation because of internationalization can help to measure as well. |
| A-Achievable | Installing automating in the manufacturing units and using digital marketing for advertisements and marketing purposes can help to achieve the recommendation. |
| R-Relevant | This recommendation is relevant because to cope up with the increased amount of competition in the Japanese market technology would be useful. Technology can help in attaining competitive advantages that can help in attaining success as well. |
| T-Time based | This can take 6-8 months for proper installation. |
Recommendation 3
| SMART | Before entering the market the potential challenges have to be analysed and mitigation strategy has to be developed accordingly. This suggestion can help the company to attain competitive advantages as well. This recommendation is based on themes 4 and 5. |
| S-Specific | To enter any new foreign market, developing a business strategy can help to create easy and convenient ways 0f achieving the business goals in that particular market. Reliance Industries Limited is recommended to develop their international business strategy according to the requirements of the Japanese market for attaining success in the market. This can even help in mitigating all the arising challenges as well. |
| M-Measurable | In case Reliance Industries manages to enter the Japanese market and establish a stable position within the market in the minimum period as per the guidelines of the international business strategy and manages to overcome the barriers of entering new international markets then it can help in measuring the efficiency of the recommendation. |
| A-Achievable | Analysing the Japanese market, understanding the requirements of the consumers, identifying potential challenges and then developing business strategy according to these factors can help to achieve the recommendation by the company. |
| R-Relevant | It is relevant as it can lead the company to enter the market and attain internationalization effectively. |
| T-Time based | This can take 4-5 months to get completed. |
Recommendation 4
| SMART | International business strategy for the company is suggested to be developed according to the social and cultural aspects of the country Japan. This recommendation can help the company to compete with the existing local companies. This recommendation is based on themes 4 and 1. |
| S-Specific | Social and cultural factors play a significant role in the business. This is the reason that the social and cultural background of the country Japan has to be developed before developing the international business strategy. This can help the strategy to become more culturally accurate. Product development and marketing can effectively target the target consumers of the Japanese market and fulfil their requirements. |
| M-Measurable | This can be measured by the cultural accuracy and consumer acceptance towards the company and its products in Japan. The purchase behaviour of the consumers will help to measure the efficiency of the recommendation. |
| A-Achievable | This can be achieved with the help of a thorough analysis of Japan’s social and cultural background before developing an international business strategy for the company Reliance Industries Limited. The analysis will allow collecting information regarding the cultural and social backgroundof the country Japan. |
| R-Relevant | The analysis can help to make adjustments in the product development as per the requirements of the target consumer base. Marketing and advertising of the products of Reliance Industries can be executed in a culturally appropriate manner with the help of the analysis report. Besides this, the company can provide offers and discounts on their cultural festivals to attract an increased number of consumers to their brand in the Japanese market. |
| T-Time based | The analysis can take up to 3 months to get completed thoroughly. |
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Appendices
Appendix 1: International Trade Theories
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