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Queen's Commerce COMM 173 MOD 2 Notes (FULL), Study notes of International Business

Queen's UniversityInternational Business
Prof. Nailin Bu

Comprehensive notes on every single course content case covered in class, I REVISED THIS AFTER TAKING THE FINAL SO IT INCLUDES EVERYTHING THAT WAS ACTUALLY TESTED

Typology: Study notes

2023/2024

Available from 01/04/2025

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FINAL MOD 2
COMM 173
INTERNATIONAL BUSINESS NOTES
Session 12: Why Do Firms Internalize? Strategic Motivation for Internal Expansion
Why do firms expand internationally?
6 key strategic drivers
1. Market Growth drivers
- Expand to achieve market growth
- Either through market push (expanding cuz domestic market is saturated) or market
pull (see high growth potential in another market, unserved demand)
- Ex. focusing on emerging markets (where 85% of the world lives and grows)
2. Cost drivers
- Expand to derive cost benefits
- Either through lower costs of inputs aka arbitrage strategy (labour, land, materials) or
economies of scale through serving larger markets
- Ex. Nike manufacturing footwear in China, Vietnam, Thailand, Brazil and Indonesia to
access lower labour costs relative to the US
3. Knowledge drivers
- Expand internationally to extract valuable knowledge from a particular foreign location
- This knowledge can be embedded in: local research institutions, local and foreign firms
operating in the area, consumers
- Ex. Japanese beauty care firm Shiseido establishing R&D facility in France to absorb
leading French knowledge in the beauty care sector
4. Resource drivers
- Expand internationally to access resources that are unavailable or can be accessed more
efficiency in the foreign region
- Human resources are NOT included under resource drivers - the motivation to expand to
access specialized human resources is captured under the “knowledge driver” and the
motivation to expand to access an abundance of low cost labour is captured under the
“cost driver”
- Ex. Land, natural resources, basic (unskilled) labour, financial resources (venture capital)
- Ex. The Korean Resources Corporation and the Japanese firm Sumitomo operate nickel
and cobalt mining, processing, refining and marketing operations in Madagascar
5. Government drivers
- Expand internationally in response to trade and investment policies, or regulations of host
and/or home countries
- Ex: (In host country): favorable inward foreign investment policies, trade or regulatory
environment (In home country): policies to support outward foreign investment,
unfavorable trade or regulatory environment in home country
- Ex. The Malaysian government offers tax incentives to attract FDI in the manufacturing
sector. The American firm Intel has established one of its largest semiconductor assembly
and manufacturing operations in Malaysia
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Download Queen's Commerce COMM 173 MOD 2 Notes (FULL) and more Study notes International Business in PDF only on Docsity!

FINAL MOD 2

COMM 173

INTERNATIONAL BUSINESS NOTES

Session 12: Why Do Firms Internalize? Strategic Motivation for Internal Expansion

Why do firms expand internationally? 6 key strategic drivers

  1. Market Growth drivers
    • Expand to achieve market growth
    • Either through market push (expanding cuz domestic market is saturated) or market pull (see high growth potential in another market, unserved demand)
    • Ex. focusing on emerging markets (where 85% of the world lives and grows)
  2. Cost drivers
    • Expand to derive cost benefits
    • Either through lower costs of inputs aka arbitrage strategy (labour, land, materials) or economies of scale through serving larger markets
    • Ex. Nike manufacturing footwear in China, Vietnam, Thailand, Brazil and Indonesia to access lower labour costs relative to the US
  3. Knowledge drivers
    • Expand internationally to extract valuable knowledge from a particular foreign location
    • This knowledge can be embedded in: local research institutions, local and foreign firms operating in the area, consumers
    • Ex. Japanese beauty care firm Shiseido establishing R&D facility in France to absorb leading French knowledge in the beauty care sector
  4. Resource drivers
    • Expand internationally to access resources that are unavailable or can be accessed more efficiency in the foreign region
    • Human resources are NOT included under resource drivers - the motivation to expand to access specialized human resources is captured under the “knowledge driver” and the motivation to expand to access an abundance of low cost labour is captured under the “cost driver”
    • Ex. Land, natural resources, basic (unskilled) labour, financial resources (venture capital)
    • Ex. The Korean Resources Corporation and the Japanese firm Sumitomo operate nickel and cobalt mining, processing, refining and marketing operations in Madagascar
  5. Government drivers
    • Expand internationally in response to trade and investment policies, or regulations of host and/or home countries
    • Ex: ( In host country ): favorable inward foreign investment policies, trade or regulatory environment ( In home country ): policies to support outward foreign investment, unfavorable trade or regulatory environment in home country
    • Ex. The Malaysian government offers tax incentives to attract FDI in the manufacturing sector. The American firm Intel has established one of its largest semiconductor assembly and manufacturing operations in Malaysia
  • Ex. Brexit prompted many UK firms to relocate activity, such as the British technology firm Dyson relocating its HW to Singapore
  1. Competitive drivers
  • Expanding internationally to strengthen their position against competitors
  • Can either be Pre-emptive (gain first mover advantage by entering particular foreign market before major competitors) or Reactive (keep up with competitors who have already entered a particular foreign market)
  • Consequences of failing to “keep up with the competitors”:
  • internationalized competitors will have quicker market-sensing skills to the needs of foreign customers and will be able to meet their needs more efficiently with globalized value chains
  • Competitors who are gaining the benefits of foreign market growth, global scale economies and labour cost arbitrage may in turn use those advantages to outmaneuver their competition in their home markets
  • Ex. Coca-Cola first to enter Turkey, Pepsi followed one year later. Pepsi first to enter Russia, Coca-Cola followed shortly after

Case Stud(ies)

Midea Refrigerator

  • Midea Group (chinese company)is the largest global household appliance company with sales that amounted to over $53B USD in 2024
  • 21 geographically dispersed production facilities and a market presence in over 200 countries Prior to 1980s
  • Few competitive domestic manufacturers of home appliances in China 1980-
  • Foreign home appliance firm establish manufacturing operations in China
  • Technology spillover fuels growth and competitiveness of domestic firms
  • Rising prosperity increases domestic demand, attracting further foreign home appliance firms 2001
  • Midea refrigerator established to serve growing domestic market in China
  • Chinese home appliance firms grow exports and strengthen against foreign competition
  • China joins WTO Mid-2000s
  • Foreign firms lower prices and force domestic firms into price battle
  • Without the same scale as foreign competition, Midea Refrigerator struggles in its home market
  • In order to scale, Midea needs to internationalize Drivers most relevant to Midea’s push for international expansion in the mid-2000’s
  • Cost drivers
  • Competitive drivers
  • Government drivers (China joins WTO but this is a broader reason) Joe Fresh
  • Launched in 2006, sold in Canada through 11 independent storefronts, over 350 Loblaws locations and 1100 Shoppers Drug Mart locations

Drivers

  • Market drivers
    • Economic situation in Brazil 2015: recession
      • Local consumers operating with less developed apps, restrained R&D for Stayfilm
  • Government drivers
    • Political situation in Brazil 2015: corruption scandals in gov and impeachment
    • Moved to Toronto Ippudo
  • Japanese ramen restaurant chain, founded in 1985
  • 2008 opened first store in NYC, 2017 expanded to San Francisco, by 2019 had 120 international stores vs 156 in Japan, US is its top priority for international expansion
  • US consumers have become increasingly interested in Japanese cuisine beyond sushi while a aging Japanese demographic was shrinking domestic markets + increasing labour and logistics costs (expansion due to market and cost)
  • Expansion due to government: 2016 Trans-Pacific Partnership promoted trade among the Pacific Rim countries, later after US withdrew, the US-Japan Trade Agreement (USJTA) was born in 2020
  • Japanese government’s “Cool Japan” program in 2013 helped promote Japanese industries overseas in the categories of media and content, fashion and lifestyle, and food and services
  • Cool Japan gave Ippudo 1.3B yen (11.5M) towards the opening of Ippudo branches in major Western cities Drivers
  • Market driver, cost driver, government driver, competition
  • Government invested to promote, fashion, food and music industry
  • Invest in “Cool Japan”, government needed to protect jpop

Session 13: Understanding National Competitive Advantage

Knowledge Drivers of firm’s strategic internationalization Porter’s Diamond Model: Determinants of National Competitive Advantage

  • A new trade theory that considers countries’ industrial specialization as a dynamic model of continuous investment rather than a static model of the comparative advantage of factor endowments
  • National economic prosperity in particular industrial sectors are created, not inherited Why does one nation become the most competitive for a certain industry? How are companies from one country/region able to sustain competitive advantage in a particular industry? Factor Conditions Demand Conditions Resources that may, or may not be present in a nation, focused on nation’s position in factors of production Inherited factors:
  • Physical space
  • Natural resources
  • Basic labour Created factors:
  • Specialized labour
  • Universities
  • Government research institutes
  • Specialized infrastructure Ex. the Greenhouse Horticulture programs across four different Dutch universities help support a strong flower industry in the Netherlands A particular industry can be supported based on the nature of demand from the home market Factors:
  • Size of demand, growth rate
  • How sophisticated and demanding the consumers are in this segment
  • Particular needs and preferences home consumers have Ex. the high, exacting standards of South Korean consumers when it comes to skin care helps drive South Korea’s strong global position in the beauty care industry If local demand is high, company has the opportunity to sell more, understand value proposition

Foreign firms in related industries are also attracted to Italty to top into knowledge from consumers, suppliers and competitors

Case: The Malaysian Halal Food Industry

  • Halal market expected to amount to 3.2T USD by 2024, halal food constituting 60% of the broader halal market Malaysia
  • Representative of many cultural and ethnic influences (long period of British colonial rule, proximity to Indonesia and Singapore, economically powerful Chinese community)
  • 50.1% of population are Malays
  • 22.6% are Chinese
  • 11.8% indigenous Bumiputra groups other than the Malays
  • 6.7% Indian
  • Islam is Malaysia’s official religion, practiced by 61.3% of its people
  • 27 out of 140 countries in the 2019 World Economic Forum’s Global Competitiveness Report
  • Trustworthy institutions (ranked 12/190 countries in the 2019 World Bank’s Ease of Doing Business index)
  • Member of ASEAN N (Association of Southeast Asian Nations), with free trade agreements with Japan, Pakistan, New Zealand, India, Chile, Australia, Turkey, China, Korea, Japan, Australia, India, and HongKong Malaysia’s General Halal Industry
  • Government incentives
  • Established the Research Center for the Islamic Affairs Division (introduced a national halal certification) and JAKIM (designated national body)
  • Also cited by the United Nations as the world’s best example of benchmarking halal food in accordance with the Codex Alimentarius Commission
  • Affiliation with OIC (Organization of Islamic Cooperation)
  • Domestic firms benefit from Halal Parks, facilities that each serve a different halal industry, creating synergy and efficiencies amongst the resident businesses
  • Looking into the future
  • Facing increased competition National Competitive Advantage Attracts Foreign Firms
  • Many foreign firms in the halal food sector have chosen to locate operations in Malaysia to tap into the knowledge benefits embedded in the location
  • Ex: Swiss food giant Nestle located its Halal Food R&D Centre of Excellence and related manufacturing in Malaysia → knowledge driver Industry Clusters
  • The geographic co-location of all organizations that add value to a particular industry
  • Usually concentrated in a specific region or micro-region in the country

Ex. “Cosmetic Valley” in France South Korean Beauty Care Cluster What are the advantages for firms of the close geographic concentration of organizations in an industry cluster?

  • Proximity to expertise, spillover effects
  • Access to talent pool, R&D
  • Close proximity to suppliers
  • Healthy competition
  • Investor appeal (clusters attract investment due to their established reputation)

Session 14: Globalization of Industries & National Interdependence

Case Study

The Globalization of the Wine Industry For centuries, the international wine trade had been dominated by the french

  • Started off as a peasant’s drink, rose in prestige during the middle ages

Australian producers experimented with grape growing practices unconstrained by regulations and traditions seen in France The Australian Advantage:

  • ability to gain cost advantages and better consumer responsiveness at every stage of the value chain
  • Better able to respond to the preferences of the growing category of new wine consumers around the world
  • Planting
    • Employed controlled drip irrigation (forbidden under AOC) to expand into marginal land and reduce vintage variability
    • Allowed Australian producers to plant vines at twice the traditional density, while fertilizers and pruning methods increased yield and improved grape flavour
    • Access to large tracts of inexpensive land also allowed for the scaling of vineyards
  • Winemaking
    • Fermentation in computer-controlled stainless-steel tanks rather than traditional oak barrels
    • Oak chips placed to add oak flavor (banned under AOC rules)
    • Reverse osmosis technology that concentrated the juice, ensuring a deeper coloured, richer tasting wine
  • Packaging
    • Developed the “wine-in-a-box” packaging in 1965
      • Saves shipping costs and made storage in fridges more convenient
    • Replaced traditional corks with plastic corks and screw caps, saving money and preventing spoilage
    • Packaging innovations appealed to the more casual lifestyle of Australians, becoming popular with entry-level and younger wine consumers in the growing New World export markets
  • Marketing
    • Made wines that appealed to unsophisticated palates
      • Ex. Barossa Pearl → dismissed by French yet were widely successful
    • World markets found AOC classifications complex and confusing
    • Australian wineries marked their wines according to grape varietals to make consumer purchasing easier → made it more accessible esp for those who didn’t have a deep wine history
  • Distribution
    • Historically, fragmented producers and tight government regulations created a long, multilevel value chain that were incredibly inefficient
    • Australian wine companies typically controlled the full value chain, extracting margins at each stage and retaining bargaining power with the concentrated retailers as well as an

economic advantage by reducing handling stages and holding less inventory and increased quality control

  • Coupled with the expensiveness of French grapes (costed 74% more), Australia’s diversion away from traditional practices resulted in positive economic impacts
  • Wholesale, retail and tax markups amplified the impact of this difference on the final price
  • By 2010, the price of Australian entry-level wine in Europe was around €2 a
  • bottle, while the French vins de pays was above € Conclusions: France vs Australia Structural changes Growth of New Consumer Markets and New Wine Producers: The Role of China (up to 2016) China’s modern winemaking was born in 1982 when a wealthy Chinese businessman imported grapevines and winemakers from Europe to create Changyu Pioneer Wine (Changyu)
  • Wine industry resurfaced after the easing of Communist rule in 1978 as China opened their economy to the outside world
  • China’s wine industry supported by the government, allowing the country to make use of soil unsuitable for other crops to grow grapes Issues
  • Most Chinese wines were initially priced to maximize volume and were below global standards
  • Many grapes grown were unsuitable for winemaking, farmers paid by weight thus many grapes had high sugar and acidity levels, producers blended domestic wine and imported bulk wine mostly from Australia and Chile
  • With domestic production lagging domestic demand growth, a large import market opened up favoring French wine
  • Hong Kong became a key entry point
  • After eliminating its 40% wine import tax in 2008, 40% of its imports were re-exported to China Other issues
  • Lack of proper temperature-controlled transport equipment, causing wine spoilage
  • Importers did little to promote foreign wines, resulting in poor brand recognition
  • Although France remains a major exporter of wine, France’s wine imports have grown over 36% in the last five years,
  • Exports driven by wine exported to California Growing Expansion of French Wineries in Napa Valley, California
  • Why?
  • Growing market
  • Not constrained to the same rules in France (AOC), experiment with new technologies Ex. French Rabbit (Boisset Winery)
  • French winery in California
  • A strategy that leverages the benefits of French “old world reputation” & the benefits of the Californian regulatory environment and “new world” wine-making knowledge (technology and consumer preferences) Impact of Climate Change on the Industry
  • Winemakers around the world are faced with challenges in growing conditions, seeking new growing locations in cooler regions, and looking towards varietals that could survive more drastic weather conditions, disease and drought California → winemakers are strategically relocating production to cooler areas in Oregon Australia → investing in university and government research on impact of climate change on wine France → winemakers experimenting with foreign grapes that can withstand higher temperatures, climate change pushing France to relax regulations regarding production methods

Video:

French vineyards eye China market French vineyards eye China market

  • Bordeaux's wine producers have historically sold to markets like the U.S., U.K., and Europe, but China is now emerging as a key market.
  • Château Lanb currently sells 10% of its wine to China and anticipates China will become its largest customer.
  • In Bordeaux, a Chinese company is creating a publicity film to promote the wine it imports, showcasing wine drinking as fashionable and sophisticated among young Chinese consumers.
  • Traditional French winemaking is adapting to Chinese preferences, where it's common to drink wine "bottoms up" or "ganbei" at dinners, a stark contrast to the French way.
  • Chinese interest in Bordeaux wine is so strong that a Chinese investor recently purchased the Château and is entrusting the renovation project to French experts.
  • Young Chinese students are studying in Bordeaux, aiming to return to China as experts, capitalizing on the still-small but growing wine sector.

Session 15: International Expansion of Firms: Understanding Social Impact

Reading: International Expansion of Firms – Understanding Social Impact

Firms’ Social Impact: the effect an organization has on the economy, the environment, and society, which in turn can indicate its contribution (positive or negative) to sustainable development

  1. It starts with a comprehensive understanding of the issue at hand
  2. It is about contributing to the greater good
  3. It should be sustainable over the long term ESG criteria: set of standards that investors and consumers may use to inform purchasing/investing behavior Environmental criteria: how a company performs as a guardian of the natural environment Social criteria: how the firm manages relationships with employees, suppliers, customers, and the communities in which they operate Governance: addresses the company’s leadership, executive pay, internal controls, and shareholder rights 2018, when the European Union announced more extensive requirements, the stock market reacted positively to firms with more robust ESG disclosure and negatively to those with weak disclosure practices. UN Global Compact (est. 2000)
  • Aimed to help align firms’ strategies and operations with 10 universal principles in the areas of human rights, labor, environment, and anti-corruption
  • World’s largest corporate sustainability initiative, involves more than 13,000 companies, 4000 non-corporate stakeholders in 160+ countries B Corp Certification status
  • Certification process helping the business community be part of the solution to global problems like wealth inequality, climate change, and social unrest
  • Developed by non-profit B Lab
  • Company must meet a variety of goals and benchmarks on how they treat their workers, control their environmental impact, work in underserved communities
  • Currently over 4000 B Corp certified companies across 77 countries Ethical and Strategic Importance of Social Impact:
  • Ethical imperatives align with strategic benefits; strong ESG (Environmental, Social, and Governance) performance attracts investors and appeals to consumers who prioritize sustainability. Business Case for ESG Integration:
  • Enhanced employee engagement and customer loyalty contribute to productivity and sales growth.
  • Sherritt International Corporation (Canada): 45% (withdrew in 2020).
  • Sumitomo Corporation (Japan): 27.5%.
  • Korea Resources Corporation: 27.5%. Impact on South Korea: Will meet 25% of annual nickel consumption. Positive Impact of Ambatovy Project on Madagascar
  • Increases employment (largest private employer)
  • Increases skill development of workforce
  • Stimulates local businesses
  • Contributes to infrastructure development
  • Increases Madagascar’s tax revenue → project represents 32% of Madagascar’s foreign exchange earnings Negative Social Impacts Employment (Social Impact)
  • Ambatovy created> 18k jobs during construction
  • Jobs plummeted after construction was done
  • Current Employment: Over 3,000 direct employees and 5, subcontractors. Strategies Increase Longer Term Positive Social Impact Buy local, hire local
  • Approximately 90% of current employees are Malagasy nationals.
  • 40% of supplies are procured locally *area for needed improvement ALBI (Ambatovy Local Business Initiative)
  • Provides training and job creation programs for workers post-construction
  • Increases skills and standards of existing local businesses
  • Promotes entrepreneurship to create new local businesses Environmental Impact Madagascar is a biodiversity hotspot with: over 16,000 plant species, 300 bird species, 700 reptile/amphibian species, 200 mammal species.
  • Project will destroy 2,065 hectares of natural habitat
  • Environmental conservation in Madagascar is both a local and global priority Decrease negative environmental impact “No net loss” policy:
  • Increase the preservation of habitat and species in other parts of the country
  • Challenge → not all species can relocate
  • Another challenge → negative social impact of environmental offsets
  • Subsistence rice farmers relocated from traditional land that is now “protected”
  • New locations often less fertile
  • Disruption of traditional farming practices Leads to: economic hardship and disruption of culture and traditional knowledge Environmental offset policies are increasingly the norm in major international mining and infrastructure projects and often a condition for funding from development banks and corporate lenders

How do firms develop more inclusive strategies to increase positive social impact?

  • Increased consultation with all community stakeholders
    • Least powerful often more adversely affected and have least voice
    • Biggest area for improvement needed by Ambatovy and other similar large-scale mining project
  • Aligning goals of government, industry & community
    • Long-term success of industrial project relies on maximizing local participation in benefits of project The role of the UN Global Compact
  • World’s largest corporate sustainability initiative, established 2000 by former UN Secretary-General Kofi Annan

  • 16,000 companies, >160 countries

  • Helps align firms’ strategies and operations with 10 universal principles in areas of human rights, labor, environment, and anti-corruption
  • Firms are required to outline their strategies and actions on above areas, and submit a progress report each year
  • Both Sumitomo & Korea Resources Corporation have now signed on

Mini-case: The BPO Industry in the Philippines

BPO (Business Process Outsourcing): refers to delegating service-type business processes to third-party providers. Key Sectors:

  • Call centers (leading sub-sector)
  • Back office services
  • Data transcription
  • Animation
  • Software development
  • Engineering development
  • Game development
  • Economic Contribution: Philippines
  • Contributes over 11% to the Philippines' GDP.
  • Largest economic sector in the country
  • BPO industry has annual growth rates of 16% and predictions of the industry’s revenue rising to over $29B by 2022 Employment:
  • Employing over 1.3 million people, the BPO industry is the largest private employer in the country. Within the BPO industry
  • Over 1,000 firms operate within the industry. What has contributed to the national competitive advantage of the Philippines in the BPO industry, particularly call centers? (Factor Conditions and Influence of Culture)

External Dynamics

  • Pushback from the U.S. → Outsourcing has faced resistance, notably during former President Trump's administration, due to concerns about job losses in the U.S. With which drivers of international expansion does there tend to be the most risk for negative social impact in host countries?
  • Cost (chasing cost causes us to short socially-minded actions)
  • Resources

Mini-case: Blue Skies

Overview and Business Model

  • Founded: 1997 in Ghana to produce fresh-cut fruit, primarily for the export market
  • Blue Skies’ operations contribute to over 1% to Ghana’s total exports
  • Example of a resource-based, export-focused firm with positive local social impact Commodities Export and Economic Development
  • Approx 60% of developing economies are dependent on commodities export
  • Commodity prices typically follow cycles with long periods of low prices and short cycles of high prices → economies reliant on commodities also follow similar patterns of instability Blue Skies’ Value Chain Organization
  • Most fruit exporters organize their value chain so that processing and packing operations are located close to major consumers - Blue Skies’ fruit is grown in Ghana, keep packing and processing in Ghana and processed fruits are exported in UK
  • 75% of the value of their coconut products is kept in Ghana, compared to only 15% if they exported coconuts whole (typical value chain in fruit export)
  • Invested largely into building efficient distribution and sales systems (partners with British airways, storage technology) Tangible Social Impact Outcomes from Blue Skies Value Chain
  • Higher level of employment created locally
  • Greater proportion of skilled jobs created locally (beyond agricultural labour)
  • More stimulation of local community infrastructure and related and supporting industries Operations: Harvests and processes fruits at the source in 10 factories across Ghana, Egypt, South Africa, Benin, and Brazil, with additional pack house facilities in Senegal and the Ivory Coast. Export Contribution: Accounts for almost 1% of Ghana's total exports. Primary Market: Supplies major retailers in Europe, especially the U.K., with additional local sales. Achievements and Economic Impact
  • Employee Base: Employs 4,000 people across 8 countries.
  • Farmer Suppliers Growth: Started with ~15 suppliers in 1997; grew to over 155 within 10 years.
  • Community Contributions: Invests in local communities by supporting schools and medical clinics.

Financial and ESG Performance

  • Revenue: Achieved £103 million (~$143 million) in gross sales in 2020.
  • Sustainability Goals:
    • Increased water efficiency by 2% in 2020.
    • 80% of packaging made with over 30% recycled content.
  • ESG Alignment: Aligns with UN Sustainable Development Goals related to Zero Poverty, Zero Biodiversity Loss, Zero Waste, and Zero Emissions. Challenges and Innovations
  • Complex Supply Chain: Products are highly perishable and air freighted daily to European markets, reaching shelves within 36 to 48 hours post-harvest.
  • Operational Risks: Includes logistical challenges due to perishable products and local infrastructure issues, such as high electricity costs in Ghana. Leadership and Philosophy
  • Key Leader: Ruth Smith-Adjei, General Manager of West Africa and Director, emphasizes respect, proactive innovation, and encouraging failure as a step toward success.
  • ESG Progress: The private sector has seen increased interest in ESG-focused investments, with funds doubling from $21B in 2019 to $51.1B in 2020 according to Morningstar.

In-Class Exercise

Session 16: International Expansion of Firms: The Challenges of Distance, Part 1

Walmart’s Key Mistakes in German Market

  • Underestimated local competition