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Hendrik van der Bijl , one of the most influential South Africans of the twentieth century, together with Dr. Iscor, with its first works in Pretoria built by the German Demag , was established as a state company in terms of the Iron and Steel Industry Act, No. The objectives of establishing the company were to produce iron and a range of steel products, and to create employment opportunities. Production at the Pretoria plant started in
The ABC of Real Estate in India
Fast-growing economies often provide poor soil for profits. The cause? A lack of specialized intermediary firms and regulatory systems on which multinational companies depend. Successful businesses look for those institutional voids and work around them. Many firms simply go with what they know—and fall far short of their goals.
These gaps have made it difficult for multinationals to succeed in developing nations; thus, many companies have resisted investing there. That may be a mistake. Corporations also depend on composite indexes for help making decisions. A better approach is to understand institutional variations between countries. The best way to do this, the authors have found, is by using the five contexts framework. By asking a series of questions that pertain to each of the five areas, executives can map the institutional contexts of any nation.
But first firms should weigh the benefits against the costs. If they find that the risks of adaptation are too great, they should try to change the contexts in which they operate or simply stay away. Developing countries. Yet many companies shy away from doing business in these nations. CEOs are all too aware that such countries lack the market institutions needed to do business successfully—such as consumer-data experts, end-to-end logistics providers, and talent search firms.
How to mitigate the risks? Create new market infrastructures for example, your own in-country supply chain? Or stay away because adapting your business model would be impractical or uneconomical? Dell Computer chose to adapt its business model to enter China.
In the U. So, with help from its joint venture partner, it identified farmers it could work with and advanced them money so they could invest in seeds and equipment. And it sent Russian managers to Canada for training. It avoids countries with weak logistics systems and poorly developed capital markets, where it would have difficulty using its inventory management system and may not be able to use employee stock ownership.
CEOs and top management teams of large corporations, particularly in North America, Europe, and Japan, acknowledge that globalization is the most critical challenge they face today. They are also keenly aware that it has become tougher during the past decade to identify internationalization strategies and to choose which countries to do business with. As a result, many multinational corporations are struggling to develop successful strategies in emerging markets.
But that infrastructure is often underdeveloped or absent in emerging markets. Few end-to-end logistics providers, which allow manufacturers to reduce costs, are available to transport raw materials and finished products.
Because of all those institutional voids, many multinational companies have fared poorly in developing countries. All the anecdotal evidence we have gathered suggests that since the s, American corporations have performed better in their home environments than they have in foreign countries, especially in emerging markets. Not surprisingly, many CEOs are wary of emerging markets and prefer to invest in developed nations instead.
By the end of —according to the Bureau of Economic Analysis, an agency of the U. In fact, although U. Many companies shied away from emerging markets when they should have engaged with them more closely. Since the early s, developing countries have been the fastest-growing market in the world for most products and services. Companies can lower costs by setting up manufacturing facilities and service centers in those areas, where skilled labor and trained managers are relatively inexpensive.
Western companies that want to develop counterstrategies must push deeper into emerging markets, which foster a different genre of innovations than mature markets do. In general, advanced economies have large pools of seasoned market intermediaries and effective contract-enforcing mechanisms, whereas less-developed economies have unskilled intermediaries and less-effective legal systems. Successful companies develop strategies for doing business in emerging markets that are different from those they use at home and often find novel ways of implementing them, too.
We have learned that successful companies work around institutional voids. They develop strategies for doing business in emerging markets that are different from those they use at home and often find novel ways of implementing them, too. As we will show, firms that take the trouble to understand the institutional differences between countries are likely to choose the best markets to enter, select optimal strategies, and make the most out of operating in emerging markets.
Others follow key customers or rivals into emerging markets; the herd instinct is strong among multinationals. For instance, the reason U. Isaacs pointed out that partly as a result of the work missionaries and scholars did in China in the s, Americans became more familiar with China than with India. Companies that choose new markets systematically often use tools like country portfolio analysis and political risk assessment, which chiefly focus on the potential profits from doing business in developing countries but leave out essential information about the soft infrastructures there.
Executives usually analyze its GDP and per capita income growth rates, its population composition and growth rates, and its exchange rates and purchasing power parity indices past, present, and projected. Such composite indices are no doubt useful, but companies should use them as the basis for drawing up strategies only when their home bases and target countries have comparable institutional contexts. For example, the United States and the United Kingdom have similar product, capital, and labor markets, with networks of skilled intermediaries and strong regulatory systems.
The two nations share an Anglo-Saxon legal system as well. American companies can enter Britain comfortable in the knowledge that they will find competent market research firms, that they can count on English law to enforce agreements they sign with potential partners, and that retailers will be able to distribute products all over the country.
Those are dangerous assumptions to make in an emerging market, where skilled intermediaries or contract-enforcing mechanisms are unlikely to be found. In fact, composite index—based analyses of developing countries conceal more than they reveal. For instance, in China and Russia, multinational retail chains and local retailers have expanded into the urban and semi-urban areas, whereas in Brazil, only a few global chains have set up shop in key urban centers.
And in India, the government prohibited foreign direct investment in the retailing and real estate industries until February , so mom-and-pop retailers dominate. Brazil, Russia, India, and China may all be big markets for multinational consumer product makers, but executives have to design unique distribution strategies for each market.
Those differences may make it more attractive for some businesses to enter, say, Brazil than India. Companies often base their globalization strategies on country rankings, but on most lists, it is impossible to tell developing countries apart. According to the six indices below, Brazil, India, and China share similar markets while Russia, though an outlier on many parameters, is comparable to the other nations.
Contrary to what these rankings suggest, however, the market infrastructure in each of these countries varies widely, and companies need to deploy very different strategies to succeed. As we helped companies think through their globalization strategies, we came up with a simple conceptual device—the five contexts framework—that lets executives map the institutional contexts of any country.
Economics tells us that companies buy inputs in the product, labor, and capital markets and sell their outputs in the products raw materials and finished goods or services market. This will help them understand the differences between home markets and those in developing countries.
The five contexts framework places a superstructure of key markets on a base of sociopolitical choices. Many multinational corporations look at either the macro factors the degree of openness and the sociopolitical atmosphere or some of the market factors, but few pay attention to both.
Managers can identify the institutional voids in any country by asking a series of questions. Are there strong political groups that oppose the ruling party? Do elections take place regularly? Are the roles of the legislative, executive, and judiciary clearly defined?
What is the distribution of power between the central, state, and city governments? Is the judiciary independent? Do the courts adjudicate disputes and enforce contracts in a timely and impartial manner? How effective are the quasi-judicial regulatory institutions that set and enforce rules for business activities? Do religious, linguistic, regional, and ethnic groups coexist peacefully, or are there tensions between them? How vibrant and independent is the media?
Are newspapers and magazines neutral, or do they represent sectar-ian interests? Are nongovernmental organizations, civil rights groups, and environmental groups active in the country? Do citizens trust companies and individuals from some parts of the world more than others? What restrictions does the government place on foreign investment? Are those restrictions in place to facilitate the growth of domestic companies, to protect state monopolies, or because people are suspicious of multinationals?
Can a company make greenfield investments and acquire local companies, or can it only break into the market by entering into joint ventures? Will that company be free to choose partners based purely on economic considerations?
Does the country allow the presence of foreign intermediaries such as market research and advertising firms, retailers, media companies, banks, insurance companies, venture capital firms, auditing firms, management consulting firms, and educational institutions? How long does it take to start a new venture in the country? Are there restrictions on portfolio investments by overseas companies or on dividend repatriation by multinationals?
Does the market drive exchange rates, or does the government control them? Can a company set up its business anywhere in the country? Has the country signed free-trade agreements with other nations? If so, do those agreements favor investments by companies from some parts of the world over others? Does the government allow foreign executives to enter and leave the country freely?
How difficult is it to get work permits for managers and engineers? Does the country allow its citizens to travel abroad freely? Can ideas flow into the country unrestricted? Are people permitted to debate and accept those ideas? Can companies easily obtain reliable data on customer tastes and purchase behaviors? Are there cultural barriers to market research? Do world-class market research firms operate in the country?
Can consumers easily obtain unbiased information on the quality of the goods and services they want to buy?
Strategies That Fit Emerging Markets
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Mittal Chudgar Nanavati is the Author of the book "Open the Door"-Beginning of true learning, dedicated to students of all ages for lifelong learning. Learning how to learn is the most important skills in life. Open the Door book will help students to become successful learners. Unique blend of theory examples, short stories and a parallel story explaining learning needs. How to Motivate students to learn better?
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Optic disc edema may be caused by a number of conditions. Disc edema, optic nerve dysfunction and a normal appearing disc in any combination may occur in infiltrative optic neuropathies. Identifying disc infiltration can aid in diagnosis of many sinister pathologies even in the absence of other specific clinical features. We describe two patients presenting with optic nerve dysfunction and infiltrated disc appearance, which on investigations were found to have underlying malignancies thereby underscoring the importance of detecting infiltrative optic neurpathies. Optic disc oedema may be seen in a number of conditions; optic neuritis, increased intracranial pressure ICP , ischaemic optic neuropathy, toxic and nutritional optic neuropathies are common aetiologies.
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