International Strategy and Management Tomas Hult

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Information about International Strategy and Management Tomas Hult

Published on March 30, 2008

Author: VolteMort


International Strategy and Management:  International Strategy and Management Core Topics:  International growth strategy Global, international, multidomestic Entering foreign markets Market selection, timing, operational decisions Entry modes Exporting, licensing, franchising, joint ventures, strategic alliances, Global marketing strategy Global manufacturing strategy Core Topics Additional Topics:  Globalization Drivers, consequences, success factors Global ethics Impact on business Culture Determinants, impact on business Foreign exchange International human resource management Additional Topics Textbooks:  Global Business Today Charles W.L. Hill; Irwin Textbooks Mastering Global Markets Czinkota, Ronkainen, and Donath; Thompson Total Global Strategy George S. Yip; Prentice Hall Pedagogy:  Lecture / Discussion Slides on web (before, complete) Exercises Hill – GlobalEDGE Case studies Simulation: Country Manager Interpretive Software Pedagogy Globalization:  Globalization Globalization:  The way it was…. Self-contained national economies, isolation, differences in govt., culture, and business systems The way it is… Reduced barriers (GATT, tariffs), shrinking distance (technology, transportation, culture), interdependent economies Sample slides Globalization Average Tariff Rates:  Average Tariff Rates (Manufactured Products as % of Value) Slide9:  Growth – World Trade & Output National Composition of MNCs:  National Composition of MNCs The Changing World Order:  The Changing World Order The fall of Communism in Eastern Europe and the former Soviet Union. Czechoslovakia has divided itself into two states. Yugoslavia has divided into 5 (often warring) successor states. Pro-democracy movement (suppressed) in China. Latin America has seen both democracy and free market reforms. Globalization:  Driving to work: The typical “American” experience Your car Your gasoline Your investments Your entertainment Your morning snack Your news Globalization Globalization:  “Has Globalization Gone Too Far?” Rodrik - California Management Review, Vol. 39, No. 3, Spring 1997 What are the tensions between social stability and globalization? Globalization The Impact of Globalization:  The Impact of Globalization Jobs and income Firms move jobs to low cost countries Countries specialize in efficiently produced goods and import those they can not efficiently produce Increases income in less developed countries May lead to income inequality The Impact of Globalization:  Labor policies and the environment Firms move to countries with weak laws Economic progress leads to stronger laws By creating wealth and incentives for technology improvements, world will be better Tie strong laws to international agreements The Impact of Globalization What makes a company global?:  What makes a company global? “What Makes a Company Global” Kogut - HBR Reprint 99106 Multinational / Multidomestic Products differ greatly among country markets; high transportation costs, no scale economies Global Benefit from worldwide volume; larger production plants (MES), larger production runs, more efficient logistics networks, higher volume distribution networks Global Success Factors:  Global Success Factors Industry potential Timing Entry barriers First mover advantage Preempting leading positions in NICs Create switching costs Block access to supply chain Arbitrage – exploiting differences Culture, administration, geography, economics “The Forgotten Strategy” Ghemawat - HBR Reprint R0311E Globalization - Exercise:  Globalization - Exercise globalEDGE Exercise globalEDGE Diagnostic Tools GLOBE: Globalization Benchmark Global Ethics:  Global Ethics Guiding Principles:  Guiding Principles Three Guiding Principles Respect for core human values, which determine the absolute moral threshold for all business activities. Respect for local traditions. The belief that context matters when deciding what is right and what is wrong. “Values in Tension: Ethics Away From Home” Donaldson – HBR Reprint 96502 Global Ethical Perspective:  Global Ethical Perspective Treat corporate values and formal standards as absolutes. Design and implement conditions of engagement for suppliers and customers. Allow foreign business units to help formulate ethical standards and interpret ethical issues. In host countries, support efforts to decrease institutional corruption. Exercise moral imagination. Global Ethics:  Global Ethics Incentives to be ethical Avoid legal penalties, bad PR, employee satisfaction Ethics and corruption Foreign Corrupt Practices Act 1977 Example Ethics and human right China & Tibet Alien Tort Statute 1789 – Unocal in Myanmar Ethics and Corruption:  Ethics and Corruption After graduating, your first assignment lands you in Asia as the local director of a U.S. pharmaceutical firm. It was a small operation, but you have big plans. You hope to segment your customers, empower your workers, implement just-in-time production, and use the balanced scorecard to keep score. You figure to double your business in the first year. But right now, you’re thinking it might have been a better idea to take that consulting offer instead. The first million-dollar shipment of your company’s new HIV-fighting drug has just been removed from the refrigerated C-130 cargo plane. It sits on the steaming tarmac, not 30 feet away, practically melting in the midday heat. Another twenty minutes, and it’s ruined. Unfortunately, you can’t seem to clear it through customs. There is some question as to the approval process that a new product has to go through to enter the country. You’re not sure you can wait. The friendly local customs official cruising around the airport looks from you to the metal container, trying to decide which of you is sweating more profusely. Leaning against the counter, he reviews your bills of lading and other customs documents. “Your papers look to be in order, but I am just not sure about the proper approval process,” he says. You despair. Re-opening the approval process will take time you don’t have. What should you do?!? Fortunately, you remember the $1000 traveler’s check in your back pocket that’s supposed to pay for your apartment deposit. You walk over to the official, grab the manifest, stuff the check into the stack of papers, and hand it back to him. A smile spreads across his face. He decides that his insecurity about the approval process has lessened. “You are so thoughtful to understand. I look forward to conducting further business with you. Your cargo is cleared through customs.” Slide24:  Global Ethics - Case Hitting the Wall: Nike and International Labor Practices – HBS 9-700-047 Managing a multinational firm involves managing and exploiting differences among countries. In the case of workplace standards and environmental protection, managers have to understand the underlying tradeoffs and balance exploitation of differences with global ethics. Culture:  Culture Culture:  Culture Culture is a system of values and norms shared among a group of people and, when taken together, constitute a design for living. Norms Social rules and guidelines that prescribe appropriate behavior in particular situations Folkways: Routine conventions of everyday life Mores: Central to functioning of society and its social life What are “American Values?”:  What are “American Values?” Achievement and success Individualism Freedom Progress Democracy Equality Slide28:  Views of Another Culture American culture How the Americans see the French: -arrogant flamboyant hierarchical emotional How the French see the Americans: -naive aggressive unprincipled workaholic Norms and Values French culture Slide29:  Theory and empirical foundation is used in a general way to look at differences between cultures. 5 dimensions Power distance Individualism vs. collectivism Uncertainty avoidance Masculinity vs. femininity ST vs. LT orientation But Don’t assume everyone in a country has the same norms and values Hofstede’s Work-Related Values U.S. China Determinants of Culture:  Determinants of Culture Education Economic Philosophy Political Philosophy Religion Language Social Structure Religion Distribution:  Religion Distribution Impact of Religion on Business:  Impact of Religion on Business Buddhism Little emphasis on entrepreneurial behavior Christianity “Protestant Work Ethic” and “The Spirit of Capitalism” Confucianism Loyalty, reciprocal obligations, and honesty in dealings Hinduism Asceticism may have an impact (spiritual achievements) Caste system plays a role Islam Favors market-based systems (free enterprise) No payment or receipt of interest Slide33:  Language Allows people to communicate Structures the way the world is perceived Directs attention to certain features of the world rather than others Helps define culture Creates separatist tendencies? Canada, Belgium, Spain, Cyprus Non-verbal (93% of communication) Eyebrows, fingers/thumbs, hand gestures, feet, personal space, body gestures (ok, thumbs up) Slide34:  Education Slide35:  Political Philosophy (System) Economic Philosophy (System):  Economic Philosophy (System) Market Economy All productive activities are privately owned Command Economy Goods and services produced, their quantity, and prices are determined by the government Mixed Economy Parts of the economy are left to private ownership and free market mechanisms while other sectors are state-owned and have government planning State-Directed Economy The state plays a significant role through its “industrial policy” and setting national goals Slide37:  Social Structure Cultural Change:  Cultural Change Slide39:  Culture - Case Foreign Exchange:  Foreign Exchange Foreign Exchange & Strategy:  Foreign Exchange & Strategy Foreign Exchange Markets:  Foreign Exchange Markets Foreign Exchange Markets:  Foreign Exchange Markets The FOREX market provides the physical and institutional structure through which the money of one country is exchanged for that of another country A foreign exchange transaction is an agreement between a buyer and a seller that a fixed amount of one currency will be delivered for some other currency at a specified rate Foreign Exchange Markets:  There are six main characteristics of the FOREX markets which will be discussed The geographic extent The three main functions The market’s participants Its daily transaction volume Types of transactions including spot, forward and swaps Methods of stating exchange rates, quotations, and changes in exchange rates Foreign Exchange Markets Slide45:  Geographically, the FOREX market spans the globe with prices moving and currencies trading on a 24 hour basis Major exchanges are located in Singapore, Hong Kong and Tokyo in the East Then it moves to Bahrain, and London for the European area And on to New York, San Francisco and Sydney FOREX Market Geography Slide46:  Greenwich Mean Time FOREX Market Geography Slide47:  The FOREX market is the mechanism by which participants transfer purchasing power between countries, obtains or provides credit for international trade, and minimizes exposure to exchange rate risk Transferring of purchasing power is necessary because international trade and capital transactions normally involve parties in countries with different currencies yet each party wishes to transact in their own currency FOREX Market Functions Slide48:  Because the movement of goods between countries takes time, inventory in transit must be financed. The FOREX market provides a source of credit via specialized instruments such as letters of credit The FOREX market provides “hedging” facilities for transferring foreign exchange risk to someone else more willing to carry that risk FOREX Market Functions Slide49:  The FOREX market consists of two tiers, the interbank or wholesale market, and the client or retail market Five broad categories of participants operate within these two tiers Bank and non bank foreign exchange dealers Individuals and firms conducting commercial or investment transactions Speculators and arbitragers Central banks and treasuries Foreign exchange brokers FOREX Market Participants Slide50:  These participants profit from buying currencies at a bid price and then reselling them at an offer or ask price Competition among dealers narrows the spread between the bid and offer rate contributing to the market’s efficiency Dealers on behalf of large international banks often act as market makers, often willing to stand in and buy or sell these currencies without having a counterpart with which to unload the “inventory” Bank/Non-Bank Dealers Slide51:  They trade amongst other banks and dealers in order to keep their inventory levels at manageable levels Currency trading is profitable and often contributes between 10% - 20% of a banks’ average net income Small- to medium-sized banks rarely act as market makers yet still participate in the interbank market Bank/Non-Bank Dealers Slide52:  Importers, exporters, portfolio investors, MNEs, tourists and others use the FOREX market to facilitate execution of commercial or investment transactions Some of these participants use the market to hedge foreign exchange rate risk Commercial Investment Slide53:  Speculators and arbitragers seek to profit from trading in the market itself They operate for their own interest, without need or obligation to serve clients or ensure a continuous market Speculators seek all their profit from exchange rate changes Arbitragers try to profit from simultaneous differences in exchange rates in different markets A large proportion of speculation and arbitrage is conducted on behalf of major banks by traders employed by those banks Speculators & Arbitragers Slide54:  Central banks and treasuries use the market to acquire or spend their country’s currency reserves as well as to influence the price at which their own currency trades They may act to support the value of their currency because of their government’s policies or obligations or because of commitments entered through joint float agreements such as the European Monetary System (EMS) Consequently their motive is not to profit but rather influence the foreign exchange value of their currency in a manner that will benefit their interests Central Banks & Treasuries Slide55:  Foreign exchange brokers are agents who facilitate trading between dealers without themselves becoming principals in the transaction For this service they charge a small commission They maintain instant access to hundreds of dealers worldwide via open lines and at times may maintain such lines with several banks, with separate lines for differing currencies, spot and forward rates Foreign Exchange Brokers Slide56:  Any Questions? Types of transactions Slide57:  Transactions within this market can be executed on a spot, forward, or swap basis A spot transaction requires almost immediate delivery of foreign exchange A forward transaction requires delivery of foreign exchange at some future date A swap transaction is the simultaneous exchange of one foreign currency for another Inter-Bank Market Transactions Slide58:  A spot transaction in the interbank market is the purchase of foreign exchange, with delivery and payment between banks to take place, normally, on the second following business day The settlement date is often referred to as the value date This is the date when most dollar transactions are settled through the computerized Clearing House Interbank Payment Systems (CHIPS) in New York Spot Transactions Slide59:  This transaction requires delivery at a future value date of a specified amount of one currency for another The exchange rate is agreed upon at the time of the transaction, but payment and delivery are delayed Forward rates are contracts quoted for value dates of one, two, three, six, nine and twelve months Terminology typically used is buying or selling forward A contract to deliver dollars for euros in six months is both buying euros forward for dollars and selling dollars forward for euros Outright Forward Transactions Slide60:  A swap transaction in the interbank market is the simultaneous purchase and sale of a given amount of foreign exchange for two different value dates Both purchase and sale are conducted with the same counterpart A common type of swap is a spot against forward The dealer buys a currency in the spot market and simultaneously sells the same amount back to the same bank in the forward market Since this transaction occurs at the same time and with the same counterpart, the dealer incurs no exchange rate exposure Swap Transactions Slide61:  Forward-forward swaps – A dealer sells £20,000 forward for dollars for delivery in two months at $1.6870/£ and simultaneously buys £20,000 forward for delivery in three months at $1.6820/£ The difference between the buying and selling price is equivalent to the interest rate differential Thus a swap can be viewed as a technique for borrowing another currency on a fully collateralized basis Swap Transactions Slide62:  Non-deliverable forwards (NDFs) – NDFs possess the same characteristics as traditional forward contracts except that they are settled only in US dollars and the foreign currency being sold or bought forward is not delivered The dollar-settlement feature reflects the fact that NDFs are contracted offshore and are beyond the reach and regulatory frameworks of the home country governments Pricing of NDFs reflects basic interest rate differentials Swap Transactions Slide63:  The Bank for International Settlements (BIS) estimates that daily global net turnover in traditional FOREX market activity to be US$1,210 billion in April 2001 FOREX Market Size Slide64:  Source: Bank for International Settlements, “Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2001,” October 2001, Next survey planned for April 2004. FOREX Market Size Slide65:  Two of the three categories fell between 1998 and 2001 with spot market daily turnover falling the most, from $568 billion in 1998 to $387 billion in 2001 Forward transactions increased slightly from $128 billion in 1998 to $131 billion in 2001 Swaps fell to $656 billion in 2001 from $734 billion in 1998 BIS attributes the introduction of the Euro, the growing share of electronic broking in the spot market and consolidation in banking as explanations for the reduction FOREX Market Size Slide66:  Source: Bank for International Settlements, “Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2001,” October 2001, Next survey planned for April 2004. FOREX Market Size Slide67:  Source: Bank for International Settlements, “Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2001,” October 2001, Next survey planned for April 2004. FOREX Market Size Slide68:  A foreign exchange quote is a statement of willingness to buy or sell at an announced rate In the retail market (newspapers and exchange booths), quotes are often given as the home currency price of the foreign currency Interbank quotes – professionals state forex quotes in one of two ways The foreign currency price of one dollar Sfr1.6000/$, read as 1.600 Swiss francs per dollar European quote The dollar price of a unit of foreign currency $0.6250/Sfr, read as 0.625 dollars per Swiss franc American quote FOREX Rates & Quotes Slide69:  The former quote is considered the “European quote” and the latter is the “American quote” Almost all European currencies, except two, are quoted the European way The Pound Sterling and the Euro are the exceptions Additionally, Australian and New Zealand dollars are also quoted in American terms FOREX Rates & Quotes Slide70:  Bid and Ask Quotations Interbank quotes are given as a bid and ask The bid is the price at which a dealer will buy another currency The ask or offer is the price at which a dealer will sell another currency Example: ¥118.27 - ¥118.37/$ is the bid/ask for Japanese yen The bank will buy yen at ¥118.27 per dollar and sell yen at ¥118.37 per dollar making profit on the spread FOREX Rates & Quotes Slide71:  Expressing Forward Quotations on a Points Basis The previously mentioned rates for yen were considered outright quotes Forward quotes are different and typically quoted in terms of points A point is the last digit of a quotation, with convention dictating the number of digits to the right of the decimal Hence a point is equal to 0.0001 of most currencies FOREX Rates & Quotes Slide72:  Expressing Forward Quotations on a Points Basis The yen is quoted only to two decimal points A forward quotation is not a foreign exchange rate, rather the difference between the spot and forward rates Example: Outright spot: ¥118.27 ¥118.37 Outright forward: ¥116.84 ¥116.97 FOREX Rates & Quotes Slide73:  Forward Quotations in Percentage Terms Forward quotations may also be expressed as the percent-per-annum deviation from the spot rate This is similar to the forward discount or premium calculated earlier The important thing to remember is which currency is being used as the home or base currency For indirect quotes (i.e. quote expressed in foreign currency terms), the formula is FOREX Rates & Quotes Slide74:  Forward Quotations in Percentage Terms For direct quotes (i.e. quote expressed in home currency terms), the formula is FOREX Rates & Quotes Slide75:  Forward Quotations in Percentage Terms Example: Indirect quote Example: Direct quote FOREX Rates & Quotes Slide76:  Direct and Indirect Quotes A direct quote is a home currency price of a unit of a foreign currency Sfr1.6000/$ is a direct quote in Switzerland $0.625/Sfr is a direct quote in the US An indirect quote is a foreign currency price in a unit of the home currency Sfr1.600/$ is an indirect quote in the US, $0.625/Sfr is a direct quote in the US and an indirect quote in Switzerland FOREX Rates & Quotes Slide77:  Cross Rates Many currencies pairs are inactively traded, so their exchange rate is determined through their relationship to a widely traded third currency Example: A Mexican importer needs Japanese yen to pay for purchases in Tokyo. Both the Mexican peso (Ps) and Japanese yen (¥) are quoted in US dollars Assume the following quotes: Japanese yen ¥121.13/$ Mexican peso Ps9.190/$ FOREX Rates & Quotes Slide78:  Cross Rates The Mexican importer can buy one US dollar for Ps9.190 and with that dollar buy ¥121.13; the cross rate would be FOREX Rates & Quotes Slide79:  Intermarket Arbitrage Cross rates can be used to check on opportunities for intermarket arbitrage Example: Assume the following exchange rates are quoted Citibank $0.9045/€ Barclays Bank $1.4443/£ Dresdner Bank €1.6200/£ FOREX Rates & Quotes Slide80:  Intermarket Arbitrage The cross rate between Citibank and Barclays is This cross rate is not the same as Dresdner’s rate quote of €1.5800/£, so an opportunity exists for risk-less profit FOREX Rates & Quotes Slide81:  End with $1,014,533 Start with $1,000,000 FOREX Rates & Quotes Managing Global Expansion:  Managing Global Expansion Managing Global Expansion:  Managing Global Expansion “Managing Global Expansion: A Conceptual Framework” Gupta & Govindarajan – Business Horizons, March/April 2000, 45-54 (Reprint BH043) Globalization imperatives Degree of local adaptation Learning potential Entry barriers Competitive intensity Entry Modes:  Entry Modes Exporting:  Exporting Ship to another country for sale or exchange Advantages: Avoid cost of establishing manufacturing operations Help achieve experience curve and location economies Sony TVs, Matsushita VCRs Disadvantages: May compete with low-cost location manufacturers Possible high transportation costs Tariff barriers Possible lack of control over marketing reps Example: Heineken Beer (Hill) Improving Export Performance:  Improving Export Performance Export specialists who act as the export management department or international department for client firms Top management commitment Start small Enter to learn, add to grow Build relationships Hire locals An Interesting Fact:  An Interesting Fact Although the U.S. is the largest single market, exporting does not seem to come naturally to U.S. companies. In the U.S., exports account for 5.4% of GNP compared to 26% in Germany, 25% in Canada, and 10.5% in Japan (not most recent statistics). globalEDGE – Core Exercise:  Advanced Biomedical Devices, Inc. Assessment of Readiness to Export Team In-Class Exercise (50 points) Your team has been “hired” to evaluate ABD’s readiness to export. Drawing on information from the case, your knowledge of factors affecting global expansion, and what you learn from the CORE diagnostic tool, prepare a two-page (double-spaced) memo with your team’s assessment and recommendations. You may structure the memo however you see fit. Attach the CORE output as supporting documentation. The memo is due in two hours. The break-out rooms are available. globalEDGE – Core Exercise Licensing:  Licensing Licensor grants rights to intangible property to another entity for a specified period of time in return Advantages: Reduces development costs and risks of establishing foreign enterprise Lack capital for venture; Unfamiliar/volatile market Overcomes restrictive investment barriers Others can develop business applications of intangible property Disadvantages: Lack of control Cross-border licensing may be difficult Creating a competitor Euro-Disney Japan Franchising:  Franchising A franchiser sells intangible property and provides guidelines for operating the business. Advantages: Reduces costs and risk of establishing enterprise Disadvantages: May prohibit movement of profits from one country to support operations in another country Quality control Joint Ventures:  Joint Ventures Advantages: Benefit from local partner’s knowledge Shared costs/risks with partner Reduced political risk Disadvantages: Risk giving control of technology to partner May not realize experience curve or location economies Shared ownership can lead to conflict Strategic Alliances:  Strategic Alliances “Collaborate with your Competitors & Win” Hamel, Doz & Prahalad – HBR Reprint 89104 Learning Establishing a Wholly Owned Subsidiary:  Pro: Quick to execute Preempt competitors Possibly less risky Con: Often produce disappointing results Overpay for firm Too optimistic about value creation (hubris) Culture clash Problems with proposed synergies Establishing a Wholly Owned Subsidiary Pro: Can build subsidiary it wants Easy to establish operating routines Con: Slow to establish Risky Preemption by aggressive competitors Selecting an Entry Mode:  Selecting an Entry Mode Technological Know-How Management Know-How Wholly owned subsidiary unless 1. Venture is structured to reduce risk of loss of technology 2. Technology advantage transitory Then licensing or joint venture OK Franchising, subsidiaries (wholly owned or joint venture) Pressure for Cost Reduction Combination of exporting and wholly owned subsidiary Entry Mode Basis for Competition Which Foreign Markets?:  Which Foreign Markets? Market potential Market size (e.g., China vs. Taiwan) Demand Costs: Customer acquisition, infrastructure Distance: Cultural, administrative, geographic, economic (Comparisons – Wal-Mart in Mexico) Learning potential Sophisticated/demanding customers? Pace of technology? Wal-Mart de Mexico:  Wal-Mart de Mexico Sam’s Club, Mexico City, 1991 Per capita income $2,000 Monterrey 1993 (Laredo) Distribution problems (no NAFTA yet) Ice skates, riding mowers, leaf blowers, fishing 1994 (post NAFTA) Labels on 80,000 products December: Peso crisis, 40% depreciation By mid-1997, 373 of 1000 non-US stores Distribution center Local sourcing (Sony Wega $1600,$600); scale Joint venture w/ Cifra (WalMex) Timing of Entry:  Timing of Entry First-mover advantage. Preempt rivals and capture demand Build sales volume Move down experience curve before rivals and achieve cost advantage Create switching costs Disadvantages: First mover disadvantage - pioneering costs Changes in government policy Costs early entrant bears that later entrant can avoid. Global Expansion - Cases:  Global Expansion - Cases Citibank: Launching the Credit Card in Asia Pacific (A) - HBS 9-595-026 Preempting rivals and capturing demand, Market entry analysis, market evaluation, target market selection, product positioning issues Xerox and Fuji Xerox – HBS 9-391-156 Importance of structural flexibility, autonomy/integration tradeoff, drivers of collaboration, multi-market contact International Manufacturing Strategy:  International Manufacturing Strategy Where to manufacture? :  Where to manufacture? “How to Integrate Work and Deepen Expertise” Leonard-Barton, Bowen, Clark, Holloway, & Wheelwright – HBR Reprint 94502 Key factors Country: Factor costs, CAGE, location externalities, infrastructure Technological: Economies of scale, MES, manufacturing flexibility Product: Value to weight ratio, universality of needs Slide102:  Location Strategy Slide103:  The Acer Group’s China Manufacturing Decision – HBS 99M009 Decentralized structure Role of core competencies Key considerations Costs, market presence, infrastructure, materials management, expats (safety, desire), labor laws, time frame, environment PEST framework - environment Manufacturing Location - Case International Marketing Strategy (Global Branding):  International Marketing Strategy (Global Branding) Global Branding:  “The Lure of Global Branding” Aaker and Joachimsthaler – HBR Reprint 99601 Advantages Disadvantages When is it possible? Developing a global brand Managing a global brand Global Branding Global Branding - Case:  EMDICO (A) – HBS 9-597-029 Re-launching a global brand in an emerging market Challenges faced by a late entrant Impact of cultural and religious considerations on market demand and marketing strategy Marketing program calculations Global Branding - Case International Human Resource Management:  International Human Resource Management Developing an Expatriate Policy:  “The Right Way to Manage Expats” Black & Gregersen – HBR Reprint 99201 Benefits: Enhance management experience, knowledge transfer, best allocation of people, reducing turnover Constraints: willingness to travel/live abroad, costs, achieving equity (pay, taxes, cost of living), impact on career Developing an Expatriate Policy Expatriate Policy - Case:  Expatriate Policy - Case Colgate-Palmolive: Managing International Careers – HBS 9-394-184 Leader in attention and care Pre-departure, moving, financial Needs of expat AND family Compare C-P’s policy to your company’s policy Continuous improvement Pre-departure concerns, spouse assistance Surveys to review and revise Effective but costly Focus on selection

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