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• Cover
• International Business
• Pearson
• Title
• Copyright
• Brief Contents
• Contents
• List of Figure and Tables
• Preface
• About the Authors
• Guide to the Case studies
• Publisher’s Acknowledgements
• Frameworks for this Book
• Part One The World of International Business
• Chapter 1
• An Introduction to International ­Business
• Objectives of the chapter
• Introduction
• What is international business?
• Globalisation
• The outcomes of globalisation
• Understanding interdependence in globalisation
• Regional integration
• Mapping globalisation
• Technology and innovation
• New technologies
• The knowledge-intensive, multi-technology firm
• Socio-political developments
• What are institutions?
• Institutions and supranational agreements
• Globalisation and liberalisation
• Multinational enterprises
• Proto-globalisation and the MNE in historical context
• The industrial revolutions and the growth of private firms
• Foreign direct investment
• Measuring FDI and MNE activity
• MNEs before World War II
• The rise of the modern MNE
• International business in the modern era
• 1950–90: the rise of the triad
• 1990–2017: the rise of new players and forms of activity
• Modularisation, outsourcing and value chains
• The continuing importance of the state-owned enterprise
• Emerging economy MNEs – significant but exaggerated
• Dominance of the triad continues
• Small and medium-sized enterprises
• The fragmented firm: global value chains and production networks
• Outsourcing, offshoring and nearshoring
• Key points
• Key terms
• Notes
• Bibliography
• Chapter 2
• General Frameworks in International Business
• Objectives of the chapter
• Active Learning Case
• Starbucks: a global ‘coffee culture’
• Introduction
• Firm-specific advantages/ownership advantages
• A classification of O advantages
• Location advantages/country-specific advantages
• A classification of L advantages
• International Business Strategy in Action
• US manufacturing: from China to Mexico
• The eclectic paradigm: putting it all together
• Strategic management of MNEs: an introduction
• Steps in the strategic management process
• A framework for global strategies: the FSA–CSA matrix
• The FSA–CSA matrix
• Why firms become MNEs
• How do firms engage in international activities?
• Entry modes
• Non-equity entry modes
• Equity entry modes
• Collaborative agreements/strategic alliances
• International new ventures and ‘born global’ firms
• The international activities of SMEs
• The practical challenges for internationalising SMEs
• International Business Strategy in Action
• Worrying times for Singapore’s SMEs
• How do SME managers know which markets to enter?
• Modes of entry and adaptation for success in foreign markets
• Key points
• Key terms
• Real Cases
• Walmart Inc.
• Back again? IKEA’s re-entry into Japan
• Notes
• Bibliography
• Chapter 3
• Multinational Enterprises, Innovation and Competitiveness
• Objectives of the chapter
• Active Learning Case
• GE Healthcare in India: locally driven innovation
• Introduction
• Trends in innovation at the country and firm level
• The resource-based view (RBV) and the VRIO framework
• Resources and capabilities
• The VRIO framework
• Dynamic capabilities
• Quick learning/incremental learning
• Integration of new assets/radical learning
• Modification and transformation of new organisational assets
• Dynamic capabilities and small firms
• International Business Strategy in Action
• Spreadshirt: open innovation
• Innovation and location advantages
• International dimensions of innovation
• The location of innovation activities in the MNE
• International Business Strategy in Action
• Innovation networks at IBM
• The innovative MNE as a differentiated network
• Key points
• Key terms
• Real Cases
• Canon Group
• R&D at Hewlett-Packard
• Notes
• Bibliography
• Part Two The Environment of International Business
• Chapter 4
• International Politics
• Objectives of the chapter
• Active Learning Case
• How risky is foreign investment in Russia?
• Introduction
• Political ideologies and economics
• Political systems
• Economic systems
• Government control of assets
• International Business Strategy in Action
• Greece: third (bailout) time lucky
• Government–business cooperation
• Japan and EU assistance
• US competitiveness
• Economic integration
• Trade creation and trade diversion
• Levels of economic integration
• Economic integration: an overall perspective
• Ethics, environment, MNEs and the civil society
• International Business Strategy in Action
• Businesses and NGOs work together on climate change
• The European Union (EU)
• Other examples of economic integration
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• How environmental regulations can be used as trade barriers
• Turkish lira in crisis: record low in 2018
• Notes
• Bibliography
• Chapter 5
• International Culture
• Objectives of the chapter
• Active Learning Case
• Cultures clash as big pharma gets bigger
• Introduction
• What is culture?
• The importance of culture in different business contexts
• Culture has always been important
• International Business Strategy in Action
• McDonald’s
• National stereotypes and key dimensions of culture
• Culture at two levels
• Hofstede’s four dimensions of culture
• Trompenaars’ seven dimensions of culture
• The GLOBE project’s nine dimensions of culture
• Applying the national culture frameworks
• ‘The way we do things here’: the implications of cultural differences for organisations and managers
• Cross-cultural management
• Organisation
• Leadership
• Communication
• The corporate response
• Multinational organisation structures: imperialist or independent?
• Culture clash in cross-border M&A and joint ventures
• International Business Strategy in Action
• The collective culture of John Lewis & Partners
• Culture embodied in national institutions
• France: cultural and social characteristics that create a national distinctiveness
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Konami is watching its employees
• Sport can be local and global: Manchester United
• Notes
• Bibliography
• Chapter 6
• International Trade
• Objectives of the chapter
• Active Learning Case
• US—China trade war: battle of the giants
• Introduction
• International trade theory
• Theory of absolute advantage
• Theory of comparative advantage
• Factor endowment theory
• International product life cycle theory
• Other important considerations
• International Business Strategy in Action
• Microsoft shows the world is not flat
• Barriers to trade
• Reasons for trade barriers
• Commonly used barriers
• Tariffs
• International Business Strategy in Action
• Brexit: A sharp lesson in the importance of trade interdependencies
• Non-tariff barriers to trade
• Quotas
• ‘Buy national’ restrictions
• Customs valuation
• Technical barriers
• Anti-dumping legislation, subsidies and countervailing duties
• Agricultural products
• Export restraints
• Other economic developments
• Countertrade
• Trade in services
• Free trade zones
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• China’s Rare Earth Minerals
• Dumping on trade complaints
• Notes
• Bibliography
• Appendix: Balance of payments
• Chapter 7
• International Financial Markets and Institutions
• Objectives of the chapter
• Active Learning Case
• Barclays Bank international financial dealings
• Introduction
• Foreign exchange markets
• Foreign exchange markets in the United States
• Determination of the exchange rate
• Purchasing power parity
• International Fisher effect
• Combined equilibrium relationships
• Other factors determining exchange rates
• Protecting against exchange risk
• Alternatives to minimise exchange risk
• International Business Strategy in Action
• The Big Four
• Foreign money and capital markets
• MNEs and national money markets
• MNEs and national capital markets
• Regional money and capital markets
• The eurocurrency market
• Eurocurrency interest rates
• Other market characteristics
• Criticisms of the euromarkets
• Eurobonds and euroequities
• International Business Strategy in Action
• AngloGold Ashanti
• The IMF system
• Unresolved problems with the IMF system
• MNEs and international financial markets and institutions
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• HSBC
• Slowdown in China: Global financial markets and contagion effects
• Notes
• Bibliography
• Part Three International Business Strategies
• Chapter 8
• Multinational Strategy
• Objectives of the chapter
• Active Learning Case
• Vodafone and the triad telecom market
• Introduction
• Strategic orientations
• International Business Strategy in Action
• Tesco at home and abroad
• Strategy formulation
• External environmental assessment
• Internal environmental assessment
• Goal setting
• Strategy implementation
• Location
• International Business Strategy in Action
• Fuji Xerox and Xerox
• Ownership
• Functional strategies
• Control and evaluation
• Common methods of performance measurement
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• 3M
• Social media: Serengetee
• Notes
• Bibliography
• Appendix: Regional aspects of multinationality and performance
• Chapter 9
• Organising Strategy
• Objectives of the chapter
• Active Learning Case
• Procter & Gamble
• Introduction
• Organisation structures
• Early organisation structures
• International Business Strategy in Action
• Sanofi-Aventis
• The international division
• Global organisation structures
• International Business Strategy in Action
• Baker Tilly changes its name to RSM
• Strategic management and organising strategy
• Analysis of key structural variables
• Coordination
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• LVMH: organising luxury products in the international arena
• Maersk Group
• Notes
• Bibliography
• Chapter 10
• Corporate Strategy and National Competitiveness
• Objectives of the chapter
• Active Learning Case
• Worldwide operations and local strategies of ABB
• Introduction
• The single diamond
• Determinants and external variables
• Critique and evaluation of the model
• The double diamond
• Canada and the double diamond
• International Business Strategy in Action
• Nokia and Ericsson: moving beyond mobiles
• Mexico and the double diamond
• Integration and responsiveness
• Integration versus national responsiveness
• International Business Strategy in Action
• Renewed advantage through vertical integration at Floreal Knitwear
• Balancing the trade-offs
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• The global beer industry: decline and growth at the same time?
• IBM
• Notes
• Bibliography
• Part Four Functional Area Strategies
• Chapter 11
• Production Strategy
• Objectives of the chapter
• Active Learning Case
• GE production: from Six Sigma to the GE Store
• Introduction
• Research, development and innovation
• Speed-to-market
• Generation of goods and services
• Global sourcing
• International Business Strategy in Action
• H&M learning from Zara
• Manufacturing of goods
• International Business Strategy in Action
• Magna International Inc.
• Developing a strong service orientation
• International logistics
• Transportation
• Packaging
• Storage
• Different kinds of global production systems
• Strategic management and production strategy
• Technology and production design
• Continuous improvement
• Productivity
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Flextronics
• Nike
• Notes
• Bibliography
• Chapter 12
• Marketing Strategy
• Objectives of the chapter
• Active Learning Case
• Adidas: promoting a global sports brand
• Introduction
• International market assessment
• Initial screening: basic need and potential
• Second screening: financial and economic conditions
• Third screening: political and legal forces
• Fourth screening: socio-cultural forces
• Fifth screening: competitive environment
• Final selection
• Product strategies
• Little or no modification
• Moderate to high modification
• International Business Strategy in Action
• Weeby buys Tappy
• Promotion
• Nature of the product
• Advertising
• International Business Strategy in Action
• The 2018 retail crisis catches up with Marks & Spencer
• Personal selling
• Pricing
• Government controls
• Market diversity
• Currency fluctuations
• Price escalation forces
• Place
• Different distribution systems
• Choosing the best distribution system
• Strategic management and marketing strategy
• Ongoing market assessment
• Internet marketing and ‘open innovation’
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Bang & Olufsen
• Mirum – never lose your sense of wonder!
• Notes
• Bibliography
• Chapter 13
• Human Resource Management Strategy
• Objectives of the chapter
• Active Learning Case
• The Coca-Cola Company thinks local
• Introduction
• Selection and repatriation
• International screening criteria and selection procedures
• Repatriation of expats
• Training and development
• Types of training
• International Business Strategy in Action
• The glass ceiling
• Compensation
• Common elements in an international compensation package
• Compensation trends and comparisons
• Labour relations
• Labour relations practices
• International Business Strategy in Action
• Primark: putting global stakeholders first
• Industrial democracy
• Strategic management and IHRM strategies
• Language training
• Cultural adaptation
• Competitive compensation
• Specially designed HRM programmes
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• India’s role in the global offshoring economy
• Executive search firms
• Notes
• Bibliography
• Chapter 14
• Political Risk and Negotiation Strategy
• Objectives of the chapter
• Active Learning Case
• Nestlé in Nigeria
• Introduction
• Generic PEST analysis
• Political risk
• Deregulation and political risk
• The nature of political risk
• Sources of political risk
• Country analysis and political risk assessment
• Online risk information resources
• Quantifying risk vulnerability
• Accounting for country risk
• Negotiation strategies
• Behavioural characteristics of the participants in negotiations
• International Business Strategy in Action
• From riches to rags: the decline of the Venezuelan oil industry
• International Business Strategy in Action
• Intel effect
• Transparency and corruption: politically sensitive political risk
• Strategic management and political risk
• Use of integrative and protective/defensive techniques
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Huawei accused of spying
• Problems with ports
• Notes
• Bibliography
• www resources
• Chapter 15
• International Financial Management
• Objectives of the chapter
• Active Learning Case
• Financial transparency at Siemens
• Introduction
• Determining parent–subsidiary relationships
• Polycentric solution
• Ethnocentric solution
• Geocentric solution
• Managing global cash flows
• Internal funds flows
• Funds positioning techniques
• Multilateral netting
• International Business Strategy in Action
• Worldwide tax havens
• Managing cash
• International Business Strategy in Action
• Sovereign wealth funds
• Exchange risk management
• Transaction risk
• Translation risk
• Economic risk
• An example of exchange risk management
• Developing forecasting and reporting systems
• Capital budgeting in the MNE
• Use of NPV
• Institutional features
• International financing in the MNE
• Financial structure
• Control: identifying objectives, evaluating affiliate performance and making performance consistent with goals
• Strategic international finance
• Establishing overseas operations
• Reducing financial risk
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Carillion’s collapse
• M-Pesa: Kenya’s mobile money service leapfrogging traditional banks
• Notes
• Bibliography
• Part Five Regional Strategies
• Chapter 16
• European Union
• Objectives of the chapter
• Active Learning Case
• Brexit troubles for Jaguar Land Rover
• The EU: origins and environment
• Emergence of a Single European Market
• Productivity and competitiveness: how does the EU compare?
• International Business Strategy in Action
• VW diesel dispute
• Accessing and adapting to EU markets
• Strategic acquisitions and alliances
• Marketing considerations
• International Business Strategy in Action
• The future is Orange
• Producing products and services in the EU
• Management considerations
• Barriers to EU market access
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Accor budget hotels
• Carrefour
• Notes
• Bibliography
• Chapter 17
• Japan
• Objectives of the chapter
• Active Learning Case
• Doing business in Japan
• Introduction
• Political, social and cultural characteristics
• A traditionally strong government role in the economy
• Distinctive cultural characteristics
• Economy and business
• Japan and China: the new Asian powerhouse?
• Business characteristics
• Manufacturing strengths
• Strong applied R&D
• Keiretsu
• International Business Strategy in Action
• Kirin Beer goes international
• Distribution, retailing and customer orientation
• Japanese corporations
• A changing nation
• Restructuring capital markets
• Deregulation, increased M&A and inward FDI
• International Business Strategy in Action
• Walmart takes Seiyu
• Restructuring corporations
• The decline of manufacturing and distribution keiretsu
• The growth of outward FDI and offshore manufacturing
• The decline of lifetime employment and changing HRM practices
• Diversification strategies
• Conclusions
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Renault, Nissan and Mitsubishi Alliance: no pain, no gain
• Sony – diversifying into the automobile industry?
• Notes
• Bibliography
• www resources
• Chapter 18
• North America
• Objectives of the chapter
• Active Learning Case
• FTA, NAFTA and CUSMA
• Introduction
• Canada
• Canada’s economy
• Differences in the business environment
• International Business Strategy in Action
• Air Canada’s bid for consolidation
• Canada’s multinationals
• Business opportunities in Canada
• Franchising
• Mexico
• Mexico’s economy
• Mexico, NAFTA and CUSMA
• Regional trade agreements
• Doing business in Mexico
• International Business Strategy in Action
• Mexico’s tomatoes
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• Jumex of Mexico
• GlaxoSmithKline in the United States
• Notes
• Bibliography
• Chapter 19
• Emerging Economies
• Objectives of the chapter
• Active Learning Case
• Acer Taiwan goes international
• Introduction
• Triad firms and emerging economy firms: why the mutual attraction?
• An overview of emerging economies, by region
• Asia-Pacific and the Middle East
• Central and eastern Europe
• Latin America and the Caribbean
• Africa
• International Business Strategy in Action
• From Oserian to Tesco: the Kenyan cut flower industry
• Shifting patterns of comparative and competitive advantage
• Flying Geese model
• Emerging economies as sources of innovation
• Market access to the triad
• International Business Strategy in Action
• Korean chaebols: Hyundai and Samsung
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• The Indian IT, software and services industry
• Bumrungrad International in Thailand
• Notes
• Bibliography
• www resources
• Chapter 20
• China
• Objectives of the chapter
• Active Learning Case
• Oxford Instruments in China
• Introduction
• Unprecedented scale, scope and speed of growth
• The role of government
• MNE investment into China
• International Business Strategy in Action
• Airbus secures a deal with China
• Foreign R&D investment
• Getting into China
• Outward investment and the new multinationals from China
• International Business Strategy in Action
• Alibaba steps up to global competition
• Key points
• Key terms
• Review and discussion questions
• Real Cases
• China’s One Belt One Road
• Nanjing Auto makes the MG
• Notes
• Bibliography
• www resources
• Glossary
• Index