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1、Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,12-,*,International Business,7e,by Charles W.L.Hill,McGraw-Hill/Irwin Copyright 2021 by The McGraw-Hill Companies,Inc.All rights reserved.,Chapter 12,The Strategy of International Busi

2、ness,Introduction,What actions can managers take to compete more effectively as an international business?,How can firms increase profits through international expansion?,What international strategy should firms pursue?,Strategy And The Firm,A firms,strategy,refers to the actions that managers take

3、to attain the goals of the firm,Profitability,can be defined as the rate of return the firm makes on its invested capital,Profit growth,is the percentage increase in net profits over time,Expanding internationally can boost profitability and profit growth,Strategy And The Firm,Figure 12.1:Determinan

4、ts of Enterprise Value,Value Creation,The,value created,by a firm is measured by the difference between V(the price that the firm can charge for that product given competitive pressures)and C(the costs of producing that product),The higher the value customers place on a firms products,the higher the

5、 price the firm can charge for those products,and the greater the profitability of the firm,Value Creation,Figure 12.2:Value Creation,Classroom Performance System,What is the rate of return the firm makes on its invested capital?,a)Profit growth,b)Profitability,c)Net return,d)Value created,Value Cre

6、ation,Profits can be increased by:,adding value to a product so that customers are willing to pay more for it a,differentiation strategy,lowering costs a,low cost strategy,Michael Porter argues that superior profitability goes to firms that create superior value by lowering the cost structure of the

7、 business and/or differentiating the product so that a premium price can be charged,Strategic Positioning,Michael Porter argues that firms need to choose either differentiation or low cost,and then configure internal operations to support the choice,To maximize long run return on invested capital,fi

8、rms must:,pick a viable position on the efficiency frontier,configure internal operations to support that position,have the right organization structure in place to execute the strategy,Strategic Positioning,Figure 12.3:Strategic Choice in the International Hotel Industry,Operations:The Firm As A Va

9、lue Chain,A firms,operations,can be thought of a value chain composed of a series of distinct value creation activities,including production,marketing,materials management,R&D,human resources,information systems,and the firm infrastructure,Value creation activities can be categorized as,primary acti

10、vities,(R&D,production,marketing and sales,customer service)and,support activities,(information systems,logistics,human resources),Classroom Performance System,Which of the following is,not,an example of a,primary activity?,a)Logistics,b)Marketing and sales,c)Customer service,d)Production,Operations

11、:The Firm As A Value Chain,Figure 12.4:The Value Chain,Global Expansion,Profitability,And Profit Growth,International firms can:,expand the market for their domestic product offerings by selling those products in international markets,realize location economies by dispersing individual value creatio

12、n activities to locations around the globe where they can be performed most efficiently and effectively,realize greater cost economies from experience effects by serving an expanded global market from a central location,thereby reducing the costs of value creation,earn a greater return by leveraging

13、 any valuable skills developed in foreign operations and transferring them to other entities within the firms global network of operations,Expanding The Market:Leveraging Products And Competencies,Firms can increase growth by selling goods or services developed at home internationally,The success of

14、 firms that expand internationally depends on the goods or services they sell,and on their,core competencies,(skills within the firm that competitors cannot easily match or imitate),Core competencies enable the firm to reduce the costs of value creation and/or to create perceived value in such a way

15、 that premium pricing is possible,Location Economies,When firms base each value creation activity at that location where economic,political,and cultural conditions,including relative factor costs,are most conducive to the performance of that activity,they realize,location economies,(the economies th

16、at arise from performing a value creation activity in the optimal location for that activity,wherever in the world that might be),By achieving location economies,firms can:,lower the costs of value creation and achieve a low cost position,differentiate their product offering,Location Economies,Firms that take advantage of location economies in different parts of the world,create a,global web,of value creation activities,Under this strategy,different stages of the value chain are dispersed to tho