国际市场进入的决定：本地市场因素作用外文原文Internationalmarketentrydecisions:theroleoflocalmarketfactorsJeromeCouturierAssociateProfessorofInternationalManagementandBusinessStrategy,ESCPEurope,London,UKDavideSolaAssociateProfessorofBusinessStrategyatESCPEurope,London,UKThispaperexamineshowexternalmarketfactorsin?uencethechoiceofinternationalmarketentrydirectinvestment,partnershiporacquisition.Itisbaseduponinterviewsinfourindustriesanduponalongitudinaltwo-yearcasestudyworkingwithamajorGermanFoodcompanyenteringtheBritish,ItalianandPolishmarkets.Theresearchcon?rmstheimportanceofexternalmarketfactorssuchasmarketgrowth,marketconsolidationandvaluechainfragmentation.Itproposesapracticalframeworktoguidethecompany’sentrystrategy.IntroductionWhatisthebestmethodforenteringanewcountrymarket?Towhatextentshouldthisbedrivenbyinternalcompanyfeaturesorbytheexternalmarketcontext?Thisaimsto‘redressthebalance’moretowardsthelocalmarketfactorsandtoproposeaframeworktohelpmanagersdecideuponthebestmethodtoenternewcountrymarkets?inotherwordstomakethechoicegrowinginternationalisationof?rms.Today’smarketplaceisbecomingmoreandmoreglobal.Bothnicheplayersandmainstreamcorporationsmustdevelopgloballyinordertosustainanddeveloptheirstrategicpositioning,asinternationallyforthefollowingreasons:aTheyneedtoacquireresourcesthataremoree?cientthanthoseobtainableinthehomemarketofthe?//.ourandnaturalresources.bTheyseeknewmarketsfortheirproductswiththeaimeitherofincreasingrevenuesand/orincreasinge?ciencybyexploitingeconomiesofscaleandscopelowercosts.Inthiscontext,foreignexpansioninparticulartheidenti?cationofthemostappropriatemarketentrystrategyhasbecomeapriorityformanyCEOs.Howcompanieschoosetoenteroverseasmarketscanbeclassi?edintothreetypes:green?eldinvestment,strategicpartnershipsandacquisitions.#2021TheBraybrookePressLtd.JournalofGeneralManagementVol.35No.4Summer202145?6345JeromeCouturierandDavideSolaAgreen?eldinvestmentistheinvestmentinacommercialo?ce,manu-facturingplant,distributionfacilityorotherphysicalstructureinacountrywherenocorporatefacilitiespreviouslyexisted.Itisadirectinvestmentnormallyentailing100%ownershipandthereforefullcontrol.Byimplication,theinvestmentessentiallystartsfromzero,meaninganentiresalesforcemustberecruitedandcommercialrelationshipsfortheproductionanddistribu-tionofgoodsorservicesmustbeestablished.ExampleswouldincludetheNissancarplantinSunderland,UK;HyundaiintheCzechRepublic;HypoRealEstateBankinRepublicofIreland.Anacquisitiontakesplacewhenonecompanypurchasesamajorityinterest//.uisitionofabusinessunitbystock//.nts,distributionchannels,knowhow,etc.andcompletecontrolinthecaseofa100%acquisition.RecentexamplesincludeToshibaforWestinghouse;LenovoforthePCDivisionofIBM;MittalSteelforArcelor.Astrategicpartnershipisaformalalliancee.g.jointventure,licensingagreement,distributorship,agencycontract,etc.betweentwocommercialenterprises,usuallyformalisedbyoneormorebusinesscontracts,wheretheymutuallyparticipateincertainactivitiese.g.advertising,branding,productdevelopmentandotherbusinessfunctions.Typically,themotivationbehindformingastrategicpartnershipisthateachpartnerpossessesoneormore//.ductionfacilities,salesnetworkorgreatergeneralknowledgeofthelocalbusinessenvironment.Thiscaninvolvevariousdegreesofcontrol,frommeredistributionagreementswithimportersorlocalwholesalers,tomorecapital-intensivepa...