International business

LONDON SCHOOL OF COMMERCE COLOMBO CAMPUS SRI LANKA MBA FOR EXECUTIVES MODULE ASSIGNMENT: International Business Student Name : Janaka Perera Student Registration No : 0170APAP0314 Module Lecturer : Mr Anand Walser Module Tutor : Ms Apsara Hewage Date Submitted : 24th March, 2015 Total Word Count : 4,068 Words EXECUTIVE SUMMARY The foundation of this report was to assess the product portfolio of Phoenix and closely evaluate the adequacy of the chosen product line for an internationalization project The author has evaluated the possible products and has selected plastic furniture as the most appropriate line of products for international business strategies The host country evaluation was also completed considering the availability of raw materials and labor component where the State of Qatar was the preferred choice The report evaluated the market analysis of the host country where all internal factors were analyzed for conditional and competitiveness The information received was used to determine the possible market entry strategy Also the barriers Phoenix may encounter both in home and host countries which might create barriers were analyzed for possible counter strategies to be formulated Culture is another important factor for international business and this area was also analyzed using known culture theories for both countries as this could be important for a smooth operation also knowledge in this area will be beneficial for strategizing against possible culture related impacts The main section of this report is the final business strategies where business entry process is at the pinnacle Considering all revealed information, the Joint Venture was selected as the entry mode of choice supported by business strategies concerning internationalization, location, staffing and marketing which clearly defines do’s and don’ts of international business plans for Project Qatar International Business is a fascinating subject with many interesting factors to be considered before even finalizing the business strategies Therefore completing this consultant’s report successfully has given the author key learning points where he has enjoyed thoroughly while using all the knowledge gained to churn out a very successful report with valid points to be considered Assignment on International Business by Janaka Perera (0170APAP0314) Page | TABLE OF CONTENTS Number & Title Page Executive Summary………………………………………… ……………………………… 02 Table of Contents…………………………………………… ……………………………… 03 List of Tables………………………………………………… ………………………… 06 List of Figures………………………………………………… ………………… 07 List of Abbreviations…………………………………………… ……………………… 08 1.0 Introduction……………………………………………………………………………… 09 1.1 Plastic Industry Overview ……………………………………………………………… 09 1.2 Background of “Phoenix” ……………………………………………………………… 09 1.2.1 Company Vision ………………………………………………………………… 09 1.2.2 Company Values ………………………………………………………………… 10 1.2.3 Range of Operation ……………………………………………………………… 10 1.2.4 Products from Phoenix …………………………………………………………… 11 1.2.5 Company Core Competencies …………………………………………………… 12 1.3 Scope of Report ………………………………………………………………………… 12 1.4 Objectives ……………………………………………………………………………… 12 1.5 Methodology …………………………………………………………………………… 13 2.0 Products for Internationalization …………………………………………………………… 13 2.1 Project Qatar – Preferred Products ……………………………………………………… 13 2.2 Product Performance …………………………………………………………………… 14 3.0 Target Market Analysis …………………………………………………………………… 14 3.1 Host Country Analysis ………………………………………………………………… 14 3.2 Qatar – PESTLE Factors ……………………………………………………………… 16 3.3 Qatar - National Competitive Analysis ………………………………………………… 17 4.0 Barriers for Internationalization …………………………………………………………… 18 4.1 Domestic Barriers ……………………………………………………………………… 18 4.1.1 Limited Access to Finance ………………………………………………………… 18 4.1.2 Regulatory Barriers ………………………………………………………………… 18 4.2 Host Country Barriers ………………………………………………………………… 18 4.2.1 Difficulty Sourcing Local Partners ………………………………………………… 19 Assignment on International Business by Janaka Perera (0170APAP0314) Page | 4.2.2 Acquiring Property ………………………………………………………………… 19 4.2.3 Work Time Practices ……………………………………………………………… 19 4.2.4 Labor Practices …………………………………………………………………… 19 4.2.5 Documentation Issues ……………………………………………………………… 19 4.2.6 Driving License Requirements …………………………………………………… 19 4.2.7 HR Management Issues …………………………………………………………… 20 5.0 Analysis of Cultural Differences ………………………………………………………… 20 5.1 Hofstede Cultural Analysis Model ……………………………………………………… 20 5.2 Impacts of Cultural Difference ………………………………………………………… 21 5.2.1 Mediation and Settlements ………………………………………………………… 21 5.2.2 Personal Style …………………………………………………………………… 22 5.2.3 Communication …………………………………………………………………… 22 5.2.4 Decision Making ………………………………………………………………… 22 5.2.5 Compassion towards Time ……………………………………………………… 22 5.2.6 Risk Assessment ………………………………………………………………… 23 5.2.7 Emotionalism …………………………………………………………………… 23 6.0 Business Entry Strategy …………………………………………………………………… 23 6.1 Justifications for Business Entry Strategy ……………………………………………… 24 6.1.1 Access to Resources ……………………………………………………………… 24 6.1.2 Ease of Access …………………………………………………………………… 24 6.1.3 Sharing Risks, Costs & Control …………………………………………………… 24 6.2 International Business Strategy ………………………………………………………… 24 6.2.1 Competitive Advantage …………………………………………………………… 25 6.2.2 De-Centralized Operation ………………………………………………………… 25 6.2.3 Independence ……………………………………………………………………… 25 6.2.4 Local Sourcing …………………………………………………………………… 25 6.2.5 Innovation ………………………………………………………………………… 26 6.2.6 Management Style ………………………………………………………………… 26 6.3 Location Strategy ……………………………………………………………………… 26 6.3.1 Facilities ………………………………………………………………………… 26 6.3.2 Labor ……………………………………………………………………………… 26 6.3.3 Business Logistics ………………………………………………………………… 27 Assignment on International Business by Janaka Perera (0170APAP0314) Page | 6.3.4 Infrastructure ……………………………………………………………………… 27 6.3.5 Target Consumers ………………………………………………………………… 28 6.3.6 Suppliers ………………………………………………………………………… 28 6.4 Staffing Strategies ……………………………………………………………………… 28 6.4.1 Employment Procedure ………………………………………………………… 28 6.5 Marketing Strategy …………………………………………………………………… 29 Conclusion…… ……………………………………………………………………….…… 31 References………………………………………………………………………………….… 32 Bibliography…………………………………………………………………………………… 34 Assignment on International Business by Janaka Perera (0170APAP0314) Page | LIST OF TABLES Number& Title Page 1.1: Phoenix Management Team ……………………………………………………………… 10 1.2: Core Competencies of Phoenix …………………………………………………………… 13 3.1: Furniture Imports by Qatar ………………………………………………………………… 15 3.2: Qatar – PESTLE Factors ………………………………………………………………… 16 3.3: Qatar – National Competitive Analysis …………………………………………………… 17 5.1: Cultural Analysis – Sri Lanka vs Qatar …………………………………………………… 21 6.1: Project Qatar – Marketing Strategies ……………………………………………………… 29 Assignment on International Business by Janaka Perera (0170APAP0314) Page | LIST OF FIGURES Number & Title Page 1.1: World Plastic Demand Distribution by polymer …………………………………………… 09 1.2: Core Values of Phoenix …………………………………………………………………… 10 1.3: Countries that products from Phoenix are exported to …………………………………… 11 1.4: Products from Phoenix …………………………………………………………………… 11 2.1: Phoenix furniture product mix …………………………………………………………… 13 2.2: Market Share of Plastic Furniture – Sri Lanka …………………………………………… 14 5.1: Hofstede Model Cultural Analysis – Sri Lanka vs Qatar ……………………………… 20 6.1: Popular Operating Models for Market Entry ……………………………………………… 23 6.2: Internationalization Strategies ……………………………………………………………… 25 6.3: The Marketing Mix ……………………………………………………………………… 30 Assignment on International Business by Janaka Perera (0170APAP0314) Page | LIST OF ABBREVIATIONS BOD - Board of Directors CAPEX - Capital Expenditure CEO - Chief Executive Officer FIFA - Fédération Internationale de Football Association FY - Financial Year GCC - Gulf Corporation Countries JIT - Just-in-Time JV - Joint Venture MSA&L - Ministry of Social Affairs and Labor OPEC - Organization of Petroleum Exporting Countries OPEX - Operating Expenditure PE - Polyethylene PET - Polyethylene Terephthalate (thermoplastic polymer resin) Phoenix - Phoenix Industries Limited PP - Polypropylene PS-EPS - Polystyrene / Expanded Polystyrene PVC - Polyvinyl Chloride QEWC - Qatar Electricity & Water Company Sq./ft - Square Feet SWOT - Strengths, Weaknesses, Opportunities & Threats analysis UNIDO - United Nations Industrial Development Organization YoY - Year on Year Assignment on International Business by Janaka Perera (0170APAP0314) Page | 1.0 INTRODUCTION 1.1 PLASTIC INDUSTRY OVERVIEW Global demand for plastics has shown a significant growth and in 2013, the global production reached nearly 300 Million metric tons with China being one of the main producers Plastics are being used in different products and can replace glass, metal and wood and can be used in thousands of different industries Figure 1.1: World Plastic Demand Distribution by polymer (Source: ICIS Consulting) Sri Lankan plastic industry currently is 50 years old and technologically sophisticated As per research done by UNIDO, annual Sri Lankan consumption of plastics is 180,000 metric tons with an annual growth of 10-12% with 900+ industries, making it one of the most competitive industries 1.2 BACKGROUND OF “PHOENIX” Founded in 1976, Phoenix Industries Ltd (herein known as Phoenix) was the pioneer organization in Sri Lanka and South East Asian region for plastic injection molding Company, the foremost and biggest plastic producer in Sri Lanka with a modern manufacturing plant with machinery for injection & blow molding and mechanized PET product line with products ranging from household plastic wear, furniture, bottles, plastic packaging etc (Phoenix, 2015) 1.2.1 COMPANY VISION “Name for Plastic” depicts that Phoenix’s objective is to be the primary brand for plastic products in Sri Lanka Assignment on International Business by Janaka Perera (0170APAP0314) Page | 1.2.2 COMPANY VALUES Figure 1.2: Core Values of Phoenix (Source: Phoenix, 2015) 1.2.3 RANGE OF OPERATION Currently Phoenix is managed by a Board of Directors assisted by a capable Management Team consisting of the following positions: Table 1.1: Phoenix Management Team (Source: Phoenix, 2015) Phoenix currently has many products being the most preferred in their respective industries The quality of products offered and robust management culture has enabled the company to achieve this enviable position Assignment on International Business by Janaka Perera (0170APAP0314) Page | 10 4.2.7 HR MANAGEMENT ISSUES Employee hiring process is one of the most difficult areas in Qatar Phoenix will need to tie up with a locally registered recruitment firm where terms and conditions need to be agreed Also due to inclement weather conditions in Qatar, employees hired by the company will need to be provided with adequate accommodation or allowances, transportation, food and proper working conditions with air conditioning made mandatory (Eurodev, 2010) 5.0 ANALYSIS OF CULTURAL DIFFERENCES Culture is described as combined adjustment of mind which differentiates the followers of one group of people from another group including a collection of behaviors, conducts and morals of a civilization (Hofstede, 1984) 5.1 HOFSTEDE CULTURE ANALYSIS MODEL Author has critically analyzed cultures of Sri Lanka and Qatar using Hofstede’s Cultural Model where several elements were scrutinized to ascertain the cultural differences to uncover business advantage Figure 5.1: Hofstede Model Cultural Analysis – Sri Lanka vs Qatar (Source: www.geert-hofsetede.com) Assignment on International Business by Janaka Perera (0170APAP0314) Page | 20 Table 5.1: Culture Analysis – Sri Lanka vs Qatar (Source: Author’s work) 5.2 IMAPACTS OF CULTURAL DIFFERENCE The consultative report analyzed differences in both Sri Lankan and Qatari cultures and evaluated the impact of management and overall administrative functions of Project Qatar (Hofstede, 1984) 5.2.1 MEDIATIONS AND SETTLEMENTS Communication and negotiations play a major part with both cultures showing significant differences Sri Lankans are normally high context with more spoken words with less implied information and Qataris are low context with less communication with more direct approach Assignment on International Business by Janaka Perera (0170APAP0314) Page | 21 Phoenix when entering a country with a low context culture, need to source business partners with high efficiency levels to safeguard business competence Customer service levels also differ with customers from Qatar expecting their concerns to be attended immediately and Phoenix need to evaluate this factor to prevent high customer churn Buying decisions will play a part in low context culture with faster decisions made based on personal needs Phoenix to consider this to maintain customer satisfaction levels to encourage repeat purchases and positive brand image where understanding new challenges is important Qatari culture is west influenced where detailed contracts conclude deals which are governed by law Contracts usually take finalizing time eventually affecting final deal timelines 5.2.2 PERSONAL STYLE Phoenix require to consider impact affecting communication with Qatar culture being informal will be friendly during negotiations with personal matters also being discussed where people are addressed by first names regardless of their positions This is positive for Phoenix where informal personalities tend to be easier considering all negotiations are kept candid and reliable 5.2.3 COMMUNICATION The local communication vastly influenced by west is direct whereas more straightforwardness is the main trait with less facial expressions, body language and figure of speech Phoenix from indirect culture need to adjust to succeed in these conditions as it create motivational issues among Sri Lankan staff requiring conflict resolution and negatively affecting efficacy 5.2.4 DECISION MAKING Qatari culture is more individual based therefore decision making and negotiations are also individual based where the supervisor has the decision making power which is in contrast to Sri Lankan where decisions are taken collectively Also the decision makers usually take part in negotiations resulting in typical negotiations being concluded promptly 5.2.5 COMPASSION TOWARDS TIME Attitude towards time in Qatar is considered as “Time is money” These cultures values time and seldom wastes time for self and others Although this is a positive custom, it could also be an effort to obscure which results in uncertainty Businesses operate in a timely manner where they’re aware and abide by appointment timelines Assignment on International Business by Janaka Perera (0170APAP0314) Page | 22 Therefore Phoenix should be aware of this culture difference where Sri Lankans generally are time insensitive creating negative business impact 5.2.6 RISK ASSESSMENT Risk assessment is different in Qatar in comparison to Sri Lanka where contextual information concerning risks and related decision making is considered less important as it’s a risk taking culture Phoenix will need to inculcate a risk assessment strategy in Project Qatar plans 5.2.7 EMOTIONALISM This represent how each culture express emotions when negotiating and Qatar culture being less emotional, are opinionated and doesn’t care about emotions of the counterpart Therefore negotiators from cultures with high emotions might get uncomfortable or feel insulted Phoenix needs to be mindful of this when dealing with such culture differences when negotiating agreements 6.0 BUSINESS ENTRY STRATEGY This consultation report considering all information herewith recommend “Joint Venture” as the most appropriate entry method for Phoenix which ensures business growth with high efficiency generating healthy profitability which is one of the most popular entry strategies (VR Business, 2009) Figure 6.1: Popular operating models for market entry (Source: www.dupress.com) Assignment on International Business by Janaka Perera (0170APAP0314) Page | 23 6.1 JUSTIFICATIONS FOR BUSINESS ENTRY STRATEGY The author has critically analyzed all information for recommending JV as the most appropriate business entry strategy for Project Qatar (Edinburgh, 1996) 6.1.1 ACCESS TO RESOURCES Having a JV will be beneficial to Phoenix including staff, finances and technology etc Starting a new venture in a new country might stretch resource capability of any company and a JV agreement might give Phoenix an advantage with the partner company sourcing skilled staff from host country using local knowledge and obtaining appropriate technologies JV will also give added strength in financials with more spending power for the venture combining assets of two entities 6.1.2 EASE OF ACCESS A JV will open avenues for customers and distribution channels with more control considering partnering company’s knowledge of the local market Phoenix needs to utilize partner’s locality advantage to obtain property for the project initiation due to foreign company’s inability to own property as per local property laws Phoenix is to utilize customer databases of the JV partner to gain a competitive advantage while being able to device strategies to establish the brand name This will enable Phoenix to develop their expertise on managing their business in host country in connection with Project Qatar 6.1.3 SHARING RISKS, COSTS & CONTROL A joint venture will enable responsibilities of administration and management of the project to be shared thus sharing risks not only financially, but also in Human Resource, regulatory, business continuity, information technology areas as well This will be beneficial for both partners as they can focus on adequate management of business rather than losing focus on trivial matters A JV will give Phoenix better control over operations and access to local market knowledge which is a business benefit 6.2 INTERNATIONAL BUSINESS STRATEGY An internationalization strategy is required for organizations to operate internationally and independently with minimal management from the parent companies Below illustration highlight the most appropriate strategy organizations can adopt considering international business entry Assignment on International Business by Janaka Perera (0170APAP0314) Page | 24 Figure 6.2: Internationalization Strategies (Source: www.global-strategy.net) Considering above business strategies, the author recommend “Multi-domestic Strategy” as the most appropriate strategy for Project Qatar This strategy involves an organization to operation multi-nationally with international operations adapting host country conditions and adopting strategies to suit the host country requirements with less pressure on cost optimization This may differ from parent company strategies and many benefits have been recognized if applied 6.2.1 COMPETITIVE ADVANTAGE Companies when moving to a new region can select countries with best possible benefit product differentiation and offering best chance of success maximizing competitive advantage 6.2.2 DECENTRALIZED OPERATION This allows Project Qatar to operate in a decentralized manner allowing management to adopt adequate strategies and Phoenix to be more adaptable to host country conditions and attain success 6.2.3 INDEPENDENCE Multi-domestic strategy allows Phoenix to be independent from home country operation financially and operationally which is an advantage when adjusting to host country conditions 6.2.4 LOCAL SOURCING Since Phoenix products require petroleum based raw materials as primary ingredient, the advantage of operating where it’s in abundance is advantageous when producing higher quality goods quickly Assignment on International Business by Janaka Perera (0170APAP0314) Page | 25 6.2.5 INNOVATION This allows Phoenix to conduct research and development concerning innovation as per technology available in Qatar, higher than home conditions resulting in quality finished goods 6.2.6 MANAGEMENT STYLE Phoenix is to adopt a fairly ethnocentric management style which is more close to home conditions in manufacturing but a more polycentric style for general management especially when considering the cultural and physical aspects This may be more suitable for a highly competitive industry to understand local conditions and adopt strategies for such markets 6.3 LOCATION STRATEGY It’s understood that operating at the right location is a primary factor in business success which can also determine profitability The ideal strategy for location is acquiring the perfect location for the operation aligning with business strategies & objectives and also with entry and international business strategies Location strategy for Project Qatar is documented as below: 6.3.1 FACILITIES The Project Qatar JV will involve facilities to manufacture, administration, management and operational sectors require acres of land along with 10,000sq/ft building space consisting of above initially for – years Thereafter, a further acres of land with 100,000sq/ft facility alongside the initial location considering expansion process which includes warehousing planned Accommodation for all managerial grade staff to be provided in private villas, executive staff in apartments as per their grades and manufacturing staff in shared accommodation with all modern amenities keeping aligned with Qatar labor requirements 6.3.2 LABOR Qatar consists of vast inhabited land space which is relatively easier to acquire However, after considering the staff/administrational convenience and environmental factors, it is recommended to locate manufacturing, administrative and operational functions relatively close to populated areas Keeping align with labor law of Qatar which is enforced by MSA&L, a typical working week will not be more than 36 hours with above standard salary, facilities and training to be provided All workers are entitled to 21 days leave with a return air ticket annually on completion of year service in Qatar Assignment on International Business by Janaka Perera (0170APAP0314) Page | 26 6.3.3 BUSINESS LOGISTICS Warehousing and transportation plays a major role in success of industries where adequate planning is involved for effective storage of raw materials, stock and finished materials as well as efficient transportation from warehouse to consumer through land, sea and air transportation The author recommends a leased warehousing facility for the initial years of Project Qatar located - 5km from the manufacturing facility of approx 20,000sq/ft space with necessary amenities Commencement of second stage will construct adequate warehousing space on location solving all storage matters It is recommended to make use of established local transportation companies for all inbound and outbound transport services from land, sea and air Phoenix is to negotiate terms with at least internationally experienced agents for long term contracts with timely delivery being main criteria Following companies were recommended for consideration  Gulf Agency Company Qatar (W L L.) – Doha  Freightlinks International LLC – Doha  Expolanka Freight Limited – Doha Staff transportation is an area which needs to be looked at with company maintained vehicles to be provided for all managerial and sales staff, air conditioned staff vans for all executive staff and air conditioned coaches for all manufacturing staff to and from their accommodation facilities 6.3.4 INFRASTRUCTURE Having adequate infrastructure for commencement of the project is important as all functions including manufacturing, management, warehousing, administration, logistics, distribution and marketing needs to operate efficiently Also infrastructure being developed should be able to intimidate any possible competitors to ensure the competitive advantage for Phoenix Therefore selecting a location with necessary infrastructure to support the operation is at utmost importance and having facilities close to Doha is recommended Electricity and Water in Doha is provided by QEWC where they are in charge of electricity generation and desalinating of sea water making it suitable for human consumption QEWC has recently launched a power generation plant capable of producing 2,730 megawatts of electricity and desalinating 63 million gallons of water giving Phoenix operations adequate utilities Assignment on International Business by Janaka Perera (0170APAP0314) Page | 27 6.3.5 TARGET CONSUMERS Doha, the commercial hub for Qatar offers easy access to all Phoenix customers Also access to corporate consumers by the skillful Phoenix marketing staff and vice versa will be assured with the quality transport systems available in Doha Phoenix is also recommended to initiate showrooms across Qatar with Doha being the center point which will give easy access to all retail consumers 6.3.6 SUPPLIERS Suppliers play a major part of any manufacturing organization with quality raw materials delivered in timely manner determining success and failure of a company Therefore, Phoenix is recommended to shortlist suppliers with the assistance of the local JV partner for each of its manufacturing and administration requirements with completed agreements Quality of goods supplied would be the primary requirement with timely delivery also rated as significant where location plays a huge part 6.4 STAFFING STRATEGY Strategic Staffing Plans enable companies to build highly effective and performing teams Modern staffing strategies concentrate on assessing values of each employee with their capability to exceed expectations giving companies huge competitive advantages 6.4.1 EMPLOYMENT PROCEDURE Staffing for Project Qatar include management, executive and manufacturing staff, each with their level of importance in the corporate ladder CEO of Project Qatar is to represent the Sri Lankan flavor with the capability of managing multi-faceted and multi-skilled employees capable of obtaining the maximum effectiveness from them Phoenix Sri Lanka has shortlisted few candidates and Project Qatar is to have an Ethnocentric management with quality manufacturing being the focal point Deputy CEO to be represented by JV partner overlooking marketing interests of the company ideally with a Caucasian national with proven marketing background heading sales and marketing Qatar and GCC region with abundant sales opportunities especially with 2022 FIFA World Cup being hosted in Qatar, the need for a capable person with the desire for success is at utmost importance Manufacturing staff will be sourced from Sri Lanka and from Qatar through the registered employment agencies Quality and timely completion of projects will the focus for all production teams with incentives being offered assuring quality and timely delivery Assignment on International Business by Janaka Perera (0170APAP0314) Page | 28 6.5 MARKETING STRATEGY The combination of all marketing related goals into a complete plan is defined as a marketing strategy which is ideally derived from marketing mix and research to achieve desired profitability Author recommends the usage of Marketing Mix to evaluate the ideal Marketing Strategies with the use of 7Ps of marketing (CIM, 2009) Table 6.1: Project Qatar - Marketing Strategies (Source: Author’s work) Assignment on International Business by Janaka Perera (0170APAP0314) Page | 29 Figure 6.2: The Marketing Mix (Source: www.cim.com) Assignment on International Business by Janaka Perera (0170APAP0314) Page | 30 CONCLUSION This consultative report suggests that Phoenix is to consider entering International Business in GCC region and has selected Qatar as the preferred country of choice considering the abundance of raw materials and labor suitable for the industry The in depth market analysis of Qatar using PESTLE and Poster’s Diamond theories revealed that manufacturing furniture in the host country is the most appropriate method; hence, uncovering the best entry method was needed where a Joint Venture strategy was selected after deliberation The report also analyzed the potential home and host country barriers which might hinder smooth international business transition for Phoenix and the potential impact and how to overcome the same which will offer strategic tools for preparation The report has also analyzed the culture differences between the two countries using well accepted theories and has evaluated and explained the impact of each difference before formulating a strategy As far as strategy goes, the report has also evaluated the entry strategy where JV was the most suitable considering the business Phoenix is conducting and Multi-domestic Strategy as the International Business strategy The report also analyzed the location, staffing and marketing strategies for the most appropriate approaches for Project Qatar to be successful Assignment on International Business by Janaka Perera (0170APAP0314) Page | 31 REFERENCES CIM (2009) Marketing and the 7Ps: A brief summary of marketing and how it works, Chartered Institute of Marketing Doole & Lowe (2008) International Marketing Strategy – Analysis, Development & Implementation (5th Ed) [Online] Available from https://www.cengagebrain.co.uk/content/doole07630_1844807630_02.01_chapter01.pdf [Accessed on 21st March, 2015] Eurodev (2010) How to Overcome the Barriers in International Business [Online] Available from http://www.eurodev.com/wp-content/uploads/Whitepaper-BD-How-to-overcome-the-barriers-in-internati onal-business.pdf [Accessed on 22nd March, 2015] Hofstede, G (1984) National cultures and corporate cultures In L.A Samovar & R.E Porter (Eds.), Communication Between Cultures Belmont, CA: Wadsworth International Labor Office, Colombo (2008) National Labor Migration Policy for Sri Lanka [Online] 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(2015) Hofstede's Cultural Dimensions - Understanding Workplace Values Around the World [Online] Available from http://www.mindtools.com/pages/article/newLDR_66.htm [Accessed on 22nd March, 2015] Phoenix (2015) Phoenix Industries Limited – The name for plastics [Online] Available from http://www.phoenix.lk/index.php [Accessed 13th March, 2015] The University of Edinburgh (1996) Internationalisation Strategy [Online] Available from www.ed.ac.uk/polopoly_fs/1.9821!/ /internationalisationstrategy.pdf [Accessed on 12th March, 2015] Ukessays (2015) PESTLE Analysis of Qatar [Online] Available from ukessays.com/essays/economics/pestle-analysis-of-qatar-economics-essay.php [Accessed on 15th March, 2015] United Nations (2002) Johannesburg Summit 2002 – Qatar Country Profile [Online] Available from www.un.org/esa/agenda21/natlinfo/wssd/qatar.pdf [Accessed on 6th March, 2015] United States Trade Representative (2014) 2014 National Trade Estimate Report on FOREIGN TRADE BARRIERS [Online] Available from https://ustr.gov/sites/default [Accessed 16th March, 2015] VR Business (2009) Advantages & Disadvantages of Joint Venture [Online] Available on www.businessbrokeralberta.com/ /9/5/ /wp8-pros_and_cons_of_jv.pdf [Accessed on 19th March, 2015] World Economic Forum (2013) The Arab World Competitiveness Report 2013 [Online] Available from www.unescap.org/sites/default/files/8%20Annex%20I.pdf [Accessed on 16th March, 2015] Assignment on International Business by Janaka Perera (0170APAP0314) Page | 33 BIBLIOGRAPHY Brown M (2015) How Can Cultural Differences Affect Business Communication?, Houston Chronicle HSBC (2013) Doing Business in Qatar [Online] Available from https://globalconnections.hsbc.com/ /country_guide-qa-march-2013.pdf [Accessed on 15th March, 2015] Lucintel (2013) PESTLE Analysis of Qatar 2013 [Online] Available from www.marketresearch.com/Lucintel-v2747/PESTLE-Qatar-7728365 [Accessed on 15th March, 2015] Salacuse, J (2005) The Top Ten Ways that Culture can affect International Negotiations [Online] Available from http://iveybusinessjournal.com/publication/the-top-ten-ways-that-culture-can-affect-international-negotiat ions [Accessed from 10th March, 2015] Waisfisz, B (2013) An Organisational Cultural Perspective [Online] Available from http://geert-hofstede.com/ /art%20organisational%20culture%20perspective.pdf [Accessed on 21st March, 2015] Assignment on International Business by Janaka Perera (0170APAP0314) Page | 34 ... attain business objectives and effectiveness in international markets  Offer Phoenix with internationalization strategies in preparation for international entry Assignment on International Business. .. strategies concerning internationalization, location, staffing and marketing which clearly defines do’s and don’ts of international business plans for Project Qatar International Business is a fascinating... local market knowledge which is a business benefit 6.2 INTERNATIONAL BUSINESS STRATEGY An internationalization strategy is required for organizations to operate internationally and independently