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Bachelorafhandling Forfatter: FREDERIK LEVIN TRÆSBORG ...pure.au.dk/portal/files/36188984/  · PDF fileFrederik Levin Træsborg Bachelorafhandling Forfatter: FREDERIK LEVIN...

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  • Pandoras internationaliseringsproces

    Frederik Levin Trsborg

    Bachelorafhandling Forfatter:

    FREDERIK LEVIN TRSBORG (286691)

    Vejleder:

    MAI SKJTT LINNEBERG

    Pandoras internationalisering

    Handelshjskolen i rhus

    2011

  • Pandoras internationaliseringsproces

    Frederik Levin Trsborg

    Abstract

    This papers subject is the internationalization of the Danish jewelry giant Pandora. Pandora sells

    mainly charm-bracelets and charms in more than 55 countries all around the world and has an an-

    nual revenue of 6.666 million DKK. The company manufactures its products on its product facili-

    ties in Thailand and has recently entered the stock exchange in Denmark.

    The focus in this paper is on Pandoras internationalization process in last 10 years. Why they inter-

    nationalized, how and why they choose their markets, how they entered them and why they are cur-

    rently very successful.

    In light of recent criticism of Pandoras long term ability to keep delivering high annual revenue and

    continues growth, this paper also features an analysis of the product life cycle of the charm-concept

    and how Pandora can keep high revenue and growth by entering new fast growing markets like

    China and Russia.

    Pandora internationalized mainly to respond growing demand from outside markets and quickly

    realized the potential of their charm-concept. The company internationalized quickly and has

    achieved great economies of scale due to the high level of customization of their products.

    In the paper it was found that Pandora has chosen its markets closely according to the Uppsala stage

    model, which states that small and medium sized companies, like Pandora was at the time when it

    started exporting its products, often choose markets with low physic distance as their first markets

    when internationalizing and enter these markets with direct distribution. Psychic distance referring

    to the socio-cultural, political and socio-economic distance. As the companies grow, they conti-

    nuously expand their business to markets with greater psychic distance while also using entry

    strategies that demand more commitment and investment. Pandora did just that by initially entering

    the Swedish and Norwegian market in 2000, then the American market in 2003, the German and

    Australian in 2004 and the British market in 2005.

    Pandora has since expanded to about 50 countries more but the four countries that the company

    entered from 2003-2005 still accounts for almost 75 % of the overall revenue of the company.

  • Pandoras internationaliseringsproces

    Frederik Levin Trsborg

    In the paper it was found that the most important part of Pandoras success is down to the produc-

    tions facilities in Thailand, their luck or skill in creating a trendy product in the jewelry business

    and their ability to control their marketing campaigns in despite of the usually low level of control

    when using direct distribution. Also the very favorable taxing of the company from the Thailand

    government has been important.

    The Pandora charm-concept is arguable not ever lasting and the concept might be facing a decline

    fashion wise and revenue wise on the markets where it has been for the longest, for example the

    four most important markets mentioned earlier. Therefore Pandora must either create new products

    for these markets or enter new large markets like the markets in some of the most fast growing

    economies today. Pandora has expressed desire to enter especially the Chinese and Russian mar-

    kets, which both represent great potential. The challenge for Pandora is how to enter these markets

    successfully as they have much greater psychic distance, compared to the current markets. The

    company may need to create new products or invest much more in the penetration strategy than they

    have been used to.

    The revenue on the charm-concept will decline at some point in Pandora biggest markets, and until

    that happen Pandora must focus on establishing them self in other markets or introduce other suc-

    cessful products.

  • Pandoras internationaliseringsproces

    Frederik Levin Trsborg

    1

    Indholdsfortegnelse 1 Indledning ....................................................................................................................................................... 3

    1.1 Problemformulering ................................................................................................................................ 4

    1.2 Afgrnsning ............................................................................................................................................. 5

    1.3 Metode .................................................................................................................................................... 5

    1.3.1 Teori og modeller ............................................................................................................................. 5

    1.3.2 Struktur ............................................................................................................................................. 6

    2 Branchebeskrivelse ......................................................................................................................................... 8

    2.1 Segmentering af smykkebranchen .......................................................................................................... 9

    2.2 Segmentet for charm-armbnd og charms ........................................................................................... 10

    2.3 Virksomheder i branchen ...................................................................................................................... 10

    3 Virksomhedsprofil ........................................................................................................................................ 11

    3.1 Historie .................................................................................................................................................. 11

    3.2 Produkter og mlgruppe ....................................................................................................................... 12

    3.3 Markeder ............................................................................................................................................... 13

    3.4 Vkst ..................................................................................................................................................... 14

    3.5 Pandoras vrdikde ............................................................................................................................. 14

    3.5.1 Indgende logistik ........................................................................................................................... 15

    3.5.2 Produktion (Operations) ................................................................................................................. 15

    3.5.3 Udgende logistik ........................................................................................................................... 16

    3.5.4 Marketing og salg ........................................................................................................................... 16

    3.5.5 Service ............................................................................................................................................ 19

    3.5.6 Infrastruktur ................................................................................................................................... 19

    3.5.7 Teknologi ........................................................................................................................................ 19

    3.5.8 Indkb ............................................................................................................................................. 20

    3.6 Delkonklusion ........................................................................................................................................ 20

    4 Pandoras internationaliseringsproces .......................................................................................................... 21

    5 Eksportmotiver ............................................................................................................................................. 21

    5.1 1987 - 2000 ............................................................................................................................................ 22

    5.2 2000 - 2002 ............................................................................................................................................ 23

    5.3 2003 - 2011 ............................................................................................................................................ 24

    5.4 Delkonklusion ........................................................................................................................................ 25

    6 Eksportmarkeder .......................................................................................................................................... 25

  • Pandoras internationaliseringsproces

    Frederik Levin Trsborg

    2

    6.1 Det politiske og konomiske milj ........................................................................................................ 26

    6.2 Det sociokulturelle milj ....

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