Unit_iv_management of International Operations

8/9/2019 Unit_iv_management of International Operations

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UNIT IV

MANAGEMENT OF INTERNATIONAL

OPERATIONS,

FDI & TARIFF AND NON-TARIFF

BARRIERS

Dr.R.JAYARAJKarunya School of Management


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Sourcing finished productsfrom foreign countries

Procuring factors/materialslocally/ from foreign countries

Manufacturing at home/abroad

Marketing in the home market/foreign markets

Phases of operations


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Strategy, Production, And

LogisticsFirms need to identify how production and logistics can be

conducted internationally to:

lower the costs of value creation

add value by better serving customer needs

Production refers to activities involved in creating aproduct

Logistics refers to the procurement and physicaltransmission of material through the supply chain,

from suppliers to customers


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Strategy, Production, And Logistics

To lower costs, firms can:

disperse production to those locations where activities can beperformed most efficiently

manage the global supply chain efficiently to better matchsupply and demand

To improve quality, firms can: eliminate defective products from the supply chain and the

manufacturing process

Improved quality will also reduce costs

These objectives are interrelated:

increasing productivity because time is not wasted producing poor-qualityproducts that cannot be sold, leading to a direct reduction in unit costs

lowering rework and scrap costs associated with defective products

reducing the warranty costs and time associated with fixing defective products


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Strategy, Production, And Logistics

y To increase product quality, most firms today use the Six Sigma

program which aims to reduce defects, boost productivity, eliminatewaste, and cut costs throughout a company .

y SixSigma methodology improves any existing business process byconstantly reviewing and re-tuning the process. To achieve this, SixSigma uses a methodology known asDMAIC (Define opportunities,

Measure performance, Analyze opportunity, Improveperformance, Control performance).

y SixSigma, a direct descendant oftotal quality management (TQM),has a goal of improving product quality

y

In the European Union, firms must meet the standards set forth byISO 9000 before the firm is allowed access to the Europeanmarketplace


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The total quality management (TQM) philosophy wasdevelopedby a number of American consultants such asW. Edwards Deming, Josephy Juran, and A. V.

Feigenbaum.

Deming identified a number of steps that should beincluded in anyTQMprogram: Management should embrace the philosophy that mistakes, defects, and poor quality

materials are not acceptable

Supervisors should work more with employees and provide them with the tools they

need to do thejob

Management should create an environment in which employees will not fear

reporting problems

Work standards should not only be defined as numbers or quotas, but should includesome notion of quality

Production process operating at Six Sigma are 99.99966percent accurate.

Only 3.4 defects per million units


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Strategy, Production, And LogisticsInternational companies have two other important production and

logistics objectives:

y production and logistics functions must be able to accommodatedemands for local responsiveness

y production and logistics must be able to respond quickly to shifts incustomer demand

1. Demands for local responsiveness arise from national differences inconsumer tastes and preferences, infrastructure, distribution channels,and host-government demands.

2. Demands for local responsiveness create pressures to decentralizeproduction activities to the major national or regional markets in which thefirm does business or to implement flexible manufacturing processes thatenable the firm to customize the product coming out of a factory accordingto the market in which it is to be sold.

3. In recent years, time-based competition has grown more important. Whenconsumer demand is prone to large and unpredictable shifts, the firm thatcan adapt most quickly to these shifts will gain an advantage.


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Where To Produce

Three factors are important when making locationdecisions:

1. country factors2. technological factors

3. product factors


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Country Factors

y Firms should locate manufacturing activities in thoselocations where economic, political, and culturalconditions, including relative factor costs, are mostconducive to the performance of that activity

Country factors that can affect location decisions include:y the availability of skilled labor and supporting industries

y formal and informal trade barriers

y expectations about future exchange rate changes

y transportation costs

y regulations affecting FDI


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Technological Factors

The type of technology a firm uses in itsmanufacturing can affect location decisions

Three characteristics ofa manufacturingtechnology are of interest:

1. the level of fixed costs

2.The efficient scale

3. the flexibility of the technology


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1.The level of fixed costs:

y If the fixed costs of setting up a manufacturingplant are high, it might make sense to serve theworld market from a single location or from afew locations

y When fixed costs are relatively low, multipleproduction plants may be possible

y Producing in multiple locations allows firms torespond to local markets and reducesdependency on a single location


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2.The minimum efficient scale:

The larger the minimum efficient scale (the level

of output at which most plant-level scaleeconomies are exhausted) of a plant, the morelikely centralized production in a single locationor a limited number of locations makes sense

A low minimum efficient scale allows the firmto respond to local market demands and hedgeagainst currency risk by operating in multiplelocations


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3.The flexibility of the technology:

flexible manufacturing technology or lean

production covers a range of manufacturingtechnologies that are designed to:

reduce set up times for complex equipment

increase the utilization of individual machines

through better scheduling

improve quality control at all stages of themanufacturing process


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Firms using flexible manufacturingtechnologies can produce a wide variety of endproducts at a unit cost that at one time could

only be achieved through the mass production ofa standardized output

Mass customization implies that a firm may beable to customize its product range to meet the

demands of local markets yet still control costs Flexible machine cells allow firms to increase

efficiency by improving capacity utilizationand reducing work-in-progress


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Product Factors

Two product factors impact location decisions:

1. the product's value-to-weight ratio:

If the value-to-weight ratio is high, it is practical to

produce the product in a single location and export itto other parts of the world

If the value-to-weight ratio is low, there is greaterpressure to manufacture the product in multiplelocations across the world

2. whether the product serves universal needs:

When products serve universal needs, the need forlocal responsiveness falls, increasing theattractiveness of concentrating manufacturing in acentral location


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Locating Production Facilities

There are two basic strategies for locating manufacturingfacilities:

1. concentrating them in the optimal location and serving

the world market from there

2. decentralizing them in various regional or nationallocations that are close to major markets


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Factorsinfluencinglocation

strategy Nature of organisation

Costs Scale economies

Nature of assemblyoperations

Taxes & transport costs

Exchange rate

variation Availability and cost of

inputs

Logistical factors

Product life cycle andpattern of demand

Nature of product

Government policies &regulations

Social & politicalfactors


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Centralized Location

Factor costs have substantial impact Low trade barriers

Externalities favor certain location Stable exchange rates High fixed costs, high minimum efficient scale

relative to global demand or flexible manufacturingtechnology

Products value-to-weight ratio is high Product serves universal needs


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Decentralized Location

Factor costs do not have substantial impact

High trade barriers

Location externalities not important

Exchange rates volatile

Low fixed costs, low minimum efficient scale

Flexible manufacturing technology unavailable

Products value-to-weight ratio is low Significant differences in consumer tastes and

preferences exist between nations


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Locating Production Facilities

Concentratedproduction

favored

DecentralizationProduction

favored

Country factorsDifferences in political economy

Differences in cultureDifferences in factor costs

Trade barriersLocation externalities

Exchange rates

Technological factorsFixed costs

Minimum efficient scaleFlexible manufacturing technology

Product factorsValue to- weight ratioServes universal needs

SubstantialSubstantialSubstantial

SubstantialImportant in Industry

Stable

High

HighAvailable

HighYes

Few

FewFew

FewNot important in industry

Volatile

Low

LowNot available

LowNo


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Sourcingofinputs &

INTERNATIONAL SERVICES


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Strategic Roleof

Foreign Factories Initially, established where labor costs low Later, important centers for design and final

assembly Upward migration caused by pressures to:

Improve cost structure

Customize product to meet customer demand

An increasing abundance of advanced factors of

production


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Makeor Buy Decisions

Should a firm make or buy the component partsthat go into their final product?

Advantages of making own components: Lower costs if most efficient producer

Facilitating specialized investments

Proprietary product technology protection

Improved scheduling


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Advantagesof

Buy VersusMake

Strategic flexibility in sourcing components

Lower firms cost structure

Offsets (neutralization)

Strategic alliances with suppliers give benefits ofvertical integration without the associatedorganizational problems


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MAKE BUY

Advantages Control over cost

Control over supply

Control over quality

Control overtechnology

R&D initiatives

Wide choice

Release of capital, managerial and other

resources

Benefit of concentration on core activities

Flexibility & scope of switching suppliers

Scope for bargaining and gaining priceadvantage

Benefits of technological and productdevelopments outside the firm

Lower labour force and less industrial relationsproblems

Lower impact of recession

Ease of exit


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MAKE BUY

Disadvantages Higher investment

Many a time, high cost

Out-suppliers may be moreinnovative & efficient

Dissipation of managerialexpertise and otherresources

Problems associated withlarge labour force

Greater impact of recession

Difficulty of exit

Bargaining power of suppliers

Uncertainty of supply

Control over cost and quality issometimes difficult

Labour or other problems of thesuppliers may affect the buyer

If the vendor base is not welldeveloped it may cause severalproblems


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Trade-offs

The benefits of manufacturing components in-houseare greatest when:

Highly specialized assets are involved

Vertical integration is necessary for protectingproprietary technology

The firm is more efficient than external suppliers atperforming a particular activity


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INVENTORY PLANNING & CONTROLInventory management is primarily about specifying thesize and placement of stocked goods.

Inventory management is required at different locationswithin a facility or within multiple locations of a supplynetwork to protect the regular and planned course of

production against the random disturbance of running outof materials or goods.

The scope of inventory management also concerns the fine

lines between replenishment lead time, carrying costs ofinventory, asset management, inventory forecasting,inventory valuation, inventory visibility, future inventory priceforecasting, physical inventory, available physical space forinventory, quality management, replenishment, returns and

defective goods and demand forecasting.


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Inventory management: the planning and control of thelevels, flows, and storage of inputs, unfinished, and

finished goods

Demand planning

Purchasing/ procurement/ manufacturing Order management

Warehousing & distribution

Transportation


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INVENTORY: Fundamental logistics questions are(1) when should a resource (material, machine or labor) be put in

inventory and taken out of inventory; and

(2) where should a resource be stored.

The when question includes the general topics of economic-order-quantity models, safety stock models and seasonal

models, and specialized topics of fleet management, and

personnel planning.


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The where questions includes the topic of inventory echelons.

Some of the important inventory questions are:

(a) How much does it cost to store resources in inventory?

(b) How much safety stock should be carried in inventory toprevent against running out of a resource?

(c) How much inventory should be carried in order to smooth outseasonal variations in demand?

(d) Where should replacement parts be stored in multi-echeloninventory system?


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Globalsourcing

Reasons for offshore purchase

Lower price

Better quality

Only source available More advanced technology

More consistent attitude

More co-operative delivery

Counter trade requirements Reduces capital & manpower

requirements

More flexibility in case ofrecession


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MANAGING A GLOBAL SUPPLY CHAIN

The role of JUST-IN-TIME inventory

The role ofIT & INTERNET


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Roleof Just-in-Time Inventory

The basic philosophy behindjust-in-time (JIT)systems is to economize on inventory holding costsby having materials arrive at a manufacturing plantjust in time to enter the production process. JITsystems can:

Generate major cost savings from reducedwarehousing and inventory holding costs

Help the firm spot defective parts and take them outof the manufacturing process to boost product quality

However, it leaves the firm with no buffer stock ofinventory to meet unexpected demand or supplychanges


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Roleof Information Technologyand Internet

Web-based information systems play a crucial rolein materials managementby allowing firms tooptimize production scheduling

Electronic Data Interchange (EDI):

facilitates the tracking of inputs

allows the firm to optimize its production schedule

lets the firm and its suppliers communicate in real

time

eliminates the flow of paperwork between the firmand its suppliers


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Foreign Direct Investment

INTRODUCTION

Foreign direct investment (FDI) occurs when a firm invests directly in new

facilities to produce and/or market in a foreign country.

Once a firm undertakes FDI it becomes a multinational enterprise.

FDI takes on two main forms:

A greenfield investment (the establishment of a wholly new operation in aforeign country)

Acquisition or merging with an existing firm in the foreign country

FDI is not foreign portfolio investment (investment by individuals, firms,or public bodies in foreign financial instruments)


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The flow of FDI refers to the amount of FDI

undertaken over a given time periodThe stock of FDI refers to the total accumulatedvalue of foreign-owned assets at a given time

Outflows of FDIare the flows of FDI out of acountry

Inflows of FDI are the flows of FDI into a country

FOREIGN DIRECT INVESTMENT INTHE WORLD ECONOMY


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Trendsin FDI

Over the past 20 years there has been a marked increase in both the flow andstock of FDI in the world economy.

FDI has grown more rapidly than world trade and world outputbecause:

firms still fear the threat of protectionism

the general shift toward democratic political institutions and free marketeconomies has encouraged FDI

the globalization of the world economy is having a positive impact on thevolume of FDI as firms undertake FDI to ensure they have a significantpresence in many regions of the world


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FDIOutflows from 1982 to 2005 are shown in Figure 7.1.


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The Directionof FDI

Historically, most FDI has been directed at thedeveloped nations of the world, with the United Statesbeing a favorite target

FDI inflows have remained high during the early 2000sfor the United States, and also for the European Union

South, East, and Southeast Asia, and particularly China,

are now seeing an increase of FDI inflows Latin America is also emerging as an important region

for FDI


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FDI Flows by Region are shown


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Gross fixed capital formation summarizes the total

amount of capital invested in factories, stores,office buildings, and the like All else being equal, the greater the capital

investment in an economy, the more favorable itsfuture prospects are likely to be

So, FDI can be seen as an important source ofcapital investment and a determinant of the futuregrowth rate of an economy


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TheSourceof Foreign Direct

I

nvestment

For most of the period after World War II, the U.S.

was by far the largest source country for FDI

Other important source countries were the

United Kingdom, the Netherlands, France,Germany, and Japan


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The Formof FDI: AcquisitionsversusGreenfield Investments

The majority of cross-border investment is in the form of mergersand acquisitions rather than Greenfield investments.

Firms prefer to acquire existing assets because: mergers and acquisitions are quicker to execute than Greenfieldinvestments

it is easier and perhaps less risky for a firm to acquire desiredassets than build them from the ground up

firms believe that they can increase the efficiency of an acquiredunit by transferring capital, technology, or management skills


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Patternsof Directinvestment

Purchase of physical assets orsignificant amount of ownership of acompany in another country to gainsome measure of managementcontrol

By contrast, portfolio investmentdoes not involve obtaining a

degree of control in a company


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InterestInterest inin DevelopedDeveloped MarketsMarkets:: politicalpolitical instabilityinstability ininLDCs,LDCs, moremore investmentinvestment havehave beenbeen marketmarket--seeking,seeking,

moremore liberalliberal FDIFDI environmentenvironment..

EconomicEconomic SectorSector ofof InvestmentInvestment:: OverOver timetime thethe portionportionofof FDIFDI accountedaccounted forfor inin thethe rawraw materialsmaterials sectorssectors thatthatincludesincludes mining,mining, smelting,smelting, andand petroleumpetroleum hashas declineddeclined..

FDIFDI inin thethe serviceservice sectorsector (especially(especially bankingbanking andandfinance)finance) grewgrew rapidly,rapidly, asas diddid FDIFDI inin technologytechnology--intensiveintensive manufacturingmanufacturing..


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Growth of World FDI vs. GDPGrowth of World FDI vs. GDP

f hf h


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Reasonsfor FDI GrowthReasonsfor FDI Growth

Increasingglobalization

International mergersand acquisitions

Entrepreneurshipand small firms


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Worldwide FDI FlowsWorldwide FDI Flows

World FDI inflows

Developed (58%), developing (36%)

European Union: 33% of world FDI

Developing nations

China: 9% of world FDI

All of Africa: 3% of world FDI

70,000 multinationals

with

690,000 affiliates


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THEORIES OF FOREIGN DIRECT

INVESTMENT

Why Foreign Direct Investment?

Why do firms prefer FDI to either exporting

(producing goods at home and then shipping themto the receiving country for sale) or licensing

(granting a foreign entity the right to produce andsell the firms product in return for a royalty fee on

every unit that the foreign entity sells)?


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Limitationsof Exporting

The viability of an exporting strategy can be

constrained by transportation costs and trade

barriers

Foreign direct investment may be undertaken as

a response to actual or threatened trade barrierssuch as import tariffs or quotas


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Limitationsof Licensing

Internalization theory suggests that licensing has three majordrawbacks as a strategy for exploiting foreign marketopportunities:

licensing may result in a firms giving away valuabletechnological know-how to a potential foreign competitor

licensing does not give a firm the tight control overmanufacturing, marketing, and strategy in a foreign countrythat may be required to maximize its profitability

a problem arises with licensing when the firms competitiveadvantage is based not so much on its products as on themanagement, marketing, and manufacturing capabilities that

produce those products


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Advantagesof Foreign Direct

Investment

A firm will favor FDI over exporting as an entry

strategy when transportation costs or trade barriersmake exporting unattractive

A firm will favor FDI over licensing when it wishes to

maintain control over its technological know-how, orover its operations and business strategy, or when thefirms capabilities are simply not amenable to licensing


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The Product Life Cycle

Vernons view is that firms undertake FDI at particularstages in the life cycle of a product they have pioneered

Firms invest in other advanced countries when localdemand in those countries grows large enough to supportlocal production, and then shift production to low-costdeveloping countries when product standardization andmarket saturation give rise to price competition and cost

pressure.


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The Eclectic Paradigm

John Dunnings eclectic paradigm argues that inaddition to the various factors discussed earlier,location-specific advantages (that arise from using

resource endowments or assets that are tied to aparticular location and that a firm finds valuable tocombine with its own unique assets) and externalities(knowledge spillovers that occur when companies in

the same industry locate in the same area) must alsobe considered when explaining both the rationale forand the direction of foreign direct investment.


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POLITICAL IDEOLOGY AND FOREIGN

DIRECT INVESTMENT

Ideology toward FDI has ranges from a radical

stance that is hostile to all FDI to the non-interventionist principle of free market economies.

Between these two extremes is an approach thatmight be called pragmatic nationalism.


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The Radical View

Supporters of the radical view, which traces its

roots to Marxist political and economic theory,argue that the MNE is an instrument of imperialistdomination and a tool for exploiting host countriesto the exclusive benefit of their capitalist-

imperialist home countries.


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The FreeMarket View

The free market view argues that international

production should be distributed among countriesaccording to the theory of comparative advantage

The free market view has been embraced by anumber of advanced and developing nations,including the United States, Britain, Chile, andHong Kong


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Pragmatic Nationalism

The pragmatic nationalist view is that FDI has both benefits,

such as inflows of capital, technology, skills andjobs, and costs,such as repatriation of profits to the home country and anegative balance of payments effect

According to this view, FDI should be allowed only if thebenefits outweigh the costs

Shifting Ideology

In recent years, there has been a strong shift toward the freemarket stance creating a surge in FDI


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BENEFITS AND COSTS OF FDI

Host Country Benefits

The main benefits of inward FDI for a host countryare:

the resource transfer effect the employment effect

effects on competition and economic growth


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Resource-Transfer Effects

FDI can make a positive contribution to a hosteconomyby supplying capital, technology, andmanagement resources that would otherwise not beavailable

Employment Effects

FDI can bringjobs to a host country that wouldotherwise not be created there


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Effect on Competition and Economic Growth

FDI in the form of greenfield investment increasesthe level of competition in a market, driving downprices and improving the welfare of consumers

Increased competition can lead to increasedproductivity growth, product and process innovation,and greater economic growth


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Host Country Costs

There are two main costs of inward FDI:

the possible adverse effects of FDI on

competition within the host nationthe perceived loss of national sovereignty andautonomy


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Adverse Effects on Competition

Host governments worry that the subsidiaries of

foreign MNEs operating in their country may have

greater economic power than indigenouscompetitors because they may be part of a larger

international organization


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National Sovereignty and Autonomy

Many host governments worry that FDI

is accompaniedby some loss of economic independence

The concern is that key decisions that can affect the hostcountrys economy will be made by a foreign parent that

has no real commitment to the host country, and overwhich the host countrys government has no real control


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GOVERNMENTPOLICY INSTRUMENTSAND FDI

Home Country Policies

Home countries can both encourage and restrictFDIby local firms.


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Encouraging Outward FDI

Many investor nations now have government-backed

insurance programs to cover major types of foreigninvestment risk

Restricting Outward FDI

Virtually all investor countries, including the UnitedStates, have exercised some control over outward FDI fromtime to time


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Encouraging Inward FDI

Governments offer incentives to foreign firmsto invest in their countries

Incentives are motivated by a desire to gain

from the resource-transfer and employment

effects of FDI, and to capture FDI away from

other potential host countries


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Restricting Inward FDI

The most common controls to restrict FDI are ownership

restraints and performance requirements.

The rationale underlying ownership restraints is twofold: first, foreign firms are often excluded from certain sectorson the grounds of national security or competition

second, ownership restraints seem to be based on a beliefthat local owners can help to maximize the resourcetransfer and employment benefits of FDI for the hostcountry


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Until recently there has been no consistentinvolvement by multinational institutions in thegoverning of FDI

The formation of the WorldTrade Organization in1995 is changing this

International Institutions

andthe LiberalizationofFDI

Tariffs and Non-tariff barriers


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Tariffs and Non tariff barriers

A tariff(from Arabic: , translit. tariffa: "feeto be paid") is a duty imposed on goods whenthey are moved across a political boundary.

They are usually associated with protectionism,the economic policy of restraining trade between

nations. For political reasons, tariffs are usuallyimposed on imported goods, although they mayalso be imposed on exported goods.

Tariffs

V i t f t iff


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Various types of tariffs An ad valorem tariff is a set percentage of the value

of the good that is being imported. Sometimesthese are problematic, as when the internationalprice of a good falls, so does the tariff, and domesticindustries become more vulnerable to competition.

Conversely, when the price of a good rises on theinternational market so does the tariff, but a country isoften less interested in protection when the price ishigher.

They also face the problem of inappropriate transfer

pricing where a company declares a value for goods beingtraded which differs from the market price, aimed atreducing overall taxes due.

A specific tariff is a tariff of a specific amount of


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A specific tariff, is a tariff of a specific amount ofmoney that does not vary with the price of thegood.These tariffs are vulnerable to changes in the

market or inflation unless updated periodically.

A revenue tariff is a set of rates designed primarily

to raise money for the government. A tariff oncoffee imports imposed by countries where coffeecannot be grown, for example raises a steady flowof revenue.

Aprohibitive tariff is one so high that nearly no oneimports any of that item.

Aprotective tariff is intended to artificially inflate


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p yprices of imports and protect domestic industriesfrom foreign competition (see also effective rate

of protection,) especially from competitors whosehost nations allow them to operate underconditions that are illegal in the protected nation,or who subsidize their exports.

An environmentaltariff, similar to a 'protective'tariff, is also known as a 'green'tariff or 'eco-tariff', and is placed on products being importedfrom, and also being sent to countries withsubstandard environmental pollution controls.


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Non-Tariff Barriers: An

Overview Quotas = quantitative restrictions (QRs) - Restricts

the quantity of imports allowed, rather than raisingtheir price as a tariff would

Subsidies - A payment by government, perhapsimplicit, to the private sector in return for someactivity that it wants to encourage (here: exporting)

Countervailing duties - A tariff levied againstimports that are subsidized by the exporting

country's government, designed to offset(countervail) the effect of the subsidy


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Non-Tariff Barriers: An

Overview Antidumping duties -Tariff levied on dumped

imports, i.e. imports provided at a price that isunfairly low, defined as either below the homemarket price or below cost

Voluntary export restraints (VERs) - A restrictionon a country's imports that is achieved bynegotiating with the foreign exporting country for itto restrict its exports

Technical barriers to trade - A technical regulationor other requirement (for testing, labelling,packaging, marketing, certification, etc.) applied toimports in a way that restricts trade


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Administrative and other Regulations

Safety regulations-automobile and electrical Health regulations-food

Labeling regulations-showing origin and contents

Procurement (acquisition) policies

Border taxes-rebates of internal taxes given to exportersof a commodity

International commodity agreements and multipleexchange rates.

Other Non-Tariff Barriers


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International Cartel

International agreement in the restriction of

output and exports among countries. E.g

OPEC.


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The practice of selling a product at a lower pricein export markets than at home (or exporting at

prices below production cost)

Sporadic dumping - to clear unwanted inventories orcope with excess capacity

Predatory dumping - to undermine foreigncompetitors

Persistent dumping - reaping greater profits byengaging in price discrimination

Dumping

Unit_iv_management of International Operations

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