Harvard Case - Asia Optical: The Myanmar Decision
"Asia Optical: The Myanmar Decision" Harvard business case study is written by Dante Roscini, Michael Shih-ta Chen, Keith Chi-ho Wong. It deals with the challenges in the field of Business & Government Relations. The case study is 34 page(s) long and it was first published on : Oct 29, 2013
At Fern Fort University, we recommend that Asia Optical proceed with cautious optimism in entering the Myanmar market. While the country presents significant opportunities for growth and expansion, careful consideration of political, economic, and social risks is crucial. A phased approach to market entry, prioritizing partnerships with local businesses and fostering strong government relations, is key to navigating the complex environment.
2. Background
Asia Optical, a leading manufacturer of optical equipment, is considering expanding into Myanmar, a country undergoing rapid economic and political reforms after decades of isolation. The company is attracted by the potential of a large and underserved market, low labor costs, and access to raw materials. However, Myanmar's political landscape remains volatile, and the country faces challenges in infrastructure, regulatory frameworks, and transparency.
The case study focuses on the decision-making process of Asia Optical's CEO, Mr. Lee, who must weigh the potential benefits of entering Myanmar against the risks associated with a developing and politically sensitive market.
3. Analysis of the Case Study
Strategic Analysis Framework:
To analyze the case, we can employ the Porter's Five Forces framework:
- Threat of New Entrants: Moderate. While the market is attractive, the potential for new entrants is limited due to the complex regulatory environment and infrastructure challenges.
- Bargaining Power of Buyers: High. Customers in Myanmar are price-sensitive and may have limited options due to a lack of competition.
- Bargaining Power of Suppliers: Low. Asia Optical can leverage its size and expertise to negotiate favorable terms with suppliers.
- Threat of Substitutes: Moderate. While traditional optical equipment is the primary focus, the emergence of digital solutions presents a potential threat in the long term.
- Competitive Rivalry: Low. The market is currently fragmented with limited competition, offering Asia Optical a first-mover advantage.
Economic Analysis:
Myanmar's economy is experiencing rapid growth, driven by increased foreign investment and a shift towards a market-oriented system. However, the country faces challenges in infrastructure development, poverty reduction, and regulatory transparency. Asia Optical must carefully assess the economic stability and growth potential of the market.
Political and Social Analysis:
The political landscape in Myanmar is complex and evolving. The transition to democracy is ongoing, and the country faces challenges in ensuring stability and promoting human rights. Asia Optical must consider the potential for political instability, government regulations, and social unrest.
Key Considerations:
- Political Risk: The potential for political instability, changes in government policy, and corruption poses a significant risk to Asia Optical's operations.
- Regulatory Environment: Myanmar's regulatory framework is still developing, and inconsistencies in implementation can create challenges for businesses.
- Infrastructure: Limited infrastructure, particularly in transportation and communication, can hinder efficient operations and market penetration.
- Social Impact: Asia Optical must consider its social responsibility and ensure its operations are conducted ethically and sustainably.
4. Recommendations
- Phased Market Entry: Begin with a pilot project in a smaller city, focusing on building relationships with local partners and understanding the market dynamics. This allows for a gradual and controlled expansion while mitigating risks.
- Strategic Partnerships: Partner with local businesses, including distributors, suppliers, and service providers. This provides access to local expertise, market insights, and a network of relationships.
- Government Relations: Establish strong relationships with government officials at both national and local levels. This involves proactive engagement, transparent communication, and adherence to regulatory requirements.
- Focus on Innovation: Introduce products and services tailored to the specific needs of the Myanmar market, leveraging technological advancements and addressing local challenges.
- Corporate Social Responsibility: Implement robust CSR initiatives, focusing on community development, environmental sustainability, and ethical business practices. This builds trust with stakeholders and contributes to a positive social impact.
5. Basis of Recommendations
- Core Competencies: Asia Optical's expertise in manufacturing and distribution of optical equipment aligns with the market needs in Myanmar.
- External Customers: The recommendations cater to the specific requirements of the Myanmar market, including price sensitivity, access to technology, and local preferences.
- Competitors: The recommendations prioritize building a strong market position by leveraging partnerships and innovation, minimizing the threat of competition.
- Attractiveness: The potential for significant market growth and profitability in Myanmar justifies the investment, considering the risks and mitigating strategies outlined in the recommendations.
6. Conclusion
Entering the Myanmar market presents a significant opportunity for Asia Optical to expand its global reach and tap into a growing market. However, the company must approach the decision with caution, considering the political, economic, and social complexities. By adopting a phased approach, prioritizing partnerships, and focusing on innovation and social responsibility, Asia Optical can navigate the challenges and capitalize on the potential of this emerging market.
7. Discussion
Alternatives:
- Delaying Entry: Waiting for a more stable political and regulatory environment could minimize risks but also delay potential benefits.
- Joint Venture: Establishing a joint venture with a local partner could provide access to market knowledge and mitigate political risks, but it also requires sharing control and profits.
Risks and Key Assumptions:
- Political Instability: The potential for political unrest and changes in government policy remains a significant risk.
- Economic Volatility: The Myanmar economy is still developing, and economic fluctuations could impact business operations.
- Regulatory Challenges: The regulatory environment is evolving, and inconsistencies in implementation could create obstacles for businesses.
- Social Impact: Ensuring ethical and sustainable operations is crucial to maintain a positive social impact and build trust with stakeholders.
8. Next Steps
- Due Diligence: Conduct thorough research on the Myanmar market, including political analysis, economic forecasts, and regulatory landscape.
- Pilot Project: Implement a pilot project in a smaller city to test market demand and build relationships with local partners.
- Government Engagement: Establish communication channels with government officials at both national and local levels.
- CSR Initiatives: Develop and implement a comprehensive CSR strategy aligned with the company's values and the needs of the Myanmar community.
- Monitoring and Evaluation: Continuously monitor the market environment, evaluate the effectiveness of the strategy, and adapt to changing circumstances.
By following these recommendations, Asia Optical can navigate the complexities of the Myanmar market and achieve sustainable growth while contributing to the development of the country.
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