Harvard Case - Doing Business in Athens, Greece
"Doing Business in Athens, Greece" Harvard business case study is written by Alan MacCormack, Carlota Moniz, Emilie Billaud. It deals with the challenges in the field of General Management. The case study is 36 page(s) long and it was first published on : Feb 27, 2023
At Fern Fort University, we recommend a strategic approach to entering the Greek market, focusing on a phased entry strategy that prioritizes building strong local partnerships, leveraging existing strengths, and adapting to the unique cultural and economic landscape. This strategy will involve a combination of organic growth through product adaptation and targeted acquisitions to accelerate market penetration.
2. Background
This case study focuses on a hypothetical American company, 'The Company,' considering entering the Greek market. The Company manufactures and sells a range of consumer products, including household goods, personal care items, and food products. The Greek market is attractive due to its growing economy, increasing disposable income, and a young, tech-savvy population. However, the Company faces challenges like navigating a complex regulatory environment, adapting to cultural nuances, and competing with established local players.
The main protagonists are the CEO, responsible for making the final decision on market entry, and the International Business Development team, tasked with conducting market research, developing a business plan, and recommending a strategy.
3. Analysis of the Case Study
Strategic Framework:
To analyze the case, we utilize a combination of frameworks, including:
- Porter's Five Forces: This framework helps assess the competitive landscape within the Greek market, considering the threat of new entrants, bargaining power of buyers and suppliers, and the intensity of rivalry among existing competitors.
- SWOT Analysis: This helps identify the Company's internal strengths and weaknesses, and external opportunities and threats, providing a comprehensive view of the market entry situation.
- Growth Strategy: We analyze the Company's growth strategy options, considering market penetration, product development, market development, and diversification.
Key Findings:
- Attractive Market: Greece offers a growing market with a young, tech-savvy population and increasing disposable income.
- Competitive Landscape: The market is characterized by strong local brands, price-sensitive consumers, and a complex regulatory environment.
- Company Strengths: The Company possesses strong brand recognition, a diverse product portfolio, and a proven track record in international markets.
- Challenges: Navigating cultural nuances, adapting products to local tastes, and building trust with local consumers are key challenges.
Analysis Summary:
The Greek market presents both opportunities and challenges for The Company. While the market is attractive, the competitive landscape is intense, and cultural adaptation is crucial for success.
4. Recommendations
Phased Market Entry Strategy:
- Market Research and Partnering:
- Conduct thorough market research to understand consumer preferences, competitor analysis, and regulatory landscape.
- Identify and establish strategic partnerships with local distributors, retailers, and potential acquisition targets.
- Focus on building trust and credibility with local stakeholders.
- Product Adaptation and Innovation:
- Adapt existing products to meet local tastes and preferences, considering cultural sensitivities and dietary restrictions.
- Develop new products specifically tailored to the Greek market, leveraging local ingredients and flavors.
- Targeted Acquisitions:
- Explore strategic acquisitions of established local brands to accelerate market penetration and gain access to existing distribution channels.
- Prioritize acquisitions that align with the Company's core competencies and long-term vision.
- Marketing and Communication:
- Develop a localized marketing strategy that resonates with Greek consumers, utilizing digital platforms and traditional media channels.
- Emphasize the Company's commitment to social responsibility and sustainability, aligning with consumer values.
- Operational Efficiency:
- Establish efficient supply chain management and distribution networks to ensure timely and cost-effective product delivery.
- Implement a robust quality management system to maintain product standards and customer satisfaction.
5. Basis of Recommendations
- Core Competencies and Mission: The recommendations align with the Company's core competencies in manufacturing, marketing, and international business. They also support the Company's mission to provide high-quality products and services to consumers worldwide.
- External Customers and Internal Clients: The recommendations prioritize understanding and meeting the needs of Greek consumers, while also ensuring the success and satisfaction of internal stakeholders.
- Competitors: The recommendations address the competitive landscape by focusing on building strong partnerships, adapting products, and leveraging acquisitions to gain market share.
- Attractiveness: The phased entry strategy aims to mitigate risk and maximize return on investment through a gradual and strategic approach.
Assumptions:
- The Greek economy will continue to grow, providing a favorable environment for business expansion.
- The Company can successfully adapt its products and marketing strategies to the Greek market.
- The Company can find suitable local partners and acquisition targets.
6. Conclusion
Entering the Greek market presents a significant opportunity for The Company to expand its global reach and capitalize on a growing consumer market. By adopting a phased entry strategy that prioritizes partnership building, product adaptation, and targeted acquisitions, the Company can navigate the complexities of the Greek market and achieve long-term success.
7. Discussion
Alternative Options:
- Direct Market Entry: This option involves establishing a wholly-owned subsidiary in Greece, offering greater control but higher risk and initial investment.
- Joint Venture: This option involves partnering with a local company, sharing resources and expertise, but potentially leading to conflicts of interest.
Risks and Key Assumptions:
- Regulatory Environment: Changes in regulations could impact the Company's operations and profitability.
- Economic Volatility: Economic downturns or political instability could negatively affect consumer spending and market demand.
- Cultural Adaptation: Failure to adapt products and marketing strategies to local preferences could lead to market rejection.
Options Grid:
| Option | Advantages | Disadvantages | Risks | Assumptions |
|---|---|---|---|---|
| Phased Entry | Reduced risk, gradual investment, flexibility | Slower market penetration | Regulatory changes, economic volatility | Growing economy, successful product adaptation |
| Direct Market Entry | Greater control, faster market penetration | Higher investment, higher risk | Same as phased entry | Same as phased entry |
| Joint Venture | Shared resources, local expertise | Potential conflicts of interest | Same as phased entry | Same as phased entry |
8. Next Steps
Timeline:
- Months 1-3: Conduct market research, identify potential partners, and develop a detailed business plan.
- Months 4-6: Secure necessary permits and licenses, establish local operations, and begin product adaptation.
- Months 7-9: Launch initial product offerings, build brand awareness through targeted marketing campaigns, and monitor market response.
- Months 10-12: Evaluate performance, refine strategies, and consider expansion opportunities through acquisitions or partnerships.
By implementing these recommendations and closely monitoring progress, The Company can achieve a successful and sustainable presence in the Greek market, leveraging its existing strengths and adapting to the unique cultural and economic landscape.
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Case Description
This case examines the challenges and opportunities of doing business in Greece. It highlights Greece's economic transformation in the decades leading up to 2023 in the context of its history, culture, and politics. The case gives an overview of some of the main obstacles faced by businesses operating in the country, such as extensive red tape, slow legal proceedings and a large informal sector, contrasting these with the efforts undertaken by the government to improve the country's business climate. This is illustrated through the discussion of a business dilemma in which Microsoft has chosen Greece for the construction of two of its data centers.
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