Harvard Case - Walton: Building a Global Brand Through Internationalization
"Walton: Building a Global Brand Through Internationalization" Harvard business case study is written by Mohammad B. Rana, Mohammad Tarikul Islam, Nikhilesh Dholakia. It deals with the challenges in the field of International Business. The case study is 15 page(s) long and it was first published on : Jan 25, 2016
At Fern Fort University, we recommend a strategic approach to internationalization for Walton, focusing on a phased expansion strategy targeting emerging markets with high growth potential, while leveraging existing strengths in manufacturing, distribution, and brand recognition. This strategy involves a combination of organic growth, strategic alliances, and selective acquisitions, prioritizing a focus on building a strong local presence, adapting to local market needs, and fostering a robust global supply chain.
2. Background
The case study focuses on Walton, a Bangladeshi electronics company, navigating the complex landscape of international expansion. The company, known for its strong domestic presence and focus on affordable electronics, seeks to establish itself as a global brand. The case highlights the challenges Walton faces, including:
- Limited international experience: Walton lacks significant experience in international business, particularly in navigating cultural differences, legal frameworks, and market dynamics.
- Competition: The global electronics market is fiercely competitive, with established players like Samsung, LG, and Sony dominating the landscape.
- Emerging market complexities: Entering emerging markets presents unique challenges, including infrastructure limitations, economic volatility, and political instability.
Main Protagonists:
- S.M. Rezaul Hasan: Walton's Managing Director, driving the company's internationalization efforts.
- Walton's Leadership Team: Responsible for developing and implementing the company's global strategy.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Porter's Five Forces Framework, highlighting the competitive forces affecting Walton's internationalization strategy:
- Threat of New Entrants: The electronics industry has relatively high barriers to entry due to economies of scale, technological advancements, and brand recognition. However, the emergence of new players in emerging markets presents a potential threat.
- Bargaining Power of Buyers: Consumers in emerging markets are price-sensitive, giving them significant bargaining power. However, Walton's focus on affordability could be a competitive advantage.
- Bargaining Power of Suppliers: The global supply chain for electronics components is complex and involves numerous suppliers. Walton needs to manage its relationships with suppliers effectively to ensure consistent quality and competitive pricing.
- Threat of Substitute Products: The electronics industry is susceptible to technological advancements and the emergence of substitute products. Walton needs to stay ahead of the curve in innovation and product development.
- Competitive Rivalry: The global electronics market is highly competitive, with established players like Samsung, LG, and Sony vying for market share. Walton needs to differentiate itself through a combination of price, quality, and brand appeal.
Other relevant frameworks:
- Ansoff Matrix: Walton's internationalization strategy can be analyzed using Ansoff's Matrix, considering options for market penetration, product development, market development, and diversification.
- CAGE Framework: This framework helps assess the distance between markets based on cultural, administrative, geographic, and economic factors, aiding in identifying suitable markets for expansion.
4. Recommendations
Walton should pursue a phased approach to internationalization, focusing on emerging markets with high growth potential:
Phase 1: Market Entry and Consolidation (Short-Term)
- Target Emerging Markets: Focus on emerging markets in South Asia, Southeast Asia, and Africa, where Walton's brand and pricing strategy could resonate with consumers.
- Strategic Alliances: Partner with local distributors, retailers, and manufacturers to gain market access, leverage local expertise, and build brand awareness.
- Joint Ventures: Explore joint venture opportunities with local companies to share resources, knowledge, and risks.
- Product Adaptation: Tailor product offerings to meet local preferences and regulations, ensuring compatibility with local infrastructure and power sources.
- Local Manufacturing: Consider establishing local manufacturing facilities to reduce import costs, improve responsiveness to local demand, and create local employment opportunities.
Phase 2: Expansion and Growth (Mid-Term)
- Expand Product Portfolio: Introduce a wider range of products catering to specific market needs and preferences, including smartphones, tablets, and appliances.
- Build Brand Awareness: Implement targeted marketing campaigns using local media channels and digital platforms to build brand recognition and customer loyalty.
- Develop Local Supply Chains: Establish robust local supply chains to ensure consistent product availability, reduce dependence on imports, and support local economic development.
- Invest in Research and Development: Allocate resources to develop innovative products and technologies tailored to the needs of emerging markets.
Phase 3: Global Brand Building (Long-Term)
- Strategic Acquisitions: Explore strategic acquisitions of local companies to gain market share, access new technologies, and expand into new product categories.
- Global Marketing Campaign: Develop a cohesive global marketing strategy to build a consistent brand identity and communicate Walton's value proposition across different markets.
- Global Supply Chain Management: Establish a global supply chain network to ensure efficient procurement, production, and distribution of products across different regions.
- Corporate Social Responsibility: Implement initiatives that demonstrate Walton's commitment to sustainable business practices, social responsibility, and community development.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: Walton's core competencies in manufacturing, distribution, and brand recognition are leveraged for international expansion. The strategy aligns with the company's mission to provide affordable electronics to a wider audience.
- External Customers and Internal Clients: The recommendations prioritize understanding and meeting the needs of local customers while empowering internal teams to adapt to new markets.
- Competitors: The strategy aims to differentiate Walton from competitors through a combination of price, quality, and brand appeal, focusing on emerging markets where established players may have limited presence.
- Attractiveness: The strategy prioritizes high-growth potential emerging markets, which offer significant opportunities for market share gains and profitability.
- Assumptions: The recommendations assume that Walton can successfully navigate the complexities of emerging markets, adapt its products and marketing strategies to local preferences, and build strong partnerships with local businesses.
6. Conclusion
Walton's success in building a global brand hinges on its ability to adapt to the unique challenges and opportunities presented by internationalization. By focusing on emerging markets, leveraging strategic alliances, and investing in local operations, Walton can establish a strong foothold in new markets, build brand recognition, and achieve sustainable growth.
7. Discussion
Alternatives:
- Rapid Expansion: A faster expansion strategy could involve aggressive acquisitions and market penetration, but this could lead to overstretching resources and compromising quality.
- Focus on Developed Markets: Targeting developed markets could offer higher profit margins but would require significant investment in brand building and product differentiation.
Risks and Key Assumptions:
- Political and Economic Instability: Emerging markets are prone to political and economic instability, which could disrupt business operations and impact profitability.
- Cultural Differences: Navigating cultural differences in marketing, communication, and business practices is crucial for success in international markets.
- Competition: Established players in emerging markets may pose significant competition, requiring Walton to differentiate itself effectively.
8. Next Steps
- Market Research: Conduct thorough market research to identify suitable emerging markets and assess their potential.
- Partner Selection: Identify and evaluate potential partners for strategic alliances and joint ventures.
- Product Adaptation: Develop a roadmap for adapting products to meet local regulations and preferences.
- Local Manufacturing Feasibility: Assess the feasibility of establishing local manufacturing facilities in target markets.
- Marketing Strategy Development: Develop a comprehensive marketing strategy tailored to the specific needs and characteristics of each target market.
By taking these steps, Walton can lay the foundation for a successful internationalization journey, building a global brand that resonates with consumers worldwide.
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Case Description
By 2014, the Walton Group, an electrical goods manufacturer based in Bangladesh, sold its products in over 20 different countries. A decision to utilize the advantages of low labour costs in the company's home country was made in the early 2000s, which led to an increase in value and permitted rapid international expansion. To achieve Walton's mission of "Walton at every home," the company established various specialized support units both inside and outside Bangladesh. Government tax incentives in Bangladesh had boosted Walton's cost competitiveness, but how else could Walton compete with other international brands to achieve is goals and become a household name worldwide?
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