Global Marketing Management, 4e
Chapter 9
Global Market
Entry Strategies
글로벌
시장진입전략
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
1
Chapter Overview
1. Target Market Selection(목표시장선정)
2. Choosing the Mode of Entry(진입유형선택)
3. Exporting(수출)
4. Licensing(라이센싱)
5. Franchising(프랜차이징)
6. Contract Manufacturing(계약생산, 아웃소싱)
7. Joint Ventures(합작투자)
8. Wholly Owned Subsidiaries(100% 자회사)
9. Strategic Alliances(전략적 제휴)
10. Timing of Entry(진입시점)
11. Exit Strategies(철수전략)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
2
Introduction
 The need for a solid market entry decision(신중한
시장진입결정) is an integral part of a global market entry
strategy.
 Entry decisions will heavily influence the firm’s other
marketing-mix decisions.
 Global marketers have to make a multitude of decisions
regarding the entry mode which may include:
–
–
–
–
–
–
(1) the target product/market(목표 제품/시장)
(2) the goals of the target markets(목표시장 목적)
(3) the mode of entry(진입유형)
(4) The time of entry(진입시점)
(5) A marketing-mix plan(마케팅 믹스 계획)
(6) A control system to check the performance in the entered
markets(진출시장에서 성과평가를 위한 통제시스템)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
3
1. Selecting the Target Market
 A crucial step in developing a global expansion
strategy is the selection of potential target markets
(see Exhibit 9-1 for the entry decision process).
 A four-step procedure for the initial screening
process(목표시장선정 4대 절차):
1. Select indicators and collect data(지표선정 및 자료수집)
2. Determine importance of country indicators(지표별 가중치
결정)
3. Rate the countries in the pool on each
indicator(지표별 국가의 점수 평가)
4. Compute overall score for each country(국가별 총점 계산)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
4
1. Selecting the Target Market
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
5
2. Choosing the Mode of Entry
 Decision Criteria for Mode of
Entry(진입유형결정기준):
– Market Size and Growth(시장규모 및 성장)
– Risk(위험)
– Government Regulations(정부규제)
– Competitive Environment/Cultural
Distance(경쟁환경/문화차이)
– Local Infrastructure(현지 인프라)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
6
2. Choosing the Mode of Entry
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
7
2. Choosing the Mode of Entry
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
8
2. Choosing the Mode of Entry
 Classification of Markets(시장분류):
–
–
–
–
Platform Countries 거점(Singapore & Hong Kong)
Emerging Countries 신흥 (Vietnam & the Philippines)
Growth Countries 성장 (China & India)
Maturing and established countries 성숙 (examples: South
Korea, Taiwan & Japan)
– Company Objectives(기업 목적)
– Need for Control(통제 필요)
– Internal Resources, Assets and Capabilities(내부 자원,
자산 및 역량
– Flexibility(유연성)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
9
2. Choosing the Mode of Entry
 Mode of Entry Choice: A Transaction Cost
Explanation(거래비용이론)
– Regarding entry modes, companies normally
face a tradeoff between the benefits of
increased control and the costs of resource
commitment and risk(진입유형과 관련, 기업은
통제가 증가할 수록 투입되는 자원 비용과
위험이 증대하는 상쇄관계에 직면함) .
– Transaction Cost Analysis (TCA) perspective
– Transaction-Specific Assets(거래특유자산: 매우
좁은 적용범위에서만 가치가 있는 자산) (assets
valuable for a very narrow range of applications)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
10
3. Exporting
 Indirect Exporting(간접수출)
– Export merchants(수출상, 무역상)
– Export agents(수출대리인, 대리상)
– Export management companies (EMC, 미국
수출대행업체)
 Cooperative Exporting(협력수출)
– Piggyback Exporting
 Direct Exporting(직접수출)
– Firms set up their own exporting departments
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
11
4. Licensing
 Licensor and the licensee(라이센서와 라이센시)
 Benefits:
– Appealing to small companies that lack resources
– Faster access to the market(신속한 시장진출)
– Rapid penetration of the global markets(신속한 시장침투)
 Caveats:
– Other entry mode choices may be affected
– Licensee may not be committed(라이센시의 소극성)
– Lack of enthusiasm on the part of a licensee
– Biggest danger is the risk of opportunism(기회주의 위험)
– Licensee may become a future competitor(라이센시가
미래의 경쟁자가 될 수 있음)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
12
4. Licensing
 How to seek a good licensing agreement (see
Global Perspective 9-1):
– Seek patent or trademark protection(특허권 및
상표권 보호방안 모색)
– Thorough profitability analysis(철저한 수익성
분석)
– Careful selection of prospective licensees(잠재
라이센시에 대한 신중한 선정)
– Contract parameter 계약조항 점검(technology
package, use conditions, compensation, and
provisions for the settlement of disputes)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
13
5. Franchising
 Franchisor and the
franchisee(프랜차이저와
프랜차이지)
 Master franchising
(마스터프랜차이지)
 Benefits:
– Overseas expansion with a
minimum investment
– Franchisees’ profits tied to
their efforts
– Availability of local
franchisees’ knowledge
Chapter 9
Caveats:
– Revenues may not be adequate
– Availability of a master
franchisee
– Limited franchising
opportunities overseas
– Lack of control over the
franchisees’ operations
– Problem in performance
standards
– Cultural problems
– Physical proximity
Copyright (c) 2007 John Wiley & Sons, Inc.
14
5. Franchising
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
15
6. Contract Manufacturing (Outsourcing)
계약생산(아웃소싱)
 Benefits:
– Labor cost advantages
– Savings via taxation, lower energy costs, raw materials, and
overheads(조세, 에너지비용, 원재료 및 기타 고정비 등의
절약을 통해서 비용절감)
– Lower political and economic risk
– Quicker access to markets
 Caveats:
– Contract manufacturer may become a future competitor
– Lower productivity standards
– Backlash from the company’s home-market employees
regarding HR and labor issues(본국 종업원의 반발)
– Issues of quality and production standards
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
16
6. Contract Manufacturing (Outsourcing)
Qualities of an ideal subcontractor(이상적인
하청기업의 요건):
– Flexible/geared toward just-in-time
delivery(적시납품에 대한 유연성 및 연동성)
– Able to meet quality standards
– Solid financial footings(건실한 재무건전성)
– Able to integrate with company’s business(본
사업과 통합가능성)
– Must have contingency plans(돌발상황
대응계획)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
17
7. Expanding through Joint Ventures
 Cooperative joint venture(협력사업)
 Equity joint venture(합작투자)
 Benefits:
– Higher rate of return and more control over the
operations(높은 투자수익 및 사업에 대한 통제)
– Creation of synergy(시너지 창출)
– Sharing of resources(자원의 공유)
– Access to distribution network(유통네트워크 접근)
– Contact with local suppliers and government
officials(현지 공급자 및 정부관리 접근)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
18
7. Expanding through Joint Ventures
 Caveats:
– Lack of control(통제결여)
– Lack of trust(신뢰결여)
– Conflicts arising over matters such as strategies,
resource allocation, transfer pricing, ownership
of critical assets like technologies and brand
names(전략, 자원배분, 이전가격, 기술 및
브랜드 등과 같은 핵심자산에 대한 소유권 등의
문제에 대해서 갈등이 발생할 소지가 높음)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
19
7. Expanding through Joint Ventures
 Drivers Behind Successful International Joint
Ventures(성공적인 국제합작투자의 요건) :
– Pick the right partner(적절한 파트너 선정)
– Establish clear objectives from the beginning(초기부터
명백한 목표설정)
– Bridge cultural gaps(문화적 차이 해소)
– Gain top managerial commitment and respect(최고경영진의
전적인 관심과 배려 확보)
– Use incremental approach(점증적 접근 필요)
– Create a launch team during the launch phase(추진팀 구성):
–
–
–
–
(1) Build and maintain strategic alignment(전략적 협력의 형성 및 유지)
(2) Create a governance system(지배구조의 합의 및 도출)
(3) Manage the economic interdependencies(경제적 상호의존성 관리)
(4) Build the organization for the joint venture(JV를 위한 조직 구성)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
20
8. Entering New Markets through Wholly
Owned Subsidiaries
 Acquisitions(인수합병형 투자)
 Greenfield Operations(그린필드형 투자)
 Benefits:
– Greater control and higher profits(보다 많은 통제와
높은 이익)
– Strong commitment to the local market on the part
of companies
– Allows the investor to manage and control
marketing, production, and sourcing
decisions(투자자가 직접 마케팅, 생산 및 조달관련
결정을 관리하고 통제)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
21
8. Entering New Markets through Wholly
Owned Subsidiaries
 Caveats:
– Risks of full ownership(100% 지분의 위험)
– Developing a foreign presence without the
support of a third part
– Risk of nationalization(국유화 위험)
– Issues of cultural and economic sovereignty of
the host country(현지국의 문화적 및 경제적
주권 등과 관련된 이슈)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
22
8. Entering New Markets through Wholly
Owned Subsidiaries
 Acquisitions and Mergers(M&A형 투자)
– Quick access to the local market
– Good way to get access to the local brands
 Greenfield Operations(그린필드형 투자)
– Offer the company more flexibility than acquisitions
in the areas of human resources, suppliers, logistics,
plant layout, and manufacturing technology(인사,
공급자, 물류, 공장배치 및 제조기술 등과 관련
M&A보다 유연성 확보 가능).
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
23
9. Creating Strategic Alliances
 Types of Strategic Alliances(전략적 제휴의 유형)
– Simple licensing agreements between two
partners(단순 라이센싱 계약)
– Market-based alliances (시장기반 제휴)
– Operations and logistics alliances(운영 및 물류
제휴)
– Operations-based alliances(운영기반 제휴)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
24
9. Creating Strategic Alliances
 The Logic Behind Strategic Alliances (전략적
제휴의 논리적 배경)
– Defend(방어)
– Catch-Up (추격)
– Remain(잔류)
– Restructure(구조조정)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
25
9. Creating Strategic Alliances
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
26
9. Creating Strategic Alliances
 Cross-Border Alliances that Succeed(성공적인
국제 전략적 제휴):
– Alliances between strong and weak partners
seldom work(강력한 파트너와 약한 파트너간
제휴는 성공가능성 희박).
– Autonomy and flexibility(자유성과 유연성)
– Equal ownership(동등 지분참여)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
27
9. Creating Strategic Alliances
– Other factors(기타 요인):
 Commitment and support of the top of the
partners’ organizations
 Strong alliance managers are the key
 Alliances between partners that are related in
terms of products, technologies, and markets
 Have similar cultures, assets sizes and
venturing experience
 Tend to start on a narrow basis and broaden
over time
 A shared vision on goals and mutual benefits
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
28
10. Timing of Entry
 International market entry decisions should also
cover the following timing-of-entry
issues(진입시기관련 검토사항):
– When should the firm enter a foreign market?
– Other important factors include: level of
international experience, firm size
– Also, the broader the scope of products and
services
– Mode of entry issues, market knowledge,
various economic attractiveness variables, etc.
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
29
10. Timing of Entry
 Reasons for exit(철수이유):
– Sustained losses(손실지속)
– Volatility(변동성)
– Premature entry(성급한 진출)
– Ethical reasons(윤리적 이유)
– Intense competition(경쟁격화)
– Resource reallocation (자원재배치)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
30
11. Exit Strategies
 Risks of exit(철수위험):
–
–
–
–
Fixed costs of exit(철수 고정비용)
Disposition of assets(자산처분)
Signal to other markets(다른 시장에 부정적 신호)
Long-term opportunities(장기기회 상실)
 Guidelines:
– Contemplate and assess all options to salvage the
foreign business(해외사업을 살리기 위한 모든
옵션을 상정하고 평가)
– Incremental exit(점진적 철수)
– Migrate customers(고객이동)
Chapter 9
Copyright (c) 2007 John Wiley & Sons, Inc.
31