Essay: International Business – G.P De Silva

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  • International Business - G.P De Silva
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Executive Summary
The first question of the report covers the brief overview of the chosen organization and critically discuss which country you would recommend them to entering or trade with based on the analysis of the organization and the target country. In here the explanation of strategic context and terminology about the organizations highlighting the mission, vision, objectives, goals and core competencies. The organization used here is the of G.P De Silva Pvt Ltd as its primary business areas are spices and alleged consumer products in Sri Lanka.
Secondly, reviewing the culture is considered to influence the way international business is conducted based on the country Hong Kong and Venezuela. It has been explained using theoretical models.
Thirdly developing and proposing a strategy for the organization’s international business strategy to thereby determine and ensure its readiness. The strategy should be suited to the organization, its industry and the environmental influence of the target country issues involved in planning strategic direction for the organization under the current business conditions were discussed in a detailed manner by taking various strategies.
In the here explanation on the different planning techniques, organizational strategy about its culture is considered to influence the way international business is conducted based on the country Hong Kong and Venezuela.
Furthermore, as the final part based on the analysis and the strategy developed, critically evaluating a consistent implementation approach of the international business strategy for the organization is done. The global marketing challenges and a swot analysis targeting the internal perspective using the Balanced Scorecard approach is further taken, and all the marketing mixes have been analyzed one by one to select the best approach.
A local organization in your country is looking into expanding its business internationally. You have been hired as a management consultant to advise them to develop an International Business Strategy.
1.0. Question
Provide a brief overview of the chosen organization and critically discuss which country you would recommend them to entering or trade with based on the analysis of the organization and the target country.
1.1 Introduction of the Company
In 1955, began the great journey of G.P De Silva with a few bales of cinnamon in hand and 20 feet office space that he had bought for the few pennies left. After a very short time, along with his eldest son, he was able to dominate the local market and eventually venture into global markets in the late 1970s. An especially selected and carefully packed consignment of Cinnamon from the plantations of a southern side in Sri Lanka left the shores of Sri Lanka to Chile in future. This was the first time shipment that marked the success of the global consumption. They said that, today, they are confident to say that they meet over 90% of world demand for true cinnamon annually shipping to Mexico, South America, USA, UK, Middle East countries and European countries. They are in utmost pride being ranked the world’s largest Cinnamon exporter for over 15 years and continuing…. (www.gds.com)
Vision
To make keen awareness of the value of Cinnamon throughout the world and reinforce and progress the Cinnamon industry of Sri Lanka. Also, to make a clear definition between cassia and cinnamon and make 99% usage of real cinnamon in the world in a couple of years.
Mission
While remaining the Number One exporter of Cinnamon from Sri Lanka, to boldly venture forth into new markets, improve quality standards, launch new product lines thus promoting Sri Lankan products, and thereby earning valuable foreign exchange towards local coffers.
1.2 What are spices
Spices are the smell parts of plants used to flavor food or the dried seeds or fruits. Spices used for flavoring, coloring or to save food. Spices can be dried seed, fruit, root, bark, or vegetable. They are distinguished from herbs, which are parts of green leafy plants also used for flavoring or as garnish. Spices were among the most valuable items of trade in ancient and medieval times. Spices flatter our senses. At the ancient times, spices and herbs were used as a way to mask the often unpleasant taste and odor of food, and later, to keep food fresh and methods were connected with magic, medicine, religion, tradition, and preservation.
A spice also uses to make medicinal, ritual, cosmetics or perfume production, or as a vegetable. Many spices are healthful. Spices are more commonly used in warmer climates, which have more infectious. Complex flavors are created by using mixtures of spices that complement each other. Some spices are used for their taste while others are used for their aroma. The stage at which spices are added to a dish can make a big difference. Frequently, they will impart flavor if added at the beginning of the cooking process, but if they are added at the end, it is their aromas that will be most noticeable.
1.3 Spice Classification
• Culinary herbs and spices
• Botanical basis
ï,§ Dried fruits or seeds, such as fennel, mustard, and black pepper
ï,§ Arils, such as mace
ï,§ Barks, such as cinnamon and cassia
ï,§ Dried flower buds, such as cloves
ï,§ Stigmas, such as saffron
ï,§ Roots and rhizomes, such as turmeric, ginger and galingale
ï,§ Resins, such as asafetida
• Typical spice mixtures
ï,§ Advieh (Iran)
ï,§ Baharat (Arab, and the Middle East in general)
ï,§ Berbere (Ethiopia and Eritrea)
ï,§ Bumbu (Indonesia)
ï,§ Chaat masala (India and Pakistan)
ï,§ Chili powder
ï,§ Curry powder
ï,§ Five-spice powder (China)
ï,§ Garam masala (South Asia)
ï,§ Harissa (North Africa)
ï,§ Hawaii (Yemen)
ï,§ Jerk spice (Jamaica)
ï,§ Khmelisuneli (Georgia)
ï,§ Masala (a generic name for any blend of spices used in South Asia)
ï,§ Mixed spice (United Kingdom)
ï,§ Old Bay Seasoning (United States of America)
ï,§ Panchphoron (India and Bangladesh)
ï,§ Pumpkin pie spice (United States)
ï,§ Quatreépices (France)
ï,§ Ras el hangout (North Africa)
ï,§ Shichimi togarashi (Japan)
ï,§ Vegeta (Croatia)
ï,§ Za’atar (Middle East
1.4 Spices and Allied Products in Sri Lanka
Sri Lanka; the pearl of Indian Ocean is well-known for spices production. Sri Lanka has earned an international reputation for producing quality spices for foreign markets. Therefore, it has become one of the major export items and one of the primary sources of generating foreign income for the country.
The spices and allied product industry in Sri Lanka is not a major industry locally. However, Sri Lanka is being ranked as the number 10th of spice exports of the globe. Therefore, the country has the potential to grow as an exporter of spices and allied for the foreign markets. This requires a development of a Sri Lankan brand internationally. The investment in this industry may lead to the result in a significant source of different income generation to the country.
The products mentioned above can be exported in primary form; value added forms such as gift packs, branded retail packages and powder form. In value addition enterprises have to use the upgraded technology for grinding and packaging of spices according to the customers’ requirements.
At present companies engaged in the exports of high-value, products are used quality assurance at the several production stages of the raw material, pre-processing and final packing stages. If export companies can certify under GMP, HACCP & ISO, would receive more opportunities in the world market.
Concerning foreign exchange earnings to the country, Spice exports have indicated US$ 214Mn in the year 2011 showing 11.73% rate of growth. Net foreign exchange earnings from Spices and Allied product sector is recording above 80%.
Cinnamon Pepper Clove Other Spices
Mexico India India India
US Germany Kuwait US
Peru Kuwait US Spain
Colombia Spain UK UAE
Ecuador US Malaysia Egypt
Guatemala Egypt Saudi Arabia Germany
Spain UK Germany Singapore
Table 1: Major Export Markets| Source: Sri Lanka Export Development Board Statistics
There are relevant certificates that confirm exporting of spices such as Certificate of Origin, which is compulsory, Quarantine Certificate and Quality Certificate.
Few institutes help to an export of spices and allied products in Sri Lanka. They are; Department of Export Agriculture, Sri Lanka Standard Institute, Industrial Technology Institute, National Chamber of Commerce.
1.5 Why do Hong Kong Consume Sri Lankan Spice?
The answer is very straightforward, Peoples of Hong Kong have reserved a special passion for their food that eclipse their love for politics, shopping, gambling and even for stock buying. This city is home to some of the most food-obsessed people in the world and produces an alarming array of food items ranging from the stubbornly traditional to unself-conscious fusion foods, each more drool-worthy than the next. Some of these foods are
• Stinky tofu
• Hong Kong style-cheeseburgers
• Sweet tofu soup
• Pineapple’ bun
• Chicken feet
• Ginger milk curd
• Five-layer roast pork
• Indonesian satay
These special signature dishes require the exorbitant amount of flavoring, aroma and color which makes the dishes extra special; hence use of spices are key. Some of the individual spices Hong Kong is being imported now are,
• Pepper
• Cloves
• Lemongrass
• Cinnamon
• Vanilla
• Ginger
1.6 Trade relations with Hong Kong
China / Hong Kong and Sri Lanka have strong trade ties from the ancient times where both countries have relied on one another for their business needs. With the Chinese economy growth at almost 9% every year for the past decade, Sri Lanka exports to Hong Kong and China mainland have also increased rapidly to reach a height of 1.2% in 2012 (Sri Lanka Customs). The table shows the total trade between the two countries has been steadily growing over the years and more than double over the two-year period from 2009 to 2012 (Central Bank of Sri Lanka 2009,2012).
Table 2: Sri Lanka’s trade balance with China + Hong Kong: 2005 – 12
1.7 Competitors in Hong Kong
• Hormel Food Corporation
• Wong Fei Hong
• Indian Brands (India is the 15th ranking important exporter of coffee, tea and spices to Hong Kong)
1.8 Spice Market: Venezuela
Officially called the Bolivarian Republic of Venezuela. So that the discovery of oil in the early 20th century, Venezuela had the world’s largest oil reserves and been one of the world’s leading exporters of oil.
1.9 Geographic Information
Location North of South America; geographically its mainland rests on the South American Plate
Land 916,445 km2 (33rd largest country)
Currency Bolívar Fuerte(VEF)
Natural Resources Petroleum, natural gas, iron, gold
Population 28,946,101
Major Cities Caracas-Maracaibo, Valencia, Barquisimeto, Ciudad Guyana, Patara, Maracay, Ciudad Bolivar
Table 3: Basic Information of Venezuela
1.10 Why do Venezuela Consume Sri Lankan Spice?
Venezuela is a country who took independence from Spanish. Therefore, the livelihood of the country is very similar to that of Spain. Living style, food, interests and even sports are very much coinciding with Spain. The cuisine itself is a part of the tradition where a lot of aromas, taste is required, and the Venezuelans take pride in serving their food in good style and considers as a part of a hospitality ritual. Their cuisine is influenced by Spain, French and Italian and some of the top dishes are
• Arepa
• Cachitos – de jamón, similar to French croissants
• Ensalada de Pollo – Chicken salad
• Lengua de Res – Cow tongue “a la vinaigrette” (in a vinaigrette)
• Hallaca – typical Christmas dish.
• Hervido de gallina – Hen soup
Hence, great spices used by the Venezuelans are
• Cinnamon
• Pepper
• Cloves
• Nutmeg
• Vanilla
Competitors in Venezuela
• Manatial Corporation
Market Potential Index — Hong Kong Vs Venezuela
Country Hong Kong Venezuela
Rank 2 77
Overall Score 56 16
Market Size 2 4
Market Intensity 100 46
Market Growth Rate 62 76
Market Consumption Capacity 31 36
Commercial Infrastructure 96 55
Market Receptivity 100 11
Economic Freedom 100 16
Country Risk 95 6
Table 4: Market Potential Index ( Michigan State University-International Business Center, 2014)
2.0. Question
Culture is considered to influence the way international business is conducted based on the country of your choice. Discuss this by using appropriate theoretical models to explain this statement and use examples to justify your answers about point one above.
2.1 Applying cultural theories
The only connection between the organizational and national culture is that staff of a company harness their cultural aspects based on the national culture. This way, some elements of the national culture will make way to the enterprise. However, this basis could undergo strict molding in the face of organizational, civic activity and processes (Businessmate.org, 2009). The national culture that the company is placed in could come into consideration when trying to shape up and adjust the organizational culture. So that, it is critical to keep in mind that there should be a difference between the two segments; bridging the two cultures is not going to be fruitful for the company. Some elements of the national culture may be incorporated into the organizational culture, but there should be a professional environment within the enterprise.
For a business to clearly succeed within the business arena, there should be a proper organizational culture within it that enables people to offer their best contribution to the organization. This culture should be unique, and should be an appropriate platform for employees of all levels to showcase their attributes and level up to the organizational requirements. (Granered, 2015).
Figure 1: Elements of culture
The impact of corporate culture towards the objectives of the Hatch model is that a level playing field is offered to the culture to grow and harness itself. The attributes of the model would be independent of each other, and would have the direct impact on the culture nevertheless. To properly leverage the results of this model, organizations should look to maintain concise and right processes within the company and organization structure. (Hatch, 1993).
The national culture focuses on the values, traditions, practices and beliefs held by the people of the country. This national culture could be shaped up based on the religion, race, demographic, geographic, and attitudes of the people. The combination of all these derivatives results in the typical traits of a society that mostly makes up the culture. For a culture to flourish and be prominent within society, the people need to embrace it and practice it in their day to day lives (Granered, 2015).
KLUCKHOHN AND STRODTBECK
According to Kluckhohn and Strodtbeck, the cultures can be described using generic categories, which provide some orientation towards those cultures mentioned.
Nature of the people – Good, Eviler or both
The person relationship to nature – Harmony, Dominant or fatalistic
The inter-person relationship – Individualist or Collectivist
Mode of human activity – Being, Doing or Containing
The temporal focus – Past, Present or Future
The space conception – Public or Private
HALL Approach
According to the Halls approach, people can be well-known into high and low particular contexts. These can be explained by the share information as well as how they communicate.
Strong background — The shared experiences are indirectly transmitted. The relationships are kept in the long term by use of nonverbal communication. Also banding is a common code. All the agreements are more verbal than the written agreements according to this approach. The outsiders are highly renowned. There are slowly changing and inquired cultural patterns.
Small Context — There are shorter relationships and also the lack of personal involvement. The messages must be explicit one. There is a lack of nonverbal communication in little context. In here, the authority is varied, and also the written agreements are more like to used. The insiders and outsiders are less known.
Hong Kong Consumer Spending Habits
FMCG industry in Hong Kong has used to produce supermarket and other sales expansions. The marketers should focus on consumer preferences for FMCGs in shops and supermarket, in that;
• Hong Kong consumers must give the priority to small size shops and stores because 37% of average production comes from these places.
• Finally, the significant level of supermarkets such as supermarkets takes off less amount of Hong Kong products.
Customer Attitudes towards Foreign Brands
• Most of the multinational companies already decided to launch more on Asian brands by introducing more on ‘national’ brands. From that, the attitudes are increasing due to the rising popularity of these names. These national brands in Hong Kong increased the customer attitude and perceptions towards these brands due to its quality levels.
• By using this strategy, international manufacturers can compete with Hong Kong local brands. Due to the increase of Hong Kong consumers’ income level, more Hong Kong consumers are now changed their mind towards the foreign brands.
3.0. Question
Develop and propose a strategy for the organization’s international business strategy to thereby determine and ensure its readiness. The approach should be suited to the organization, its industry and the environmental influence of the target country
3.1 Introducing the strategies
It is suitable for to focus on indirect investment. Indirect investment is domestic based export merchants seek and negotiate foreign purchases for a commission. Simply, exports that are not handled by the manufacturer or producer but through an export agent or freight forwarder. Export management companies agree to manage a company’s export activities for a fee.
Indirect export has two advantages.
1) Less investment
2) Less risk
When choosing the indirect investment, the firm does not have to develop an export department, an overseas sales force, or a set of international contacts
their products, there is a right systematic condition in the particular country to obey. In Sri Lanka also there is an export procedure.
A company exporting any article of commercial value from Sri Lanka is required to register with the following institutions.
• Sri Lanka Export Development Board (EDB Reg.no)
• Inland Revenue Department — Obtain Tax Identification Number
• Sri Lanka Custom
When a company decided to export their products, there is a systematic, right condition in the particular country to obey. In Sri Lanka also there is an export procedure.
A company transporting any article of commercial value from Sri Lanka is required to register with the following institutions.
• Sri Lanka Export Development Board (EDB Reg.no)
• Inland Revenue Department — Obtain Tax Identification Number
• Sri Lanka Custom
3.2 Sales Contract
A contract between the Seller (Exporter) and the buyer (Importer). The seller prepares a Pro-Forma Invoice and sends it to the customer. It includes Product Description, Quality, Price, etc
3.3 Packing
Packaging to give protection and safety also a good material handling capability.
3.4 International Marketing Strategies
Attitude towards International Brands
How is the foreign companies reacted to the changing market environment? Many decided to launch their brands, by creating ‘national’ brands, which gained popularity among consumers almost as fast as local brands. New strategies foreign manufacturers can compete with domestic producers using the same set of tools. As incomes began to grow, buyers started to turn back to reputed international brands, keeping the same positive attitude towards local brands intact.
3.5 Pricing
Selecting Pricing Objective
Market Share Leadership is the complete pricing objective. That is Setting a low price and through the profit margin and based on the Sales Volume to come up with the profit.
Since there are many spices brands available in these Markets and especially Venezuelan Preferred to buy the Local products it is impossible to set a High Price at the initial point entering the market, and the best thing is to earn a profit based on the profit margin through increasing the Sales Volume.
Determine Demand
There are difficulties in raising the price because there are other Substitutes available in the Market. Increasing the rate may affect to lose the Demand increasingly.
Selecting a Pricing Method
Competitor Based is the Suitable method to pricing because the price should match with the competitive local and other foreign similar products.
3.6 Promotion
Consumer preferences in advertising have gradually changed for the following criteria: interesting, involving, humorous. They now want to see a performance, something intriguing, spirited, absolutely new and Eye-Catching-Promotion Services at EDB
At EDB
• Showcase and sell your products online
• Advertise on our website to promote your goods and services to millions of potential buyers across the globe.
• Obtain search and advisory services
• Obtain on-line Trade Statistics service
E- Advertising service
Web Advertisements
Web links
Advisory and Training
The EDB assists exporters to achieve trade efficiency by trade facilitation, resolves export related issues faced by exporters (Exporters’ Forum), provides advisory services and organizes training programs on international trade.
(The Sri Lanka Export Development Board (SLEDB), 2014)
HKTDC Food Expo — Hong Kong
Organized by the HKTDC, the Food Expo is a popular summer event that takes place at the HKCEC.
The International Gourmet Festival — Venezuela
The International Gourmet Festival deals with a variety of vertical markets which includes food, wines, spirits, chefs, sommeliers, national and international restaurants offering their products, machinery, technology, and services. The expo will provide the innovative platform to various manufacturing companies to adopt advanced technologies and services concerning with diverse sectors such as food, wines and spirits, gourmet products and kitchen equipment.
3.7 Country of Origin Effects
Country of origin perceptions are the mental associations and beliefs trigged by a country. This concept can be use in the international market to compete with one countries product in other states/regions. Attitudes toward the country of origin can change over the time.
As more companies compete on the global markets and manufacture their products worldwide, the country of origin sign become more important as consumers, often evaluate a quality of a product based on the country where the product is being produced. Past studies showed that consumer perceptions on
Country of origin is acting a significant role in influencing a consumer’s choice of a product.
As an example if we consider about the Sri Lanka.it has the good reputation for agricultural commodities that is because Sri Lanka export high quality agricultural and processed products to other countries. Especially Ceylon tea has the great reputation among the world. And now this trend moves towards to the industrial products such as appeals etc.
3.8 Product Mix
Product mix, also known as product assortment, refers to the total number of product lines that a company offers to its customers.
The introducing range of products with different sizes and introducing value-added products is the best way to best product mix.
 
4.0. Question
Based on your analysis and the strategy developed, critically evaluate a consistent implementation approach of the international business strategy for the organization you have selected.
Major challenges confront Sri Lanka’s spices’ industry concerning production, productivity, quality, value addition and branding, and if these challenges are successfully tackled, production could be doubled.
While the program works smoothly, they have requested the balance funding of Rs. 36 million to continue the program. In the year 2013, cinnamon, pepper, cloves, essential oils and other spice products did extremely well and in spite of the economic downturn in the West, the spice sector increased its exports in value terms by over 40 % in dollar terms. (The Sunday Times, 2014)
A Realized strategy is a blend of Proactive strategy elements that include both continued and new initiatives as well as Reactive strategy items that include strategy items that are required due to unanticipated competitive developments and original market conditions.
G.P De Silva Pvt Ltd company policies of past enabled them to maintain the significant portion of their assets as income-generating liquid investments such as investing in other property etc. On the other hand, the company closed down their non-profit making products, namely cinnamon related and other oil products due to the economic downturn. (Reactive Strategy). So it is very clear about the Reactive Strategic Elements has followed by the company due to violent situations.
When Considering their Strategy Execution Process, they are following Broad Differentiation Strategy as overall. Because their Products Range falls from a range of spices to alleged products.
A team approach is vital for any organization since it helps to integrate strengths of each employee. Thus, various employee surveys to be done to identify weaknesses of the team approach. The unity and combined strengths of individual employees can make the breakthrough within the organization. The results of employee surveys are the matrix of this objective.
It is clearly evident from the above facts that the profits are not alone sufficient to run a business. Those are another perspective that must be considered in the balance score card.
4.1 International Business Strategy Readiness:
Viewpoints/ Perspectives of the Balance Score Card:
Financial Perspective – This covers the financial objectives of an organization and allows managers to track financial success and share value.
Customer Perspective – This includes the satisfaction of the company customers, the increase in market share as well as attributes of the species and allied products.
Perspectives on Internal Process – This covers all the goals on the company internal operations, which helps to fulfill the customer aspects.
Learning and Growth Perspective – This covers all the capitals includes human capital organization capital as well as information capital to measure the long-term success such as such as skills, leadership, systems, and data based.
Strengths that the company armored with:
• Ample capabilities to produce excellent products that are unique to the industry as well as beneficial for the society.
• Get attraction from the youth about the pride of the country and history of the country by continuing discussions.
• Doing public service conversations to improve public service inside of government departments
• Can take good sponsorships from partners to do experiments for keep healthy of the industry.
• Accepting all the requirements from the customers and doing fair to them.
Weaknesses that are common can be seen are;
• Using traditional marketing tools to grab the market share.
• Always decisions coming under preference of the top management.
• Most of the time funding by the mother company as a direct influence
5.0. Conclusion
Sri Lanka a country has been famous for her natural spices from antiquity. Spices now play a significant role in the Sri Lankan agricultural economy in respect of export-oriented trade. The important spice crops in Sri Lanka comprise cinnamon, pepper, clove, Cocoa, Ginger, Vanilla, and Cardamom. Spices are the products cultivated in the wet and intermediate zones of the country.
Sri Lanka’s economy has for a long time has been based on the export of agricultural produce. In recent years, an effort has been made to break into the international market for organic food. The first conversion of tea estates to organic production was made as early as the mid-1980s.
Cinnamon is the most important spice commodity among the spice sector. Ancient people in Sri Lanka a country used Cinnamon for many purposes such as medicines, spices, perfumery materials & soft drinks. At present, the cinnamon is broadly used in bakery products, pharmaceutical preparations & cosmetics products in worldwide. Cinnamon exports in primary form as well as in the value added forms such as cut pieces, powder form, and crushed form. A Cinnamon is being considered as unique product exporting from Sri Lanka to foreign countries. Sri Lanka is the world biggest producer & exporter of Cinnamon to the world. Cinnamon has originated in Sri Lanka & it has unique characteristics, which can be branded under GI protection. According to that, Ceylon Cinnamon introduced to the international market as a branded product namely “Pure Ceylon Cinnamon.”
Hong Kongers have reserved a special passion for their food that eclipse their love for politics, shopping, gambling and even for stock buying. This city is home to some of the most food-obsessed people in the world and produces an alarming array of food items ranging from the stubbornly traditional to unself-conscious fusion foods, each more drool-worthy than the next.
Venezuela is a country who took independence from Spanish; therefore, the livelihood of the country is very similar to that of Spain. Living style, food, interests and even sports are very much coinciding with Spain. The cuisine itself is a part of the tradition where a lot of aromas, taste is required, and the Venezuelans take pride in serving their food in good style and considers as a part of a hospitality ritual.
How is the foreign companies reacted to the changing market environment? Many decided to launch their brands, by creating ‘national’ brands, which gained popularity among consumers almost as fast as local brands. New strategies foreign manufacturers can compete with domestic producers using the same set of tools. Meanwhile, as incomes began to grow, consumers started to turn back to international brands, keeping the same positive attitude towards local brands intact.
 
6.0. References
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EconomyWatch.com. (2014). Economic Statistics Hong Kong. Retrieved October 5, 2014, from
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Euromonitor International. (2014). Retrieved October 5, 2014, from Euromonitor International: http://www.euromonitor.com/
The Sri Lanka Export Development Board (SLEDB). (2014). e-Promotions. Retrieved October 5, 2014, from Sri Lanka Business: http://www.srilankabusiness.com/exporters/e-solutions/
The Sunday Times. (2014, October 12). Business Times. Major challenges confront Sri Lanka’s spice exporters.
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Dix, J. F., and Mathews, H. L. (2002). The Process of Strategic Planning. Ohio: Business Development Index, Ltd.
Dyck, B. and Neubert, M. (2010). Management: Current Practices and New Directions. Boston: Houghton Mifflin Harcourt Publishing Company.
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Phadtare, M. T. (2011). Strategic Management: Concepts and Cases. New Delhi: PHI Learning Pvt. Ltd.
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Zvi, B., Alex, K., Marcus A. J. and Pitabas, M. (2012). Investments, 8th ed. McGraw-Hill Education. pp.12-24
Dix, J. F., and Mathews, H. L. (2002). The Process of Strategic Planning. Ohio: Business Development Index, Ltd.
Dyck, B. and Neubert, M. (2010). Management: Current Practices and New Directions. Boston: Houghton Mifflin Harcourt Publishing Company.
Jeffs, C. (2008). Strategic Management. London: SAGE Publications.
Kachru, U. (2006). Strategic Management. New Delhi: Excel Books.
Phadtare, M. T. (2011). Strategic Management: Concepts and Cases. New Delhi: PHI Learning Pvt. Ltd.

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