ISO_Auto&AGRANA

Case 1 - AUTOMOTIVE INDUSTRY
A) Identify one strategic group from within the global automobile industry. Drawing
upon frameworks and concepts from the industry-based view of international strategy,
analyse the current global competitive environment within the chosen strategic group.
The answer should consider both industry structure and competitive strategies
INTRODUCTION
Dilemma in European Mass-Market Auto Industry
According to BBC (2012), European car makers were struggling from demand drop of an
average number of 10.8% across EU since previous year. South West of Europe was
observed to be the most deteriorated zone; the car sales drop in Greece reached almost
50% within a year. It was speculated that the concern was the effect of economic recession
in the Eurozone during 2011 to 2012.
However, the agony was not felt evenly throughout. Reviewing auto manufacturers by their
similar and dissimilar business models and strategies, they could be generally assorted into
3 main categories; Mass-Market players, Executive-Luxury, and the Ultra-Luxury. With a
profit of $20,000 to $30,000 per car (Peng, 2009), companies like Rolls-Royce, Lamborghini,
and Ferrari did not seem to be shaken by the crisis because they have positioned
themselves initially in the very low demand, yet very high income segment. The competition
in the Executive-Luxury players (typically German automakers, Mercedes-Benz, BMW, and
Audi) was substantially narrow since there were fewer players and due to their premium
prices, the margins remained healthy. While, with profits as low as $150 per car, it is clear
that the issue was in the Mass-Market industry.

COMPETITIVE STRATEGY
Market Segmentation
Over-capacity has left French auto industry (Renault, Peugeot, Citroen), and other mass-
market European manufacturers (Vauxhall, Skoda, Fiat, SEAT) with no choices other than
reducing their production capacity. Moreover, a tougher competition occurred when the
Germans decided to plunge into the lower market segment by downsizing their premium
cars. In early 2013, Mercedes-Benz launched CLA model to compete in the budget
saloon/sedan segment. BMW has strengthened its SUV division by launching X1, X4, and
X6 to supplement their current BMW X3 and X5. Germans' ambitious broader focus on
competitive scope has amplified the constraint amongst European mass-market players. Not
to mention the rivalry between the same mass-market industries with the Japanese
automakers.
Differentiation & Cost Leadership
Shimizu (2003) declared that Toyota was once depending only on export, but due to rigid
trade barrier policies, export activities are seen to be insufficient. The confrontations of
restricted quotas and prohibitive taxes have forced Toyota to convert their export-centred
strategy into localization approach. Under the supervision of Toyota-Astra Motor Corporation,
a compact MPV called Toyota Kijang ('Kijang' means antelope in Bahasa) only available in
Indonesian market. Through this localisation, Toyota is proficiently capable to create and
uphold its mass-market power in the hybrid position (Bowmans' Strategy Clock), which is
domestically valued and low in price.
Considering their economies of scale and scope in Europe, and perhaps of their cheaper
supply inputs, European mass-market players (Skoda, Vauxhall, SEAT) have sustained in
the cost leadership segment (Porter's Generic Strategy Dimensions). Yet, despite of being

the cost leader, these players should not ignore the importance of differentiation. Rather
than solely focus on cutting the price down, meeting customers' needs through
bespoke/tailored and innovative products can add values, resulting in the increased of
revenue.
Although it is assumed that most of differentiation offerings are in the luxury segment, there
are some car manufacturers who have unique perceptions on where to position their
strategic dimension. Volvo is a fine example; their vision on cars is neither about luxury,
horsepower, nor gas consumption. As the first auto manufacturer to develop a rear-facing
child seat, airbags curtain style, and even the invention of the modern seatbelt that is used in
every vehicle today (Bloomberg News, 2014), Volvo has demonstrated its narrow focus on
safety since it was first established in 1927.
Besides, Everitt (BBC, 2012) reported that the concentrated of sales in Europe were a
mistake. In today's globalisation, the exposure of international markets is growing, especially
in the emerging markets. Therefore, in order to survive, European mass-market players,
particularly Vauxhall, Skoda, and SEAT shall not be hesitant to internationalise (localisation
method) in order to keep up their core cost leadership (imitating Toyota), also to offer
product differentiation (like Volvo) for the sake of revenue maximisation.
INDUSTRY STRUCTURE
Grant (2010) believed that lack of external survey outside the company might affect the
persistency of an industry. Rather than merely winning competitive advantage by impressing
customers, Grant captured it from a wider macro-economic perspective. Based on Francis
(1967), there are factors derived from the core of the environmental influences, simplified as
PESTEL; political, economic, social, technological, environmental, and legal. Yet, the vital
points of every industry environment are the relationships created to customers, suppliers,

and competitors. Thus, it could be ascertained that Grant (2010) elaborated Francis'
PESTEL analysis that it eventually generate values to these three sets of actors [Fig.1].
Figure 1 (Source: Grant (2010) Contemporary Strategy Analysis, page 65)
As it shows in Figure 1, the three actors (Customers, Suppliers, and Competitors) are the
fundamental basis in the industry environment, and the external factors are the linkages to
support them. A coherence theory is discussed by Porter (1980), in which he demonstrated
a framework called 'Five Forces Model'.
First, the 'rivalry among competitors' (Five Forces Model) in automobile industry is intense,
where the crowded market has been overwhelmed by gigantic mass-market players such as
Toyota, Honda, and the American 'Big Three' (General Motors, Chrysler, and Ford).
Although emerging market is currently being the target territory, it was claimed that only
certain premium marques that enjoys lucratively. Instead, a huge glut of average/mass-
market vehicles forced vehicle prices to fall by 7% in China (Peng, 2009). Hence, studying
the competitors [Fig.1] is crucial, whereas the ability to forecast demands, detect
opportunities depend on the awareness of the competition.
Meanwhile, thanks to strict regulatory requirements, the entry barrier ('threat of entry', Five
Forces Model) is high these days. Apart from tariffs and customs, current threat such as
global warming has concerned many national environmental agencies to limit a set of

emission standards to automakers, particularly carbon dioxide. Thus, a reasonable access
for newcomers is to predict on what ways their 'green vehicles' will impact on customers
[Fig.1] in terms of economical fuel saving. A hybrid hatchback, Toyota Prius is the top-selling
hybrid vehicles, with over 3.8 million units worldwide (Motoring, 2013). Electric motor in this
case, certainly illustrated as an engineering innovation to substitute fuel and gas ('threat of
substitutes', Five Forces Model). Subsequent to Prius, the car industry now attempts to
strive in the hybrid segment. Peugeot for example, has newly revealed its hybrid air driven
car in Dongfeng Peugeot-Citroen factory in Wuhan, China (Malay Mail Online, 2014).
What is more, the bargaining power of suppliers presumably interacts out from the power of
buyers (Five Forces Model). The evolution of gadgets as in smartphones and tablets has
provoked customers to expect the most recent electronic advancement in their car. In this
matter, technological partnership with suppliers [Fig.1] is credible to keep pace with the
contemporary demand. For example, the partnership of Ford and Microsoft that was
established as Ford SYNC, a voice activated communication and entertainment system that
functions under user's command (Dsouza, 2014).
Word Count: 876
B) What additional insights can either the resource-based view or institution-based
view of international strategy (choose one perspective only) provide into the global
competitive environment in the chosen auto industry strategy group?
INSTITUTION-BASED VIEW
In the early years of establishment, automotive industries have committed to escalate their
productivity by exporting. Nowadays, many firms started with unconventional breakthrough
to internationalise, despite of traditional phases; export strategies - strategic
alliance/shareholding investment - FDI - and finally globalise. In fact, exploring the
institutional environment is essential, being a third complementary leg of the tripod.

Formal Institutions
Generally, institution is defined as 'the rule of the game'; providing a set of frameworks to
shape individuals and organisations; yet there are formal and informal institution. In this case,
formal institution includes rules, laws, regulations, and written constitutions.
A scenario was investigated by Chan Kim (2002) that in 1975, private-owned British car
industry was nationalised into British Leyland. The political enforcement seemingly schemed
the public that nationalisation of companies was enforced to guarantee the continuity of
employment (Chan Kim, 2002). It did not go so well until Ford Motor Company acquired
Jaguar from British Leyland in 1989, followed by BMW's acquisition of Land Rover in 2000.
Then, the two British brands emerged into Jaguar-Land Rover Automotive PLC after Tata
Group acquired both businesses from Ford in 2008. The commitment of £1 billion investment
from Tata Group has brought back the charm of Jaguar Land Rover. The Indian
conglomerate is captured as a saviour of these British brands. Hiring more than 1000
workers (Ruddick, 2011), the new plant based in UK significantly boosted British car industry.
Another case of formal institutional law is intellectual property regimes (IPR) in China.
Considered as one of the fastest growing economies, China has a weak institutional
regulation against copyright. Their car imitations are mostly inspired from the European
counterparts, from MINI to the luxury marques, the Rolls-Royce (Autoexpress, 2014).
Regardless the fact that copyright laws and rules of a country varies, it was disputed that
international copyright principles should be standardised. Henceforward, the implications of
these would deter automakers to plant their factories, R&D departments in China. Therefore,
based on Peng (1968), institutional framework could reduce uncertainties by providing
assumptions for firms to strategically move in the 'game' of global competition that may be
disastrous.

Informal Institutions
Informal institutions described by Peng (1968) that they consist of customs, conventions,
norms, and cultures. Even though it is not officially legislated, the society has practiced it
over a period of time. When it comes to international business, a sort of informal institution is
frequently related to relation-based businesses.
In China, the indicator to success is determined by whom you know, 'Guanxi' is the term
used to describe personal connections with certain people. Though it could be considered as
bribery in some cases, gift giving is an important gesture, necessary business etiquette to
build a relationship (Ewing, 2014). To understand and adapt with the culture, a rational mode
for Western auto industry to enter China's market is nonetheless by strategic alliance. A
resembling example is a Franco-Japanese partnership; Renault-Nissan Alliance.
Recently, BMW has extended local partner alliance with Brilliance China Automotive
Holdings in the interest of navigating the norms, ethics, and cultures (Ewing, 2014).
Thereupon, BMW gained insights that China's government is fighting against pollution. In
response to air pollution, BMW focused on increasing its sales of their modish hybrid
vehicles (the BMW i8 and i3) in China. Furthermore, BMW also teamed up with Chinese real
estate companies to enhance the instalment of charging stations in the areas. Chief
Financial Officer of BMW, Mr. Eichiner (2014) confirmed that China is the largest market for
new energy vehicles at the moment. Selling more than 220,000 cars within six months in
2014, BMW knew that being in relationship with the 'exclusive' individuals is an advantage
for their expansion.
Word Count: 512

REFERENCES
 BBC (2012), 'European car sales 'fall for 12 months in row'.
 Blomberg News (2014), Owned by the Chinese, Volvo swears its More Swedish than
Ever, [Online] last accessed 21st
July: http://www.businessweek.com/articles/2014-06-
26/volvo-seeks-u-dot-s-dot-sales-revival-with-return-to-swedish-roots
 Booz&co (2013), 2013 Automotive Industry Perspective.
 Chan Kim, Y. (2002), Japanese Inward Investment in UK Car Manufacturing, Ashgate
Publishing Limited.
 Dcosta, A. and Edwards, G. (2011), PESTLE Analysis History and Application, [Online]
last accessed 20th
July: http://www.brighthubpm.com/project-planning/100279-pestle-
analysis-history-and-application/
 Dsouza, R. (2014), CarTrade - Ford SYNC, How it Works? [Online] last accessed 21st
July: http://www.cartrade.com/car-bike-news/ford-sync-how-it-works-124475.html
 Ebbs, C. (2014), AutoExpress UK - Chinese Copycat Cars: As China's car market booms,
we look at the shameless lookalikes Chinese car makers are selling - and see if they are
legal, [Online] last accessed 23rd
July: http://www.autoexpress.co.uk/car-
news/87772/chinese-copycat-cars
 Ewing, J. (2014), New York Times - In Expansion, BMW to Make China-Only Models,
[Online] last accessed 23rd
July:
http://www.nytimes.com/2014/07/17/business/international/in-expansion-bmw-to-make-
china-only-models.html
 Francis, J. (1967), Scanning the Business Environment, Macmillan, Inc.
 Freyssenet, M., Shimizu, K. and Volpato, G. (2003), Globalization or Regionalization of
the American and Asian Car Industry, Palgrave Macmillan.
 Grant, R.M. (2010), Contemporary Strategy Analysis, Chichester: John Wiley.
 Jurgens, U., Malsch, T. and Dohse, K. (1993), Breaking from Taylorism: Changing Forms
of Work in the Automobile Industry, Cambridge University Press.

 Madslien, J. (2012), BBC - Gloomy carmakers gather in Paris.
 Malay Mail Online (2014), Peugeot Reveals Hybrid Air Driven Car, [Online] last accessed
21st
July: http://www.themalaymailonline.com/drive/article/peugeot-reveals-hybrid-air-
driven-car-video
 Motoring (2013), Toyota sells 3 million Prius hybrids, [Online] last accessed 21st
July:
http://www.motoring.com.au/news/2013/toyota/prius/toyota-sells-three-million-prius-
hybrids-37496
 Peng, M.W. (2009), Global Strategic Management, 2nd
Edition, Cengage Learning.
 Porter, M.E. (1998), Competitive Strategy: Techniques for Analysing Industries and
Competitors, New York: Free Press.
 Ruddick, G. (2011), The Telegraph - Jaguar plans UK expansion set to create 1000 jobs,
[Online] last accessed 22nd
July:
http://www.telegraph.co.uk/finance/newsbysector/industry/8470371/Jaguar-plans-UK-
expansion-set-to-create-1000-jobs.html

CASE 2 - AGRANA
A) How did changes in the formal institutional environment within Europe influence
Agrana and its international strategy?
INSTITUTION-BASED VIEW
Based on Peng, et al (2009), there have been long standing criticisms of one of the point in
Porter's Five Forces model, the 'rivalry amongst competitors' for instance. In the substance
of competitive strategy, such rivalry raises two underlying strengths, which are differentiation
and cost leadership. Within industry-based view ideology, Peng argued that cost leadership
is unethical in a certain institutional conditions. Predatory pricing or dumping in Japan is
banned, particularly on bookselling industry, where it could lead into serious legal actions.
On the other hand, the criticism applies to RBV's (Resource-based view) VRIO framework
as well, particularly when Barney (the creator of VRIO) himself justified that values are
dependent on specific market a firm operates. Consequently, in response to the critiques,
institutional perspectives draw many scholars' attentions. To begin with, formal institution
including government policy is the ground basis in shaping competition. An ideal example
would be commercial/advertisement regulation. Also, political factors such as the compliance
on privatisation determine investors' plan on post-acquisition.
Key Formal Institutions
In reference to the case study (Peng, 2009), Agrana, a Vienna-based holding food company
was certainly confident on their eagerness to expand. It was stated that within 19 years
(1988 to 2007), Agrana had accelerated its integration (from 5 to 55 factories) from CEE
(Central Eastern Europe) areas to global. It was suspected that Agrana's substantial
expansion was utterly fortunate. Another assumption was that the rising of Austrian firm was

as a similar aggression derived from informal ties, cultures of historical Austro-Hungarian
Empire that was once occupying CEE territory. In spite of cultural and irrational issues,
Porter (1990) came up with the basic determinants of competitive advantage of a nation, the
'Porter Diamond Model' [Fig.2]. The institution-based model below [Fig.2] has identifies four
factors, first, the firms' strategy, structure and rivalry within a country. Second is the
endowment factor that embodies human and natural resources. Third is a related-industry
circumstance, and fourth is the domestic demand.
Figure 2 (Source: Peng (2009) Global Strategic Management, page 99)
At that time, numerous CEE countries began to join EU, which it imposed an Austrian
domestic firm to enlarge their economies of scale. Moreover, the invasion of global giants
like PepsiCo, Coca-Cola, Nestle, and DANONE to the growing CEE countries intensified the
rivalry [Fig.2]. For this reason, in order to compete, Agrana focused on attracting investors
and persuading its corporate buyers to invest more. Thereafter, the pushing method has
resulted in the arousing of new suppliers and operations, and it expanded not only in Austria
and CEE, but throughout the EU. This indicates that the push strategy has successfully
directed the firm towards global integration.
When CEE countries started to open up their market in 1990s, there was heaps of potential
investments flow, along with high domestic demand in CEE. This was seen as a prosperous
opportunity for emerging companies, like Agrana. From foreign investors' point of view, to

identify the timing to invest, country risk analysis (CRA) is needed to diagnose the risks and
the degree of impacts to their return on investment (ROI). According to Fleisher &
Bensoussan (2007), CRA is segmented into six interrelated risks; economic, transfer,
exchange rate, location/neighbourhood, sovereign, and political. In addition, Meyer (2002)
responded that wholly owned ventures is more attracting in the eye of foreign investors
(Meyer, 2002).
Peng (2003) interpret that in the era of transition, when formal institutions are less developed,
a thoughtful step for entrants is through connections or ties with local authorities. The fact
that Agrana did not deal with it, could be implied that CEE has a relatively developed formal
market-supporting institution. Indeed, referring on Peng's 1st
Proposition (2009), the role of
institutional framework is to fix irrational pursuance of firms, preventing unclear informal
constraints. Eventually, as an Austrian firm with a smaller home market, Agrana has played
fairly, formally and confidently like a strong player. In essence of CEE attractiveness, Agrana
also picked up the challenge from EU integration as the driver behind their ambition.
Word Count: 668
B) What types of resources and capabilities underpinned Agrana's successful product
diversification and internationalisation strategies?
RESOURCE-BASED VIEW
According to Peng (2009), resource-based view is a perspective on what a firm's assets
(resources) are effectively executed (capabilities) in order to achieve its core competences.
In other words, core competence is a composition of resources and capabilities. For instance,
a core competency in innovative new product development is derived from the ability to
manage its R&D sector (capability) in order to develop the technological equipment
(resource) that a firm has. To some extent, Barney (2007) raised the underlying VRIO
framework as a benchmark for a firm to sustain its competitive advantage.

Product Diversification
After its emergence into CEE, Agrana has long been supplying core food ingredients; starch
and sugar. Their focus in the league of starch and sugar was running smoothly. Yet, due to
the restriction on exceeding the limit by EU competition law, Agrana determined to open up
new division on fruit. Within three years (from 2003-2006), the new integration has expanded
significantly from 20 to 55 production plants. Launching from zero into the largest division
with almost 50% of total revenue in 2006-2007, the new fruit division has overshadowed
Agrana's primary products; starch and sugar. The involvement in the fruit industry is seen as
a concern towards dietary awareness, thus it creates added value for customers and the
society as a whole, which would support Agrana's growth in the future.
Shifting into fruit sector was a bright move because it is closely related to Agrana's primary
starch and sugar businesses. In fact, Agrana noticeably attained two specific capabilities.
Firstly, the advantage of using particular existing equipment (intangible resource) certainly
saves the capital on new plant; thereby the capital could be invested for other departments
that required financing (for example: R&D or marketing). Secondly, the already experienced
employees in the food business are possessed as core resources. The capability to transfer
employees from one division to another has established flexibility and efficiency. Thus,
Agrana was able to manage its human resources towards the focus of refined processes,
which certainly leads to high quality products. Also, less dependent on hiring new specialist
could be implied as eliminating risks.
The entry into fruit industry provides further intangible resource regarding the reputation with
shareholder relations. Being in a relationship with food brand manufacturers from its starch
and sugar division since 1988, Agrana is able to gain a 'shortcut' to supply its fruit products.
After all, Agrana has committed to reinforce its economies of scale by emphasising its
operational synergy and good relationship amongst stakeholders. On the contrary, Peng
(2009) clarified that conglomeration or product-unrelated diversification seemed to be

persisting only in emerging economies (for example: India's Tata Group and Korea's
Samsung), and its core resource is on its financial synergy.
Not long after, Agrana's extensive knowledge on processing agricultural goods has driven
them to diversify again into Biofuel, which is made by the fermentation of carbohydrates
mostly found in sugar and starch. From their diversification evidences (fruit and biofuel), it is
concluded that Agrana applies a strategy of product-related diversification.
Internationalisation
The internationalisation of Agrana is obviously indicated from the fact that they have
geographically diverse plant locations in 26 countries around the world. It is hardly argued
that the initial stage to enter foreign market is mainly via exporting. However, due to its little
control over operations abroad and limited scale, export activities does not guarantee to be a
sustainable mode. In such a way, exporting could be described as 'testing the water'.
Alternatively, there are many entry modes to consider; licensing, franchising, alliances,
acquisitions and foreign direct investment.
Since its establishment in fruit industry in 2003, Agrana began to acquire Denmark's Vallo
Saft and 33% of share of Austria's Steirerobst. Afterwards, it was completed in 2006 after
the acquisition of France's Atys Group and fully acquired Streirerobst, following with the
Belgium's Dirafrost, Germany's Wink Group, and finally, a JV with China's Xianyang Andre
Juice Co. Ltd. Based from the commitment (scale of entry), Agrana had practically chosen
the path of hasty execution via mergers and acquisitions (within 3 years). Thereby, it is hard
to mention whether the internationalisation of Agrana fruit sector is applying the process of
'Uppsala Model' or being a 'Born Global'.
However, acknowledged from Agrana's acquisition of firms in within 3 years, it could be
affirmed that Agrana has implemented a quick, yet incremental commitment (Psychic

Distance). Referring to Ghemawat (2001), the pattern of its geographical sequence from
Denmark, France and lastly China, explains that European countries have similar culture,
administrative, economy, and closely located geographical distance (CAGE framework).
Therefore, Agrana tended to enter the 'psychically close' markets first, and then expanded
like a 'ripples of a stone in a pond'.
Aside from the benefit of gaining potential market share, this mode of entry could be tricky.
Meyer and Peng (2005) noted that in this globalisation era, local firms seek out for big
partnership with strong financial assets, technical and marketing capabilities. It is easy for
MNEs to search for local alliances, but the problem is in the selection of right partners.
According to Uhlenbruck and De Castro (2000), a JV or an acquisition often desires massive
resource transfers from the parent company. This may lead to overbalanced management
control, which affects the performance. Apparently, Agrana sought to access to local
markets by evaluating local companies' resources such as distribution channels. As a matter
of fact, the key of Agrana's expansion is the capability to associate with its acquired firms
and incorporate them as a team to be a global presence in the fruit industry. It could be
suggested that this capability is sourced out of the basis of LOF (Liability of Foreignness).
Word Count: 782

REFERENCES
 Agrana (2013), Annual Report 2012/2013, Results and Responsibility, [Online] last
accessed 25th
July:
http://www.agrana.com/fileadmin/inhalte/agrana_group/annual_reports/GB2012_13_E_13
0513_WEB.pdf
 Delios, A. and Beamish, P.W. (2001), Geographic scope, product diversification and the
corporate performance of Japanese firms, Japanese Subsidiaries in the New Global
Economy, pp. 47-54, [Online] last accessed 27th
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%20diversification&f=false
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Application of New and Classic Methods, Pearson Education, Inc.
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revisited: From liability of foreignness to liability of outsidership, Journal of International
Business Studies, pp. 1411-1431.
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Transactions, Resources, and Institutions, Journal of International Business Studies,
pp.600-621.
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 Peng, M.W. (2009), Institutions, Cultures, and Ethics, Global Strategic Management, 2nd
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Academy of Management Perspectives, pp. 63-81.
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Management, 2nd
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05/23/content_12557685.htm
 Uhlenbruck, K. and De Castro, J. (2000), 'Foreign Acquisitions in Central and Eastern
Europe: outcomes of privatization in transition economies', Academy of Management
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