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Us Nero Giardini

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This presentation aims to analyze and recommend a market entry in United States by an Italian footwear company.

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Us Nero Giardini

  1. 1. HOW TO DO BUSINESS IN THE USA INTERNATIONALIZATION PLAN TO THE USA NERO GIARDINI PAULO ALVES – CARLO FOCE – ZHONGHUA LIU
  2. 2. Slide 2 AGENDA INTERNATIONALIZATION STRATEGY 1 2 3 4 OVERVIEW COMPANY’S DESCRIPTION US FOOTWEAR OUTLOOK MARKET ATTRACTIVENESS 5 6 RECOMMENDATIONS
  3. 3. - SHOES INDUSTRY - MEDIUM-HIGH SEGMENT - 100% MADE IN ITALY - REVENUES OF €230 MILLION - PRESENT IN 8 EUROPEAN COUNTRIES - STRONG BRAND REPUTATION OVERVIEW 11/12/2013 Doing business in the USA - Université Laval 3
  4. 4. COMPANY’S DESCRIPTION Slide 4
  5. 5. HISTORY 1975 FOUNDATION 1990 RESTRUCTURATION 1998 UNIQUE SHAREHOLDER 2005 BUSINESS INTERNATIONALIZATION 11/12/2013 Doing business in the USA - Université Laval 5
  6. 6. VISION, MISSION & VALUES “100% MADE IN ITALY QUALITY AT AN AFFORDABLE PRICE” “POWERING AND VALORIZING THE COMPANY’S REGION” “BECAME A MULTINATIONAL ITALIAN COMPANY EXPORTING ALL OVER THE WORLD” 11/12/2013 Doing business in the USA - Université Laval 6
  7. 7. CORE COMPETENCIES STRENGTHS CORE COMPETENCIES* Value Creation for the Customer Difficult To Imitate Access New Markets Brand Reputation ✓ ✓ ✓ Quality Management ✓ ✓ ✓ Production Cost Management ✓ ✓ ✓ Wide distribution Channel ✓ ✓ ✗ Fashionable Product Line ✓ ✗ ✗ * In order to be considered a core competency it must fulfill the three dimensions RESOURCES HUMAN -­‐ 300 SPECIALIZED MANPOWER ORGANIZATIONAL -­‐ ECONOMIES OF SCALE, EXPERIENCE, AND SCOPE -­‐ NEW LOGISTICS CENTER OF 12 000 MT2 FINANCIAL -­‐ EXTRA CASH FLOW FROM THE LAST 10 YEARS 11/12/2013 Doing business in the USA - Université Laval 7
  8. 8. OBJECTIVES OBJECTIVE TODAY 2015 NEW FRANCHISING SHOPS 35 300 INCREASE EXPORT REVENUES 10% 35% -45% INCREASE TOTAL REVENUES 230 MILLIONS 500 MILLIONS NEW ABROAD FLAGSHIP SHOP 15 MILLION INVESTED 100 CHINA, 2 RUSSIA, 3 PRAGUE, 10 MOROCCO 11/12/2013 Doing business in the USA - Université Laval 8
  9. 9. BUSINESS MODEL VALUE PROPOSITION COSTUMER RELATIONSHIP MASSIVE ADVERTISING ON JOURNAL AND TV DISTRIBUTION CHANNELS COSTUMER SEGMENTS PARTNERS KEY ACTIVITIES PRODUCTION QUALITY CONTROL PROMOTION KEY RESOURCES RETAILS (81%) FRANCHISING (16%) FLAGSHIP STORE (3%) BRAND FACTORY AND ECONOMICS OF SCALE COMPONENT SUPPLIER ADVERTISING AGENCY RETAILER FASHIONABLE AND HIGH QUALITY SHOES AT AN AFFORDABLE PRICE COST STRUCTURE REVENUE STRUCTURE MAN – HIGH QUALITY ORIENTED WOMAN – HIGH QUALITY ORIENTED KIDS – HIGH QUALITY ORIENTED FACTORY AND EMPLOYEE PROMOTION COMPONENT SUPPLYED DIRECT SALES (3%) FRANCHISING SALES (16%) RETAIL (81%) 11/12/2013 Doing business in the USA - Université Laval 9
  10. 10. US VS. ITALIAN CULTURE Slide 10
  11. 11. HOFSTEDE 40 91 United States Italy 62 46 29 50 76 70 75 34 Power Distance Individualism Masculinty/Femininity Uncertainty Avoidance Long-term orientation 11/12/2013 Doing business in the USA - Université Laval 11
  12. 12. GLOBE IT IS EASY TO MOTIVATE AMERICANS! SOCIETY PRACTICES USA ITALY PERFORMANCE ORIENTATION HIGH (4.49) LOW (3.58) FUTURE ORIENTATION HIGH (4.15) LOW (3.25) ASSERTIVENESS HIGH (4.55) HIGH (4.07) HUMAN ORIENTATION LOW (4.17) LOW (3.63( IT IS POSSIBLE TO BE MORE DEMANDING AND EXPECT MORE FLEXIBILITY FROM AMERICANS! 11/12/2013 Doing business in the USA - Université Laval 12
  13. 13. HALL Ronen and Shenkar (1985) USA - LOW CONTEXT - MONOCHROMIC ITALY - HIGH CONTEXT - POLYCHROMIC 11/12/2013 Doing business in the USA - Université Laval 13
  14. 14. US FOOTWEAR OUTLOOK Slide 14
  15. 15. DEMAND US IS THE 2ND GREATEST CONSUMER OF SHOES IN THE WORLD 11/12/2013 Doing business in the USA - Université Laval 15
  16. 16. DEMAND - USD$48 BILLION INDUSTRY - GROWING AT A RATE OF 1.8% PER YEAR SINCE 2008 - INTERNAL CONSUMER SPENDING EQUALS USD$20 BILLION 2012 FOOTWEAR MARKET SHARE BY TYPE OF PRODUCT MEN'S& ATHLETIC& 20%& WOMEN'S& CASUAL& 17%& WOMEN'S&DRESS& 13%& OTHERS& 25%& WOMEN'S& ATHLETIC& 10%& MEN'S&DRESS& 6%& MEN'S&CASUAL& 9%& Source: Statisticbrain 11/12/2013 Doing business in the USA - Université Laval 16
  17. 17. SUPPLY 11/12/2013 Doing business in the USA - Université Laval 17
  18. 18. SUPPLY MANUFACTURING USD$2BILLION CAGR (2008-2013) = -1.4% RETAILING SHOE STORES (54%) GENERAL MERCHANDISE STORES (19%) SPORTING GOODS STORES (7%) NON-STORE RETAILERS (6%) Source: IBIS world Source: StatisticBrain 11/12/2013 Doing business in the USA - Université Laval 18
  19. 19. MAIN PLAYERS REGARDING 2010 SALES USD$4.8 BILLION USD$3.3 BILLION USD$2.27 BILLION USD$20.86 BILLION USD$3.6 BILLION USD$16.68 BILLION 11/12/2013 Doing business in the USA - Université Laval 19
  20. 20. KEY SUCCESS FACTORS ECONOMIES OF SCALE & SCOPE ESTABLISHMENT OF BRAND NAMES QUALITY AUTOMATION PLACEMENT STYLE & INNOVATION 11/12/2013 Doing business in the USA - Université Laval 20
  21. 21. MARKET ATTRACTIVENESS Slide 21
  22. 22. PESTLE POLITICALLY STABLE LOWER TAXES PROJECTED GDP GROWTH AT 1.7% RATE UNTIL 2015 STRONG URBANIZATION LOWER EXPENDITURE WITH LEISURE STRONG SYSTEMS AUTOMATION SHORTER PRODUCT LIFECYCLE FLEXIBLE LABOR CONTRACTS 11/12/2013 Doing business in the USA - Université Laval 22
  23. 23. PORTER 5 FORCES MODERATE COMPETITIVE LANDSCAPE THREAT OF NEW ENTRANTS 5.00 4.00 3.00 2.00 1.00 0.00 THREAT OF SUBSTITUTES BARGAINING POWER OF SUPPLIERS RIVALRY AMONG EXISTING FIRMS BARGAINING POWER OF BUYERS 11/12/2013 Doing business in the USA - Université Laval 23
  24. 24. COMPANY GOALS VS. US MARKET OBJECTIVES (2015) US MARKET REVENUE €500 MILLION - 2ND GREATEST CONSUMER IN THE WORLD EXPORT REVENUE 35%-­‐45% OF THE REVENUES - VALUE + LOWER TARIFFS + INSTITUTIONS FRANCHISE 300 - ENTREPRENEURIAL BEHAVIOR + STABLE, SAFE AND CREDIBLE COUNTRY 11/12/2013 Doing business in the USA - Université Laval 24
  25. 25. SWOT ANALYSIS STRENGTHS WEAKNESSES - Brand Reputation - Management Quality - Cost Efficiency - Wide distribution Channel - Fashionable Product Line OPPORTUNITIES THREATS - 2nd greatest footwear consumer - Similar Consumption cultures - Greater demand for quality, stylish and innovative products - Saturated and Slow Market Growth - Constantly Shorter Product Life Cycle - Demand is becoming less concerned with material goods 11/12/2013 Doing business in the USA - Université Laval 25
  26. 26. INTERNATIONALIZATION STRATEGY Slide 26
  27. 27. GOALS DECREASE MARKET EXPOSURE DECREASE COSTS ACQUIRE RESOURCES STIMULATE BRAND AWARENESS 11/12/2013 Doing business in the USA - Université Laval 27
  28. 28. GLOBAL INTEGRATION VS. LOCAL RESPONSIVENESS NERO GIARDINI MUST CONSERVE ITS ITALIAN ESSENCE CULTURE & HABITS DESIGN & TASTE LANGUAGE SIZE & PACKAGE TECHNICAL SYSTEM CLIENT & APPLICATION CONCEPT PROMOTION X X X X TECHNOLOGY X PRODUCT X ATTENTION: IT DOESN’T MEAN THE COMPANY DOESN’T NEED TO ADAPT TO THE CULTURAL DIFFERENCES FOR MANAGEMENT PURPOSES 11/12/2013 Doing business in the USA - Université Laval 28
  29. 29. GLOBAL INTEGRATION VS. LOCAL RESPONSIVENESS NERO GIARDINI MUST CONSERVE ITS ITALIAN ESSENCE LOCAL ADAPTATION LOW HIGH GLOBAL INTEGRATION HIGH LOW MULTI DOMESTIC - LOCAL TEAM - CONTROL AND MONITORING FROM HEADQUARTERS - PRODUCTS DEVELOPED FOR THE LOCAL MARKET AND THEN DIFFUSED TO US 11/12/2013 Doing business in the USA - Université Laval 29
  30. 30. RECOMMENDATIONS Slide 30
  31. 31. RECOMMENDATIONS ACQUIRE THE SERVICES OF A LAW FIRM GET IN RELATION WITH TRADE ASSOCIATIONS SEEK FOR EXPERT AND CUSTOMER INSIGHTS IN US FORM A LOCAL TEAM WITH A LOCAL MANAGER LOCATE IN HIGHLY POPULATED CITIES CLEARLY SET GOALS, AWARDS AND DEADLINES FOR THE US TEAM 11/12/2013 Doing business in the USA - Université Laval 31
  32. 32. ANY QUESTION? COMMENT? THANK YOU FOR YOUR ATTENTION Slide 32

This presentation aims to analyze and recommend a market entry in United States by an Italian footwear company.

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