Atikur Bhuiyan
In the document, different types of sector analysis tools, business models, entry strategies and micro-meso-macro analysis are discussed.
Analysis of verticals in the renewable energy industry in Iran
Renewable energy Iran’s renewable energy consumption is negligible. With 9% of the world’s oil reserves and 17% of its natural gas reserves, Iran has an abundant supply of fossil fuel resources, which tends to discourage the pursuit of alternative renewable energy sources.
- Wind energy
According to the research and studies which have been carried out and the present wind turbine technology in the country, it has been estimated that the wind energy potential in Iran is more than 15000 MW for electricity production (Abbaspour and Atabi, 2001). Since Iran has many windy regions, utilization of this type of energy would not only be possible but also economically feasible (Ministry of Energy, 2003).
b) Hydro power
Iran has installed power generation capacity of about 31 GW of which around 93% is thermal (natural gas or oil) and about 7% Is hydroelectric. The total potential of hydropower 20000 MW even though some published reports indicates potential capacity as high as 42000 MW (IIES, 2001). Karoon in Khuzestan Province in southern Iran is the main river for the future Iranian hydroelectric development. In early 1990’s the government policy makers turned their attention towards the development of hydroelectric power. In March 1990, seven dams became operational with various capacities for generation of electricity .However there are some obstacles for development of hydroelectric power plants, where the most prominent is the lack of financial resources. (Atabi, F, 2004)
c) Solar energy
Iran has an average solar insulation of 2000 kWh/m2 .yr. The sunny hours which sunshine could be utilized are about 2800 hr/yr. Solar energy has not been formally commercialized yet. Regions having high potential for solar energy are: Shiraz, Tehran, Khorasan, Yazd, and Semnan (IAEA, 2003).
d) Geothermal energy
Iran has high geothermal energy potential and the main regions for geothermal energy generation are Sabalan, Makoo, Khoy (Azerbaijan Province) and Damavand (Tehran Province). The total potential of geothermal energy is approximately 60 billion Giga Jules (Ministry of Energy, 2003). As for geothermal projects, some studies have been conducted to design a prototype Geothermal Power Plant for producing electricity. One of the ongoing related projects is a 100 MW Geothermal Power Plant at exploring stage in Sabalan. (Atabi, F, 2004)
e) Nuclear energy
Prior to the revolution, certain activities in the nuclear energy research were carried out. The first phase of the Bushehr Nuclear Power Plant for 1000 MW nominal powers and 915MW of net produced power was established in 1974 and stopped in 1978 due to political turmoil. The project activity was restarted in 1999. (Atabi, F, 2004)
f) Other renewable energies
Based on several investigations and researches conducted during recent years, it is not expected any considerable potential for Wave, Ocean Thermal and Tidal Energy in Iran. (Atabi, F, 2004)
Sector Analysis
Porter’s five forces analysis
In 1979, an article of Michael E Porter was published in the Harvard business review titled “How Competitive Forces Shape Strategy”. The concept was later coined to be “Porter’s five forces”.
The Porter’s five forces analyses the possible threat that a company might face while moving on to a new market or while expanding their current market. This enables strategists to frame a strategy that could place the company in a situation with lesser risks.
The identified five forces are Threat of new entrants, Threat of substitutes, bargaining power of customers, bargaining power of suppliers and Industry rivalry.
Threat of new entrants: The profitability shall be under limitations due to this threat. If in a free market when oligopolistic businesses try to make more money by increasing the price, the threat of a new entrant will be more. The barriers for entry of a new entrants are also mentioned. They are- Supply-side economies of scale, Demand-side benefits of scale, Customer switching cost, Capital requirements for entry, Incumbency advantages, Unequal access to distribution channels, Government policies
(porter, 1979):
Power of suppliers: Powerful suppliers can regulate the profitability by charging more or less.
Power of customers: Powerful customers can have better values by demanding for more quality, better services & reduced prices. Thereby enabling the customers to get a better value of products for lesser price. This shoots up the driving costs of the company and regulates the profitability.
Threat of substitutes: There could be substitutes that may look entirely different from the company’s product and there could be similar products too. The substitutes will have an advantage if they offer a high price to performance trade off value.
Industry rivalry: Rivalry against each other is always present between the industries in the same sector. This rivalry may take different methods like better advertising, reduced pricing, better service offerings etc. These factors reduce the profitability of the industries.
The industry rivalry is more if the industry growth is struggling, if exit barriers are more, if total competitors are same in number or more.
The article also mentions some of the factors that affect the profitability, but these are not considered as ‘Forces’. These are- Industry growth rate, Technology and innovation, Governmental policies, Complementary products and services. Even though these factors are not considered as Porter’s five force elements, it is pointed that these factors affect the forces in one way or the other.
Considering the case of Pepsi/Coca-cola in the beverage industry.
Threat of new entrants is present as the beverage industry does not require huge investments for an entry and there is not much restrictions on such industries.
Power of suppliers: Is limited as the ingredients to create the drinks are easily available.
Power of customers: Is limited as there is very less bulk purchases.
Threat of substitute: Is high as people can be swayed for a healthier, yet better drinks
Industry rivalry: Is very high as the soft drink’s sector is controlled by Pepsi/coca-cola
PESTEL analysis.
In 1967,Francis Aguilar wrote about a tool called “ETPS” in the book, “Scanning the Business Environment.” (Aguilar, 1967): The ETPS represented Environmental, Technological, Political and Social aspects of an industry. This is very similar to the PESTLE framework. PESTLE is a “mnemonic used in strategic management to group macro-environment factors to help strategists look for sources of general opportunity and risks” (Witcher&Chau, n.d., p. 91).
PESTEL framework considers Political, Economic, Social, Technological, Environmental and Legal aspects of a business.
(HO, 2014):
Political
These cover various forms of government interventions and political lobbying activities in an economy. Say tax policy, government stability and trading agreements, environmental regulations, security controls and merger restrictions.
Economic: These mainly cover the macroeconomic conditions of the external environment, but can include seasonal/ weather considerations. These also include interest rates, exchange rates, inflation rate and GDP
Social: These cover social, cultural and demographic factors of the external environment such as language, demographic trends, consumer tastes, education standards, living standards, gender roles.
Technological: they include technology related activities, technological infrastructures, technology incentives, and technological changes that affect the external environment.
Environmental: A business should not consider activities just to make profit. It should be in a way that safeguards the environment as well.
Legal: A business should also be liable to follow all the rules and regulations of the region that it functions in.
SWOT analysis
SWOT is an abbreviation for Strength, Weakness, Opportunity and Threat. It helps to analyse the strengths, weakness, opportunities and threats that a firm/industry/sector faces.
SWOT is one of the oldest and best-known organizing frameworks in management. Originally intended as an integrative framework (Mintzberg, 1990). SWOT was originally developed to help managers formulate strategy in terms of the relationships and interactions between internal and external factors (Dess, Lumpkin, & Eisner, 2008; Marshall & Johnston 2010)
However, SWOT analysis have a lot of critics pointing out the limitations.
SWOT often degenerates into a series of lists (Valentin, 2001), Hofer and Schendel (1978): argued that we cannot know whether a particular firm trait is a strength or a weakness without knowing the environmental context. As a result, what has been perceived as circularity reflects SWOT’s integrative nature e it brings together components inside and outside the firm into a whole.
The model assumes that determination of a dominant market share allows getting a higher profit. But when the effect of experience is limited, the market share is not a guarantee of profitability anymore, and a leader enterprise may become less profitable than the next competitors. Thus, the B.C.G matrix is valid only in the sectors where the competitors rely more on strategies of differentiation, rather than on strategies of volume (Anişoara, et al., 2014).
BUSINESS MODELS
- FRANCHISING
According to Blair and Lafontaine (2011, section 1.1), a franchise agreement is a contractual relationship between two firms where one firm (the franchisee) pays the other firm (the franchisor) for the right to sell the franchisor’s product and/or the right to use its trademarks and business format in a given location for a specified period of time.
In the past several decades, franchising has become an important strategy for business growth, job creation, and economic development, and has been an effective method for firms to enter foreign markets or expand internationally (Dant and Grunhagen, 2014).
Prior research on international franchising (Baena, 2012, 2015; Hoffman et al., 2008) has focused on the impact of broad, country characteristics, such as political risk and culture, on franchise expansion.
Using various theories and concepts, I shall illustrate, how franchising plays an important role as a business model in Internationalisation. I shall also briefly discuss how rules, infrastructure and politics play a role when a company or a firm decides to use franchising as a business model when expanding their businesses either overseas or in the home country.
3.1) Theoretical Background
Agency theory has proven particularly useful for studying franchising as a business form in the international context, with research based on agency theory showing that franchise companies tend to increase their proportion of franchised outlets as they become more international (Castrogiovanni et al., 2006). Shane (1996) noted that opportunism is greater in international markets due to uncertainty posed by economic, political, and cultural differences
According to the resource based view (Barney, 1991), a firm possesses a unique set of resources, some of which form the basis of capabilities, or the capacity to deploy resources efficiently or effectively, in ways that often are difficult for other firms to imitate.
The types of resources and capabilities needed for market entry may include international experience (Erramilli, 1991), size, performance, and technology (Brouthers and Hennart, 2007) among other factors
The business climate of a particular country is also important for companies wishing to franchise their business abroad as “cost of transaction” plays an important role, and varies from country to country.
3.2) Political Background
Political institutions may create uncertainty through frequent changes in governments, industrial policy, or corruption. Such changes increase the risks. Hence, franchise firms are more likely to expand internationally to those countries with stable political institutions (Baena, 2015; Hoffman et al., 2008) or those with good governance.
3.3) Infrastructural Background
A country’s institutional infrastructure refers to the tangible and intangible networks that connect institutions and facilitate transactions among them, both within and across national borders, such as communication, transportation, and banking systems (Hoffman et al., 2008; Teegen, 2000).
3.4) Economic Background
Economic uncertainty creates higher perceived risk of market entry on the part of franchisors (Eroglu, 1992), who are less likely to expand in markets without favorable economic growth (Baena, 2015; Hoffman et al., 2008) due to possible resource scarcity. In other words, economic uncertainty raises the transaction costs associated with market entry (Sashi and Karuppur, 2002).
Public-Private Partnerships
PPP is defined as a “form of collaboration involving a public authority and a private legal entity with a view to providing goods or services to the public, while optimizing public and private sectors respective performances, in order to conduct within the shortest deadlines and terms, projects with social purposes or infrastructures development and public services”. The PPP appears to be a modality for mobilizing private financing and expertise toward effective implementation of investments in infrastructures (ports, airports, railways, motorways, power plants, water supply, etc.), as well as other inclusive growth boosting sectors, including tourism, agriculture, health, education and vocational training.
(“PUBLIC PRIVATE PARTNERSHIP”,October 2016) ,
Entry modes
Entry modes by allocated in three groups. Specifically: Export, Intermediate and Hierarchical modes (Hollensen, 2007). These are the most important group for entry modes and that’s group for those company who want to take international market advantage.
Export modes
Export modes describe lots of way, everything depend on what a business and a country want. (Robinson & Lundstrom, 2003). Whenever a company plan to use export modes, company has to be clarify that which role external agents which for company itself. Export channels take different part for international business which I am going to highlight.
Indirect Export Modes
Sales products in foreign market by using domestic export market because of this is the easy way to enter international market. There are sales agencies involved because of that company save money and reduce risk. Marketing and promotion costs will be covered by the agent. Broker will bring a buyer and seller together, brokers does not buy and sell products, specialized brokers worker for a commission. The export management companies offered few services such as market research, marketing, distribution, shipping, export information and language translation services. Trading company which is establish by the manufacturer overseas, provides all kind of export services as well as deal with products.
Direct Export Modes
Direct export modes are an agent who is doing everything for a company to enter a foreign market very first time and help them to find out target market. The manufacturing company will do produce and exporting thing, they don’t need to be worried about trades. Because of The foreign distributor has contact with foreign target market. it has right to choose customers and set up the price, profits calculated from the buyer and seller price. Distributor represent the company or manufacture by selling products and provide services.
Importer or an agent office can export goods from company which one is interest to foreign market. Because they have foreign distribution network. Agent work for commission. Usually agent not stock the product because they are directly sells the products to wholesalers or retailers. Agent put together some information about market financial not always, depends on their contract.
Cooperative Export
Usually cooperative Export for small enterprises. it is more effective and the easiest way to entry in the forging market with Little risk. By doing market research, set up the price for export and finding the sales agent in the foreign market. providing A freight forwarder facilitates by negotiating the rate.
Intermediate entry modes
A lot of contractual modes involve to Intermediate entry modes such as: contract manufacturing licensing, joint ventures, franchising, and so on (Malhotra & Hinings, 2010).
Intermediate modes such as franchising, licensing, joint ventures, subcontracting and management contracts and so on.
Contract manufacturing
A company owned by Importer get the administration facilities delivers by Exporter. Good impact and help to understand in the native market for companies to increase business with low risk. Understanding the right international market demand and how to access and gather more knowledge. Communication with home market and customers with controlling. Providing the foreign market low-cost production services.
Licensing
licensing gives rights a company to sales foreign market commercially. Licensing is the exchanges process by payment. The domestic company approve patent company to operating work such as covering a product and process. The producing process take care by Manufactures. Licensing agreement can be offered technical/marketing advice and assist to a company how to work a New market, foreign direct investment is not allowed to many countries because of government regulations restrict.
Franchising
A franchising idea are now well-known because of this business model being duplicated is very unique and successful. There are two types of franchising: product and trade name, business format package franchising. As like licensing, franchising is different from domestic company it is more involved to control and develop the all programme. The company don’t need to build brand, company has to be opened a franchise.
Joint venture
domestic and foreign company agree to cooperate with same business or particular product in an international market (minority and majority interests). The partnership between domestic and foreign company means resource can be more such as capital and human resource except risk. It’s can be shared. Increasing the new opportunities, easy to entry any market , lower cost compare to any uniquely business.
Subsidiary
create wholly owned subsidiary company in foreign market maintained by a parent company. The parent company keeping knowledge exclusive of revealing the confidential. Good knowledge about local market and holding full centralized control. Local business company has to perform individual order to entry Foreign market legal way. The qualified staff such as engineers, architects or lawyers cannot be hired by company.
Hierarchical entry modes
Hierarchical modes control and own by the international market activities (Robinson & Lundstrom (2003). When a company decides to open a business in foreign market that time company goes through lots of different internationalization platforms. A company not 100% owned because of an export or an intermediate made can be considered as a part of business. If a company wants to control and effect in foreign market activities than export and intermediate should consider open their own companies. Nevertheless, high investment costs will include. There is always argue about, a hierarchical perspective entry modes have to be examined which is sleeted, (Kumar and Subramaniam, 1997).
The micro-level of analysis
The micro level perspectives on energy systems regard the energy system an aggregation of low levels and bottom-up analysis associated. The data disaggregated are favoured when specific problems dealing with that require engineering solutions. The analysis of micro-level energy describes the elements of the functioning of systems and is therefore a product for valuable assessment instrument (Damen and Faaij, 2003; MacLean and Lave, 2003; Hondo, 2005;).
on the overall system performance a disadvantage of the bottom-up energy analysis is limited information on the interaction of system elements, which results in allocation problems and data questionable representativeness of (Bend-ers et al, 2001; Kok et al., 2001; Heijungs and Huijbregts, 2004). Both of issues introduce uncertainty in the analysis of aggregated acknowledges the mutual coherence of groups of actors.
The meso-level involves the coupling of groups of actors and individual technologies, resulting in regimes and interdependencies. Coupling should not be confused with aggregation (Dopfer et al., 2004). Meso-level analysis focuses on the dynamic behaviour of the interdependencies of individual system elements, rather than on aggregating individual system elements. The dynamic behaviour of the interdependencies of individual system elements may result in complex behaviour of the overall system. Meso-level analysis is associated with so-called systems analysis (Battjes, 1999), and depends on data acquired from both bottom-up and top-down energy analyses.
Meso-level analysis of energy systems makes energy analysis more consistent and coherent by bridging the gap between the micro- and macro-levels. In contrast to the hybrid top-down/bottom-up approaches, the gap between the macro- and micro-levels is not circumvented in meso-level analysis. Instead, meso-level analysis focuses on dynamic interactions between individual elements of energy systems as indicated in Fig. 1.
Moreover, meso-level analysis provides additional information on system’s responses to changes, or in other words societies’ responses to energy policies.
The meso-level
The meso-level is wedged between the macro- and the micro-levels. Therefore, the meso- level describes the energy system from an intermediate aggregation level, often the sectoral-level, and this type of Governments, companies, and energy systems them-selves differ from country to country and are therefore heterogeneous at the international level. Consumers are yet another heterogeneous group of actors. Consumers may differ in income, educational level, cultural background, habitat (rural or urban), and worldview. Therefore different groups of actors have to be approached differently in order to achieve efficient policies.
Regarding technological diffusion, it is useful to look at actors in terms of technology adopters. Relevant actors— like companies, consumers, and governments—can all be considered technology adopters. Different adopter categories can be classified as: innovators, early adaptors, early majority, late majority, and laggards (Rogers, 1995, p.262). The heterogeneous aspect of consumers is also the driving force for changes. Transitions happen in different phases and critical mass is obtained via early adopters.
The heterogeneous actors are subjected to the ‘energy dilemma’, i.e. on one hand governments consider energy a basic need and (are inclined to) subsidise 7 the energy production sector substantially, while on the other hand governments consider excessive energy use undesirable and (are inclined to) impose tax 8 on energy use (Helm, 2002). This apparent schizophrenia in energy policies reflects the diversity and hierarchy in energy needs (Frei, 2004). Removal of adverse energy subsidies and changing the tax structure for motor vehicle use—‘getting the prices right’—would end the energy policies inconsistency. Fully applying the Polluter Pays Principle could, however, also limit access of low-income groups to ‘basic energy needs’ and thus implies equity concerns (OECD, 2001a, p178).
Combined micro- and macro-level approaches
Top-down and bottom-up models tend to arrive at different conclusions (Unruh, 2000; van Beeck, 1999). In order close the gap between bottom-up and top-down approaches, and to overcome the shortcomings of the approaches mentioned above, so-called hybrid top-down/ bottom-up approaches have been developed (e.g., Benders et al., 2001; Frei et al., 2003; Jaccard et al., 2004; McFarland et al., 2004). These hybrid approaches improved the understanding of energy systems by linking actual technologies to macroscopic developments. Nevertheless,hybrid approaches generally circumvent rather than cover the meso-level and therefore hybrid approaches do not sufficiently explain energy systems. In-between meso-level analysis is therefore needed to bridge the gap between the macro- and micro-levels.
Top-down and bottom-up models tend to arrive at different conclusions (Unruh, 2000; van Beeck, 1999). In order close the gap between bottom-up and top-down approaches, and to overcome the shortcomings of the approaches mentioned above, so-called hybrid top-down/ bottom-up approaches have been developed. These hybrid approaches improved the understanding of energy systems by linking actual technologies to macroscopic developments. Nevertheless, hybrid approaches generally circumvent rather than cover the meso-level and therefore hybrid approaches do not sufficiently explain energy systems. In-between meso-level analysis is therefore needed to bridge the gap between the macro- and micro-levels.
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