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Contents

1.

Introduction..................................................................................................... 1

2. Types of Foreign Exchange Exposure.................................................................2


2.1 Transaction Exposure.................................................................................... 3
2.2 Translation Exposure.................................................................................... 3
2.3 Economic Exposure...................................................................................... 3
3. Factors to Measure Rate of Globalization..........................................................4
3.1 Customer Drivers.......................................................................................... 4
3.1.1 Customer requirements..........................................................................4
3.1.2 Distribution............................................................................................. 4
3.1.3 Uniform Marketing.................................................................................. 5
3.2 Cost Driver.................................................................................................... 5
3.2.1 New product development.....................................................................6
3.2.2 Economies of Scale................................................................................ 7
3.2.3 Transportation........................................................................................ 7
3.3 Country Drivers............................................................................................ 8
3.3.1 Trade Policies.......................................................................................... 8
3.3.2 Technical Standards................................................................................ 8
3.3.3 Cultural and Institutional Barriers...........................................................9
3.4 Competition Driver....................................................................................... 9
3.4.1 Competitive Interdependence................................................................9
3.4.2 Entry of New Competitors....................................................................10
References........................................................................................................... 12

1. Introduction
According to Maheswari (1997), multinational corporations can be defined as
enterprises which allocate company resources without regard to national frontiers, but is
nationally based I terms of ownership and top management. In the other words, multinational
corporations are the companies that base in a country but their management groups and
factories spread out to some other countries. The trend of multinational corporations is

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responsible of the economic globalisation (Stwr.org, n.d.). According to Needle (2004), the
characteristics of multinational corporations are:
a. Multinational corporations have main offices and business operations in one or
more countries.
b. A true multinational corporation has direct investment in other countries, or also
called Foreign Direct Investment (FDI), along with the operations and
management team in foreign countries.
c. Most of the time, multinational corporations utilize a large amount of shared
resources.
d. Numerous operations are always linked with overall strategic plan.
e. A lot of multinational corporations are large and conduct their businesses in
oligopolistic industry structures.
Multinational corporations have existed since 17th century where the overseas trade
started. The main trading areas for multinational companies are in North America, European
Union, South-East Asia and Australia (Businesscasesstudies.co.uk, 2015).

Some of the

reasons why a company wants to have the assembly and factories in multiple countries are
discussed below:
a. Ultimate aim of any multinational corporation would be to increase the market
share of the company. When the company meets the domestic goals the company
would want to expand and export their products overseas which in turn will
increase the productivity.
b. The labour and capital costs in the developing countries tend to be lower and it
helps the multinational corporations to increase the efficiency by outsourcing t
developing countries.
c. Another reason for MNCs to establish is to avoid trade barriers and tax problems.
The corporate tax and trade barriers are different in different countries.
The smartphones market rapidly began to experience the sense of globalization in the
recent years due to external triggers like social (life style) changes and technological
developments (Ellis & Williams, 1995). Undoubtedly, life styles of people are much
different from the past. Customer requirements convergence is dissolving traditions
and cultures, as almost everyone nowadays need to frequently check emails, browse
internet and use social networking platforms. Moreover, the technological
developments that are taking place everywhere foster this industry to be more global.
Advancements in information technology and computers provide a solid base to
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globalize in the mobile telecommunications industry, particularly smartphones. Many


new companies have emerged recently in the manufacturing of smartphones. One of
the companies with very successful expand of multinational corporations is High Tech
Computer Corporation (HTC). HTC was founded in 1997 by H.T. Chou and Cher
Wang. The CEO of HTC is Peter Cho. The company itself is based in Xindian
District, New Taipei City, Taiwan.
The main reason why the company can survive in the market until now is because
HTC has always been think further that has excellent ability to have future insight and
innovate new products which most of other companies do not think about and produce. This
is why HTC is the company behind most of the smartphones with Windows and personal
digital assistants (PDAs). It operates mainly as an original design manufacturer (ODM) as
well as original equipment manufacturer (OEM) for some companies, such as NTT DoCoMo,
AT%T Wireless, Orange, T-Mobile and etc.
HTC also has their own brand for PDA and smartphones, which is named Qtek. In
June 2006, HTC made acquisition of Dopod, the distributor of HTC smartphones and PDAs
in Asia region. This made HTC have the place to compete directly with many of its
customers.
HTC grew vastly through its close merger with Microsoft Corporation, assisting the
software large force its operating system on originally reluctant mobile telecommunications
sector. HTC runs its manufacturing activity in China and sales support in United States and
United Kingdom, separately for each North America and Europe.

2. Types of Foreign Exchange Exposure


According to (Sanjay borad, 2011) Foreign Exchange exposure can be classified into 3:
i)

Transaction exposure

ii)

Translation exposure

iii)

Economic exposure

In a MNC, the value of its future cash flow is dependent on foreign exchange currency
value. In case of HTC, since the market is bassd throughout the world, the economy is
exposed to foreign exchange. The exchange rates tend to fluctuate with time. It has the
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tendency to increase or decrease according to the global market. So a firm should be


well aware of the foreign exposure in order to be successful in the market.

2.1 Transaction Exposure


This is easiest mode of foreign currency exposure. It is a risk of adverse exchange rate
movements in the normal cause of international trading transactions. It is related to the actual
transactions which take place involving foreign currencies. The ultimate goal of any firm is to
make profits. There is a risk of the final transaction to go in a negative manner if the economy
is moving in an unfavorable manner (Sanjay Borad, 2011)

2.2 Translation Exposure


According to (Sanjay Borad, 2011), Translation Exposure is mainly based on
accounting Exposure. The exposure is mainly due to the translation of accounting books of
records into the home currency. The financial statements show accurate position of the
company in the specified dates. There is no much risks in this exposure. The profits or losses
made through translation can be reversed next year if the economy runs in favor of the home
currency.

2.3 Economic Exposure


Economic exposure shows the effect of exchange rate movements on the international
competitiveness of a company. The function of foreign exchange markets is to facilitate the
exchange of one currency into the other. As opposed to the other exposures, economic
exposure has the most impact in the valuation of the firm. The value of the firm is determined
by the function of operating cash flows.
.

3. Factors to Measure Rate of Globalization


3.1 Customer Drivers
Customer factor is very important in product globalization. According to Ellis &
Williams (1995) it includes three drivers:
1. Customer Requirements
2. Distribution
3. Uniform Marketing

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3.1.1 Customer requirements

According to Ellis & Williams (1995) the convergence of customers requirements is


vital for a product to achieve globalization. In case of smartphone market, customers could be
divided into two groups. The first group seeks for cost effectiveness rather than high end
specs and technology, while the other group looks for the best available technology and more
loyal to specific brands.
The Apple customer requirements for instance are for its strong security feature, as its
Operating System (IOS) is closed and its very hard to be hacked into or attacked by any
virus. Second requirement for Apple consumers is quality, its true that they pay much for
their devices but they get high quality in return followed by best after sales experience.
Added to that, the Apple phones are rarely prone to lag or experience a crash. Also, they offer
a special wide variety of software features such as: iTunes, Siri, and Apple e-pay. However
Apple has successfully satisfied its customers needs through their standardized products,
which makes it truly global.
3.1.2 Distribution

According to Ellis & Williams (1995) the distribution channel of a product plays an
important role in making a product truly global but its often underestimated. To make the
distribution channel of the product stronger, companies have to forecast the demand and
supply of their products in a region. Apple and Samsung both have very good distribution
channels around the world.

Figure 1: Distribution Channel of Samsung (Source: www.samsung.com)

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From the above figure, the distribution strategy Samsung could be easily understood.
Samsung is using online selling procedure and distribution or wholesale network to make
their product easily accessible to their customers. Samsung is using Samsung Shops which
are available around every region of the earth. They are using these facilities to make their
products distinct from other brands by making it easily approachable to the people. As a
result, the distribution strategies of both companies make them truly global.
3.1.3 Uniform Marketing

To distribute the standardized product effectively and acquire the market, the most
important thing is the uniform marketing strategy. Ellis & Williams (1995) states that there
should be uniformity in marketing strategy of a company for different countries or regions to
become truly global. For instance Samsung and Apple are both marketing their products in
different regions in almost the same style. Like when they introduce a new product in the
market they try to advertise by showing what new features they have in their product, the
benefits of it in their daily life and try to make their product more familiar to the people using
same strategies. One of these marketing strategies is using some local mobile network
providers to make the product more approachable and more attractive. For example according
to Low (2014) Apple is using Maxis and DiGi to promote their new product iPhone 6 and 6
Plus by offering new price plans for their network Samsung is also using DiGi, Maxis,
Celcom & U Mobile to promote their new product Galaxy Note 4 by offering new price plans
(Chan, 2014).

3.2 Cost Driver


Cost is one of the product globalization drivers. According to Ellis and Williams (1995) it
includes three parts:
1. New product development
2. Scale economies
3. Transportation costs
3.2.1 New product development

Nowadays, in rapidly developing technological world; harsh competition between


producers demands them to constantly improve and add sophistications to their new products.
In turn developing a new product involves great expenses. Most of the time, small companies

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just could not meet such pressure. Hence, it is important for firms to become larger to meet
these challenges. (Ellis & Williams, 1995).
Apple Company is always considered as a main forerunner in the telecom industry
and employed the greatest engineers and designers of our time. Along with it the company
acquired some other companies to access to the latest know-hows to sophisticate its products.
Particularly, gaining NeXT Company made it possible for the operating systems IOS and OS
X to be developed. By acquiring other companies, Apple not only achieved more improved
products and patents, but also managed to attract competent specialists.
Four years ago in 2011 Apple managed to acquire C3Technologies, a company
developing 3D maps for almost $240 million to be able to compete with Google Maps.
Another acquisition of Apples is Anobi, the key component of flash memory for i-devices
purchased for $390 million the same year. In February of 2012 Apple acquired Chomp for
$50 million to use it to improve app store.

Year

Company

Derived

Value (million

Business

product

USD)

3D mapping

Maps

2671

C3
Technologie
1

2011

iPod, iPhone,
2

2011

Anobit

Flash memory

iPad

390

2012

Chomp

App search engine

App Store

50

PC and mobile security


4

2012

AuthenTec

products

Touch ID

356

2013

WiFiSlam

Indoor location

Maps

20

2013

Cue

Personal assistant

50

2013

PrimeSense

Semiconductors

345

2013

Topsy

Analytics

200

2014

Swell

Music streaming

iTunes

30

Beats

Headphones, music

iPhone,

Electronics

streaming (Beats Music)

iTunes

1
0

2014

3000
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Table 2.1: Companies Acquired by Apple (Source:


http://en.wikipedia.org/wiki/List_of_mergers_and_acquisitions_by_Apple)
3.2.2 Economies of Scale

Economies of scale are the cost benefits earned in long term by expanding the volume
of production. Ellis & Williams (1995) regards with new product development, the existence
of scale economies motivates firms to have lower cost per unit by increasing volume of sales;
thereby forcing towards globalisation. There can be cost benefits from both external and
internal scale economies. External scale economies are the benefits enjoyed by the whole
mobile telecommunication industry while internal scale economies are benefits enjoyed by
the individual company on better productivity.
Apple benefits from scale economies as they maximize the production of iPhones and
iPads. They both share some common components like processing chips and display screens,
which are purchased in bulk at lower prices. Moreover, most of their components are produce
by themselves lowering per unit costs. Their branding enables them to advertise all their
products through promoting only one product, helping them to reduce a high margin of
advertisement costs. Their extended after sales support, encourages more and more customers
to purchase their products.
3.2.3 Transportation

Nowadays, transportation costs become less important in preventing companies and


their products to become global. In this case, the product should be worthwhile, in other
words its value is supposed to be high. Moreover, in latest decades significant changes have
occurred across the worldwide economy. Extent of the market, limits its specialization. While
producers faced great transportation expenses, their market remained quite small.
As transportation cost decreased, it became possible for companies to increase their
economic activity by expanding their scale production and to ship their goods all over the
world. It also became possible for big industrial cities to focus on large-scale manufacture
and gain costumers from all over the world.
In the case of Apple, locating its manufactory in Asia has considerably reduced device
price per unit. For the company to optimize the chain of the production it is essential to hold
its plants close together. Apple located its plants in Asia to lower their production costs by
hiring low-cost labor force, enjoying flexible land-use, valuable exchange rates and amiable

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environmental rules. Moreover, transporting goods from Asia to the rest of the world makes
much economic sense. (R. A. (2012).

3.3 Country Drivers


The primary country drivers comprise:

Trade policies

Technical standards

Cultural and regulatory barriers

3.3.1 Trade Policies

Some countries have a complete ban on trade and commerce with a particular region
or group of regions. USA prohibits sale or supply, export or re-export, directly or indirectly of
any Apple products by any citizens to Cuba, North Korea, Sudan, and Syria without prior
approval by the U.S. government. Samsung Company is denied to import some specific
models of smartphones and tablet computers after President Barack Obama decided not to
overturn a ban won by Apple Company in a patent-infringement case.
3.3.2 Technical Standards

Standardisation contributes to success in the global economy; achieving product


standardisation becomes more difficult for various technical standards (Ellis, J. & Williams,
D. (1995). European Union (EU) voted to update their radio equipment laws, to have a
common mobile phone charger reduce electronic wastages and inconvenience for customers
(Merriman, 2013). While Samsung and all other mobile phone manufacturers, are using
standard chargers, Apple uses its own new charger. The type of local electrical supply varies
between some countries e.g. France, UK & US, forcing standardisation of mobile phones to
accept wider range of power supply.
Apple was the first ever mobile telecommunication company to come up with a multitouch device, with its launch of iPhone in June29th 2007. In late 2008, Samsung and other
major mobile phone manufacturers made their debut in multi-touch phones. The iPhone 4 of
Apple was the first smartphone to use micro-Sim card in June 2010, forcing Samsung and
other mobile phone manufacturers to adapt the same technology.

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Similarly, iPhone 5 was the first device to use nano-Sim card in September 2012.
Samsung was the first company to introduce larger screen mobile phones, which forced
Apple to enter this segment. (Reagle, D.2012)
3.3.3 Cultural and Institutional Barriers

South Korean customers prefer to purchase technological devices manufactured in


their country, thereby giving Samsung an advantage over Apple Products. Samsung Company
being able to meet the needs and tastes of Korean consumers gives them an upper hand over
the global competitors in the market. Samsung is also able to satisfy all levels of income
group, unlike Apple products merely targeting one specific segment of customers. After sales
service of Apple Company is unavailable in many regions, while Samsung ensures to have
after sales support in every region their product is sold. Apple have some loyal customers
loving their strong brand name who are willing to wait outside their stores for hours just to
purchase their products unlike Samsung customers. The wide availability of cheaper fake
Apple products manufactured from China with almost equal qualities is also hindering the
sales of genuine Apple products in many regions. (Phneah, E.2013)

3.4 Competition Driver


Competition is also an important part of globalisation. According to Ellis & Williams
(1995) it includes two drivers.
1. Competitive Interdependence
2. New Entry Competition.
3.4.1 Competitive Interdependence

For a company to be truly global it should also be good in competitive strategy.


According to Ellis, J. & Williams, D. (1995) both national and international markets are
dependent on each other. In case of telecom industry, on launching a new product or service
at the international market, the local market will be affected. Or, when a local company
increases its geographical boundaries; its rivals will be under pressure to expand its
boundaries in order to survive.
For Instance, Apple and Samsung both are trying to compete with each other in both
international and national markets to drag customers by introducing new technology and
much more. Whereas, the action of one makes the other respond in order to survive in the
national and international market being interlinked to one another. For Example both
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companies are trying to attract smartphone customers towards them. Like Apple has pulled
about 20% of Android customers towards IOS but Samsung has succeed to get only about 7%
of IOS customers. (John, C.2013) Hence, in order to survive in the telecom sector Samsung
is now trying to pull IOS customer or attract new customers towards them.
In the competition between different companies especially in the telecom sector, the
main criteria companies focusing are on their R&D department, thereby achieving the first
mover advantage over their rivals in the national as well as international market. For instance,
when Samsung or Apple Launch new products in the international market, the demand of
their previous product start decreasing from the local markets and people tend to purchase the
latest product. Hence, when the demand of older product reduces from the local market then
they are forced to reduce its price.
3.4.2 Entry of New Competitors

According to Ellis, J. & Williams, D. (1995) when new competitor enters in some
industry it has a high influence on localization and globalisation of that industry. For example
in telecom industries when some new competitor enters the market with some distinguished
functionalities or services it makes the others compete in such way so that they survive. In
telecom industry, companies succeed who gained the first mover advantage. Like in the
competition between Samsung and Apple who introduce some new technology or
functionality gain the first mover advantage.
Apple and Samsung both are trying to make their product different from each other
and also from other brands. Apple has an advantage of completely different Operating System
and on the other hand Samsung has the advantage of compatibility because Samsung devices
are compatible with most of the common Operating Systems like Windows. Nielson, S.
(2014) in Market Realist News states that on December 2013 Apple launched a new
technology for its customers named iBeacon which uses wireless Bluetooth technology to
find the exact position of the users at the Apple store. This technology is completely different
and new, so Apple gains the first mover advantage by this launch.
Reuters (2014) states in an IT related news website NDTV GADGETS that now
Samsung has introduced a new technology of curved screen smartphone to compete with the
Apple. Now it is difficult for its rivals to adopt this technology. So in the perspective of entry
of new competitors every mobile telecom company keeps on introducing new product in the
global market to survive.
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