Independent University, Bangladesh

School of Business & Entrepreneurship

Courses: INB 301_Project Final

Submitted by:

Name ID

Namira Binte Haque 1911152

Touhidul Islam 2022035

Showmick Debnath Tirtha 1910356

Aysha Shahnila 1921637

Shayoni
Fahima Ferdous 2020257

Faculty: Mr. S M Yusuf Mallick

Lecturer,

Department of International Business,

School of Business,

Independent University, Bangladesh

Date of submission: April 10, 2022

Letter of Transmittal

10th April 2022

To,

Mr. S M Yusuf Mallick

Lecturer

Department of International Business

School of Business

Independent University, Bangladesh

Subject: Submission of the “Semester Project”

Dear Sir,

We are delighted to submit the “Final Semester Project” which you had authorized us to
prepare as INB 301 course requirement.

We have enjoyed preparing the report, though it was challenging to finish within the given
time. To prepare this report, we tried our level best to include all the relevant information.

So, we, therefore, hope that you will find it in order and if you have any query, please do not
hesitate to contact us.

Thanking You,

Team Smile
Acknowledgement:

A special thanks is due to our respected faculty and course instructor Mr. S M Yusuf Mallick
for giving us such opportunity and providing valuable guidance, suggesting us about
accumulating information necessary in the preparation of this report. We would also like to
thank him for assigning us an exclusive area that has helped us to develop our knowledge of
International Business in truly unique way.

Moreover, we have benefited from the help of many websites which have gleesomely
supplied insightful comments, suggestions, and contribution all, that have progressively
enhanced this report. The selection of this specific product “Polymer-Jute Corrugated Sheet”
was based on the uncommon item in terms of export.

Due to that our effort towards making a report which discusses an extended plan by choosing
a country from alternates, selecting two strategies for short run & long run & entry mode
based on relevant factors.

Contribution Chart:

Namira Binte Haque 1911152 Product Identification, Raw Materials

Abundance, Invention of Jute Tin
 Touhidul Islam 2022035 Product Modification, Competing Industry &
Substitution, Target Sectors, Cost & Benefit

Showmick Debnath Tirtha 1910356 Selection of 3 Countries, Discussing their

Political, Socio & Economic Aspect

Touhidul Islam 2022035 Finalizing the Country, Reason of

Finalization, Future Growth

- Formal Report Structuring (Executive

Summary, Conclusion, Plagiarism
Edits)

Aysha Shahnila Shayoni 1921637 Choosing Strategy for the product, Short
Run Strategy & Long Run Shift in Strategy,
Adaptability in Long run

Fahima Ferdous 2020257 Identifying alternate entry mode, Choosing the perfect
mode for short run & Long run

Executive Summary:

The abundancy of Jute in Bangladesh provides a comparative advantage to specialize in this

item. Scientific research on jute brings innovative new product which explicit demand in
certain part of the world. The modification of such product brings fortune to identify the
needs and grab the market with better substitutes. The world is now shifting into environment
friendly items and such biodegradable innovative products are satisfying the core demand
with lower of cost basis. Win-Win situation for companies to receive two golden things at a
time. The country’s different aspects represent the opportunity/ threat to internationalize.
Future forecasting of stability in all condition requires a critical analysis for sustainability.
Sticking to only area is not suitable for-profit growth, moreover expansion with strategic
approach and penetrate in diversified market will bring profitability. The strategy is dynamic
and based on circumstances, it requires adaptability & switching for better condition with
appropriate entry mode.
Table of Contents

Product Identification:............................................................................................................2
Product Modification:..............................................................................................................3
Country Selection:...................................................................................................................4
Final Country & Growth:......................................................................................................13
Future Growth:..............................................................................................................................14
Strategic Posture:...................................................................................................................15
Entry Mode:...........................................................................................................................17
Conclusion:............................................................................................................................19
Bibliography...........................................................................................................................20

Product Identification:

The product that is uncommon in terms of internationalization from Bangladesh is “Jute Tin/
Jute Corrugated Sheet”.

Raw Materials Abundance:

To manufacture the product “Jute Corrugated Sheet”, we need the raw materials of Jute. In
Bangladesh, jute is called the “Golden Fiber”. The jute production from agricultural sectors is
quite impressive around the country. Bangladesh is well-known for trading jute-related
products to the whole world. Districts such as Faridpur, Tangail, Jessore are contributing
mass production of Jute. The interesting point is that jute is produced in all districts of
Bangladesh in greater or lesser amounts. After mitigation of local demand, the jute products
are globally distributed. (Rob, 2014)

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Invention of Jute Tin:

Bangladeshi Scientist, Mubarak Ahmad Khan, is the inventor of this diversified item from
Jute. He is well known for his invention of biodegradable jute polybags. His invention of this
jute corrugated sheet is the contribution towards controlled sound and heat benefits for the
users. (Textile Today, n.d.)

Production of Jute Corrugated Sheet:

This invention is not only beneficial for the environment but also effective for the
manufacturing process. The cost associated with the manufacturing of Jute Tin is minimal.
Input costs such as. Raw materials & labor costs are comparatively low in Bangladesh. Even,
the overhead costs are lower because the production process consumes less utility.

Benefits:

In addition to being heat, rust resistant, its longevity is better than galvanized corrugated
sheets. The metal sheets components change over period but the jute corrugated sheets stay
longer. Moreover, the cost is lower compared to metal sheets and easy customization feature
with resale value is there after useful life.

Product Modification:

The Jute Tin/Corrugated Sheet is the product that has been invented. However, for our
purpose of exporting with more developed items, the modified product will be a better
choice. According to Bangladesh Atomic Energy Commission, this Jute tin can be
transformed to a polymeric jute corrugated sheet by adding polymer materials to it. (World
Jute, n.d.) This polymer with the fiber of jute makes this product more resistant to heat and
rust, more sustaining because of its strong properties, and most importantly, it can be
customized flexibly.

Competing Industry & Substitution:

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The metal corrugated sheet is widely used till now especially in manufacturing plants to resist
heat and structure control. However, this jute-polymer sheet is far stronger in terms of
properties than the metal and the installation is easier as per the flexible customization
feature. The change in structure will also take minimal effort for jute-polymer corrugated
sheets. Based on news by the inventor of Jute Tin scientist, this product is way more efficient
than metal sheet and the resistance of heat and rust is more effective.

Target Sectors:

Now, this jute-polymer corrugated sheet can be used in plants-rooftop, sideways and
especially homes where the risk of earthquake is huge. However, our initial target is the
manufacturing plants where this item will be more used. (Tuflite, n.d.) The further is
presented on future growth expansion.

Country Selection:

Now, as per our topic of globalization of production, the production is going to occur in
different parts of the world and as per the product life cycle theory, the lower-cost countries
will be the prior in terms of manufacturing. Recently, developed countries companies are
shifting their manufacturing in developing countries & under-developed countries to
minimize the cost of production. This ultimately leads to more manufacturing plants,
factories & facilities. To such an on-growing arena, this product will be a good choice for
firms to adopt in terms of sustainability and cost minimization.

The three alternative countries which are developing and the implementation of
manufacturing plants by world-wide companies is huge are China, Vietnam & Indonesia.

China:

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Political Aspect:

With a population of 1.4 billion people, China has a difficult time maintaining a stable
political system. The one-party rule system stipulates that only the Communist Party of China
is capable of building and sustaining order.

P-Current Scenario:

The political system in China is autocratic. There are no freely elected national leaders,
political opposition is crushed, the Chinese Communist Party controls all religious activities,
dissent is prohibited, and civil liberties are restricted. In China, elections are held under a one-
party authoritarian political system.

P-Future Scenario:

As scenes of disaster and murder emerge from Ukraine, and millions of refugees escape the
nation, the world's attention is rightfully drawn to the tragedy of what many formerly
considered an inconceivable in the twentyfirst century: a large-scale contemporary war in
Europe. However, in this bleak era, it is even more critical to consider and assess the hazards
posed by other prospective wars that may be ignited by rising geopolitical tensions. The most
serious of these is the possibility of a conflict between the US and China. This possibility is
no longer unimaginable, which is a valuable lesson for our time.

Economical Aspect:

China is getting the largest manufacturer of worldwide items with its massive input power
and its export to global market is increasing day by day. Its open market is offering wide
range of product to ensure competitiveness among companies in terms of quality assurance.

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E-Current Scenario:

Large-scale capital investment and quick productivity development, according to economists,

account for most of China's rapid economic growth.
These two elements appear to be linked.

E-Future Scenario:

Economic growth would average 2–3% per year during the almost three decades from 2021
to 2050. (Lowy Institute, n.d.) Given that China is still considerably below the global
productivity barrier, higher growth, say 5% per year, is theoretically achievable.

According to the British consultancy Centersocial for Economics and Business Research
(CEBR), China's GDP would rise at 5.7 percent per year through 2025, then 4.7 percent per
year until 2030. China, presently the world's second-biggest economy, is expected to overtake
the United States as the world's largest economy by 2030, according to the report.

Social Aspect:

The "three pillars" of ancient Chinese society are made of different religious factors. The Han
Chinese make up the majority of Buddhist believers. Even, this theory is adopted in trade
purpose with people affluency & business develops. (The Diplomat, n.d.) However, because
many Han Chinese follow historical/cultural Buddhism rather than everyday practice,
counting their exact numbers might be problematic.

S-Current Scenario:

The importance of the family, the hierarchical structure of social life, the training of morality
and self-restraint, and the focus on hard work and accomplishment are among the most

5
fundamental values of Chinese culture. 'Collectivist' culture and civilization may be found in
China. (University of Delware, n.d.)

S-Future Scenario:

China’s transformation from a command economy to free market economy has changed the
social life entirely. It will improve more as China is becoming the world’s trade center in the
upcoming years. The free economy will provide them higher employment rate, the quality of
life will be increased as well. Through that, a shift can be noticed in society within China.

Vietnam:

Political Aspect:

Vietnam political aspect is promoting socialism with one party ruling. It’s expressing
themselves as a sovereign state as worker’s state. (Wikipedia, n.d.)

P-Current Scenario:

Vietnam's systematic violations of basic civil and political rights continued in 2020. Under
the Communist Party of Vietnam's one-party rule, the government strengthened limitations on
freedom of expression, association, peaceful assembly, movement, and religion. (Human
Rights Watch, n.d.)

P-Future Scenario:

Vietnam’s Political decision towards economic re-structure and integration widely brough
massive gains in trade, investment & gains. However, still the scenario of private sector in
Vietnam is lacking behind with the dominance by government sector. To mitigate such
challenges, initiatives such as Comprehensive Agreement for Transpacific Partnership will
draw the edge of opportunity. (Lowy Institute, n.d.)

Economical Aspect:

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From a very, very, closed economy, Vietnam has now become one of the most open
economies among the developing countries, in terms of trade, in terms of FDI,” Thanh says.

E-Current Scenario:

Due to the Covid-19 seriously affecting all areas of the economy, especially in the third
quarter of 2021, many focused economic localities had to implement prolonged social
distancing to prevent the Covid-19 epidemic, GDP in 2021 was estimated to increase by 2.58
percent (the first quarter increased by 4.72 percent; the second quarter increased by 6.73
percent; the third quarter increased by 6.02 percent; the fourth quarter increased by 5.22
percent) over the previous year. (East Asia Forum, n.d.)

The agriculture, forestry, and fishery sector increased by 2.9 percent, contributing 13.97
percent to the overall growth rate of the economy; the industry and construction sector
increased by 4.05 percent, contributing 63.80 percent; and the service sector increased by
1.22 percent, contributing
22.23 percent.

E-Future Scenario:

Vietnam is competing with other developing countries like India, Bangladesh to be a

successful economy. They are one of the targets of foreign direct investment to set up the
manufacturing plants due to their empty spaces with lower cost of land & lower input cost. In
2022, the growing manufacturing hub in Vietnam is contributing the country for higher gross
national income. This rise is GDP and growth rate enabling the government to facilitate new
businesses. (Mitsui & Co., n.d.)

7
Social Aspect:

Vietnam’s society perspective has established through believing the power of spirit of
ancestors. They prefer a harmony life with performing manual labor to support the income.
(Merriam-Webster, n.d.)

S-Current Scenario:

Due to the Covid outbreak recently, the disruption in social gathering hampered and downfall
happened it social sector. However, with health safety control, the society is back to the
workplace once again. This enabled them to run the economy with safe workforce. As, their
participation occurred in the economy, the activities remain steady and gradually, social class
will be enhanced with new opportunities. (World Bank, n.d.)

S-Future Scenario:

Currently, the government earnings from Vietnam’s on growing economy is being used in the
infrastructure development & improving social places. (The Diplomat, n.d.) The employment
opportunity is created which is a golden item especially in developing countries. Government
is investing in education sector for technological learning and becoming a competitive nation
for the global market.

Indonesia:

Political Aspect:

Indonesia’s political system is state owned government and a whole government as a central
body, known as President. The politics is based on democracy and the state’s executives are
owned by the central government.

P-Current Scenario:

8
Indonesia was classified a "flawed democracy" by the Economist Intelligence Unit in 2019.
Indonesia's political parties have been described as cartels, with substantial power sharing
among them and low voter accountability. (Jakarta Globe, n.d.)

P-Future Scenario:

The key policies to run the country with the democratic party is quite risky. The key policies
like in 2009, mining law which affected the foreign direct investment in their performance
sector with several requirements. Apart from such policies, political risk quite low except for
strikes & protests related to various sector. (Export Finance Australia, n.d.)

Economic Aspect:

Government policies, the country's natural resource endowment, and its young and rising
labor population have all influenced Indonesia's economic success. Over the last half-century,
Indonesia's trade openness has expanded in tandem with its economy's industrialization.

E-Current Scenario:

Indonesia's economy is the largest in Southeast Asia and one of the world's growing market
economies. Government policies, the country's natural resource endowment, and its young
and rising labor population have all influenced Indonesia's economic success.

E-Future Scenario:

After China, the United States, India, Japan, Brazil, and Russia, Indonesia might overtake
Germany and the United Kingdom as the world's seventh biggest economy by 2030. The
Association of Southeast Asian Nations is a group of countries in Southeast Asia.

Social Aspect:

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The majority number of people in Indonesia are male centric & the adaptability of technology
has made them to aware in education, diversify culture, and independence. They are friendly
in nature as per the religious teaching and quite welcoming society.

S-Current Scenario:

Till now, Indonesia has faced several crises in history for which the social development was
not up to the mark. The international donation of fund is a quite good source for them to
cover up the situation.

S-Future Scenario:

Currently, mass industrialization and bi-lateral agreement with foreign countries like Indo-
Australia agreement are al-together contributing to Indonesia’s success in economic sectors.
(Parliament of Australia, n.d.) With that, the major losses of unemployment and
underemployment issues are now stable and future, with adaptability the perception of
societies towards international countries & businesses will change.

Final Country & Growth:

So, based on our analysis on political, economical & socio, we will be selecting China for our
target market. In addition to that, we will plan to expand our market in the other countries as
well. Now, the question remains why we chose China even if its political environment is
command system. Let’s discuss.

- Though China’s political system is command/autocratic, however china’s economy is

full free market system for trading purpose.
- This reason due to cost minimization & input availability factor, companies are
shifting their manufacturing plants to china

10
 - Not only technologically advance china is, but also the huge open spaces, lower land
cost is beneficial for the company to do FDI
- Even, china’s government don’t intervene its economy sector which is a opportunity
for businesses to grow
- Now, for our target market is the industrialization market where the plants, factories
will be built up
- The Polymer-Jute Corrugated sheet will be used to the roof & sideways of those
plants
- According to recent statistics, china’s growing manufacturing plant will be higher in
upcoming year
- So, we will be able to supply our product to businesses to adopt it in their plant
- These on growing plant build up will be a massive market for us.

Apart from these, sectors, China is also in No. 1 risk of earthquake. The normal house rooftop
is made through metal tin which can be substituted with our product.

As per our contingency and other market coverage, the vision of diversification is described
on future growth.

Future Growth:

Future Developing Countries:

These manufacturing plants are now-a-days targeted to developing countries but eventually
after a certain period of time due to the cost minimization concern, it will be shifted into those
countries which today are considered as undeveloped countries. So, the shiftment of our
target areas will also emphasize us to get that market as well.

Diversification of Business:

Our current target area is covering the on-growing manufacturing industry with their
facilitation of the sideways & rooftops. But, we are not going only limited to this range. The

11
expansion will be opportunized by us to further diversify the business in order to cover more
markets.

Home Rooftop:

Countries such as Japan, Nepal & Indonesia are hugely at risk of earthquakes. Their structure
of houses are based on corrugated sheets and basically the rooftops. They have a demand for
new developments which can be a good market for our target. In Particular, the local area of
rural places is growing in-construction. City areas are quite not a good market due to high
growing buildings.

Furniture Items:

The Jute Tin can be used for making furniture and other tools. It can be used for local markets
as well. We can work as the raw materials supplier for furniture manufacturing industries as
well.

So, along with our current market, we will not keep any flank area for the competitors. The
flank will be covered by the product and new identification of growing demand will work on
it.

Strategic Posture:

Introduction:

A business strategy is a plan to achieve the goal of a company to expand their business. Every
business needs to have some strategy to increase their profit and attain the goal. There is no
right way to expand the business internationally. But there are some strategies that they can
make for internationalization of the business. There are four strategies- Global
standardization, Localization, Transnational, International. By choosing any of these
strategies a business can start to expand their business.

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Our Strategy for Internalization-

Short Run Scenario:

For our business we choose localization strategy. With these strategies, we can set our
product to that specific market based on the required customization according to manufacture
infrastructure to that country.

This strategy is most effective when customization is necessary, and consumer are more
adaptive with their local scenario compared to a same product for all the globes. By
customizing jute corrugated sheet offering to local demands, our set up will increase the value
of the jute tin in that specific market.

Long Run Scenario:

On the downside, it involves risks in the long run. The other jute manufacturing countries like
India can be a competitor for us in that our market. On that time, the required changes for
innovative in product will lead to higher cost and higher customization. Through this way, we
will shift into the strategies of “Transnational”.

Localization may give a firm a competitive edge, but if the firm is simultaneously facing
aggressive competitors, for the long run the company will also have to reduce its cost
structures would require move to transnational strategy. For the long run we need to achieve
low costs through location economies, economies of scale, and learning effects. By following
transnational strategy our company can aim at expanding our sales, lowering our production
costs, and attain economies of scale. So, we need to be aware of thinking of differentiating
our product and we are required to acquire subsidiaries in there with the managerial skills to
cover up the costs. There can be a shift in entry mode on that particular time as well.

We did not choose Global standardization or international strategy because global

standardization strategy works when there are strong pressures for cost reductions and
demands for local responsiveness are minimal. And international strategy works when there
are low-cost pressures and low pressures for local responsiveness. These strategies won’t
work with our product.

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So, overall, our strategies to internationalize our product will be connected two strategies.
Classified them for short run and long run to describe the issue furthermore.

Entry Mode:

Appropriate Entry Mode for Jute Corrugated Tin

To enter our product jute tin in the foreign market we like to choose “Exporting”. We choose
exporting because we want to begin our global expansion as exporters and only, later on, we
like to switch to another mode of entry for serving a foreign market.

Jute tin is an environment-friendly product, it leads any organization one step forward toward
a zero-waste lifestyle. But to know that an organization or a company or maybe the people
are like to adapt this environmentfriendly product or not that’s why we want to expand our
product through exporting at first.

The reason we find exporting attractive for our product is-

• Through exporting we know that we can avoid the substantial costs of establishing
local manufacturing operations in the host country
• It will help our production firm to achieve experience and their location economics
• By exporting we will be able to realize substantial scale economies from our global
sales volume
• Exporting will help us to diversify our market opportunities so that even if the
domestic economy begins to falter, we may still have other growing markets for your goods
and services.

A small and medium-sized enterprises like us can easily make inroads into various country
markets through exporting. But even if exporting so benefited for us, we know that we can
also face some difficulties in this way- • Exporting have a high transport costs and if we make

14
a small amount of production, we cannot able to achieve our expected profit through
exporting.
• Exporting can be made unprofitable due to tariff restrictions. Similarly, the potential
of tariff barriers imposed by the government of the host nation might make it extremely
dangerous.
• The product we make to export there we can face problems with local marketing
agents.
Local agents are those people who carry the products of competing firms and divided
loyalties.In such situations, the local agent may not perform as well as the company would if
it handled its own marketing.
• Exporting from our country base may not be effective if lower-cost locations for
manufacturing the product can be found abroad.

We see that exporting have some drawbacks but even if that we want to expand our market
through exporting because it is the only option we can take over to know the foreign market,
their culture, wants, demands and choices.

If we are able to successfully establish our product in the foreign market through exporting
then we will try to switch to another entry mode for our jute tin. After exporting we like to
choose wholly-owned subsidiaries coz through it we can handle local marketing, sales, and
service in foreign nations.

By applying wholly-owned subsidiaries, we can get high tight control over marketing and
sales in the country while reaping the cost advantages of manufacturing the product. For our
jute tin, we can’t choose foreign direct investment (FDI) because of restrictions on profit
repatriation, high taxation, VAT policies, ease of doing business, and an underdeveloped
capital market.

Conclusion:

So, in this report, we are utilizing our abundant raw materials with processed by polymer, a
top-notch product of Polymer-Jute Corrugated Tin. We are covering initially the china market
of its on-growing manufacturing industry and other developing countries market. The
additional uses of household for rooftop in earthquake risky areas and ultimately shifting with

15
the transformation of plants into lower cost area. Our strategy will shift into transnational in
long run, and we will adapt with such situation with our experience curve. So, this product
export can be a sustainable business for us except government intervene with trade barriers.
That time, our entry mode will be re-assessed with the circumstances.

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https://www.mitsui.com/mgssi/en/report/detail/__icsFiles/afieldfile/2021
/08/02/2106c_fukuoka_e_1.pdf
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webster.com/dictionary/ancestor%20worship#:~:text=Definition%20of%2
0ancestor%20worship,the%20affairs%20of%20the%20living World Bank,
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risk/

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