The strategic role of investment banks in the retailer internationalisation process: is this venture marketing?

In recent years the scale and scope of retailer internationalisation activity has grown markedly, mainly through increasing levels of cross-border merger and acquisition activity. This has been particularly prevalent among companies operating in the food retail sector. During this time, and within the context of increased merger and acquisition activity in international markets, the financial institutions have taken an increasingly prominent role in the retail internationalisation process. Explores the nature of the financial institutions’ role in the retailer internationalisation process and, specifically, the extent to which the financial institutions actually inhibit and/or promote retail international activity. A key purpose of this study is to examine some of the drivers and inhibitors of the retailer internationalisation process. Reports the findings from 30 in-depth interviews with food retail analysts of the leading investment banks in the City of London. The findings from this study should help to provide further insights into the nature of the retailer internationalisation process.

Stakeholder relationships in an international retailing context:an investment bank perspective

Purpose - In the stakeholder marketing literature, there have been calls by several researchers to expand the stakeholder domain to incorporate a broader array of stakeholders. In developing this argument in this paper the authors aim to explore a set of stakeholder relationships in an international retailing context, notably those which exist between retail firms and investment banks. Design/methodology/approach - Theoretical ideas are subject to empirical scrutiny from 34 in-depth interviews with investment banks and senior retail executives from two retail multinationals. Findings - Exploratory findings suggest that US investment banks' ideals were at odds with European retail firms - and both occupied "different thought worlds". It is concluded that the relationships between financial stakeholders and the retail firm cannot be explained simply by reference to stylised economic interactions, but must also be examined in the light of the cultural contexts and different forms of market system within which different firms emerge, operate and interact. Originality/value - New strategies such as internationalisation stretch resources and capabilities to a point where retailers invariably will be exposed to different stakeholder issues and stresses. Towards this end, this paper contends that the significant international re-orientation under way in retailing must be understood within the wider context of stakeholder theory. The paper argues that the full potential of applying stakeholder marketing theory to the internationalisation process of retailers has yet to be realised. From this exploratory research, five research propositions are put forward that might serve as a guide to future research in this area. © Emerald Group Publishing Limited.

Strategic development process and complex adaptive systems

The two areas of theory upon which this research was based were „strategy development process?(SDP) and „complex adaptive systems? (CAS), as part of complexity theory, focused on human social organisations. The literature reviewed showed that there is a paucity of empirical work and theory in the overlap of the two areas, providing an opportunity for contributions to knowledge in each area of theory, and for practitioners. An inductive approach was adopted for this research, in an effort to discover new insights to the focus area of study. It was undertaken from within an interpretivist paradigm, and based on a novel conceptual framework. The organisationally intimate nature of the research topic, and the researcher?s circumstances required a research design that was both in-depth and long term. The result was a single, exploratory, case study, which included use of data from 44 in-depth, semi-structured interviews, from 36 people, involving all the top management team members and significant other staff members; observations, rumour and grapevine (ORG) data; and archive data, over a 5½ year period (2005 – 2010). Findings confirm the validity of the conceptual framework, and that complex adaptive systems theory has potential to extend strategy development process theory. It has shown how and why the strategy process developed in the case study organisation by providing deeper insights to the behaviour of the people, their backgrounds, and interactions. Broad predictions of the „latent strategy development? process and some elements of the strategy content are also possible. Based on this research, it is possible to extend the utility of the SDP model by including peoples? behavioural characteristics within the organisation, via complex adaptive systems theory. Further research is recommended to test limits of the application of the conceptual framework and improve its efficacy with more organisations across a variety of sectors.

Retail multinational learning:a case study of Tesco

Purpose - This article examines the internationalisation of Tesco and extracts the salient lessons learned from this process. Design/methodology/ approach - This research draws on a dataset of 62 in-depth interviews with key executives, sell- and buy-side analysts and corporate advisers at the leading investment banks in the City of London to detail the experiences of Tesco's European expansion. Findings - The case study of Tesco illuminates a number of different dimensions of the company's international experience. It offers some new insights into learning in international distribution environments such as the idea that learning is facilitated by uncertainty or "shocks" in the international retail marketplace; the size of the domestic market may inhibit change and so disable international learning; and learning is not necessarily facilitated by step-by-step incremental approaches to expansion. Research limitations/implications - The paper explores learning from a rather broad perspective, although it is hoped that these parameters can be used to raise a new set of more detailed priorities for future research on international retail learning. It is also recognised that the data gathered for this case study focus on Tesco's European operations. Practical implications - This paper raises a number of interesting issues such as whether the extremities of the business may be a more appropriate place for management to experiment and test new retail innovations, and the extent to which retailers take self-reflection seriously. Originality/value - The paper applies a new theoretical learning perspective to capture the variety of experiences during the internationalisation process, thus addressing a major gap in our understanding of the whole internationalisation process. © Emerald Group Publishing Limited.

International retail restructuring and divestment: the experience of Tesco

A key purpose of this study is to explore the lessons learned from international retail divestment and market withdrawal experiences. Drawing on 33 in-depth interviews with leading investment banks and key retail executives at Tesco, the study investigates the company's international restructuring and divestment activities in Ireland and France during the mid -1980s and 1990s. It has been demonstrated that, despite the progressive merger and acquisition wave sweeping through the corporate retail landscape recently, international retail divestment is quite widespread. The main conclusion from this study is that Tesco originally did not envisage divestment or de-internationalisation as part of the original internationalisation strategy process in either the acquisition of Three Guys in Ireland or Catteau in France. There was no appreciation from Tesco during their early period of expansion of the fact that exit pressures might arise during the course of market entry. In this regard, the case study provides insights into the relationship between investment and divestment within the context of international retail restructuring. The case evidence also demonstrates the positive impact of the Three Guys and Catteau divestments which helped management to refocus and rejuvenate the company's internationalisation process.

The nature of international retail divestment:Insights from Ahold

Purpose - This paper aims to explore the nature of divestment within the context of retailer internationalisation. Design/methodology/approach - It focuses on the activities of the Dutch food multinational retailer Royal Ahold (Ahold). Drawing on 37 in-depth interviews with investment banks and executives, this paper provides a number of insights into Ahold's international retail divestment activities within the context of a broadly successful international investment strategy. Findings - It offers some new insights into the multidimensional nature of international retail divestment construct in terms of the operational as well as more subtle and less visible non-operational international retail divestments. It is concluded from this study that, rather than portraying strategic and opportunistic approaches as binary opposites, a retail firm may have varying degrees of approaches to international retail divestment, and these may not necessarily be isomorphic across different countries. Research limitations/implications - The paper explores international retail divestment from a rather broad perspective, although it is hoped that these parameters can be used to raise a new set of more detailed priorities for future research on international retail divestment. Practical implications - This paper raises a number of interesting issues such as whether retailers initially take divestment seriously and the degree to which this is actually possible during market entry. Originality/value - As called for in the literature, this study examines divestment in the broadest possible fashion, thus addressing a major gap in our understanding of the whole internationalisation process. © Emerald Group Publishing Limited.

International retail joint venture learning

Where retail entry mode decision-making is examined in the literature, it has almost exclusively focused upon international store acquisitions and franchising growth and expansion. In contrast, international joint venture decision-making processes are visibly absent in the international retail literature. This article explores three retail multinationals' international retail joint venturing experiences, extracting some of the salient lessons learned at each stage of the joint venture development process and their concurrent impact on the whole internationalisation process. Suggestions for further research are made on the basis of gaps in the international retail literature and the lessons extracted from the cases under investigation. © 2006 Taylor & Francis.

Rhetoric in organized anarchies

This empirical case study of a business school internationalisation process investigates the relationship between rhetoric, ambiguity and strategic action in a garbage can context. Our data showed that rhetoric structured the garbage can and reduced the randomness of the strategy-making process in two ways. First, rhetoric enabled actors to distinguish between two uses of ambiguity - maximising ambiguity to avoid action, and minimising ambiguity to enact action. Rhetorics that maximised ambiguity were most frequent at the start of the strategy process; rhetorics that minimised ambiguity were most common later in the strategy process. Second, rhetoric provided structure by linking solutions, problems and participants to choice opportunities to enable action and by negating links between solutions, problems and participants and choice opportunities in order to enable inaction.

International student recruitment: South African rationales

In this paper, we focus on the rationales for the recruitment of international students to universities in South Africa. Through the use of in-depth interviews with international officers at a cross-section of South African universities, we argue that there are competing and complementary rationales for the recruitment of international students. Some South African universities follow international trends in terms of international student recruitment while others adopt a different approach. The analysis locates the rationales of international student recruitment as part of an internationalisation process within the context of globalisation. Dans cet article, nous nous focalisons sur les raisons derrière le recrutement des étudiants internationaux dans les universités de l'Afrique du Sud. Basé sur des interviews approfondies que nous avons menées avec les agents internationaux mandatés par les universités en Afrique du Sud, nous soutenons qu'il existe des raisons d'ordre compétitif et complémentaire qui expliquent le recrutement d'étudiants internationaux. Certaines universités sud africaines suivent la tendance de tels recrutement alors que d'autres adoptent une approche différente. Cette analyse identifie les raison du recrutement des étudiants internationaux dans le cadre du processus d'internationalisation dans le contexte de la globalisation.

Intelligent execution monitoring and error analysis in planning involving processes

An intelligent agent, operating in an external world which cannot be fully described in its internal world model, must be able to monitor the success of a previously generated plan and to respond to any errors which may have occurred. The process of error analysis requires the ability to reason in an expert fashion about time and about processes occurring in the world. Reasoning about time is needed to deal with causality. Reasoning about processes is needed since the direct effects of a plan action can be completely specified when the plan is generated, but the indirect effects cannot. For example, the action `open tap' leads with certainty to `tap open', whereas whether there will be a fluid flow and how long it might last is more difficult to predict. The majority of existing planning systems cannot handle these kinds of reasoning, thus limiting their usefulness. This thesis argues that both kinds of reasoning require a complex internal representation of the world. The use of Qualitative Process Theory and an interval-based representation of time are proposed as a representation scheme for such a world model. The planning system which was constructed has been tested on a set of realistic planning scenarios. It is shown that even simple planning problems, such as making a cup of coffee, require extensive reasoning if they are to be carried out successfully. The final Chapter concludes that the planning system described does allow the correct solution of planning problems involving complex side effects, which planners up to now have been unable to solve.

Controlling system uncertainty in sport and work

An applied psychological framework for coping with performance uncertainty in sport and work systems is presented. The theme of personal control serves to integrate ideas prevalent in industrial and organisational psychology, the stress literature and labour process theory. These commonly focus on the promotion of tacit knowledge and learned resourcefulness in individual performers. Finally, data from an empirical evaluation of a development training programme to facilitate self-regulation skills in professional athletes are briefly highlighted.

Bridging the gap from the general to the specific by linking knowledge management to business process

A phenomenon common to almost all fields is that there is a gap between theory and practical implementation. However, this is a particular problem in knowledge management, where much of the literature consists of general principles written in the context of a ‘knowledge world’ that has few, if any, references to how to carry out knowledge management in organisations. In this chapter, we put forward the view that the best way to bridge this gap between general principles and the specific issues facing a given organisation is to link knowledge management to the organisation’s business processes. After briefly reviewing, and rejecting alternative ways in which this gap might be bridged, the chapter goes on to explain the justification for, and the potential benefits and snags of, linking knowledge management to business processes. Successful and unsuccessful examples are presented. We concentrate especially on the issues of establishing what knowledge is relevant to an organisation at present, the need for organisational learning to cope with the inevitable change, and the additional problems posed by the growing internationalisation of operations. We conclude that linking knowledge management in terms of business processes is the best route for organisations to follow, but that it is not the answer to all knowledge management problems, especially where different cultures and/or cultural change are involved.

Examining the strategy development process through the lens of complex adaptive systems theory

The development of strategy remains a debate for academics and a concern for practitioners. Published research has focused on producing models for strategy development and on studying how strategy is developed in organisations. The Operational Research literature has highlighted the importance of considering complexity within strategic decision making; but little has been done to link strategy development with complexity theories, despite organisations and organisational environments becoming increasingly more complex. We review the dominant streams of strategy development and complexity theories. Our theoretical investigation results in the first conceptual framework which links an established Strategic Operational Research model, the Strategy Development Process model, with complexity via Complex Adaptive Systems theory. We present preliminary findings from the use of this conceptual framework applied to a longitudinal, in-depth case study, to demonstrate the advantages of using this integrated conceptual model. Our research shows that the conceptual model proposed provides rich data and allows for a more holistic examination of the strategy development process. © 2012 Operational Research Society Ltd. All rights reserved.

The influence of utilising government initiatives, servicing foreign MNCs and internationalisation on strategic planning process of local companies in Singapore

This research focuses on two groups of local companies; namely, high-growth local companies and other local companies, to examine and compare the influence of utilising governmental initiatives, servicing foreign MNCs and internationalisation on their strategic planning process. The theme of this thesis argues that the approach of an organisation towards strategic planning is not only determined by the internal influences; namely, its firm size and the planning behaviour and attitude of an entrepreneur, as revealed in the literature, but it can also be affected by external influences. The theoretical contribution of this research determines this unique situation in Singapore, and tests the robustness of the conventional models of planning in smaller companies. As a result of the external influences, this study reveals that local companies are more likely to undertake a much more formal strategic planning than the conventional Western literature and models would indicate. High-growth local companies, in comparison, however, had undertaken a more formal and rigorous strategic planning process than other local companies.