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Study on Asia Pacific Business Perspective

   

Added on  2020-05-08

14 Pages4360 Words55 Views
Business DevelopmentLeadership ManagementLanguages and Culture
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Running head: Asia pacific business perspective1Asia pacific businessperspectiveHarvey Norman (Singapore) Submitted by:
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Harvey Norman (Singapore)2ContentsIntroduction.................................................................................................................................................3Motivation for Investment in Asia...............................................................................................................4Fast-developing environment..................................................................................................................5Enormous population and market............................................................................................................5Exciting atmosphere................................................................................................................................6Advanced infrastructure...........................................................................................................................6Rationale for the choice of country..............................................................................................................7Employees availability............................................................................................................................8Legal protection.......................................................................................................................................8Business supportive environment............................................................................................................9Business segment and competitive approach...............................................................................................9Source of market intelligence available.....................................................................................................11Dos and Don’ts of conducting business in Singapore................................................................................12Do’s.......................................................................................................................................................12Don’t.....................................................................................................................................................13Key competency of Harvey Norman for expansion in Asia.......................................................................13Challenges faced by the company..............................................................................................................14Conclusion.................................................................................................................................................15References.................................................................................................................................................15
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Harvey Norman (Singapore)3IntroductionHarvey Norman is a large sized Australian multi-national retailer of furniture, bedding,computers, communications and consumer electrical products. The company mainly operates onfranchise system where the main brand is operated through stores owned by ASX-listed HarveyNorman. As on 2016, there are 280 company-owned and franchised stores in Australia, NewZealand, Europe and South-East Asia under the name of Harvey Norman. The brand hasoccupied a huge market share due to its innovative practice. This has allowed the brand ingaining significant market share not only in Australia but in South East Asia. Customers feeldelighted due to availability of different product under one roof where they can easilydifferentiate. The company is planning to expand strategically across globe with a strategy togain market competency. As of 30 June 2015, the company has overseas operations in Republicof Ireland, Malaysia, New Zealand, Northern Ireland, Singapore, Slovenia and Croatia(CompanyProfile.2008).
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Harvey Norman (Singapore)4The report is based on the strategic growth and expansion plan of Harvey Norman in Singapore.It defines the strategy incorporated by the brand in the country to gain market competencies.Harvey Norman stores in Singapore is owned and operated by a Singaporean company, PertamaHoldings Limited. Harvey Norman and its associated company hold 80.2% of the company, witha Singaporean sporting distributor, Ossia International, holding 19.8%. As of July 2013 HarveyNorman Singapore and Harvey Norman ossia (Asia) Ltd had held over 83% of Pertama's shares.Harvey Norman is functioning directly owned by the Harvey Norman Holdings Limited. Motivation for Investment in Asia The Asian market is booming at a fast pace creating ample of opportunities for the internationalbusiness organizations. The economies in Asian countries are rising, creating opportunities forthe International business organization to grow well. The data published by World Bank shows the GDP growth in South Asia rose to 6.9 percent in2014 and 7.5 percent in 2015. The Asian market is an untapped market with massive potential.The reasons for making an advancement to nurture or develop a business in this continent: Fast-developing environmentThe Asian market is fast developing with extraordinarily focus on innovative intervention. Thereare World-class tech hubs in Singapore, Hong Kong, Tokyo and other Asian cities. Asia is a fastdeveloping market with ample of market opportunities for the international organization.Advancing technology, government support and tax breaks have created a favorable environmentto nurture businesses. These facilities have attracted international companies to explore thebusiness opportunity out in Asia. A report from Forrester forecasts that online business in Chinawill reach $1 trillion by 2019. The fast market growth is achieved due to technology baseddriven business environment. The business advancements have helped in managing the businessin an appropriate way by creating market opportunities. An Increase access to mobile devices,ecommerce and apps has improved the overall networks developing multiple opportunities inorder to develop a better environment (Dunning, 2012).
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