Empirical Analysis of Foreign Direct Investment
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The provided document appears to be an extract from a thesis or research paper focusing on the wine industry in Turkey. It discusses corporate social responsibility, financial analysis of grape production using regulated deficit irrigation and partial-root zone drying strategies, investor protection, and corporate governance. The document also references several academic papers and books related to foreign direct investment, energy and cost analysis for greenhouse and open-field grape production, and branding in the Cyprus wine industry.
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Running head: GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 1
Global and International Business Context
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Institution
Global and International Business Context
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Institution
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GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 2
Global and International Business Context
Table of Contents
Introduction...................................................................................................................................3
Overview of Turkish Wine Industry............................................................................................3
Part 1: Porter’s National Diamond Analysis.............................................................................4
1.1 Factor Condition................................................................................................................4
1.2 Demand conditions............................................................................................................7
1.3 Related and Supporting Industries..................................................................................8
1.4 Firm Strategy, Structure, and Rivalry..................................................................................9
1.5 Government......................................................................................................................10
1.6 Chance..............................................................................................................................11
Part 2: Market Entry Strategy...................................................................................................12
2.1 Advantages of foreign direct investment......................................................................12
2.2 Disadvantages of foreign direct investment.................................................................13
2.3 Appropriateness...............................................................................................................14
2.4 Recommendation............................................................................................................15
Part 3: Contemporary Management Issues............................................................................15
3.1 Corporate Social Responsibility:...................................................................................15
3.2 Corporate Governance...................................................................................................16
4.0 Conclusions..........................................................................................................................18
References..................................................................................................................................18
Global and International Business Context
Table of Contents
Introduction...................................................................................................................................3
Overview of Turkish Wine Industry............................................................................................3
Part 1: Porter’s National Diamond Analysis.............................................................................4
1.1 Factor Condition................................................................................................................4
1.2 Demand conditions............................................................................................................7
1.3 Related and Supporting Industries..................................................................................8
1.4 Firm Strategy, Structure, and Rivalry..................................................................................9
1.5 Government......................................................................................................................10
1.6 Chance..............................................................................................................................11
Part 2: Market Entry Strategy...................................................................................................12
2.1 Advantages of foreign direct investment......................................................................12
2.2 Disadvantages of foreign direct investment.................................................................13
2.3 Appropriateness...............................................................................................................14
2.4 Recommendation............................................................................................................15
Part 3: Contemporary Management Issues............................................................................15
3.1 Corporate Social Responsibility:...................................................................................15
3.2 Corporate Governance...................................................................................................16
4.0 Conclusions..........................................................................................................................18
References..................................................................................................................................18
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 3
Introduction
This report aims to analyze and outline the overall competitiveness and
investment prospective of the Turkish wine industry by using the various
theoretical frameworks. The wine industry in Turkey has been reported to be very
famous across the globe and further has a long history as a result of diverse
physical, social and even human environmental reasons (Selli, Cabaroglu &
Canbas, 2003, p. 587). It is worth noting that it might not be easy for a new
company to enter and operate in the wine industry in Turkey because; numerous
well-established firms have a global competitive advantage. In Turkey, the wine
industry is considered one of the major industries in the economy thus create
massive job opportunities (Vrontis & Paliwoda, 2008, p. 145). Additionally, it has
been reported that wine grapes also grow well in Turkey’s natural environment
because the country has the most conducive climate, rainfall and temperature.
Additionally, related industries including grape growing and transportation are
well developed hence favors wine industry (Rowe, 1989, p. 5).This report
separates into three part which are Part 1, Part 2 and Part 3. Part 1 aims to apply
the extended version of Porter’s National Diamond (PND) model to the Turkish
wine industry. Part 2 will discuss the market entry strategy by using Foreign
Direct Investment (FDI) in Turkey. Lastly, Part 3 will then discuss the
contemporary management issues.
Overview of Turkish Wine Industry
Turkey is located in the continent of Asia, bordering the Mediterranean
and Black Sea (Worldatlas, 2015). The wine industry had an expected global
Introduction
This report aims to analyze and outline the overall competitiveness and
investment prospective of the Turkish wine industry by using the various
theoretical frameworks. The wine industry in Turkey has been reported to be very
famous across the globe and further has a long history as a result of diverse
physical, social and even human environmental reasons (Selli, Cabaroglu &
Canbas, 2003, p. 587). It is worth noting that it might not be easy for a new
company to enter and operate in the wine industry in Turkey because; numerous
well-established firms have a global competitive advantage. In Turkey, the wine
industry is considered one of the major industries in the economy thus create
massive job opportunities (Vrontis & Paliwoda, 2008, p. 145). Additionally, it has
been reported that wine grapes also grow well in Turkey’s natural environment
because the country has the most conducive climate, rainfall and temperature.
Additionally, related industries including grape growing and transportation are
well developed hence favors wine industry (Rowe, 1989, p. 5).This report
separates into three part which are Part 1, Part 2 and Part 3. Part 1 aims to apply
the extended version of Porter’s National Diamond (PND) model to the Turkish
wine industry. Part 2 will discuss the market entry strategy by using Foreign
Direct Investment (FDI) in Turkey. Lastly, Part 3 will then discuss the
contemporary management issues.
Overview of Turkish Wine Industry
Turkey is located in the continent of Asia, bordering the Mediterranean
and Black Sea (Worldatlas, 2015). The wine industry had an expected global
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 4
value of $303.6 billion in 2016, an increase of 17.9% since 2011 (Businesswire,
2012). Further researched showed that the global wine market grew by 1.5% to
reach a volume of 22,150.9 million liters in 2011 (Businesswire, 2012). Due to the
increases in excise tax rates and bans on the advertising and promotion of all
alcoholic drinks which causing wine prices to rise, Turkish wine industry has
declined in growth over the past three years (Euromonitor, 2016). The factor of
increasing in excise tax will directly affect the consumption of wine (Garcia et al.,
2012, p. 286). It is possibly shown that people will switch to the cheaper wine
varieties which they can afford instead of the expensive wine varieties
(Euromonitor, 2016). However, there have 99.8% of people are Muslim in Turkey
(CIA, 2016). Although winemaking has been a tradition for thousands of years in
Turkey, the advertising and promotion through internet, television, and radio of all
alcoholic drinks are prohibited by the TAPDK (Atalaysun, 2013). Due to the
increases in excise tax rates and bans on the advertising and promotion, it is
possible shown that Turkey Wine Industry is hard to succeed in.
Part 1: Porter’s National Diamond Analysis
The Porter’s National Diamond is the theory that assesses the competitive
advantage of particular industries in different nations and enables you to figure
out the comparative position of a nation in a global competition (Peng, 2014).
1.1 Factor Condition
Turkey is the sixth largest grape growing country in the world with 505,000
hectares of grape plantation, but only 3% of them is used for producing wine
value of $303.6 billion in 2016, an increase of 17.9% since 2011 (Businesswire,
2012). Further researched showed that the global wine market grew by 1.5% to
reach a volume of 22,150.9 million liters in 2011 (Businesswire, 2012). Due to the
increases in excise tax rates and bans on the advertising and promotion of all
alcoholic drinks which causing wine prices to rise, Turkish wine industry has
declined in growth over the past three years (Euromonitor, 2016). The factor of
increasing in excise tax will directly affect the consumption of wine (Garcia et al.,
2012, p. 286). It is possibly shown that people will switch to the cheaper wine
varieties which they can afford instead of the expensive wine varieties
(Euromonitor, 2016). However, there have 99.8% of people are Muslim in Turkey
(CIA, 2016). Although winemaking has been a tradition for thousands of years in
Turkey, the advertising and promotion through internet, television, and radio of all
alcoholic drinks are prohibited by the TAPDK (Atalaysun, 2013). Due to the
increases in excise tax rates and bans on the advertising and promotion, it is
possible shown that Turkey Wine Industry is hard to succeed in.
Part 1: Porter’s National Diamond Analysis
The Porter’s National Diamond is the theory that assesses the competitive
advantage of particular industries in different nations and enables you to figure
out the comparative position of a nation in a global competition (Peng, 2014).
1.1 Factor Condition
Turkey is the sixth largest grape growing country in the world with 505,000
hectares of grape plantation, but only 3% of them is used for producing wine
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GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 5
(Economist, 2016). The rest of them is used for the production of grapefruit
pectin and dried fruit pulp (Gumus, 2016). Grapes are the main natural resources
of producing wine. Based on the research, it shows that the raw material of
producing wine will not be hard to find. Turkey has 1200-1500 named grape
varieties of that 600-800 are genetically different (Wineofturkey, 2016). Besides,
Turkey has 34 varieties of wine grape, with 22 native varieties. Based on the
advantages, it is possibly shown that Turkey has the potential of producing many
different types of wine products.
Based on the Trading Economics (2015), Turkey had a population of 28.2
million in 1960. The population of Turkey has been continuously growing up
since 2007 which is from 70.59 million and stood at 78.74 million in 2016 (shown
in Diagram 1). According to the research, it is possibly shown that Turkey will not
face the shortage of workers, despite this is not entirely accurate. However, the
employment rate in the agricultural industry is decreased by 27.7% which is 1988
compared to 2014 (The World Bank, 2014). This research shows that people
hard to find the labor in Turkey and the grapes price could be expensive.
Diagram 1
(Economist, 2016). The rest of them is used for the production of grapefruit
pectin and dried fruit pulp (Gumus, 2016). Grapes are the main natural resources
of producing wine. Based on the research, it shows that the raw material of
producing wine will not be hard to find. Turkey has 1200-1500 named grape
varieties of that 600-800 are genetically different (Wineofturkey, 2016). Besides,
Turkey has 34 varieties of wine grape, with 22 native varieties. Based on the
advantages, it is possibly shown that Turkey has the potential of producing many
different types of wine products.
Based on the Trading Economics (2015), Turkey had a population of 28.2
million in 1960. The population of Turkey has been continuously growing up
since 2007 which is from 70.59 million and stood at 78.74 million in 2016 (shown
in Diagram 1). According to the research, it is possibly shown that Turkey will not
face the shortage of workers, despite this is not entirely accurate. However, the
employment rate in the agricultural industry is decreased by 27.7% which is 1988
compared to 2014 (The World Bank, 2014). This research shows that people
hard to find the labor in Turkey and the grapes price could be expensive.
Diagram 1
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 6
According to McDermott (2005, p. 23), factor condition comprises of
factors that the company uses in Turkey that is related to the resources to the
firm and might consist of the amount of natural resources, the innovative product
developers, and even the skilled labor that the company has in producing high-
quality brands. These can comprise of factors associated with high advantage
and are found in Turkey and are subsequently build upon buying the firm to a
more advanced factor of competition (Ozkan, Fert & Karadeniz, 2007, p. 1500).
Examples of factor conditions that the company will consider include the
following: vastly skilled personnel, linguistic capabilities of the labor force and rich
raw material. In establishing a wine company in Turkey, the above factors are
critical and will play a vital role regarding helping the wine industry to attain
competitive advantage (Yemis, Bakkalbasi & Artik 2008, p. 154). The company
might decide to relocate its existing staffs and recruitment will be carried out in
the country. When entering, the Turkish market, the company must make use of
According to McDermott (2005, p. 23), factor condition comprises of
factors that the company uses in Turkey that is related to the resources to the
firm and might consist of the amount of natural resources, the innovative product
developers, and even the skilled labor that the company has in producing high-
quality brands. These can comprise of factors associated with high advantage
and are found in Turkey and are subsequently build upon buying the firm to a
more advanced factor of competition (Ozkan, Fert & Karadeniz, 2007, p. 1500).
Examples of factor conditions that the company will consider include the
following: vastly skilled personnel, linguistic capabilities of the labor force and rich
raw material. In establishing a wine company in Turkey, the above factors are
critical and will play a vital role regarding helping the wine industry to attain
competitive advantage (Yemis, Bakkalbasi & Artik 2008, p. 154). The company
might decide to relocate its existing staffs and recruitment will be carried out in
the country. When entering, the Turkish market, the company must make use of
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 7
information and communication technologies to gain an overall competitive
advantage in the wine industry (Bayramoglu & Gundogmus, 2008, p. 3).
Companies willing to enter and operate in the Turkish wine industry must take
into consideration the aspect of consumerism that will enable them to gain
diverse opportunities for all the foreign investors. It might be necessary for the
company to use innovation and affordable wine options to adequately address
competition issues (Gumus & Gumus, 2008, p. 550).
1.2 Demand conditions
In the event the local market for a given product is larger and highly
demanding locally than in the foreign market, then the local company will always
emphasize more on improvements than the foreign firms (Rugman & Verbeke,
1993, p. 283). Studies have shown that this will improve the competitiveness of
the local exporting companies globally and will be in a better position to
recognize the demand level of products that they provide and how well the
company can meet the consumer demand in the market (Azabagaoglu, Akyol &
Ozay, 2006, p. 257). Demand condition in this case as Porter’s national diamond
describes the situation where firms get attracted to conditions of demanding
domestically rather than in the foreign economies or markets.
The demand factor in Turkey based on this transformation scrutiny will aid
the firm to realize its target market (Dunning, 1993, p. 7). In spite of the fact that
wine productivity in Turkey is enormous, the need would make everybody being
fond of wine which will them lead into a huge demand market. Based on Porter’s
theory, in the event there is a demanding and cautious consumer, it might
information and communication technologies to gain an overall competitive
advantage in the wine industry (Bayramoglu & Gundogmus, 2008, p. 3).
Companies willing to enter and operate in the Turkish wine industry must take
into consideration the aspect of consumerism that will enable them to gain
diverse opportunities for all the foreign investors. It might be necessary for the
company to use innovation and affordable wine options to adequately address
competition issues (Gumus & Gumus, 2008, p. 550).
1.2 Demand conditions
In the event the local market for a given product is larger and highly
demanding locally than in the foreign market, then the local company will always
emphasize more on improvements than the foreign firms (Rugman & Verbeke,
1993, p. 283). Studies have shown that this will improve the competitiveness of
the local exporting companies globally and will be in a better position to
recognize the demand level of products that they provide and how well the
company can meet the consumer demand in the market (Azabagaoglu, Akyol &
Ozay, 2006, p. 257). Demand condition in this case as Porter’s national diamond
describes the situation where firms get attracted to conditions of demanding
domestically rather than in the foreign economies or markets.
The demand factor in Turkey based on this transformation scrutiny will aid
the firm to realize its target market (Dunning, 1993, p. 7). In spite of the fact that
wine productivity in Turkey is enormous, the need would make everybody being
fond of wine which will them lead into a huge demand market. Based on Porter’s
theory, in the event there is a demanding and cautious consumer, it might
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GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 8
encourage a continuous improvement of brands immensely. The continuous
improvement has been argued to be critical since it will lift comparative
advantage among rivalry (Barrientos, Gereffi & Rossi, 2010, p. 319). The
research on demand condition on Turkey wine industry has shown that demand
for Wine is increasing rapidly and a new company wishing to enter and operate in
Turkey can do so through giving ultimate importance to the concept of
differentiation and corporate social responsibility. Studies have established that
the demand pattern in the wine industry in Turkey exhibits a higher demand for
quality, fresh and safe wine (García, Martínez-Cutillas & Romero, 2012, p. 179).
1.3 Related and Supporting Industries
The home country firm will potential acquire more cost efficient and obtain
more innovative parts and products when supporting industries and suppliers
locally become highly competitive. It has been established that the more
competitive the supporting firms are, the more probable they will result in higher
product sales. In this case, related and supporting industries comprises of wine
marketing, transportation, and even the grape growing. Currently, Turkey has the
potential of making wine from a junior level to a high-quality average. In most
occasions, they export the finished brands to various parts of the world including
some of the famous brand names like Semillon and Shiraz. The government has
been reported to keep a watchful eye on wine industry development together with
various related industries. To aid in the grapes and wine transportation, the
government has developed high-quality road and railway networks. Further, the
government has invested heavily in improving the innovation and technological
encourage a continuous improvement of brands immensely. The continuous
improvement has been argued to be critical since it will lift comparative
advantage among rivalry (Barrientos, Gereffi & Rossi, 2010, p. 319). The
research on demand condition on Turkey wine industry has shown that demand
for Wine is increasing rapidly and a new company wishing to enter and operate in
Turkey can do so through giving ultimate importance to the concept of
differentiation and corporate social responsibility. Studies have established that
the demand pattern in the wine industry in Turkey exhibits a higher demand for
quality, fresh and safe wine (García, Martínez-Cutillas & Romero, 2012, p. 179).
1.3 Related and Supporting Industries
The home country firm will potential acquire more cost efficient and obtain
more innovative parts and products when supporting industries and suppliers
locally become highly competitive. It has been established that the more
competitive the supporting firms are, the more probable they will result in higher
product sales. In this case, related and supporting industries comprises of wine
marketing, transportation, and even the grape growing. Currently, Turkey has the
potential of making wine from a junior level to a high-quality average. In most
occasions, they export the finished brands to various parts of the world including
some of the famous brand names like Semillon and Shiraz. The government has
been reported to keep a watchful eye on wine industry development together with
various related industries. To aid in the grapes and wine transportation, the
government has developed high-quality road and railway networks. Further, the
government has invested heavily in improving the innovation and technological
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 9
development within the wine making industries. The aim of this is for the
government to develop a well-established wine industry that will be known across
the world (Aksu, Caber & Albayrak, 2009, p. 115).
It is worth noting that a single firm power is weak on its own irrespective
of the fact that it is a multinational company. According to Burke, Koyuncu &
Fiksenbaum, (2006, p. 69), the construction of effective infrastructure is a greater
project thus a company cannot be in a position to fund it. As a result of this, the
Turkish government has invested into the wine industry, but at the same time, the
government has also shown its willingness to invest in other related industries. In
addition to this, the smooth data together with skills transportation will make sure
that communication across the wine manufacturers in the country and globally.
This will, therefore, guarantee information sharing and synchronization and at the
same time enhance probable market as the expansion of linked leisure industry
could stimulate the growth of wine industry.
1.4 Firm Strategy, Structure, and Rivalry
Research has shown that the management and company structure system
in various economies will significantly affect the level of competitiveness and how
well the firm can make use of their current organizational structure irrespective of
whether it is flat or hierarchical to strategize against potential rivalry companies
effectively. It is the duty of the management to analyze and determine various
competitive factors that are found in the company’s home country through the
use of Porter’s diamond and how to make use of these elements to attain a
global competitive advantage (Light, 2010, p. 39). During the internationalization
development within the wine making industries. The aim of this is for the
government to develop a well-established wine industry that will be known across
the world (Aksu, Caber & Albayrak, 2009, p. 115).
It is worth noting that a single firm power is weak on its own irrespective
of the fact that it is a multinational company. According to Burke, Koyuncu &
Fiksenbaum, (2006, p. 69), the construction of effective infrastructure is a greater
project thus a company cannot be in a position to fund it. As a result of this, the
Turkish government has invested into the wine industry, but at the same time, the
government has also shown its willingness to invest in other related industries. In
addition to this, the smooth data together with skills transportation will make sure
that communication across the wine manufacturers in the country and globally.
This will, therefore, guarantee information sharing and synchronization and at the
same time enhance probable market as the expansion of linked leisure industry
could stimulate the growth of wine industry.
1.4 Firm Strategy, Structure, and Rivalry
Research has shown that the management and company structure system
in various economies will significantly affect the level of competitiveness and how
well the firm can make use of their current organizational structure irrespective of
whether it is flat or hierarchical to strategize against potential rivalry companies
effectively. It is the duty of the management to analyze and determine various
competitive factors that are found in the company’s home country through the
use of Porter’s diamond and how to make use of these elements to attain a
global competitive advantage (Light, 2010, p. 39). During the internationalization
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 10
phase, the management can utilize Porter’s diamond model to evaluate whether
the home market factors will support their processes even in a situation where
home country condition can create a competitive advantage on the global scale.
The model can be adopted to effectively assess the state that they might wish to
invest into and further evaluate countries that might sustain their growth and
development. Strategy and structure are among the factors that play a critical
role towards pointing out the importance of inner environment of a company
(Light, 2010, p. 41).
It can be considered as a macro analysis of the environment in a particular
running of the business. It is important that the company pay a closer
consideration to its structure and strategy to determine if it is suitable for possible
expansion and become a winner in the currently competitive global market. The
rivalry analysis as outlined in Porter’s national diamond put emphasis on what
has been situated in the interior part of the country. There exist numerous and
famous wine production regions in Turkey that are known for high-quality grades
varieties. The related winery information could influence the company before
entering into a new market including the potential advantages and
disadvantages.
1.5 Government
The government has been established to play a very influential role
regarding determining the competitiveness level in the wine industry as it affects
the supply condition, rivalry among firms and even the demand situation.
Government intervention in Turkey is experienced at all levels including the local,
phase, the management can utilize Porter’s diamond model to evaluate whether
the home market factors will support their processes even in a situation where
home country condition can create a competitive advantage on the global scale.
The model can be adopted to effectively assess the state that they might wish to
invest into and further evaluate countries that might sustain their growth and
development. Strategy and structure are among the factors that play a critical
role towards pointing out the importance of inner environment of a company
(Light, 2010, p. 41).
It can be considered as a macro analysis of the environment in a particular
running of the business. It is important that the company pay a closer
consideration to its structure and strategy to determine if it is suitable for possible
expansion and become a winner in the currently competitive global market. The
rivalry analysis as outlined in Porter’s national diamond put emphasis on what
has been situated in the interior part of the country. There exist numerous and
famous wine production regions in Turkey that are known for high-quality grades
varieties. The related winery information could influence the company before
entering into a new market including the potential advantages and
disadvantages.
1.5 Government
The government has been established to play a very influential role
regarding determining the competitiveness level in the wine industry as it affects
the supply condition, rivalry among firms and even the demand situation.
Government intervention in Turkey is experienced at all levels including the local,
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GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 11
regional, supranational and even on the national scale. The government of
Turkey offers an ample opportunity for all the foreign investors and at the same
time encourages them to enter and operate in the wine industry because; the
wine industry contributes significantly to the country’s GDP (Shambayati, 1994,
p. 307). Research has further shown that the growth rate of Turkey is rapidly
increasing as a result of increasing support given by the government to all the
foreign investors. In addition to this, increasing foreign investment has fastened
the country’s economic growth and development. As a new entrant in the Turkish
wine industry, there is the need to take extra caution when it comes to complying
with regulations (Shambayati, 1994, p. 307). Companies operating in Turkey
have to pay income tax while at the same time, under the taxation policies, all
foreign firms are taxed on incomes that will arise from business operation
undertaken in Turkey.
1.6 Chance
The chance factor plays a significant role in determining the fate of the
firm. Research has shown that chance element is vital since in most instances
they result into discontinuities that might in the process result into the company
success or failure (Erol & Van Wijnbergen, 1997, p. 1717). The country was
reported to have experienced significant political issues including corruption,
economic and social unrest but the government came in and put adequate
measures in place to address the issues. Inflation is the major threat to the
economy wince it impacts the profitability of the business and at the same time
increases the cost of operation. The Central Bank of Turkey forecasted that the
regional, supranational and even on the national scale. The government of
Turkey offers an ample opportunity for all the foreign investors and at the same
time encourages them to enter and operate in the wine industry because; the
wine industry contributes significantly to the country’s GDP (Shambayati, 1994,
p. 307). Research has further shown that the growth rate of Turkey is rapidly
increasing as a result of increasing support given by the government to all the
foreign investors. In addition to this, increasing foreign investment has fastened
the country’s economic growth and development. As a new entrant in the Turkish
wine industry, there is the need to take extra caution when it comes to complying
with regulations (Shambayati, 1994, p. 307). Companies operating in Turkey
have to pay income tax while at the same time, under the taxation policies, all
foreign firms are taxed on incomes that will arise from business operation
undertaken in Turkey.
1.6 Chance
The chance factor plays a significant role in determining the fate of the
firm. Research has shown that chance element is vital since in most instances
they result into discontinuities that might in the process result into the company
success or failure (Erol & Van Wijnbergen, 1997, p. 1717). The country was
reported to have experienced significant political issues including corruption,
economic and social unrest but the government came in and put adequate
measures in place to address the issues. Inflation is the major threat to the
economy wince it impacts the profitability of the business and at the same time
increases the cost of operation. The Central Bank of Turkey forecasted that the
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 12
country would experience an inflation rate of approximately 7.5% by the year
2016 and at the same time about 6.5% in the year 2017. With increasing
inflation rates, the consumer’s purchasing power will be greatly affected by the
prices for various wine brands will rise significantly (Papi & Lim, 1997, p. 26). The
company will have to conduct a market research to understand market issues
that might affect their operation and profitability and then take effective measures
that will address them.
Part 2: Market Entry Strategy
Foreign direct investment is a situation where the company invests in
building or even upgrading an enterprise in another state. It entails resource
transfer such as personnel and technology. The company will own 100 percent or
more of the foreign firm’s capital. In the modern days, the definition of FDI has
been expanded to comprise the acquisition of a controlling interest in a company
in another economy. There are numerous approaches that a company can invest
directly in Turkey such as a development of facilities in Turkey and mergers and
acquisition investment (Moran, 2012, p. 17).
2.1 Advantages of foreign direct investment
FDI has been shown to be highly critical for both emerging and developing
economies. Most of their businesses need the sophisticated investor’s funding in
addition to expertise that will improve their international sales. It is worth noting
that FDI often benefits the global economy. Capital finds its way to a business
that has the prospects to grow across the globe. This is because; investors often
country would experience an inflation rate of approximately 7.5% by the year
2016 and at the same time about 6.5% in the year 2017. With increasing
inflation rates, the consumer’s purchasing power will be greatly affected by the
prices for various wine brands will rise significantly (Papi & Lim, 1997, p. 26). The
company will have to conduct a market research to understand market issues
that might affect their operation and profitability and then take effective measures
that will address them.
Part 2: Market Entry Strategy
Foreign direct investment is a situation where the company invests in
building or even upgrading an enterprise in another state. It entails resource
transfer such as personnel and technology. The company will own 100 percent or
more of the foreign firm’s capital. In the modern days, the definition of FDI has
been expanded to comprise the acquisition of a controlling interest in a company
in another economy. There are numerous approaches that a company can invest
directly in Turkey such as a development of facilities in Turkey and mergers and
acquisition investment (Moran, 2012, p. 17).
2.1 Advantages of foreign direct investment
FDI has been shown to be highly critical for both emerging and developing
economies. Most of their businesses need the sophisticated investor’s funding in
addition to expertise that will improve their international sales. It is worth noting
that FDI often benefits the global economy. Capital finds its way to a business
that has the prospects to grow across the globe. This is because; investors often
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 13
will seek highly prospective returns for their invested money with least risk level
(Froot, 2008, p. 21). FDI will thus give a well run company a competitive
advantage. This is where it reduces both bribery and politics. It is worth to note
that the smartest money will reward the best run business globally. FDI can
stimulate economic development in Turkey where the investment is made, and
this will create enormous benefits for the local industries. Additionally, it will
create a conducive environment that will attract more investors (Froot, 2008, p.
21).
Secondly, FDI will result in massive job creation, and this will create
employment for the citizens of Turkey. Additionally, it will lead to resource
transfer in addition to knowledge exchange where various economies will be
given access to both new technologies and skills. Lastly, both facilities and
equipment that will be provided by the investor are very critical and will help
increase the overall productivity of Turkey’s workforce.
2.2 Disadvantages of foreign direct investment
Studies have shown that FDI can significantly hinder potential domestic
investment since in most instances they tend to focus resources elsewhere.
It has further been argued that foreign direct investment will significantly
influence exchange rates of Turkey economy to the advantage another country
while at the same time detriment of the other economy. There are instances
where foreign direct investment becomes capital intensive, and this is often from
investors' view. As a result of this, they possess a higher risk to the economy or
even become economically none-viable.
will seek highly prospective returns for their invested money with least risk level
(Froot, 2008, p. 21). FDI will thus give a well run company a competitive
advantage. This is where it reduces both bribery and politics. It is worth to note
that the smartest money will reward the best run business globally. FDI can
stimulate economic development in Turkey where the investment is made, and
this will create enormous benefits for the local industries. Additionally, it will
create a conducive environment that will attract more investors (Froot, 2008, p.
21).
Secondly, FDI will result in massive job creation, and this will create
employment for the citizens of Turkey. Additionally, it will lead to resource
transfer in addition to knowledge exchange where various economies will be
given access to both new technologies and skills. Lastly, both facilities and
equipment that will be provided by the investor are very critical and will help
increase the overall productivity of Turkey’s workforce.
2.2 Disadvantages of foreign direct investment
Studies have shown that FDI can significantly hinder potential domestic
investment since in most instances they tend to focus resources elsewhere.
It has further been argued that foreign direct investment will significantly
influence exchange rates of Turkey economy to the advantage another country
while at the same time detriment of the other economy. There are instances
where foreign direct investment becomes capital intensive, and this is often from
investors' view. As a result of this, they possess a higher risk to the economy or
even become economically none-viable.
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GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 14
Research has also pointed out that the rules that have been established to
govern foreign direct investment can negatively impact the investing state.
2.3 Appropriateness
Turkey has been reported as the fastest growing economy globally
particularly when compared to the Central and Eastern European and Middle
Eastern economies. FDI amount rose significantly after the year 1980 after the
shift from the protectionist regime to the liberal economy. In the year 2000, FDI
inflow rose rapidly becoming highly vital to the economy of Turkey. Turkey has
the most suitable geographical disposition, the most competent workforce, rich
natural resources in addition to an enormous domestic market that makes the
country a highly promising economy. It is worth noting that before 2000, various
factors contributed towards reduced FDI inflow in Turkey including higher
inflation rates, unproductive intellectual rights, political instability, and excessive
bureaucratic implementations in addition to economic uncertainty. Currently, FDI
inflow has increased significantly in Turkey as a result of changes in various
factors that have made the country appropriate to attract FDI including enhanced
political stability, improved infrastructure, reduced bureaucracies and lower
government restriction and regulations.
2.4 Recommendation
It is recommended that the company should carry out a deep market
analysis on FDI as the most suitable entry strategy in order to acquire factor
Research has also pointed out that the rules that have been established to
govern foreign direct investment can negatively impact the investing state.
2.3 Appropriateness
Turkey has been reported as the fastest growing economy globally
particularly when compared to the Central and Eastern European and Middle
Eastern economies. FDI amount rose significantly after the year 1980 after the
shift from the protectionist regime to the liberal economy. In the year 2000, FDI
inflow rose rapidly becoming highly vital to the economy of Turkey. Turkey has
the most suitable geographical disposition, the most competent workforce, rich
natural resources in addition to an enormous domestic market that makes the
country a highly promising economy. It is worth noting that before 2000, various
factors contributed towards reduced FDI inflow in Turkey including higher
inflation rates, unproductive intellectual rights, political instability, and excessive
bureaucratic implementations in addition to economic uncertainty. Currently, FDI
inflow has increased significantly in Turkey as a result of changes in various
factors that have made the country appropriate to attract FDI including enhanced
political stability, improved infrastructure, reduced bureaucracies and lower
government restriction and regulations.
2.4 Recommendation
It is recommended that the company should carry out a deep market
analysis on FDI as the most suitable entry strategy in order to acquire factor
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 15
resources, the improved technologies, highly skilled employees, in addition to
efficient distribution channels in Turley within a very short period.
Part 3: Contemporary Management Issues
Contemporary management issues comprise of various issues that the
organizations will face in Turkey wine industry. It is important that firms take
steps that would enable them to monitor and manage core indicators. The issues
play a vital role in evaluating the applicability of the management theory and how
they can influence the company’s reputation. The two major management issues
that should be taken into consideration before operating in the Turkey wine
industry are Corporate Social Responsibility and Corporate Governance.
3.1 Corporate Social Responsibility:
This just refers to concerns that the firm will raise towards the social
environment. It is important that the company take into consideration societal
impact of their activities. The organization will also be required to take necessary
measures that will prove to be helpful to the firm regarding enhancing the welfare
of the society. The organizational aim should be focused towards taking care of
the societal needs. In the context of Turkey, CSR is a fundamental concept that
is enacted by major wine manufacturing companies. To counter massive
environmental pollution caused by wine industries in Turkey, the governmental
authorities have put measures in place. All the social initiatives taken by these
regulatory agencies are aimed at controlling pollution caused by manufacturing.
The companies Act of Turkey require all businesses to undertake CSR practice.
resources, the improved technologies, highly skilled employees, in addition to
efficient distribution channels in Turley within a very short period.
Part 3: Contemporary Management Issues
Contemporary management issues comprise of various issues that the
organizations will face in Turkey wine industry. It is important that firms take
steps that would enable them to monitor and manage core indicators. The issues
play a vital role in evaluating the applicability of the management theory and how
they can influence the company’s reputation. The two major management issues
that should be taken into consideration before operating in the Turkey wine
industry are Corporate Social Responsibility and Corporate Governance.
3.1 Corporate Social Responsibility:
This just refers to concerns that the firm will raise towards the social
environment. It is important that the company take into consideration societal
impact of their activities. The organization will also be required to take necessary
measures that will prove to be helpful to the firm regarding enhancing the welfare
of the society. The organizational aim should be focused towards taking care of
the societal needs. In the context of Turkey, CSR is a fundamental concept that
is enacted by major wine manufacturing companies. To counter massive
environmental pollution caused by wine industries in Turkey, the governmental
authorities have put measures in place. All the social initiatives taken by these
regulatory agencies are aimed at controlling pollution caused by manufacturing.
The companies Act of Turkey require all businesses to undertake CSR practice.
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 16
According to McWilliams (2000, p. 12), the country’s document policy explicitly
outlines the importance of CSR practices. The majority of the large multination
operating in the wine industry has for years been contributing towards improving
the society both for social benefits and for the company to earn efficient gains.
When the company adequately addresses various social issues in their
production, then their productivity will improve significantly which will in turn
increase profitability. To operate efficiently in Turkey’s wine industry, the
company will be required to show a lot of commitment towards improving the
society through adopting various innovative programs. For instance, the firm will
have to contribute significantly towards education and training field. Additionally,
contributing towards healthcare and social welfare of the citizens might be
critical. Therefore, for the company wishing to enter and operate in the wine
industry in Turkey, there is the need to pay closer attention to Corporate Social
Responsibility which will further enable them to gain a dominant position within
the wine industry local and global market (Frederick, 2008, p. 27).
3.2 Corporate Governance
It is critical for the company to run its business in the most economical and
efficient way to ensure that they attain overall performance improvement. This
can only be achieved when the company meets ethical consideration and at the
same time give ultimate value to all their stakeholders both within and outside the
enterprise. All the stakeholders must be served ethically in Turkey. There is the
need for the business operating in the wine industry in Turkey to determine its
ethical consideration among all the stakeholders adequately and at the same
According to McWilliams (2000, p. 12), the country’s document policy explicitly
outlines the importance of CSR practices. The majority of the large multination
operating in the wine industry has for years been contributing towards improving
the society both for social benefits and for the company to earn efficient gains.
When the company adequately addresses various social issues in their
production, then their productivity will improve significantly which will in turn
increase profitability. To operate efficiently in Turkey’s wine industry, the
company will be required to show a lot of commitment towards improving the
society through adopting various innovative programs. For instance, the firm will
have to contribute significantly towards education and training field. Additionally,
contributing towards healthcare and social welfare of the citizens might be
critical. Therefore, for the company wishing to enter and operate in the wine
industry in Turkey, there is the need to pay closer attention to Corporate Social
Responsibility which will further enable them to gain a dominant position within
the wine industry local and global market (Frederick, 2008, p. 27).
3.2 Corporate Governance
It is critical for the company to run its business in the most economical and
efficient way to ensure that they attain overall performance improvement. This
can only be achieved when the company meets ethical consideration and at the
same time give ultimate value to all their stakeholders both within and outside the
enterprise. All the stakeholders must be served ethically in Turkey. There is the
need for the business operating in the wine industry in Turkey to determine its
ethical consideration among all the stakeholders adequately and at the same
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GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 17
time meet their overall expectations related to ethical issues (La Porta, Lopez-de-
Silanes, Shleifer & Vishny, R2000, p. 3). In the context of Turkey, there exist
unique socio-cultural settings with effective leadership, corporate governance
issues in addition to employee welfare. It is vital for the company to clearly focus
on the management system type that currently prevails in Turkey. The primary
objective of the wine business is to serve all the financial interest of all the
stakeholders and at the same time earn revenues. When focusing on corporate
governance, Turkey can be considered as the king where they have established
an efficient and robust corporate governance framework.
For the company to remain relevant in Turkey, it must have a well-
stabilized structure of operation that will enable them to remain in operation in the
long run. The management must effectively allocate and manage all the available
resources to ensure that they are used maximally to generate increasing profits.
Market role in Turkey is active, therefore; foreign company’s investors are
considered the major players (Council, 2003, p. 27). It is, however, important that
the enterprise registers itself with all government requirements and at the same
time work in compliance with established accounting standards. By focusing on
those areas of weaknesses of Turkey wine industry, the company will be able to
gain competitive advantage and build a strong brand image.
4.0 Conclusions
When a company wishes to enter and operate in a wine industry in
Turkey, various factors must be taken into consideration. Porter’s national
diamond is valuable for both the marketers and the company since it will enable
time meet their overall expectations related to ethical issues (La Porta, Lopez-de-
Silanes, Shleifer & Vishny, R2000, p. 3). In the context of Turkey, there exist
unique socio-cultural settings with effective leadership, corporate governance
issues in addition to employee welfare. It is vital for the company to clearly focus
on the management system type that currently prevails in Turkey. The primary
objective of the wine business is to serve all the financial interest of all the
stakeholders and at the same time earn revenues. When focusing on corporate
governance, Turkey can be considered as the king where they have established
an efficient and robust corporate governance framework.
For the company to remain relevant in Turkey, it must have a well-
stabilized structure of operation that will enable them to remain in operation in the
long run. The management must effectively allocate and manage all the available
resources to ensure that they are used maximally to generate increasing profits.
Market role in Turkey is active, therefore; foreign company’s investors are
considered the major players (Council, 2003, p. 27). It is, however, important that
the enterprise registers itself with all government requirements and at the same
time work in compliance with established accounting standards. By focusing on
those areas of weaknesses of Turkey wine industry, the company will be able to
gain competitive advantage and build a strong brand image.
4.0 Conclusions
When a company wishes to enter and operate in a wine industry in
Turkey, various factors must be taken into consideration. Porter’s national
diamond is valuable for both the marketers and the company since it will enable
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 18
them to master the entire macro environment in the Turkish wine industry. Factor
condition, the demand condition, related and supporting industries in addition to
rivalry could greatly encourage the entering activities. It has been established
that the high cost of operation in Turkish wine is a strong competitor for the new
entrants. The company should focus on the cost factor to ensure that the
business would be fruitful and profitable. Additionally, location for the wine
industry and the distribution of competitors is critical. Turkey has for years been
supplying quality wine at an affordable price in various parts across the world.
The wine industry is thus considered the backbone of Turkish economy as it
contributes significantly to the GDP of the country. To make an informed
decision, the company should take into consideration the competitive
environment in Turkey, threats and various opportunities available for the
company to explore.
them to master the entire macro environment in the Turkish wine industry. Factor
condition, the demand condition, related and supporting industries in addition to
rivalry could greatly encourage the entering activities. It has been established
that the high cost of operation in Turkish wine is a strong competitor for the new
entrants. The company should focus on the cost factor to ensure that the
business would be fruitful and profitable. Additionally, location for the wine
industry and the distribution of competitors is critical. Turkey has for years been
supplying quality wine at an affordable price in various parts across the world.
The wine industry is thus considered the backbone of Turkish economy as it
contributes significantly to the GDP of the country. To make an informed
decision, the company should take into consideration the competitive
environment in Turkey, threats and various opportunities available for the
company to explore.
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 19
References
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evaluation supporting factors and their effects on behavioral intention of
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Azabagaoglu, M. O., Akyol, A., & Ozay, A. (2006). Examining the Turkish wine
industry: marketing effectiveness and recommendations for increasing its
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science, 34(3), 257-268.
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global production networks: Developing a framework for analysis.
International Labor Review, 150(3-4), 319-340.
Bayramoglu, Z., & Gundogmus, E. (2008). Cost efficiency on organic farming: a
comparison between organic and conventional raisin-producing
households in Turkey. Spanish journal of agricultural research, (1), 3-11.
Burke, R. J., Koyuncu, M., & Fiksenbaum, L. (2006). Organisational practices
supporting women's career advancement and their satisfaction and well-
being in Turkey. Women in Management Review, 21(8), 610-624.
Council, A. C. G. (2003). Principles of good corporate governance and best
practice recommendations. Australian Stock Exchange Limited.
Dunning, J. H. (1993). Internationalizing Porter's diamond. MIR: Management
International Review, 7-15.
References
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evaluation supporting factors and their effects on behavioral intention of
visitors: Antalya region of Turkey. Tourism Analysis, 14(1), 115-125.
Azabagaoglu, M. O., Akyol, A., & Ozay, A. (2006). Examining the Turkish wine
industry: marketing effectiveness and recommendations for increasing its
competitive performance. New Zealand journal of crop and horticultural
science, 34(3), 257-268.
Barrientos, S., Gereffi, G., & Rossi, A. (2010). Economic and social upgrading in
global production networks: Developing a framework for analysis.
International Labor Review, 150(3-4), 319-340.
Bayramoglu, Z., & Gundogmus, E. (2008). Cost efficiency on organic farming: a
comparison between organic and conventional raisin-producing
households in Turkey. Spanish journal of agricultural research, (1), 3-11.
Burke, R. J., Koyuncu, M., & Fiksenbaum, L. (2006). Organisational practices
supporting women's career advancement and their satisfaction and well-
being in Turkey. Women in Management Review, 21(8), 610-624.
Council, A. C. G. (2003). Principles of good corporate governance and best
practice recommendations. Australian Stock Exchange Limited.
Dunning, J. H. (1993). Internationalizing Porter's diamond. MIR: Management
International Review, 7-15.
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GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 20
Erol, T., & Van Wijnbergen, S. (1997). Real exchange rate targeting and inflation
in Turkey: An empirical analysis with policy credibility. World
Development, 25(10), 1717-1730.
Frederick, W. C. (2008). Corporate social responsibility. In The Oxford handbook
of corporate social responsibility.
Froot, K. A. (Ed.). (2008). Foreign direct investment. University of Chicago Press.
Garcia, F. A., Marchetta, M. G., Camargo, M., Morel, L., & Forradellas, R. Q.
(2012). A framework for measuring logistics performance in the wine
industry. International Journal of Production Economics, 135(1), 284-298.
García, J. G., Martínez-Cutillas, A., & Romero, P. (2012). Financial analysis of
wine grape production using regulated deficit irrigation and partial-root
zone drying strategies. Irrigation Science, 30(3), 179-188.
Gumus, S. G., & Gumus, A. H. (2008). The wine sector in Turkey: survey on 42
wineries. Bulgarian Journal of Agricultural Science, 14(6), 549-556.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor
protection and corporate governance. Journal of financial economics,
58(1), 3-27.
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environments in India, Turkey, and Chile. International Journal of
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Technology, 6(4), 39.
McDermott, G. A. (2005). The Politics of Institutional Renovation & Economic
Upgrading: Lessons from the Argentine Wine Industry.
Erol, T., & Van Wijnbergen, S. (1997). Real exchange rate targeting and inflation
in Turkey: An empirical analysis with policy credibility. World
Development, 25(10), 1717-1730.
Frederick, W. C. (2008). Corporate social responsibility. In The Oxford handbook
of corporate social responsibility.
Froot, K. A. (Ed.). (2008). Foreign direct investment. University of Chicago Press.
Garcia, F. A., Marchetta, M. G., Camargo, M., Morel, L., & Forradellas, R. Q.
(2012). A framework for measuring logistics performance in the wine
industry. International Journal of Production Economics, 135(1), 284-298.
García, J. G., Martínez-Cutillas, A., & Romero, P. (2012). Financial analysis of
wine grape production using regulated deficit irrigation and partial-root
zone drying strategies. Irrigation Science, 30(3), 179-188.
Gumus, S. G., & Gumus, A. H. (2008). The wine sector in Turkey: survey on 42
wineries. Bulgarian Journal of Agricultural Science, 14(6), 549-556.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor
protection and corporate governance. Journal of financial economics,
58(1), 3-27.
Light, D. (2010). Multiple factors supporting the transition to ICT-rich learning
environments in India, Turkey, and Chile. International Journal of
Education and Development using Information and Communication
Technology, 6(4), 39.
McDermott, G. A. (2005). The Politics of Institutional Renovation & Economic
Upgrading: Lessons from the Argentine Wine Industry.
GLOBAL AND INTERNATIONAL BUSINESS CONTEXT 21
McWilliams, A. (2000). Corporate social responsibility. Wiley Encyclopedia of
Management.
Moran, T. H. (2012). Foreign Direct Investment. John Wiley & Sons, Ltd.
Ozkan, B., Fert, C., & Karadeniz, C. F. (2007). Energy and cost analysis for
greenhouse and open-field grape production. Energy, 32(8), 1500-1504.
Papi, L., & Lim, C. H. (1997). An econometric analysis of the determinants of
inflation in Turkey.
Rowe, C. W. (1989). A review of direct marketing and how it can be applied to
the wine industry. European Journal of Marketing, 23(9), 5-14.
Rugman, A. M., & Verbeke, A. (1993). How to operationalize Porter's diamond of
international competitiveness. The International Executive, 35(4), 283-299.
Selli, S., Cabaroglu, T., & Canbas, A. (2003). Flavour components of orange
wine made from a Turkish cv. Kozan. International journal of food science
& technology, 38(5), 587-593.
Shambayati, H. (1994). The rentier state, interest groups, and the paradox of
autonomy: state and business in Turkey and Iran. Comparative Politics,
307-331.
Vrontis, D., & Paliwoda, S. J. (2008). Branding and the Cyprus wine industry.
Journal of Brand Management, 16(3), 145-159.
Yemis, O., Bakkalbasi, E., & Artik, N. (2008). Antioxidative activities of grape
(Vitis vinifera) seed extracts obtained from different varieties grown in
Turkey. International journal of food science & technology, 43(1), 154-159.
McWilliams, A. (2000). Corporate social responsibility. Wiley Encyclopedia of
Management.
Moran, T. H. (2012). Foreign Direct Investment. John Wiley & Sons, Ltd.
Ozkan, B., Fert, C., & Karadeniz, C. F. (2007). Energy and cost analysis for
greenhouse and open-field grape production. Energy, 32(8), 1500-1504.
Papi, L., & Lim, C. H. (1997). An econometric analysis of the determinants of
inflation in Turkey.
Rowe, C. W. (1989). A review of direct marketing and how it can be applied to
the wine industry. European Journal of Marketing, 23(9), 5-14.
Rugman, A. M., & Verbeke, A. (1993). How to operationalize Porter's diamond of
international competitiveness. The International Executive, 35(4), 283-299.
Selli, S., Cabaroglu, T., & Canbas, A. (2003). Flavour components of orange
wine made from a Turkish cv. Kozan. International journal of food science
& technology, 38(5), 587-593.
Shambayati, H. (1994). The rentier state, interest groups, and the paradox of
autonomy: state and business in Turkey and Iran. Comparative Politics,
307-331.
Vrontis, D., & Paliwoda, S. J. (2008). Branding and the Cyprus wine industry.
Journal of Brand Management, 16(3), 145-159.
Yemis, O., Bakkalbasi, E., & Artik, N. (2008). Antioxidative activities of grape
(Vitis vinifera) seed extracts obtained from different varieties grown in
Turkey. International journal of food science & technology, 43(1), 154-159.
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