Global and Transnational Business Report

This report analyzes the global expansion strategy of Haier Group Corporation, a leading home appliance manufacturer, focusing on potential markets in Russia and India. It examines market structures, industry growth rates, demand conditions, FDI rules, and cultural dimensions. The report recommends Russia as the more favorable market for Haier's expansion, utilizing Porter's Generic Competitive Strategies and the TOWS model. It also explores the marketing mix and Ansoff model for successful market penetration. Desklib provides past papers and solved assignments for students.

Global and Transnational
Business

Table of Contents
INTRODUCTION...........................................................................................................................3
Haier Group Corporation background........................................................................................3
Company Strengths.....................................................................................................................4
Value Chain Analysis..................................................................................................................4
Russia Market..................................................................................................................................5
Market Structure..........................................................................................................................5
Industry growth rate....................................................................................................................5
Industry size ...............................................................................................................................5
Demand Conditions.....................................................................................................................5
Country Macro Data....................................................................................................................6
Industry Analysis........................................................................................................................6
FDI Rules....................................................................................................................................6
Haier Entry Mode........................................................................................................................7
4C Analysis.................................................................................................................................8
PESTEL Analysis........................................................................................................................8
India Market.....................................................................................................................................9
Market Structure..........................................................................................................................9
Country Macro Data..................................................................................................................10
Industry Analysis .....................................................................................................................10
FDI Rules..................................................................................................................................10
Demand Conditions...................................................................................................................10
Haier Entry Mode......................................................................................................................11
Hofstede’s Cultural Dimensions: India vs Russia:........................................................................11
RECOMMENDATION ................................................................................................................12
Marketing Mix..........................................................................................................................13
Ansoff Model............................................................................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES................................................................................................................................1
APPENDICES ................................................................................................................................3

INTRODUCTION
Globalisation of business means to expand business in various parts of world. This
strategy assist an organisation in expanding the business internationally. With the policy of
globalisation, it is easier to make brand famous at globally. There is strong competition in
current era, so it is essential to deploy business through globalisation. There are many factors
which has to be considered by managers through which it is easy to make changes in product and
services. There is requirement of various changes which is essential and significant for making
changes in roles and responsibilities of employees (Akbay and et. al., 2011). Aguilera, R. V., &
Crespi-Cladera, R. (2016)). This report is based on Haier which is biggest MNC in field of home
appliances. The company is focusing on expanding their business in Russia or India market.
There is discussion about market structure of Russia and India. It also explains about FDI rules
which has to followed to expand business, entry modes, risk associated with entry etc. This can
be done through various management techniques such as PESTLE, three strategic view, porter
generic, etc. At last, this report gives conclusion in which market is best with the help of
marketing mix, Ansoff model, etc.
Haier Group Corporation background
Haier Group Corporation which initially founded on 26th December 1984 with a
refrigerator company. Haier Group Corporation deals in homes appliances segment such as air
conditioner, washing machine, microwave ovens, computers, phones, refrigerator etc. The firm
deals in manufacturing, distribution, sales, etc. The firm is the world's largest brand in home
appliance and around 10.2% white home appliances is given by Haier. Enterprise is the market
leaders in home appliances. Haier has two main listed companies. They are Qingdao Haier Co.
Ltd.
The company has initially expanded their business in Chinese market and gradually
deployed in various other home appliances. Growth rate in sales and production of Haier is 83%
per year. In initial days of its establishment in market, firm gradually grab home appliances
segment but now they entered in computer and mobile sector also (Villa-Real, 2014). Company
remains working in various changes in working style, so they can satisfy demand and need of
customer. In 1980's refrigerator plant of Haier was established at China's coastal Qingdao. In

1949, Haier was adopted by political party under communist revolution. While dealing with
changes happening in society, Haier become the national brand leaders. To improve quality of
their product management of Haier comes with five step series of protocol, they are- seiri
(discard the unnecessary), seiton (arrange tools in the order of use), seisoh (keep the worksite
clean), seiketsu (keep yourself clean), shitsuke (follow workshop disciplines).
Company Strengths
There is strong market competition in home appliances segment, it is essential to work
according to market trends so this can help to promote brand and take actions which are
competent and effective for organisational growth. There are various strengths of Haier, that are
discussed as under-
Haier is one of the leading MNC in home appliances. The firm is the market leaders in
providing coloured home appliances. They coordinate good promotional events which helps to
create awareness. They cover major area of home appliances, this is because Haier gives
emphasise on research and development. They have good customer services and after sales
services so it keeps customer satisfied (Dice and Moir, 2013). They are making strategies for
growing business in international market.
Haier has large number of employees strength i.e. around 80000 people who are working
to achieve targets. Haier thinks that employees are one of the essential component which help to
satisfy customers, so they take care of their workers. Managers of Haier accept changes which
are happening in market and hence they accept innovations in their products. Technologies used
while working are updated continuously which provides satisfaction to employees and hence
they give their best.
As household sector is increasing with greater strength as compared to other sector in
Russia. This helps to expand business. As in Russia, there is well educated people are working
and technological is working with greater speed. So Russian market is beneficial for Haier. In
Russia people welcomes innovation which helps to grow business.
Value Chain Analysis
Haier is the company which has various departments that help to perform business
operations in effective and efficient manner. There is use of various approaches which is
significant and effective for making change in roles and responsibilities. As Haier deals in
manufacturing and distribution of home appliances, thus, there must be synchronization in

activities of various departments. Value chain analysis can be done with the help of combination
of several activities such as activities related to support, primary activities. There are various
departments such as IT, research and development, marketing, etc., these are considered in
support activity. While marketing, sales, manufacturing, logistic departments, etc. are considered
as primary activities.
So there must be compatibility among operations of these departments. This helps to
perform business operations in effective and efficient manner (Davenport, 2012). While
expanding business, managers of Haier has to analyse market which help to make smooth
running of business with easy availability of resources, use of upgraded technology, etc. As
value chain analysis helps to perform, business operations in systematic manner so top level
managers has to keep eyes on operations of various departments.
RUSSIA MARKET
Market Structure
Market structure for home appliances are growing in Russia with grater speed. In this,
there is requirement of various policies which help to perform business activities in effective and
efficient manner. In Russia, people are more towards innovating new and high techniques, so
expansion and growth of this business is easy (Burt, Petcavage and Pinkerton, 2012).
Industry growth rate
Russia's annual revenue is US$129m in 2018. This rate will growth with interest of 8.7%.
As per prediction in 2022 US$ 1576m. This shows that household industry of Russia is growing
with great speed.
Industry size
Home appliances is one of the biggest industry which help people in day to day working.
There are many changes which are taking place in home appliances, so Haier contributes in
economy of Russia. It helps them to work in more better and efficient way.
Demand Conditions
In Russia, people are mostly working class. There is use of various home appliances
which are effective and signifiant for growth of business. People residing in Russia want more
techno- friendly appliances which help them to serve

Country Macro Data
Russia is one of the best country whose growth data is increasing with grater speed. This
shows that Haier can effectively expand business. In 2016 in macro data growth rate is 13% and
it is growing gradually (Townsend and et. al., 2011). In 2017 growth rate of Russia is 42%.
Industry Analysis
Russian market is working with growth phase. Haier is the company which must open in
Russian market. There are many problems which are associated with change in environment.
There are many policies which are effective for growth and development of Russian Economy
and take actions which helps in growth and expansion of association.
FDI Rules
FDI is known as Foreign Direct Investment. When one company what to expand business
in some new country, then there are some legal norms which has to be considered. From 2014,
FDI of country is raising, so this is beneficial for expansion of business. Russia favours 80% FDI
in distribution and manufacturing sector of home appliances (Heller Jr and Le, 2012).
Country Comparison For the Protection of Investors
Russia Eastern
Europe & Central
Asia
United States Germany
Index of
Transaction
Transparency
6 7 7 5
Index of
Manager’s
Responsibility
2 5 9 5
Index of
Shareholders’
Power
8 6 4 8
Index of Investor
Protection
6 6.4 6.5 6

Haier Entry Mode
Haier is thinking to expand business through globalisation. It is essential to work
according to market trends and this can help to perform business activities in better and effective
way. It is the responsibilities of managers to analyse which options is better. While thinking to
expand business through which mode, it is essential to know degree of control, risk associated
with entry in other country. Profit is one of the essential component which has to be considered
by managers of Haier before entering in other business (Barton and et. al., 2013).
Foreign entry of Haier is essential to be considered because it has three main factors.
Factors which affects selection of entry mode is as under-
Industry specific factors- As Haier deals in homes appliances, so it is essential come with
approaches which help to compete with competitors. As in Russia, there is high competition in
electronics, so it is easy to expand business.
Institutional factors- In this, factor governmental policies, locality, infrastructure,
presence of raw material and distributors etc. are covered. This is performed with pre- planning
by managers. Market conditions of Russian is good, so managers of Haier must consider it.
Firm specific factors- This factor is related to specifically with association. Haier is
thinking to expand their business, so it is essential to select approach which is best for them.
Nature of product i.e. electric appliances has to be considered by managers (Ladegaard, 2011).
There are various modes of entry in Russian market. As there is more interference of
governmental parties so managers of Haier has to follow proper rules and regulations.
Licensing: Licensing is the way in which managers of Haier give authority to parties of
Russia to operate on the basis of Haier. There is legal formality which is associated with it and
this is essential to renew license after specific time period. Person has to keep command on
business operations. In this, other material are kept in name of Haier.
Franchising: This is the technique of expansion in which authority is given to some
native person of Russia to operate business. There is use of various changes which are significant
and frequent for growth and development of Haier.
Out of these two, licensing is best option of entry in market of Russia which can be
considered by Haier.

4C Analysis
While dealing with expansion, managers of Haier may face many problems which are
effective for market. There are various types of risk which may affect business expansion. Some
of the risk associated with opening business at Russia are as under-
Cross- culture risk: As there is difference in culture of various places, so there are
possibilities of difference in demand of home appliances (Arndt and et. al., 2013). There are
possibilities that due to change in culture of Russian people managers of Haier can not use
similar techniques.
Country risk: There is difference in temperature of various countries and Haier deals in
home appliances, so it is essential to work according to moderate temperature. Sometimes people
are not so adaptable as per market, so this affects business expansion in Russia.
Currency risk: There is difference in currency rate of various countries. As per
international market, there is fluctuation in currency rates. There are possibilities that due to
fluctuation in market currency rates may go higher or lower (Giampapa and et. al., 2013).
Commercial risk: This risk works according to trends of market. There are possibilities
that due to risk associated with business expansion. While dealing with changes to expand
business. It is essential to make changes in better and effective way. This affects expansion and
growth of Haier.
PESTEL Analysis
Political: There are various political parties which are considered by managers of Haier.
This is effective for growth and expansion of business. In Russia, there is more political control
on opening new business, so this affects expansion of business. Manager has to complete all
legal formalities and this helps to expand business. This helps to make business operations in
more ethical and authentic manner.
Economical: There is requirement of various funds which are essential for expansion of
business. As in Russia new ventures are welcome, so there are many sources through which it is
easy to raise funds. In Russia, interest rate on borrowing are low if money is raised for opening
new business. Managers of must focus on using funds in appropriate and significant manner
(Parhizgar, 2013).
Social: Social factor means to work according to society where business is operating.
Living standard of people living in Russia is high, so there is requirement of best and latest

technology. In Russia high- techniques are evaluated, so they innovations are easy there, which
is beneficial for growth of Haier.
Technological: Technological changes are taking place very frequently in Russia,
because high- technological alteration are effective to compete with external forces. It is essential
to make changes in homes appliances offered by Haier. This is the most beneficial factor for
expanding business in Russia.
Environmental: There is change in environment of Russia as compared to other countries.
So managers of Haier must use techniques which is preferred by environment of Russia. As there
is requirement of heater more as compared to AC so Haier can resist in Russia. Russian people
are more engaged in their corporate world, so there is requirement of washing machine. Hence it
is easy for resistance of Haier. In Russia, it is easy to carry material from place to another as
there are varieties of means of communication (Singh, 2011).
Legal: People of Russia are well educated, so there are less possibilities of spam. Due to
change in legal factors mangers of Haier has to alter their policies. Russian people make changes
in legal policies after analysing market so it is easy to Haier to resist in Russian market.
INDIA MARKET
Market Structure
Indian Market structure is divided into three parts such as Purely Competitive Market,
Perfectly Competitive Market and Imperfectly Competitive Market. All these are determined as
under:
Purely Competitive Market: This type of market is one and effective in which there are
different number of free sellers and buyers dealing in standardized items. In clear competition,
the items are standardized or exchangeable because they are either selfsame to each other and
homogeneous. Furthermore, the products prices is very in the entire market.
Perfectly Competitive Market: In such marketplace, there are a various number of sellers
and buyers transacting in homogeneous items. A perfectly competitive marketplace is a broad
term than a strictly competitive market. An absolutely competitive marketplace is defined by a
position when there is clear rivalry in the market (Osborne and et. al.,2014).
Imperfectly Competitive Market: In economic forms, imperfect rivalry is a market
position in which the situation is essential for clear rivalry that are not satisfied. In addition,

imperfect competition can be identified as a kind of market that is free in nature and from the
tight rules and regulation of perfect competition.
Country Macro Data
 Revenue and sales in the Household Appliances piece amounts to US$1,180m in 2018.
 Revenue is anticipated to display yearly growth rate (CAGR 2018-2022) of 14.5%,
consequently in a market volume or product of US$2,028m by 2022.
Industry Analysis
India has been reporting strong individual digit gross domestic product growth and
progress, with average rate since 2013 of 7% and it will be the quickest increasing economy
system over the next 5 years too. With a humongous population of approx 1.30 billion group,
and increasing middle class population of about 267 million, the nations presents large
possibility for multitude of items considering kitchen appliances and many other home products.
India has already get world’s third biggest economy country on Public private partnership (PPP)
approach, after China and United States (Koh, Fichman and Kraut, 2012). Apart from increasing
economy as well as middle class, the nation is also observing any other trends, like
westernisation of lifestyle, increasing urbanisation and increasing number of women in an
organisation. These factors develop India a favourable marketplace for kitchen appliances.
FDI Rules
India is making success and progress shaving itself into a home appliances for
manufacturers, the motive being to maximise the share and amount of manufacturing in India’s
gross domestic products from a stagnant approximately 15-16% in 1980 to 26% by 2022 and
develop an extra 100 million jobs opportunity. Electronics contributes or gives to India's
occurrence in manufacturing and production but few challenges stay with FDI (Müller and
Wehrhahn, 2013).
Demand Conditions
Consumer appliances is one of the quickest increasing categories in India and
knowledgeable healthy growth and development in 2017 (Murray, 2014). The figure of the
demand and wants for consumer and home appliances in India country existing from urban India,
outstanding to greater availability of products, higher disposable incomes and maximum
awareness amongst consumers.

Haier Entry Mode
There are two essential and beneficial entry mode in India to the Haier i.e. Joint venture
and acquisitions, both are valuable for the company which are determined as under:
Joint venture: There are five main purpose in a joint venture such as market entry,
technology sharing, risk/reward sharing, joint product development, and orthodox to the
government bodies regulations. Other advantages consist distribution channel and political
connections access that may relay on relationships. It help the Haier group to expand their
business operations in India (Ruggie, 2014).
Strategic alliance: It is a kind of cooperative agreements between various business, such
as formal joint ventures, shared research, or minority equity engagement. The modern way of
strategic alliances is comely progressively popular and has certain distinguishing characteristics
like focus is frequently developing unique items and technologies or tools rather than providing
existing ones. Thus, it is also important for the company to expand their operations and activities
at Indian marketplace.
Three strategic
Internal: It is internal strategy which effects on the company while expanding their business
operation at different level. In this policies and strategy of the business are main effects on the
performance of organisation.
Institutional: It is another strategic which effects on the employees and business while making an
effective decision about the business enlargement.
External: This is another factor that impact on the business in different ways.
Hofstede’s Cultural Dimensions: India vs Russia:
Basis of comparison India Russia
Power Distance Power distance in India is 77
which is less as compare to
Russia which is good for the
company to provide job
opportunities to the
unemployed people.
In Russia power distance is 93
which effect on the business
performance and growth while
expanding their operation in
that country.
Long term avoidance In India long term avoidance is In Russia long term avoidance

51 which is not better for the
growth of economy.
is 81 which better for the
company to enlarge their
operations and activities
successfully.
RECOMMENDATION
From the above mentioned information, it has been recommended that expansion of the
company at global level highly effects on the business position and image. There are two
marketplace chosen in the file for expansion of Haier business i.e. India and Russia. Both are
effective for the company to enlarge their operation and activities in a systematic manner. As
above analysis, Russia market is more preferable for expansion of business as compare to India
market. Russia was a very interesting marketplace for companies. Particularly for MNC
(Multinational company) such as Haier of the new electrical and mechanical engineering, serve
excellent opportunities or chances to enlarge the actual business operation. Different number of
plants and its machines are no longer on the actual state of technology, the want and demand
cannot be met with domestic organisation, so that Russia recorded a maximum proportion of
machinery system imports to renew it (Ruggie, 2011).
Framework of Market Analysis:
Porter's Generic Competitive Strategies: In order to recommending to the Haier, they
should use certain strategies such as TOWS and Porter's Generic Competitive Strategies, both are
the effective ways of competing and expanding operations and activities at Russia market. In
cost leadership, an enterprise sets out cost to get the lost producer in its sector. Cost of the place,
product, service in Russia is more profitable for the company to enlarge their operations and
functions easily. In this main focus of the company is to maximise their sales and profit which is
possible to expand their operations at selected place. In differentiation strategy a company is
seeks to be specific in its sector along few dimensions that are largely valued by customers. In
this business select one of the best and attractive place where they easily attract various number
of clients and achieve better outcomes easily.
TOWS Model: Another strategy recommended to the company was TOWS model which
help the organisation to grow their position and image in the marketplace. Haier has the

maximum market share of their electronic items, which are sooner in white products. It is
beneficial and essential for Russia because there is more demand of such products. Main
weakness of the company relies intemperately on the government subsidies in different country,
which can be harmful and not essential for the organisation. Thus, in order to overcome this
weakness, business should try to enlarge its operations and functions in chosen marketplace.
Opportunity for the organisation should look for the emerging economics as well as give its
products in the local and urban markets (Voegtlin, Patzer and Scherer, 2012). Therefore, it is
important and essential in the growth and development of marketplace. The local participant in
the electronic field that can impact the business of Haier. In order to decrease this impact
business entity should develop an effective plan and provide better quality in its services and
products at affordable price to the customers.
Marketing Mix
Marketing mix is an effective strategy which is applied by each and every organisation to
expand their business operation at different place. Beside this company enlarge their operation at
two country such as India and Russia but as per the above analysed model Russia is most
profitable for its growth and development. This strategy includes 4P's which are determined as
under:
Product: Haier is one of the leading and biggest consumer electronic business in the
world. Product of the company are categories into different parts such as Refrigerators, air
conditioners, washing machines, Televisions, home theatre systems, mobile phones,
computers, networked home appliance, medical products, intelligent integrated home furniture
etc. All these are expanded at Russia marketplace which is benefited to them to increase their
sales and revenues.
Price: Haier is a large international brand and therefore the product price align with the
local rivalry in which the product is present. Pricing strategies of the products differs from
market to marketplace. It tried in order to place itself as a niche participant in Russia due to
Russian customers having a negative view about chines bran in Russia.
Place: Product of the company are available at different place which show Haier is a
world largest and well-established brand. Company mainly sells their products through certain
retail chains like E-zone, Chroma, Home store, Walmart and many other chains. They want to

expand their business operations at India and Russia but they decide to enlarge their activity and
function only Russia because there is more digitalisation as compared to India.
Promotion: It is another important and effective part which is used by each and every
organisation to enlarge its operations and activities at various place. Beside this, Haier wants to
enlarge and grow their operations at Russia marketplace so in this they need to follow different
promotional strategy such as Facebook, Pinterest Twitter, and Youtube with pages as well as
handles for each country of operation.
Ansoff Model
It is another model which also support the company to expand their business operations
and functions at various place. This model include four parts i.e. market development, product
development, market penetration and diversification. All these are important and essential part
for the organisation to develop their strong and long lasting image at international marketplace
such as Russia. All these part of the model and its important for the company to grow their
operation at Russia are determined as below:
Product development: It involve development innovative products and services for the
existing marketplace a business has. In this, company provide or delivers changed and brand new
goods to the similar targeted marketplace. In the opining days, Haier group only has four kind of
main items, which are air-conditioner, refrigerators, freezers and washing machines. All these are
valuable product for the business to improve their goodwill at Russia.
Market development: It involves entering new marketplace with the businesses existing
goods. As it declares as enlarge existing goods to new market such as Russia, so it is either via
innovative segments, geographies, users and segments. Haier develops in different Europe
countries such as United States, United Kingdom, Italy and Germany as well as Russia.
Diversification: It occurs when an enterprise moves away from an individual items or
dominant business field into many other areas which may and my not be linked to the original
equipments. Haier India has established Haier Mobile in 2005, an entire innovative items
developed to entering into unique markets. Tangible assets were treated applying intangible
assets and the company was enlarged and strengthened at the few cost and in the minimum time.
Market penetration: It is a measure of the sales amount and adoption of a service and
products compared to the whole theoretical marketplace for that service of products. It includes

different activities that are applied to maximise market share of specific product. Thus, it is
important part for the growth and development of company at Russia marketplace.
CONCLUSION
From the above discussion, it is clear that Haier must enter in Russia which is significant
for their growth because Russia has many positive points such as good creditability, educated
employees, availability of resources, good economic condition, technological up-gradation,
people welcomes innovations, etc. It is essential to make strategies which are effective and
approachable for growth and development of business and image of association which can be
improved. There is requirement of proper research because there is difference in culture,
demand, needs etc. There are various strategies such as 7 P's, Ansoff matrix, value chain
analysis, etc. which is effective for growth of business. In this, there is discussion about
techniques which is beneficial for growth and helps to satisfy customer. There are various modes
of entry but at the same time there are some problems as well which affects it. PESTLE is the
most effective approach to know external elements which affects expansion of association.

INTRODUCTION
REFERENCES
Akbay, K. S., and et. al., (2011). U.S. Patent No. 7,974,855. Washington, DC: U.S. Patent and
Trademark Office.
Villa-Real, A. E. C. (2014). U.S. Patent No. 8,831,677. Washington, DC: U.S. Patent and
Trademark Office.
Dice, D., & Moir, M. S. (2013). U.S. Patent No. 8,402,464. Washington, DC: U.S. Patent and
Trademark Office.
Davenport, T. H. (2012). Business intelligence and organizational decisions. In Organizational
Applications of Business Intelligence Management: Emerging Trends (pp. 1-12). IGI
Global.
Burt, D. N., Petcavage, S. D., & Pinkerton, R. L. (2012). Proactive purchasing in the supply
chain: The key to world-class procurement. McGraw-Hill Professional.
Townsend, L., and et. al., (2011). “Taking care of business”: alcohol as currency in transactional
sexual relationships among players in Cape Town, South Africa. Qualitative health
research. 21(1). 41-50.
Heller Jr, T. J., & Le, H. Q. (2012). U.S. Patent No. 8,117,403. Washington, DC: U.S. Patent and
Trademark Office.
Barton, C. M., and et. al., (2013). U.S. Patent Application No. 13/176,833.
Ladegaard, H. J. (2011). ‘Doing power’at work: Responding to male and female management
styles in a global business corporation. Journal of Pragmatics. 43(1). 4-19.
Arndt, R. L., and et. al., (2013). U.S. Patent No. 8,424,015. Washington, DC: U.S. Patent and
Trademark Office.
Giampapa, M. E., and et. al., (2013). U.S. Patent No. 8,438,568. Washington, DC: U.S. Patent
and Trademark Office.
Parhizgar, K. D. (2013). Multicultural behavior and global business environments. Routledge.
Singh, N. (2011). Localization strategies for global e-business. Cambridge University Press.
Osborne, S. P., and et. al., (2014). A sustainable business model for public service organizations?
Koh, T. K., Fichman, M., & Kraut, R. E. (2012). Trust across borders: Buyer-supplier trust in
global Business-to-Business e-commerce.
Hooper, M. J. (2016). The global business handbook: The eight dimensions of international
management. CRC Press.
Saha, B., and et. al., (2014). U.S. Patent No. 8,706,982. Washington, DC: U.S. Patent and
Trademark Office.
Harner, M. M., & Rhee, R. J. (2014). Deal Deconstructions, Case Studies, and Case Simulations:
Toward Practice Readiness with New Padagogies in Teaching Business and
Transactional Law. Am. U. Bus. L. Rev.. 3. 81.
Heller Jr, T. J. (2013). U.S. Patent No. 8,566,524. Washington, DC: U.S. Patent and Trademark
Office.
Aguilera, R. V., & Crespi-Cladera, R. (2016). Global corporate governance: On the relevance of
firms’ ownership structure. Journal of World Business. 51(1). 50-57.
Online

History of Haier Group Corporation. 2018. [Online]. Available
through:<http://www.referenceforbusiness.com/history2/94/Haier-Group-
Corporation.html >.
Decline, Not Collapse: The Bleak Prospects for Russia’s Economy. 2018. Available
through:<https://carnegie.ru/2017/02/02/decline-not-collapse-bleak-prospects-for-
russia-s-economy-pub-67865 >.

APPENDICES

(Source: Decline, Not Collapse: The Bleak Prospects for Russia’s Economy, 2018)
Illustration 1: Decline, Not Collapse: The Bleak Prospects for Russia’s Economy

(Source: Household appliances: the best first quarter for the Russian market in three years,
2017)
Illustration 2: Household appliances: the best first quarter for the Russian
market in three years