Market Expansion Strategies for the Manufacturing Unit
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The manufacturing unit should establish its units in China and Russia, as there is great potential in both markets. The company can adopt the joint venture entry strategy in China and set up a new venture in Russia.
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GLOBAL BUSINESS
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TABLE OF CONTENTS Introduction......................................................................................................................................3 Main Body.......................................................................................................................................3 Evaluation of market opportunities through analytical and technical skills................................3 Evaluate and apply appropriate theoretical frameworks to operational and strategic problems facing international business operations.....................................................................................6 Evaluation of the main regulatory frameworks, which shape and constrain the conduct of business within the Triad: European Union, USA and Asia Pacific and develop competitive strategies for doing business in the Triad....................................................................................9 Analysis of the macroeconomic, political and cultural environment of the Russia and China.11 Conclusion.....................................................................................................................................16 REFERENCES.............................................................................................................................17 2
INTRODUCTION Global business can be defined as the international trade conducted by the company around the globe. In today's scenario, this has become highly important to do international business in order to expand market share and revenue (Hill, 2005). It is because revenue and market share cannot be enhanced by operating the business in a single country only. After the globalization era, every company aims to enlarge its business opportunities in other emerging markets of the world. The business, however, involves large amount of risk because the external environment of other country is altogether different from the host country of the company. This report is focused on the global business of the US and Europe Car Manufacturing Industries. This industry has set up its plant in the Asia Pacific Region and emerging markets (Walker and Tobias, 2005). Further, this report describes the international risk analysis of this industry in the emerging markets of the China and Russia. Along with that, this report also describes the analysis of the market opportunities through the analytical and technical skills. Moreover, the discussion has been made on the regulatory framework of the Triad-European Union, USA and Asia Pacific. Furthermore, the analysis has been done on the macroeconomics, political and cultural environment of the Chinese and Russian market. MAIN BODY Evaluation of market opportunities through analytical and technical skills Analytical skills mainly refers to as the ability of a firm to visualize, conceptualize, communicative and also they possess the skills to solve both complex and easy problems by making decisions which are sensible and provide information. Further, technical skills refer to as theknowledgeandabilitiesforaccomplishingmathematical,engineering,scientificand computercodingduties.Theseskillsarehighlyrequiredbytheemployeesofthecar manufacturing industries so that they can establish their business organization in other countries of the world. (Jones and Alexander, 2009) Moreover, the industry is setting up its production plant in the markets of China and Russia because these markets are the emerging markets. However, there are many international risks available in these markets which are to be analyzed and converted them into market opportunities. The marketer has to apply their technical and 3
analytical skills so that they can establish their production plant in both the market. The risk analysis has been done as follows: International Risk Analysis International risk mainly defined as the possibility of the loss which can be caused by some unfavorable business operations in other country. In shorter manner, it can be defined as the external environment risk which is outside the impact of a country's government. The rate of profit and growth is relatively higher in the case of international business and due to this risk rate is also higher. The main causes of international risk are changes in the environment of international and huge difference in culture of different risk (Ili, Albers, and Miller, 2010). Global risk involves the risk of political and cultural environment, market risk, currency exchange risk, transport risk and so on. The car manufacturing industries of US and Europe has to do the risk analysis of Russia and China through using analytical and technical skills by undertaking some of the external factors and these are described below: 1.Political Risk:In Russia, there is a great political instability. The president is elected for the third time and people are not excited for his return. Moreover, the relation between Russia and USA is not good which may create problem for the industry to set up. On the other hand, China has communist rule and they enhance more of the MNC to get establish. Thus, the political risk is low in Chinese market. 2.Economic Risk:In Russia, the recession is going to continue till 2016 as well but it will be less severe. Thus, economic issue may not arise more in Russia. Further, in China the economic risk is high as there is an expectation of slow down of economy in 2016 (Norcliffe, 2006). 3.Transport Risk:The modes of transport in Russia are highly updated and thus the produced goods can be transferred in an easier manner to US and Europe. However, these days Russian economy have a negative impact on the freight rail transportation and this can create issue for the car manufacturing industry to transport their stocks from Russia to US or Europe (Rubenstein, 2001). Further, the transportation risk in China is less because the transport and logistics companies of China accounts for 3.2% market share this implies that there is less threat about the availability of the transport mode. 4
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4.Cultural Risk:There is a huge cultural difference in the US, Europe, Russia and China. Thus, the manufacturing units have to adopt the culture of the production countries. People in China and Russia works together in unity. Further, the management style of US and UK are different which cannot be applied on Russian and Chinese employees (Smith, and Crotty, 2008). Thus, with the help of technical and analytical skills, the international risk assessment has been done. Now, the marketer can take out the opportunities from the defined risks. Some of the market opportunities in the markets of Russia and China are as follows: In Russia, there are abundant natural resources that is oil, gas and metals, thus for the manufacturing unit the production can be cost effective as they do not have to acquire these resource from other countries (Turner, 2003). There are skilled labor forces available, thus company do not require to spent more time and money on the training and development of people. The public debt is not much and thus, company may not face more of the issues while acquiring loan. Further, the economic risk is not much and due to this company may not face severe issues while carrying out the business in a smooth manner. On the other hand, in China, the opportunities lies is that the market is gradually moving up and this opens the gate for the US and Europe firm to enter in the market. The service is developed so the company cannot face much issue in rendering its services to the country (Automotive and components markets of Asia,2005). External accounts benefiting from industrial competitiveness and diversification. This is a main opportunity for the manufacturing units (US automotive backfires into GKN profits. 2008). It is being required by the marketer to develop a framework with the help of risk analysis and market opportunities so that it becomes clear about the management of international business. The industry can enter into the emerging markets by establishing the potential risk and opportunities and than by evaluating the opportunities. Thus there are some points which can be taken into consideration while managing the international business. 5
Thecarmanufacturingindustriescanenterintomarketbyfirstlyanalyzingthe international risk and then the opportunities to be taken out of them. Prioritization of the risk has been done that is in Russian market, political risk is more and also the transportation risk. This risk can be prioritized at top. After that economic or financial risk is less because the intensity of recession is low and also the public debt is less. But there is some possibility of risk and thus, this risk can be prioritized at bottom. In case of China, cultural risk is highest and thus this can be prioritized at top and rest other risk can be kept at bottom (Miyoshi and Kii, 2011). Later the opportunities are evaluated and it has been assessed that these risks can be overcome if the opportunities are used in an appropriate manner. For instance in Russia, the risk of recession can be overcome if the loan can be acquired from the Russian banks and the interest is paid than the recession can be avoided. This is how international business can be managed if the market opportunities are assessed in a better manner (Rugman and Brewer, 2001). Evaluate and apply appropriate theoretical frameworks to operational and strategic problems facing international business operations. As per the structured study, it can be said that the business organizations faces number of issues in context to operational activities while dealing in international market. It impacts the business opportunities in negative manner and create number of barriers. In this respect, it is necessary for business organization to focus on various frameworks that can overcome issues in effective manner and lead business to impressive level of success. In addition to this, it can be said that while dealing in international market the auto-mobile sector firms mostly faces issues regarding improper supply chain process. It influences business in negative manner and creates various barriers to operational activities. In order to overcome the issue regarding supply chain, it is essential for management to focus on supply chain management framework. It is a combined framework that provides effective flow of goods and services in order to meet the organizational goals. With an improved focus on supply chain management, the business organization can have effective planning of procurement and warehousing activities. In this support it can also be stated that the supply chain management is combination of various factors such as planning, execution, 6
control and monitoring of various supply chain activities (Mendenhall and Oddou, 2000). It means, it is necessary for auto-mobile sector organization to ensure that the procurement and warehousing activities are well designed as per industrial standards so that they can easily overcome operational and strategic issues. Moreover, lean principles of management can also be used by auto-mobile organization in order to ensure about supply chain management. With an assistance of lean principles the management can easily identify various key issues that impacts business in negative manner. Standards, for example, ‘six sigma’ can also be implemented within operational activities to ensure that the business is having effective supply chain process. Other than this, while dealing in international market the automotive firm can also faces issues regarding cross cultural aspects. It has been identified that the cultural needs of Russia and China are different and it creates various issues for business. Mostly company faces problems regarding needs identification so in order to overcome this issue business firm can focus on effective application of market research with an assistance of local community. Company can hire various local professionals who can gather information regarding market and perception of customers towards business firm. In this respect, the automotive sector firm can also have strategic alliance with domestic organization as it will also facilitate in overcome various issues. Risk management tactics can also be adopted in order to identify the key issues that can impact business in diverse manner. Furthermore, differences in cultural aspects also create communication issues among members so it is also necessary for car manufacturing firm to ensure about communication factor. Differences in language create miss-communication conditions and impacts business in negative manner. In order to overcome the miss-communication issues the business firm can focus on effective use of various communication tools such as wireless tools, email, etc. It will allow employees to ensure about operational activities and reduce miss-communication issues. In order to overcome language, the management can take assistance from translator that can help in effective understanding and interpretation of message. In addition to this, company can also hire manager from domestic region in order to resolve the issue of language (Folsom, Gordon, and Spanogle, 2009). 7
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Issues regarding management of work activities also occur while dealing in international market and it impacts business operational activities in diverse manner. In this respect, the management of car manufacturing firm can focus on various principles of strategic management. It will allow business firm to have effective formulation of strategies and their implementation in order to meet the goals. Organizational structure can be redesign as per needs of domestic employees and citizens so that work can be managed in appropriate manner. Generic competitive strategies and value chain process can also be adopted by management of auto-mobile firm to ensure about various key principles (Costa, and Pinheiro, 2014). Furthermore, the number of legal issues can also be faced by management of auto-mobile sector which can impact the operational activities in negative manner. It has been spotted that the business organizations needs various legal permissions while entering international market. Any kind of avoidance can lead business to various legal issues. In order to overcome the issue, it is necessary for business firm to set up legal team that will ensure about various legal requirements in proper way (Czinkota, Rivoli, and Ronkainen, 2009). It is necessary for legal team to gather information regarding diverse legal aspects such as government rules and regulations,Triad regulations, EU regulations, etc. Various standards can be set out by management in order to overcome the legal issues and lead business to impressive level of success. Moreover, issues regarding leadership can also be faced by management while dealing in internationalmarket.Forexample,theauto-mobilesectorfirmismorefocusedtowards autocratic leadership but as per the environment of china the business employees are more focused towards participative leadership. In this, it is essential for management to redesign its concept of leadership as per the Chinese cultural needs so that operational activities can be maintained in proper way (Costa and Pinheiro, 2014). It has also been spotted that in order to overcome the diverse issues, it is also necessary for management of auto-mobile firm to focus on training and development program so that issues can be overcome in appropriate manner. For example, the appointed manager is not well known about Chinese culture due to cultural differences then management can arrange a training program in which experts will provide information about various cultural factors of China. In addition to this, organization can also arrange communication training for the manager so that he or she can learn domestic language in order to overcome the issue of miss-communication (Deresky, 2011). 8
Evaluation of the main regulatory frameworks, which shape and constrain the conduct of business within the Triad: European Union, USA and Asia Pacific and develop competitive strategies for doing business in the Triad Main regulatory frameworks for operating business in European Union The automotive industry in European Union majorly denotes to operate business in UK region. The mentioned industry sector is the most important for Europe’s prosperity. As per the investigation, this sector provides approx jobs to 12 million people. The industry at the same time accounts for 4% of overall GDP of European Union.In addition to that, the EU is one among the leading automotive producers around the world. This sector is denoted as the largest private investor in R&D services in respect with the motor vehicles. The European Commission is seen supportive for harmonization of global technological as well as providing funds for R&D. This is the major indication for the development of auto manufacturingunitswithinEU.Stepofgovernmentistakentowardsstrengtheningthe competitiveness of European Union in automotive industry and preserve its global technological leadership. The entity which is willing to come into the European Union's automotive marketing is no worried about the funds and it can generate funds from private business (Ahmadian, 2012). From the view point of industry players, it can be seen thatvehicle manufacturing is a strategic industry in the EU and here in the industry around 17.2 million vehicles are manufactured on annual basis (Central and Eastern Europe Automotive Market.2015). In addition to that the automotive manufacturers are involved in operations of 292 vehicles which are assembled and produced in around 26 plants in across Europe. The EU's auto industry is seen to the largest private investor for research and development in 2014, the industry has invested over €41.5 billion. Within the industry, there can be seen 12.1 million people that are around 5.6% of the EU workforce. Additionally, 7.6% of the EU manufacturing employment includes 2.3 million experiencedjobsinautomanufacturing.Asaregulatoryframework,motorvehiclesare accounted for over €396 billion in tax contributions within 14 European Union countries. Main regulatory frameworks for operating business in USA United States is the leading automotive markets all around the world. There are13 auto manufacturers in US who are now operating worldwide. To conduct the business practices in US 9
is one of the most challenging tasks for any business entity especially to the automotive manufactures. As per the industry overview, auto manufacturers have produced around 8 million passenger vehicles between 2008- 2012 in United States (The Automotive Industry in the United States.2016). In 1982 when Honda introduced the first US plant in 1982, that was biggest boom to the auto manufacturing industry. From that point of time, European, Japanese, and Korean automaker are seen with producing their vehicles in the region vehicles in United states (Acuña, 2004). In addition to that there are three auto maker companies who are conducting their manufacturing activities in U.S. Including General Motors, Ford and Chrysler.In addition to that Mitsubishi, and Subaru Toyota, Mazda, Nissan, Hyundai-Kia, BMW, Mercedes-Benz is enjoying manufacturing facilities in US. In the year 2011, Volkswagen has introduced a new U.S. Plant that increased the manufactures count to 13. To operate business in US as an auto manufacturing company, the entity has to compete with the leading auto manufacturers. As per the investigation, it was found that existing manufacturers have engine and transmission plants so the new auto manufacturer must have such facilities to compete with the rest. In respect with the current status, dealerships accounts about 3.5 percent of U.S. GDP. An entity willing to start up a manufacturing unit has to conduct practices such as research and development, design, and testing. Within the industry, Motor vehicles as well as the parts manufacturers directly employed more than 8 million people in US. In addition to that, the US automotive industry is seen with extensive network of auto parts suppliers. Instead of the challenges remains with the US automotive sector, the industry has leaded world market in terms of forefront of innovation. The maker focused areas of new entity shouldbetowardmakinginitiativesfornewresearchanddevelopmentinitiativesare transforming the industry. There are major opportunities in US automotive marker in the 21st century but simultaneously, it is seen very competitive (Barlow and Chatterton, 2002). Main regulatory frameworks for operating business in Asia Pacific The automotive industry within Asian region denotes China the largest in terms of automobile unit producers in the world. Since 2009, the yearly production of automobiles is witnessed exceeding European Union as well as United States. As per the recent statistic there are approx 4.1 million passenger vehicles are manufactured in China. From a long run, China is 10
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witnessed for increasing local production at the same time boosting for the existing joint-venture passenger car production agreements (Automotive and components markets of Asia,2005). This strategy remains the single strategy. Due to increase of such joint ventures, China did not borrow much foreign technology as with the help ofknock-down kit the country has completedmajority ofmanufacturingactivities.Besidethis,therearethousandsofentrepreneursinAsian automotive industry who are involved developing, assembling, and marketing at lower scales, and these all can provide a tough competition to new entity. Analysis of the macroeconomic, political and cultural environment of the Russia and China In order to assess the macroeconomic environment of emerging markets that is Russia and China, PESTLE analysis can be done. Through this model car manufacturing industries can assess the macroeconomic environment and through this decision for entering the market can be made. This model will help the industry to either establish their plant in the Russia and China or not. Also, how the establishment can be done in a most appropriate manner. The application of the model is as follows: PESTLE of Russia FactorsImpacts PoliticalPolitical environment of Russia is unstable. Thereisstillaninvolvementbetweenthemain government and the region or local government. The political environment provides opportunities for the trade to be conducted in the country. The government plays major role while running the business of the whole country. The country is rated highest point in the corruption. The nation has high Corruption Perception Index. EconomicalGDP of the country is ranked 10thin the world. The nation is highly depended on the price of the crude oil. 11
The economy of the country cannot be compared with other countries. Recession has been shrinked in the year 2016. Insurance market of the Russia is growing at an apex rate from last five years. Socio-CultureThe culture of the Russia is of collectivism and they do not work in an individualism manner. There is a vast difference in the cultural aspect in Russia and Western countries. There is an income inequality in the Russia. Thus, Car manufacturing unit has to manufacture the car for both types of income group people. Lifestyle of people is changing as per the new trends and this provides great opportunities to the new business to set up. TechnologicalThis nation is historically known for the excellence in space technology so the production plant cannot face much issue in the case of technology. The IT market of the country is growing at a fast pace. Thus, there lies huge potential for the IT spending by the Russian industries. LegalDue to the re-election of same president in the country, there is not much legal changes in the country. In order to bring improvement in the production system, alonglistoflegalreformshasbeensetbythe government. Forattractingforeigninvestor,governmenthas introduced new law which is in favor of investors. 12
EnvironmentalThe government of Russia has planned to set up an effective security system to prevent the pollution and man-made environmental disaster. The pollution caused by car manufacturing company is the highest and thus this can become the major issue for them. PESTLE of China FactorsImpacts PoliticalThe political environment of China is unstable and the most unsettled force is the political force. This lead to the imposition of rigid rules and those rules are always fluctuating. There is a Communist party in China so manufacturing companymightnotfacedifficultywhiletaking permissions (Ahmadian, 2012) Tariffs barrier are high thus, import of raw material cannot be done in an easier manner. EconomicalGDP growth of China is 9.5% which is an advantageous factor for the company to establish there. Populations of the China who are below the poverty line are 10%, so the customers of the cars can be more. Tax rate for foreign investment is very high and this discourages the new investment. Labourcostislowandduetothisreasonforeign investment can be encouraged. Socio-CultureThe young generation is highest in number and this created a demand for more sports cars. 13
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Literacy rate is 92% this means that people are highly educated and thus they could not be cheated upon any factor as they are aware about every feature (Barlow, and Chatterton, 2002). There are few kinds of religion so company has to take care about the beliefs and values of all kind of religion. Potential customers of the luxury car lie in West China. TechnologicalTechnological aspect is highly appropriate in China. Itprovideshigh-endequipmentswhichcanaidin building and producing high-tech products (Dernburg, T. and Dernburg, 2009) The cost of technology is becoming cheaper, thus cost effective in technological aspect can be achieved. LegalThere are several laws in china which are in the favor of allowing foreign company to get establish there so that Chinese people get exposure of the western management style and technology. Other laws related to employment, safety and security at workplace are highly obeyed there. There are also high tariffs on import so company cannot import the good and have to purchase raw material form local suppliers (Cobham, 2007) EnvironmentalThe environment is not protected in China. There is a water shortage which can create difficulty in meeting out the expectations for the industry. The land of china is vulnerable to natural disaster which is a harmful factor for the company to get establish there. Porter's Analysis of China 14
5 ForcesImpactDegree of Impact Buyer'sBargaining Power Large number of buyer's as the Chinese people have high purchasing power. Switching cost is low. Price sensitivity is less (Turner, 2003). High Supplier'sBargaining Power Certainpercentageofsuppliersareof China thus they imposes a threat if their demands does not get fulfilled. Number of supplier's are more. Switching cost is low. High Substitute's ThreatTwo wheeler vehicle can be the substitute for the car and in China there are large number of two wheeler users (Calabrese, 2012). Public transports also acts as a substitute. Cost of change is very less. High New Entry ThreatChinaisexpandinginGlobalization context. Newentrycanbedoneusingjoint ventures. Therearelessnumberofgovernment formalities for new entries (Hill, 2005). Economies of scale mainly lies with big companies. Moderate Industry RivalryThere are many competitors under this industry. There is a cut-throat competition in the emerging markets of China High 15
Porter's Analysis of Russia 5 ForcesImpactDegree of Impact Buyer'sBargaining Power The markets of Russia is emerging so there is an emergent of large number of buyers (Miyoshi and Kii, 2011). Due to the entrance of new companies, buyers have many choices. Switching cost is low for them. High Supplier'sBargaining Power Supplier's are less in number. Switching cost is low. Material provided is not unique in nature. Low Substitute's ThreatSubstitute threat is less in Russian market (Deresky, 2011). People prefer car over the two wheeler. Cost of change is equivalent. Moderate New Entry ThreatDue to emerging markets, many MNC's are going to enter the industry. The entry cost is less. Barriers to entry is also low (Automotive and components markets of Asia,2005). The country is technologically advanced so there are more chances of entry. High Industry RivalryThere are large number of new entries whichmansthatlargenumberof competitors in the industry. Due to cost leadership competition level is high (Jones and Alexander, 2009). High 16
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The forces for change in this external environment is technological aspect because the technology is changing in the world and this become difficult for the US and Europe car manufacturing unit. The US and Europe have the high-tech technologies and as compared to these nations China and Russia do not possess such technologies so this may create the issue if the changes occur in this aspect. Further, the political changes may also create problems as they are fluctuating and new government may pass new laws which may or may not be in favor of the foreign company (Cobham, 2007). Thus, in order to enter the new emerging market of Russia and China, company has to adopt these strategies so that they can move ahead in a smooth manner. Thus, the strategic recommendations are as follows: The manufacturing company can enter into Chinese market by adopting the Joint venture strategy. It is because; the cost savings could be done as the extra expenditure on setting new plant can be saved. The firm can enter into Russian market by establishing its new venture because the resources are abundant and at least cost that can be acquired. In China, differentiation strategy can be adopted because the Chinese people’s lifestyle has changed and they now require the products which are unique and provide innovative services (Calabrese, 2012). However, in Russia the cost leadership can be done in order to penetrate the market of Russia. The firm can also bring technological changes in the country in order to develop the economy of the nation. This will be favored by the government of the Russia and China. There are chances of high growth and can earn highest profits in the emerging markets. Thus, the manufacturing industries of US and Europe should make the investment in these nations by adopting the laws and regulations of the country (Byrd and Megginson, 2013). CONCLUSION After doing the study on the global business of US and Europe car manufacturing industries in the market of Russia and China, it has been concluded that the emerging market of these two nations will bring highest growth and revenue to the companies. Further, the risk 17
assessment has revealed that there is a high amount of political risk and transportation risk in Russia, whereas, in China economic risk is highest. Moreover, the PESTLE analysis of both the nation provides signal that company can adopt the joint venture entry strategy in China and setting up new venture in case of Russia. There is a great potential in both the markets so manufacturing unit should establish its units in these two emerging countries. 18
REFERENCES Books and Journals Acuña, R., 2004.Occupied America. New York: Pearson Longman. Ahmadian,M.,2012.AnExcitingFutureAwaitsusinAutomotiveEngineering Technologies.Advances in Automobile Engineering. 01(01). Barlow, N. and Chatterton, P., 2002. Improving the competitiveness of companies in the UK automotive sector.Industry and Higher Education. 16(5). pp.315-319. Burnham, K., 2013. Developments in Control within the Automotive Industry - Part 2: An Introduction.Measurement and Control. 46(10). pp.302-302. Byrd, M. and Megginson, L., 2013.Small business management. New York, NY: McGraw-Hill. Calabrese, G., 2012.The greening of the automotive industry. Basingstoke, Hampshire: Palgrave Macmillan. Cobham, D., 2007.Macroeconomic analysis. London: Longman. Costa,S.andPinheirodeLima,E.,2014.Greensupplychainmanagement.Journalof Manufacturing Technology Management. 25(8). pp.1105-1134. Czinkota, M., Rivoli, P. and Ronkainen, I., 2009.International business. Chicago: Dryden Press. Deresky, H., 2011.International management. Upper Saddle River, N.J.: Prentice Hall. Dernburg, T. and Dernburg, J., 2009.Macroeconomic analysis. Reading, Mass.: Addison- Wesley Pub. Co. Folsom, R., Gordon, M. and Spanogle, J., 2009.International business transactions in a nutshell. St. Paul, MN: West. Hill, C., 2005 .International business. Boston: McGraw-Hill/Irwin. Ili, S., Albers, A. and Miller, S., 2010. Open innovation in the automotive industry.R&D Management. 40(3). pp.246-255. Jones, L. and Alexander, R., 2009.International business English. Cambridge: Cambridge University Press. 19