Table of Contents INTRODUCTION...........................................................................................................................3 Research Background.............................................................................................................3 P1 Aims and Objectives.........................................................................................................4 P2 Project management plan..................................................................................................5 P3. Work break down structure and Gantt Chart...................................................................7 ................................................................................................................................................8 P4 Research methodologies....................................................................................................8 P5 Analysis...........................................................................................................................11 P6 Recommendations...........................................................................................................20 P7 Reflection........................................................................................................................21 CONCLUSION..............................................................................................................................22 REFERENCES..............................................................................................................................23
INTRODUCTION The theme of the below research is globalisation. Globalisation refers to the process of interaction and integration among people. By some, it is considered as a form of capitalist expansion which entails the integration of national and local economies. It is seen to be grown due to the advances in communication and transportation technology. The topics covered in the report includes identification of the risks and benefits of joint business ventures in order to enter the international markets. The chosen organisation for the study is Marks and Spencer and Uniqlo.MarksandSpencerisamajorBritishmultinationalretailerheadquarteredin Westminster, London. Uniqlo is a Japanese casual wear designer, retailer and designer. The firm is headquartered in Yagamuchi, Japan(Humphries, 2017). The report discusses in what manner Marks and Spencer can successfully enter into the market of Japan by venturing with Uniqlo. It explores the risks and benefits the organisation will be facing and the important strategies and development required to successfully enter into joint-venture. Research Background In the era of globalisation, it has become important for the companies across the world to be a part of joint venture in order to achieve their business objectives. Important benefits and risks are identified of a joint business venture to enter international markets. The chosen companies are Uniqlo and Marks and Spencer. It is important for these companies to grow themselves on large scale in order to achieve their set business objectives. Marks and Spencer wants to enter into the market of Japan and it will venture with Uniqlo to sell its products and services. The report will do research on both of the company's business environment to evaluate the importance of growth and development happening within these organisations. It will help an individual to understand the nature of joint venture businesses and how effectively these business can be brought into operation to achieve set growth and success(Ledford and Gast, 2018). Along with it, the research will evaluate the importance of decision making while entering into the international markets and how one can achieve set growth and development as per their own needs and developments. P1 Aims and Objectives Aim: The aim of the study is to analyze the risks and benefits of joint business venture while entering into Japan - A case study on Marks & Spencer and Uniqlo.
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Objectives: ï‚·To determine the risk factors for joint-venture business in Japanese markets ï‚·To determine the benefits of joint-venture business while entering into the international market of Japan ï‚·To understand how Marks & Spencer by venturing with Uniqlo can achieve its business goals and objectives successfully ï‚·To determine what are the core requirements for these organizations to operate into joint- venture businesses ï‚·To analyze in what manner effective strategies can be developed by these organizations to achieve set growth and development in joint venture businesses Research Question: ï‚·What are the associated risk factors for joint-venture business while entering into international markets? ï‚·What are the benefits of entering into the market of Japan for joint-venture businesses? ï‚·How organization can achieve set goals and objectives with the help of joint venture businesses? ï‚·In what manner effective strategies are developed by the organization to gain most benefits from the joint-venture business? Rationale The reason behind choosing the topic the risks and benefits of a joint business venture to enter International markets for Uniqlo and Marks and Spencer is to evaluate the importance of joint venture business. Globalization has made organizations across the world to enter into new markets and without joint-venture it is not possible for the organizations to do so. It has become essential for companies like Uniqlo and Marks and Spencer to grow their business in order to achieve set growth and development. The idea of joint-venture allows the businesses to gain new market advantage and develop needs which are as per their customers movement and their own set goals. It is important for the organization to make use of effective business plans in order to enter into joint-venture business(Robson and McCartan, 2016). Without effective planning it is not possible to ensure a sustainable joint-venture business and gaining better growth and advantage. It becomes hard for the organizations to newly become a part of the joint-venture businesses and adapt into an
environment where growth is not promised. The report will discuss those various advantages and disadvantages which can take the organization and its goals further. Along with it, it puts light on in what ways better growth can be achieved within the set business environment. It also explains the various researches being done in order to achieve better organizational advantage and to bring set growth to the organization. Important discussions are made in the report to evaluate the important decisions required while entering into the international markets. Along with it, it evaluates in what manner effective controls and restriction can be put to achieve desired growth and success. P2 Project management plan Project management Plan is formal document which consists about the way different activities will be executed during the investigation (Joint Venture Business Opportunities,2017). It covers different aspects of research project such as risk, costs, quality, communications etc. All these factors are very much essential to be considered by project manager as these components are very much important in order to accomplish desired outcomes. Project management plan describes the different phases of the research project. It is the plan which provides project manager an ease in monitoring the progress and helps them in ensuring that all the activities are performed according to the set standards. Cost:It is basically expenses which are generally associated with execution of the research. High amount of costs is associated with making arrangement for collection of the data related to the topic(Silverman, 2016).Some expenditure associated with the execution of research project are traveling expenses, purchase of stationery, salary of project manager as well as other member, communication costs etc. In context of present study budget has been prepared by project manager in order to control the flow of money and to complete research project in efficient manner (Ledford and Gast, 2018).The overall research costed £5,000 pounds. In order to expand into the market of Japan, Marks and Spencer requires an investment of £250,000 pounds. Scope :This element in the project management plan defines the key deliverable as well as milestones that are to be accomplished. The present research has limited project scope. The scope will help the organization to determine the efficiency of joint-venture business. Along with it, it is going to explore in what ways they can gain better advantage in selling of their products and services on a international level.
Time :It is basically a specification about the period within with the specific research project is required to be completed. Scholar in present study has prepared the Gantt chart which consists of starting as well as ending time for each activity. It has assisted investigator in measuring the progress of the research project (Robson and McCartan, 2016). The time required for the study and research is 3 weeks. Quality: It is one of the important element in project management plan. Quality of information assists users in ensuring the reliability as well as validity of research report. Result is highly influenced by the quality of data gathered during the time of investigation. Ensuring quality is one of the major factors required while organizational growth and development. In order to maintain the quality, the joint-venture business need to determine the important causes and needs on which they are fulfilling their set needs and developments(Piaskowska, Nadolska, and Barkema, 2017). Along with it, to assess in what manner better benefits can be brought by ensuring better quality while entering into new markets. Communication: Proper of information is very much necessary during the time of investigation in order to avoid overlapping and wastage of resources. In context of present study communication plan has been developed by researcher which clearly defined the responsibility ofanindividualrelatedtosharingofinformation(Humphries,2017).Appropriate communication will help the to develop smooth functioning and maintain new developments without putting many efforts. Risk :While executing the research project there are high chances of different types of risk. One of the biggest risk associated with execution of the risk include ethical or legal issues, in context of collection of information from secondary sources, there are high chances of plagiarism(Miller and Weinberg, 2017). Investigator in present study has implemented different measures for avoiding the ethical or legal issues. Investigator has informed participants about the purpose of research. Scholar has utilities special computer software for storing of information in order to maintain the confidentiality of information provided by participants (Silverman, 2016). Resources :In context of Present research project, the different types of resources which are required by researcher are technology, communication devices, internet, research skills, human resource etc. The usage of technology is essential to make the work easy and reduce the cost of labor(Yan and Luo, 2016). Internet allows the research to become in depth and to gain necessary knowledge about the important needs and development required by the study.
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P3. Work break down structure and Gantt Chart RisksHighLowMedium Data Theft Issues of Security Leaving Respondents from survey 1.2.3 Produce a work breakdown structure and a Gantt chart to provide timeframes and stages for completion. (P3) Gantt chart: Activities W1 Starting 05 Feb 18 W2 Starting 12 Feb 18 W3 Starting 19 Feb 18 W4 Starting 26 Feb 18 W5 Starting 05 March 18 W6 Starting 12 March 18 W7 Starting 19 March 18 W8 Starting 26 March 18 W9 Starting 02 April 18 W10 Starting 09 April 18 Selection of topic Project planning Literature review Study of research methodolog y Selection of research tool Designing questionnai
re Interview/ Survey Data collection & Analysis Conclusion & Recommen dation Presentatio n Reflective report
P4 Research methodologies Introduction Research methodology is the procedure that is used to gather the data and related information regarding business decisions. It is very essential for the organization to select the most appropriate and suitable research methodology. Research type The research study is based on qualitative and quantitative techniques. In qualitative research data and information are collected, evaluate and interpreted on the basis of statistical data and numeric(Dussauge, Arslan and Wassmer, 2015). On the other hand, quantitative data refers to the data and information that is gathered, analyses and interpreted by using non-numeric and observation. The present research is based on the qualitative techniques as the survey is done on the basis of emotions and the plan and procedure consists step of a wide assumptions and interpretation of the in depth understanding of data.The rationale for choosing to execute the
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qualitative research is that it provides scholar an ease in collecting the detailed information related to the topic. Research Approach Research approaches come after the type of research selected by the researcher. The approach starts from specific data collection on the basis of the topic and after the pattern and theory will develop by the scholar. The applied approach in the research is inductive that is the most suitable in qualitative research that is effective in identify the impact of multinational organization in the business environment of India(Wu & et.al, 2017). Scholar in present study has utilized inductive research approach, as it provides scholar an ease in generating the meaning from the information collected from both primary and secondary sources. In addition to this, inductive research approach also assist scholar in developing the questionnaire for collecting the information from participants. Research Philosophies Theresearchphilosophydealswiththesource,natureanddevelopmentofthe knowledge. The two fundamental research philosophies are; Positivism and Interpretivism. Collected data from positivism philosophy are highly structured and the method is consists the mix of quantitative and qualitative. On the other hand, Interpretivism data are in depth small sample and the investigation is only based on the qualitative method. Researcher has applied Interpretivism philosophy that is more authentic and reliable. Thus, the impact of multinational organisation cooperation is investigated by the Interpretivism philosophy. Investigator in present study has applied Interpretivism research philosophy, as it helps them in interpreting the information. In addition to this, Interpretivism research philosophy, assist scholar in ensuring high level of validity. The reason because of which researcher has selected the Interpretivism research philosophy is that the information collected in such studies tends to be honest as well as trustworthy. Sampling Sampling plays a major role in research. Sample refers to the group of individual, any object or item that taken within from a large population. It is essential to select the appropriate type and size of samples(Gross, Huang and Ding, 2017). The sampling are classified in; Probabilistic and Non-Probabilistic. In context of the present study, scholar has utilized the purpose sampling. The reason for choosing the purpose sampling technique is that researcher
perceives that manager in an organization can provide complete as well as detailed information about the risk as well as benefit associated with Joint venture business. The scholar has chosen 20 senior managers of Marks & Spencer to answer the research question. Data Collection Data collection is a procedure that is used to collect the information from all the relevant sources. After effectively select the sample, researcher enable the activity to gather the data from representatives. Two kind of data collection are; Primary and Secondary, primary data can be collected by the researcher trough different methods these are observation, survey, interview and secondary data is collected through journals, books, online sources and articles.In present study , investigator has collected the data related to the topic from both primary and secondary sources. Reason for choosing to collect information from both the sources is to gather huge amount of information related to the risk and benefit associated with Joint venture business. The method used by investigator for collecting the primary facts related to the topic is questionnaire. A questionnaire form consists of open ended questions which has been designed considering the aimoftheresearch(Harris,2018).Investigatorhasincludedcloseendedquestionsin questionnaireformasscholarperceivesthatitwillassistthemingettingtherelevant information.Internet, Online books, Journals, magazines, has been used for gathering the secondary data related to the topic of investigation. Data Analysis This is the last process, where the data is analyzed after gathering(Parameswar, Dhir and Ongsakul, 2018). It is the process that is used to mold, clean and transfer raw data and information into a systematic and meaningful manner. Data is analyzed by two method which are qualitative and quantitative. In the present research, researcher has used qualitative method for data analysis and present the data in form of graph, charts and tables. In addition to this, thematic analysis has been used by scholar for presenting the information. The different themes are prepared by investigator considering the questions as well as answers provided by participants. Scholar has chosen to utilize the thematic analysis technique as it provides them an ease in analyzing the pattern of responses provided by the respondents.Investigator has also used the graph, chart, diagram for showing the results or findings(Clark and Soulsby, 2017). Diagram and chart has assisted researcher an ease in making the research report presentable as well as understandable by user.
P5 Analysis Questionnaire Question 1.According to you which is the biggest risks associated while entering into the market of Japan with Uniqlo? ï‚·Risk of conflicts ï‚·Clashes in management stylesï‚·Imbalance of capital and resources. Question 2. What benefits can globalization add up to for the businesses from venturing with Uniqlo? ï‚·Fostering business growth ï‚·Access to new market and distribution networkï‚·Increased capacity Question 3. What is the biggest opportunity your business can receive from entering into the Joint-venture with Uniqlo? ï‚·Achieving new growth ï‚·New development optionsï‚·New consumer market Question 4. What do you think is required most by the businesses while entering into joint- venture with Uniqlo? ï‚·Finance and Capital ï‚·Relationshipsï‚·Effective management Question 5.What challenges do you think your organisation can face while entering in the Japanese market? ï‚·Diverse Culture ï‚·Recruitmentï‚·Infrastructure Question 6. As per your opinion, what advantages your business can receive from selling the products and services Japanese markets? ï‚·Increase in profitability
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ï‚·A rich and diverse consumer platformsï‚·New markets to sell current products and services Question 7. Do you think your organisation is going to gain competition after entering into the markets of Japan? ï‚·Agree ï‚·Disagree ï‚·Highly Agreeï‚·Highly Disagree Question 8.What do you think are most effective skills which the employees of your organisation need to ensure successful cooperation with Uniqlo in joint-venture business? ï‚·Good Communication ï‚·Planning ï‚·Trust ï‚·Performance monitoring Theme 1:Risk of Conflicts is the biggest risk associated while venturing with Uniqlo Risk of conflicts13 Clashes in management styles4 Imbalance of capital and resources3
Interpretation:As per the above chart, it can be seen that out of 20 senior managers, 13 believe that the risk of conflicts is the biggest risk associated while entering into the joint-venture business. In order to ensure that the organisation do not face this risk it is important for the both Marks and Spencer and Uniqlo to ensure that they are having an effective management in place which is managing these conflicts in a well-manner. Along with it, other associated risks include clashes in management and imbalance of capital and management. The organisation can make use of effective strategies in order to deal with these things and ensure growth and development. Theme 2:Fostering business growth is one of the main benefit Marks and Spencer can receive from entering into joint-venture with Uniqlo Fostering business growth12 Access to new market and distribution network4 Increased Capacity4 Risk of conflicts Clashes in management styles Imbalance of capital and resources
Interpretation:As per the above chart, it can be seen that out to 20 people, 12 believe that the main benefit of entering into joint-venture business is fostering market growth. Along with it, 4 managers believe that access to new market and distribution network is another important benefits which the organisation will receive after entering into joint-venture with global companies. This will help the business to develop and transform themselves in order to achieve new set growth and gain new consumer markets worldwide. These benefits will help the overall business to grow and maintain their decision making in order to grow and prosper as international business firms. Theme 3:Achieving new growth is the biggest opportunity the organisation can receive from venturing with Uniqlo Achieving new growth10 New Development options6 New consumer market4 Fostering business growth Access to new market and distribution network Increased Capacity
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Interpretation:The opportunities which a business can receive while entering into joint- venture business includes achieving new growth, new development options, new consumer markets and growth and development of products and services. The above chart showcases that the out of 20 people 10 of them agrees that the best opportunity which Marks and Spencer can receive after venturing with Uniqlo is achieving new growth. The other opportunities include new development options on which 6 people agrees and new consumer markets is another opportunity which 4 people believe that the organisation will receive after entering into joint- venture business. Theme 4:Finance and Capital are the biggest requirements for the business while entering into Japanese markets and venturing with Uniqlo Finance and Capital12 Relationships8 Effective management2 Achieving new growth New Development options New consumer market
Interpretation:It is important for a business to have appropriate finances while entering into joint-venture business. It is because these business help the organisation to achieve new growth and development and without having appropriate finances it is not possible for a business to achieve what it wants. In order to ensure this, the organisation makes use of appropriate finance options and gains new market development opportunities by building relationships. As per the above chart, out of 20 people 12 agrees that finance and capital is the utmost requirement for Marks and Spencer to successfully enter into joint-venture markets. 8 people believe that relationships are the most important aspects because they ensure that the organisation is successful in building relationship with its clients and new people. 2 people believe that effective management is another important requirement for a business to enter into joint-venture business. Theme 5:Diverse Culture is the biggest challenge while entering into Japanese markets Diverse Culture14 Recruitment3 Infrastructure3 Finance and Capital Relationships Effective management
Interpretation:Marks and Spencer and Uniqlo tend to receive new opportunities while entering into joint-venture businesses. Along with these opportunities, the challenges are also going to arrive but the challenges need to be carefully observed by the firm because if they are not dealt properly. It can bring downfall for the organisational success and development. Out of 20, 14 people believe that diverse culture will be the biggest challenge while entering into the market of Japan. In order to ensure success in the diverse culture, the organisation has to maintain new development prospects as per the needs and requirements of its own. It has to hire new people and understand their particular needs and fulfil them accordingly. Along with it, out of 20 people 3 of them believe that recruiting the appropriate individuals in the new business marketplace is another important challenge which the organisation will face. 3 people believe that having the right infrastructure will be another biggest challenge faced by the company. In order to ensure that these challenges will be dealt with properly the organisation has to make use appropriate strategies and has to hire a right team to ensure required growth and development. Theme 6:Increase in profitability is the biggest advantage Marks and Spencer can receive from entering into Japanese market and venturing with Uniqlo Increase in profitability12 Rich and diverse consumer platforms4 Diverse Culture Recruitment Infrastructure
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Newmarketstosellcurrentproductsand services 4 Interpretation:As per the above chart, it can be seen that the Marks and Spencer while enteringintothejoint-venturebusinesswillreceiveadvantagesuchasanincreasein profitability, a diverse and rich consumer platform, and new market to sell its products and services. This will help the business to gain new growth prospectives in achieving required development for the organisation. It can be seen that out of 20 senior managers working in the organisation 12 believe that increase in profitability will be the major advantage which the organisation will observe. Rich and diverse consumer platforms is another important advantage which the organisation will see and out of 20, 4 people agree with it. Out to 20, 4 people believe that new markets to sell current products and services is going to be one of the major advantage for the firms in their business. Theme 7:It is possible for Marks and Spencer to gain competition by entering into Japanese markets Agree8 Disagree6 Increase in profitability Rich and diverse consumer platforms New markets to sell current products and services
Highly Agree2 Highly Disagree4
Interpretation:It can be seen that the out of 20 senior managers, 8 believes that the Marks and Spencer will gain new market competition after entering into joint-venture business. It is important for the organisation to observe what kind of competition it is receiving and has to operate accordingly. Along with it, 6 people disagree that the organisation will receive any sort of competition while entering into joint-venture business. It is essential to make use of appropriate strategies in order to achieve set growth and development and ensure that the organisation is gaining new prospects and developments as well. Out of 20, 4 people highly disagree about the set environment cannot bring competition and can ensure required growth and development. On the majority, the organisation has to keep itself prepared in order to achieve set growth and development and ensure better market advantage as well. It will help the organisation to gain new market advantage keep itself prepared for the competition. Theme 8:Performance monitoring is one of the major requirements to ensure success into joint-ventures Good Planning5 Communication5 Trust4 Performance Monitoring6 Agree Disagree Highly Agree Highly Disagree
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Interpretation:The above chart explains that out of 20 senior managers, 5 believe that good planning is essential to ensure success in joint-venture business. It is important for the Marks and Spencer to monitor its performance successfully in order to achieve set growth and development from joint-ventures It is difficult without having proper planning to ensure required growth and success. The organisation needs to take care of the development prospects and need to ensure that appropriate planning is taking place. Another important aspect of ensuring success in joint-ventures is better communication. Better communication allows the organisation to achieve set growth and development. Along with it, it maintains proper development within its own working environment(Sidhu and Christie, 2015). Trust and performance monitoring are another important aspects which needs to be ensured while entering into joint-venture business for an organisation. P6 Recommendations As per the above analysis it can be seen that joint-venture can bring a lot of success to the organisation and its working environment. It is important for the companies across the world to enter into joint-venture to achieve new growth prospective. For both Marks and Spencer and Uniqlojoint-venturewillbringnewdevelopmentopportunitiesandwouldensurenew profitability(Hearn, 2015). It is important for these organizations to observe the challenges arriving in the joint-venture business and understand what are the core issues which the organisation can face while entering into joint venture businesses. Good Planning Communication Trust Performance Monitoring
Also, it is important for the organizations to make required strategies in advance and analyze the important challenges which it is going to face in the new markers. These strategies will help the organization to achieve net sew of growth and develop itself in order to achieve market growth and advantage(Arslan, Wassmer and Dussauge, 2015). These all aspects will grow the firms on their required potential and would help them to achieve new market growth. It is also important for the organization to understand and evaluate the major needs which can transform itself in standing as a better competitor along with fulfilling its customer needs and requirements. It has been observed that Uniqlo and Marks and Spencer also needs to observe the global opportunities for the organization to make joint-venture successful. These global opportunities will provide the organization with new directions and is going to help it in managing itself accordingly. These all efforts will allow the organizations to flourish and maintain their position in the market. As per the above evaluations it can be seen as the biggest associated risks with the joint venture is the risk of conflicts. In order to ensure that conflicts does not arise in the business, it is important that Marks and Spencer ensures effective planning is being done. Along with it, it is important for the organizations to manage good communication with other parties while they are a part of joint-venture business. Good communication can ensure effective growth and success both to the organisation and its business. P7 Reflection The above research helped me to understand the importance of joint-venture business. Along with it, I understood what are the important requirements for a firm to enter into joint- venture businesses and achieve required growth and objectives along(Ahmad, Floris and Atzori, 2016). The research allowed me to gain new skills such as research, and better communication. It also helped me in developing new knowledge about the core areas of an organization where possibilities of growing business can be expounded. Along with it, it helped me in developing new potential to make researches better and exploratory. I also learned about the various developments which a firm needs to address while growing itself in international markets(King, 2017). The skills which I learned includes better communication, research, decision making, report writing etc.
Along with it, I was able to achieve the stated objective of the research. The data collection used in research allowed me to gain the data of different companies and organizations which entered into the joint-venture business and evaluate in what manner they achieved success. It helped me to identify in what manner Marks and Spencer and Uniqlo can achieve success from joint-venture businesses. It successfully helped me to gain an understanding in what manner Marks and Spencer and Starbucks can achieve success in the global markets. CONCLUSION The above research explains the importance of joint-venture businesses. It explains in what manner an organisation can enter into joint-venture business to achieve set growth and development. It also explains the strategic decisions which a firm needs to make while entering into joint-venture business and how effectively Uniqlo and Marks and Spencer can deal with these challenges to achieve set growth and development. The report puts light on the important research methodologies used in the research to complete the research with essential tools and techniques. Also, the researcher has made use of important questions to identify the important needs and developments of the organization and to analyze what the people working in both of the organizations think about the idea of entering in joint-venture businesses. The report also analyses the main inputs which an organization needs to make while entering into joint-venture business and how these inputs make sure that the organisation is moving into the right directions. The necessary inputs showcase the value-based inputs of the organisation and the prospects which it can gain from the new developments.Further, it is all-important for these cmapny to observe the challenges arriving in the joint-venture business and understand what are the core issues which the organisation can face while entering into joint venture businesses.