International Trade Instability: Challenges & Opportunities IS

This essay delves into the complexities of international business management, focusing on the challenges faced by small and medium-sized enterprises (SMEs) when expanding their operations across national borders. It identifies key obstacles such as economic recessions, global sourcing competition, legal complexities, inadequate government support, and branding issues in international markets. The essay also critically examines the role of psychic distance, encompassing cultural, business, and macro-environmental dimensions, in influencing a company's internationalization process. Furthermore, it provides a comprehensive review of factors relevant to selecting appropriate foreign market entry modes. Finally, the essay analyzes the challenges and opportunities arising from the current instability in the international trade regime, offering insights into how international companies can navigate these turbulent times. This document is available on Desklib, a platform offering a wide array of study tools and resources for students.

Running head: INTERNATIONAL BUSINESS MANAGEMENT
International Business Management
January 14
2019

INTERNATIONAL BUSINESS MANAGEMENT 1
International Business Management
The word, International business seems to be a tempting and glamorous term for those who
take interest in growing and expanding their business operations worldwide. Today,
international business is a topic debate in the developing economy. The businesses, big or
small are ready to go outside the national boundaries to have broad access to the resources
and market presence across the frontier of a nation (Christiansen and Bryan, 2013).
International business is continuously becoming interesting in the present world because it is
carrying human skills, creativity, raw material, innovation, technology, and different essential
resources to the host country. In the 21st century, the International business is developing very
fast and touching the seashores of all the nations. The reducing number of international
business barriers through maintaining relationships with the government of different nations
has included glory and glamour to the international business (Sankrusme, 2017). The aim of
this paper is to discuss the importance and challenges of expanding business operations
outside the national boundaries. The paper will highlight the role of psychic distance in the
procedure of companies' internationalism. Besides this, it will present a critical review over
selecting different modes of entry for conducting business in the international market. I the
end, the paper will analyze the challenges and opportunities of current instability in the
international trade regime for a company.
1. Challenges for SMEs while expanding internationally
It is deceptive that SME that is small and medium enterprises perform a key part in the
country's economic development. For example, the recent trend of economic development
and fast industrial growth has made Malaysia and Asian countries as the most open world
economies (Muhammad, Char and Yasoa, 2010). The development of international markets

INTERNATIONAL BUSINESS MANAGEMENT 2
encourages rivalry and enforces governments to accept policies that are market-oriented, both
internationally and domestically. Advanced technologies have momentously decreased the
information cost and the competencies to contribute to the worldwide economy. In fact, there
is plenty of evidence that proof SME has not just been succeeded in domestic economies, but
that their worldwide existence has grown as well. According to Samad (2007), there are
numerous challenges that SME deals in the globalized environment, for instance from the
struggle to deal with the recession, obstacle from worldwide sourcing, lack of managerial
competencies, lack of financing, difficulty in accessing technology and management, high
regulatory burden, low productivity, and others. According to Teoh & Chong (2008), the
challenges for entrepreneurship are the absence of access to credit and absence of access to
social networks and formal business. Besides this, challenges faced by SMEs while
expanding business operations in the international market are increased worldwide
challenges, new developing technologies, and procedures of production along with increasing
factor costs, which influence the export competitiveness.
Recession
Today, the economic dip is a constant challenge that is experienced by SMEs. In 2007, the
economy of the world experienced numerous unfavorable activities like prices of oil tracked
by the sub-prime credit crisis in the United States of America, which resulted in financial
distress to the market. Many countries are presently reflecting a decreasing economic growth
and increasing costs of production, which specifies that the recession in the worldwide
market, is unavoidable. The common consequence of a recession is decreasing expenditures
by customers, decreasing product demand, reduced production, and increasing
unemployment. Small and medium enterprises are influenced at higher degree particularly
those take part in the supplying and trading of services to other industries.

INTERNATIONAL BUSINESS MANAGEMENT 3
In the future, the economic crisis can be avoided by creating a competitive sector of SME that
is capable to participate in international as well as domestic markets. Harvie (2004) claims
that the sector of SME has a vital part to perform in the continued retrieval of the district or
country rising from the business chances created by the reshuffle procedure itself, the effort
towards closer district economic integration, developments in ICT and more precisely the
commercial opportunities arising from the Internet.
Global Sourcing
Liberalization and Globalization have supported in making the resources of business more
transferable and mobile beyond boundaries. Rivalry for resources like capital and material
has enhanced in numerous Asian countries like Malaysia. According to the researchers,
market globalization has highlighted that businesses should learn to work be considering the
world as a single huge market overlooking insincere local and national differences. In the
procedure, globalization endorses technology, knowledge and source transfer, as ever-new
practices of production will be offered. Besides the positive deeds, liberalization damages
native SMEs since they need to contest with inexpensive, innovative incoming international
services for capital and resources. Globalization also generates unprecedented information
and communication technologies. Small and Medium Enterprises should enhance their
competitive abilities by the effective determining in cooperative environments. Hence, SMEs
should take benefit of low-cost labor, advanced technology, flexible logistics, and cheaper
materials (Wright, Westhead and Ucbasaran, 2007). This, in turn, offers synergy to SMEs in
the developing nations for example Malaysia.
Legal problems in Global Business
Considering the international market, Small and Medium Enterprises are experiencing the
absence of legal knowledge. For instance, there is a lack of advancing agencies that can offer

INTERNATIONAL BUSINESS MANAGEMENT 4
advice related to legal requirements precisely to SMEs moving towards the international
market. According to Teoh & Chong (2008), the challenges for SMEs is the lack of
experienced management related to rules and regulations of the international market.
Therefore, Small and Medium Enterprises can find restricted access due to unsuitable and
out-dated regulations. In regards to legal and registration incorporation, numerous numbers of
SMEs require to establish its existence in the international market to be noticeable to
consumers. Legal and Registration incorporation necessities differ significantly amongst
nations and are mostly needlessly expensive and complex (Abu Bakar, Mad and Abdul Latif,
2006). It can take longer time duration for SMEs to attain consistent info regarding relevant
regulations and market opportunities for new tool, service, or product. Besides this, there are
some particular controls and requirements enforced by overseas governments.
Lack of Government Support
The state government has to perform a significant role and commitment to SMEs, particularly
in main areas of key growth as well as the accessible support and infrastructure to support
them (SMIDEC, 2007). This type of area is one and only Halal Industry. Numerous of
Malaysian state governments did not try to motivate Halal industry. For instance, Negeri
Sembilan and Melaka state still permitting pig farming without thinking about the Halal
industry on an aggregate basis. With projected data for Halal trade of around USD2.1 trillion,
there is astounding potential for Halal products globally. The state government should
classify this probably because it prepares Malaysia to become foreign Halal hub towards by
2010. Another area of key growth comprises the developing franchise industry and the
present leaning of outsourcing and shared services. Other key growth areas include the
growing franchise industry and the present trend.
Product branding in the International market

INTERNATIONAL BUSINESS MANAGEMENT 5
Branding is an effective way of distinguishing services of the business from the competitors
and creating an attractive product for consumers. For instance, Malaysian SMEs do not take
branding as a most important strategy to compete internationally. Fewer efforts and capital
invested in creating well-packed and attractive products, as well as an innovative product
especially for the export market. Businesses can attain a competitive advantage by doing
innovation in the form of a new procedure of production, the new design of the product, or
new approaches to marketing (Foon and Eu-Gene, 2006). SMEs required to be reinforcing
the brand to enhance the positioning in order to grab opportunities in the new market. SMEs
can vigorously distribute its products by franchise if a known brand is established.
2. Role of Psychic Distance in the procedure of Internationalization of Company
Psychic distance is said to be notion for understanding the procedure of how companies take
the decision of entering into international markets and has mostly been considered in global
management areas. The psychic distance comprises culture, industrial development, language
differences, business practices, and education that can result in psychological distress in an
individual (Child, Ng and Wong, 2002). This psychological distress can result in insecurity,
decreasing performance, and efficiency, irritation, and passivity, which can negatively affect
the performance of an expat whilst on their worldwide mission (KUBO and BRAGA, 2013).
Besides this, psychic distance could be a conclusive factor inducing the choice or the nation
in which the business will expand its market.
Psychic Distance Dimensions
The following discussion shows the three important dimensions that make us understand the
concept of psychic distance that is the macro environment, business dimension, and cultural
dimension.

INTERNATIONAL BUSINESS MANAGEMENT 6
Cultural Dimension
The cultural dimension suggests the demonstration of investigation on other significant
notions that are cultural in countrywide and structural terms. Culture is a communal mental
program that differentiates and splits the associates into different categories and groups with
each other depending on their diverse features. This mental program results in a similar type
of behavior of the group member. Culture establishes itself in its most deep and imperceptible
form by the values and is insincere and noticeable through rituals, heroes, and symbols
(Hofstede, 2001).
Categories and Groups are understood (among numerous conceivable classifications)
distinctly as a nation in terms of their main cultural features. The people of every nation
create separate groups depending on every of their mental program. The leading cultural
standards of a country are noticeable by a value system held by most of the population group.
Culture can be also determined as a set of standards that regulate the actions and behavior of
an individual. It is an outcome of the old generation performance that transfer value to the
younger generation (Hofstede, 2001). This procedure of mutual standards between entities of
community constraints or encourages the creative deed of the followers.
Business Dimension
In the business dimension, psychic distance is the subtleties of business between
corporations. This result in the growth of theories of internationalization that support in
explaining the business dimension from the relationship between companies, entry mode, and
the manner business is performed. However, the development of these theories designates a
diversity of guidelines. In similar words, the internationalization theories claim to elucidate
the factors that lead the business to perform in international markets, the entry mode of

INTERNATIONAL BUSINESS MANAGEMENT 7
business in these markets, and the connection recognized between the administrations
involved in this setting (Barney, 2011).
The lessons can be separated roughly into two types of research: (i) the economic method and
(ii) the behavioral method. The first method examines the procedure of internationalization
regarding increasing economic returns, comprising the product life cycle theory and the
Eclectic Paradigm. The behavioral method experience different factors associated to
decisions depending on the opinion of the level of uncertainty and risk that can affect the
commitment of business to international markets, which are signified majorly by the School
of Uppsala (Barney, 2011).
Micro Environment Dimensions
In order to understand the concept of psychic distance properly, authors, measured variables
of the macro environment, which establish another psychic distance dimension. To
understand the notion of the macro environment dimension, it should account for features like
political, technological, economic, demographic, socio-cultural and legal features of a nation
of the international market. These influences also comprise educational, institutional, and
language contexts, and diverse levels of industrial development (Hilal and Hemais, 2001).
At the time of taking decisions regarding the internationalization, the business could select
diverse types of entry mode that lead in the influence of macro environment dimension in
psychic distance. Some of the emphasized modes are exports with the company’s
administration and location placed in their nation, licensing, with the place outside the
national boundaries of nation and contractually controlled and direct investment, with the
business confined and managerially regulated outside the national boundaries (Whitelock,
2002).

INTERNATIONAL BUSINESS MANAGEMENT 8
Understanding of Macro environmental dimension is important since when a business
operates with an emphasis on the national market, competitive aspects that define its success,
but it is frequently insensible to modifications in the external environment, particularly with
subjects associated to the overseas macroeconomic environment. Not just the establishment
of new business opportunities will define the level of difficulty of the political, technological,
cultural, and economic aspects in overseas markets, but also majorly by the level of
uncertainty. Thus, the macro environmental dimension comprises the outlines of economic
growth, market saturation, growth, and economic infrastructure that must perform as a
"thermometer" for businesses. Considering the cultural aspects, it is very important to
understand the purchasing behavior of the customers, business and local values, and the
manner of conducting business. Recognizing threats and opportunities, and searching
information regarding destination nation’s macro-environment, for the company markets and
establish the significant dimensions of psychic distance (Whitelock, 2002).
3. Relevant Considerable Points while selecting mode for the international market entry
In today's era, the environment of business is dealing with major changes like technological
advancement, globalization, and increasing competition. This has offered numerous market
opportunities to the company and hence, encouraged them to expand the business operations
in the international market. In the last two decades, businesses have moved their location
from national to the international market and are utilizing international marketing approaches
to reach the foreign market (Abhishek, 2013). The key change in the business environment
that results in quick development of international business are technological advancement
enhanced logistics, decreasing communication cost, development of software applications,
and supply chain management, that assist the broad variety of administrative functions,

INTERNATIONAL BUSINESS MANAGEMENT 9
business innovation, development of capital markets, cumulative drift of joint ventures and
strategic alliances, etc. (Jörn, 2016)
Entry in the international market likely means being uncovered to entirely new environment
of business. The traditional business circumstances can vary from the national market and
might even involve a high level of trade barriers and socio-cultural differences that can be
tough to manage (Daft and Samson, 2014). If the company lacks significant organizational
skills and resources in the unacquainted overseas market, then it can be tough to survive in
the market for a longer time duration. However, being responsive towards the potential target
audience is essential for taking an entry decision intro international market. According to
Hajidimitriou, Georgiou and Porgianos (2002), many of the companies have initiated to
purchase, compete, sell, and operating with companies operating in the foreign nation. The
writers further declare that considering the perspective of the customer, worldwide sales and
marketing offers an extensive variety of services with improved quality and decreased prices.
Hurtado, Pineda and Florencio (2018), declare that businesses should grow internationally to
sustain in the market. However, it is vital for these businesses selecting an appropriate target
audience to expand their operations and network of the business. There are numerous types of
entry modes accessible to businesses like franchising, exporting, licensing, and foreign direct
investment. However, the company, while expanding operations in abroad, should also
observe whether the overseas market possesses growth potential. In addition, the criterion
that must be considered by the firm to expand operations in the international market has been
presented below with the example of Carrefour company.
Carrefour is a multinational retailer with headquarter in France. The company is the world’s
biggest chain of hypermarket with around 12,300 self-service outlets. Carrefour has its
operations in around 30 nations in Europe, Asia, Africa, and America (Carrefour, 2019).

INTERNATIONAL BUSINESS MANAGEMENT 10
To expand the business operations Carrefour took entry in the Saudi Arabia market. In the
starting phase of the business, the company experienced intense rivalry from the domestic
existing players in Saudi Arabia's retail market (The National, 2018). The key existing
players among them were EMKE Group’s Lulu Hypermarket, Fathima Group of Companies,
and Lifco Group of Companies. Among all the three competitors, Lulu is considered the most
famous store of retailing in the local community. Presently, the country’s economy is
performing well due to which Lulu has arrived with 80 stores at numerous locations. Leaders
of the market like the EMKE group is in the procedure to expand tits store of retailing to next
heights. Besides groceries, domestic, drinks, and food products, these stores also vend
numerous types of brands like IKON (Euro Monitor, 2017). The Fathima group established
its operations in 1970 and started providing a broad range of services and products in the
market. The company run hypermarket, distribution and wholesale centers, retail outlets,
supermarket, restaurants, and cold stores. From the above analysis, it can be truly said that
today’s world era is extremely active and globalized, where customer forestalls a huge range
of products to choose from, and rivalry in the industry is quickly increasing because of
regular alterations in the technological and social advancements. These drifts are making the
internationalism and international marketing, a hot subject in the strategic meeting of the
businesses As an outcome, business are today searching for an untapped and new market for
their services that can help them in making revenue and growth predictions for their
company.
Market Entry Strategy
Different investigators have distinct overseas strategies of market entry, internationalization,
and marketing strategy differently. According to Tielmann (2010), entry strategy is those
strategies that support business to take access to the new target market in new markets by
promoting their services. According to the writer, the strategy of Internationalization is how

INTERNATIONAL BUSINESS MANAGEMENT 11
the business market is continuously globalized by company expansion in developing
countries. It could be analyzed from the presented definitions that entry strategy is the
starting phase in the procedure of new market entry, while internationalization is a long-term
procedure that perceives the development of the business in a worldwide business context.
There are numerous types of modes used for market entry could be used by the businesses in
order to enter a market. Entry modes differ in relation to the degree of control the business
has on its resources, comfort in knowledge transfer, and the cost of transaction related with
these resources, and enforceability of lawful rights (Jones, 2009). There are three key factors
that define the modes of entry that are company’s ownership advantages, market location
advantage, and internationalization advantage of incorporating transaction in a company.
Some of the market entry strategies are presented below:
Exporting
At the time company desires to get involves in the foreign retailing at the lowest degree, then
exporting is said to be the key choice. It is the easiest ways to enter the international market
and has a nominal influence on a firm's operations. Exporting is categorized into two classes
that are direct and indirect. From the perspective of the business, exporting need less
investment, enhance the capacity of the production, permit the business to attain a
competitive advantage over competitors, and most significantly enhance the company's
financial position. It also permits the company to sustain control of the function of production
and reaching maximum customers (Katzman, 2011). On the conflicting, exporting has
convinced disadvantages; the company can lose its control over the market and in some cases
exporting may influence the company’s financial performance which could be resulted
through high transportation and tariff cost.
Licensing

INTERNATIONAL BUSINESS MANAGEMENT 12
The companies use licensing when it permits another company to manufacture their services
or products under that company’s name; it can be procedure technology transmission from
domestic nation to the host nation. Licensing comprises low preliminary investment, simple
entry to the domestic market, evasion of trade obstacles and understanding needs of the local
market.
Joint Venture
The time a company connects with a different company for similar interest and practice a
new business unit, and then Joint venture is said to be in action. The key characteristic of this
policy is that control and rights are collective (Swartz, 2010).
Franchising
In franchising entry mode, the firm offer franchiser the right to practice its brand or name to
vend the services. Presently, the retailer could also offer the franchiser with technical training
and knowledge essential to run the company efficiently (Cheng, 2006).
Wholly Owned Subsidiary
In Wholly owned subsidiary, the business completely possesses a business in the
international markets that are from manufacture to eventual vending all the business function
placed in the international country.
4. Challenges and Opportunities of International Trade Regime instability for
International Company
Wesfarmers is an Australian conglomerate with headquarter in Western Australia with key
operations in New Zealand and Australia. The company majorly deals in coal mining,
chemicals, safety, and industrial products, and chemicals. Wesfarmers is considered the

INTERNATIONAL BUSINESS MANAGEMENT 13
biggest company in Australia in terms of revenue (Sustainability, 2019). However, with
international operations, the company deals with different challenges of international trade
regime.
Economic risk
The Wesfarmers operating its operations in the international market, it deals with economic
risk in the host country, which eventually influences the financial resources of the company.
A specific risk experienced by international organizations is the rate of foreign exchange. The
exchange rate between any of the two currencies can become unfavorable or favorably for
any one of the exchange partners in the period between ordering and payment, occasionally
fundamentally changing profitability (Cosmo Politalians, 2016).
Political Risk
There are numerous types of political risk intrinsic in international marketing, the possibility
of the political instability of the nation touching a contravention point or the new strategies of
the government adversely affecting overseas business performing operations inside its
borders. In order to reduce these risks, it is very important that business carefully analyze the
political environment of a latent host nation and comprehend its leadership and laws (Cosmo
Politalians, 2016).
Opportunities for Wesfarmers of International Trade Regimes
Increased Revenue
The key advantage of international trade for Wesfarmers is it has supported company in
increasing the potential clients. Every nation where business initiates its operations opens a
new road to development and increased revenues (American Express, 2018).

INTERNATIONAL BUSINESS MANAGEMENT 14
Longer Product Lifespan
Sales can be decreased for some of the products domestically as Australians stop purchasing
them or shift to the updated version. However, expanding operations in the international
market can extend the life cycle of a similar product as developing markets seeks to purchase
Australian products.
Better Risk Management
The key advantage of international trade is market diversification. Concentrating just on the
local market may uncover business to augmented risk from slumps in the economy,
environmental events, political factors, and other factors of risk. Being less reliant on a
distinct market can support business in alleviating potential risks in the core market
(American Express, 2018).
Enhanced Reputation
Performing business operations in different nations can increase the reputation of the
company. Achievements in a single nation can affect the success of other head-to-head
nations, which can enhance the profile of the company in the market niche. It can also
support in increasing the credibility of the company, both at home and abroad. It is one of the
key advantages of international trade that could be difficult to measure and, consequently,
easy to ignore.
Easier management of cash flow
Being openly paid can be concealed benefits of international trade. While performing
business operations in the international market, it becomes a normal practice to ask for
payment openly, while in the domestic market business has to be more creative in handling

INTERNATIONAL BUSINESS MANAGEMENT 15
cash flow while waiting to be paid. Growing business in the international market can support
business in managing the flow of cash in a better manner (American Express, 2018).
The above study has provided a detailed analysis of the importance, advantages, and
challenges present in expanding business operations in the international market. The study
has highlighted different barriers for the Small and Medium Enterprises to expand business
operations in the foreign market. These challenges are a recession, global sourcing, lack of
government support, legal issues in the global market, etc. The study has emphasized the role
of psychic distance in the internationalism of the businesses. Besides this, the most important
aspects of the international business have also been discussed in the report that is market
entry strategies without, which a business cannot cover the overseas market and earn revenue.
The analysis reflects that these strategies are very essential for the establishment of business
operations in the international market and increasing revenue. In the end, the paper has
discussed the challenges and opportunities of international trade regime instability for
Wesfarmers. From the analysis, it could be said that expanding business operations in the
foreign market in today's period is one of the essential, however, it involves numerous types
of barriers as well as challenges that influence the overall planning of the business.

INTERNATIONAL BUSINESS MANAGEMENT 16
References
Abhishek, G. (2013) International Business Environment: Challenges and Changes. Research
Journal of Management Sciences, 2(11), 34-38.
Abu Bakar, J., Mad, C. A. and Abdul Latif, R. (2006) Liberalization and globalization: a
case of Naza and a lesson to SME. Proceedings of Persidangan Kebangsaan IKS. 3rd ed.
Kuala Lumpur: Universiti Utara Malaysia.
Albaladejo, M. (2001) Determinants and policies to foster the competitiveness of SME
clusters: evidence from Latin America. QEH Working Paper Series-QEHWPS71 [online].
Available from http://www3.qeh.ox.ac.uk/RePEc/qeh/qehwps/qehwps71.pdf [accessed 14
January 2019]
American Express (2018) What Are the Advantages of International Trade? [online].
Available from https://www.americanexpress.com/en-us/business/trends-and-insights/
articles/advantages-international-trade/ [accessed 14 January 2018]
Barney, J. B. (2011) Gaining and Sustaining Competitive Advantage 2nd ed. New Jersey:
Prentice-Hall.
Carrefour (2019) Ask for food [online]. Available from http://www.carrefour.com/ [accessed
14 January 2018]
Cheng, Y. M. (2006) ‘Determinants of FDI mode choice: acquisition, brownfield, and
greenfield entry in foreign markets’. Canadian Journal of Administrative Sciences/Revue
Canadienne des Sciences de l’Administration, 23(3), 202–220.

INTERNATIONAL BUSINESS MANAGEMENT 17
Child, J., Ng, S. H., and Wong, C. (2002) ‘Psychic Distance and Internationalization:
Evidence from Hong Kong Firms’. International Studies of Management & Organization,
32(1), 36–56.
Christiansen, and Bryan (2013) Cultural and Technological Influences on Global Business 1st
ed. U.K: IGI Global.
Cosmo Politalians (2016) What are the Different Challenges to International Trade? [online].
Available from http://www.cosmopolitalians.eu/different-challenges-international-trade/
[accessed 14 January 2018]
Daft, R.L., and Samson, D. (2014) Fundamentals of Management: Asia Pacific Edition PDF
1st ed. Australia: Cengage Learning.
Euro Monitor (2017) Grocery Retailers in Saudi Arabia [online]. Available from
https://www.euromonitor.com/grocery-retailers-in-saudi-arabia/report [accessed 14 January
2019]
Foon, L. S., and Eu-Gene, S. (2006) The changing of education in the globalized world.
Proceedings of Persidangan Kebangsaan IKS 1st ed. Kuala Lumpur: Universiti Utara
Malaysia.
Hajidimitriou, Y.A., Georgiou, A.C., and Porgianos, D.E. (2002) The Selection of Foreign
Market Entry Strategies for European Firms [online]. Available from
https://www.researchgate.net/publication/27381059_The_Selection_of_Foreign_Market_Entr
y_Strategies_for_European_Firms [accessed 14 January 2019]
Harvie, C. (2004) East Asian SME capacity building, competitiveness and market
opportunities in a global economy [online]. Available from
http://www.uow.edu.au/commerce/econ/wpapers.html [accessed 14 January 2019]

INTERNATIONAL BUSINESS MANAGEMENT 18
Hilal, A; Hemais, C. A. (2001). Da escola de Uppsala à escola nórdica de negócios
internacionais: uma revisão analítica. In: Encontro Anual Da Associação Nacional Dos
Programas De Pós-Graduação Em Administração, 30, Anais, Rio de 1st ed. Janeiro: Anpad.
Hofstede, G. (2001) Culture’s Consequences: comparin values, behaviors, institutions, and
organizations across nations 2nd ed. Califórnia: Sage Publications.
Hurtado, J.M.R., Pineda, J.M.B., and Florencio, B.P. (2018) Study of the influence of socio-
economic factors in the international expansion of Spanish franchisors to Latin American
countries [online]. Available from
https://www.researchgate.net/publication/322217245_Study_of_the_influence_of_socio-
economic_factors_in_the_international_expansion_of_Spanish_franchisors_to_Latin_Americ
an_countries [accessed 14 January 2019]
Jones, M.V. (2009) Internationalization, Entrepreneurship and the Smaller Firm: Evidence
from Around the World 1st ed. U.K: Edward Elgar Publishing.
Jörn, A. (2016) Jollibee Foods Corporation: International Expansion 1st ed. U.S: diplom.de.
Katzman, J. (2011) A Basic Guide to Exporting 2nd ed. America: Skyhorse Publishing Inc.
KUBO, E. K. M., and BRAGA, B. M. (2013) Ajustamento intercultural de executivos
japoneses expatriados no Brasil: um estudo empírico. RAE – Revista de Administração
de Empresas, 53(3), 243-255.
Muhammad, M.J., Char, A.K., and Yasoa, M.R.B. (2010) Small and Medium Enterprises
(SMEs) Competing in the Global Business Environment: A Case of Malaysia. International
Business Research, 3(1), 66-75.

INTERNATIONAL BUSINESS MANAGEMENT 19
Samad, N. A. (2007) Positioning Malaysian SMEs in the global. Proceedings of Persidangan
Kebangsaan 2nd ed. Kota Kinabalu: Universiti Utara Malaysia.
Sankrusme, S. (2017) International Business Correspondence 1st ed. U.S: Anchor Academic
Publishing.
SMIDEC. (2007). SME development programme [online]. Available from
http://www.smidec.gov.my/detailpage.jsp?section=defsme&level=1 [accessed 14 January
2019]
Sustainability (2019) About Wesfarmers [online]. Available from
https://sustainability.wesfarmers.com.au/our-report/about-wesfarmers/ [accessed 14 January
2018]
Swartz, S. (2010) Joint Ventures in the International Arena 1st ed. America: American Bar
Association.
Teoh, W. M. Y. & Chong, S. C. (2008) Improving women entrepreneurs in small and
medium enterprises in Malaysia: policy recommendations. Communication of The IBIMA,
2(2008), 31-38.
The National (2018) Exclusive: MAF Retail expects Carrefour expansion to rake in 10%
revenue growth [online]. Available from
https://www.thenational.ae/business/economy/exclusive-maf-retail-expects-carrefour-
expansion-to-rake-in-10-revenue-growth-1.756555 [accessed 14 January 2019]
Tielmann, V. (2010) Market Entry Strategies: International Marketing Management 1st ed.
Germany: GRIN Verlag.

INTERNATIONAL BUSINESS MANAGEMENT 20
Whitelock, J. (2002). Theories of internationalization and their impact on market entry.
International Marketing Review, 19(4), 342-347.
Wright, M., Westhead, P., and Ucbasaran, D. (2007) ‘Internationalization of Small and
Medium-sized Enterprises (SMEs) and International Entrepreneurship: A Critique and Policy
Implications’. Regional Studies, 41(7), 1013–1030.