Strategic Analysis of Wal-Mart's Acquisition of Flipkart in India
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This report delves into Wal-Mart's acquisition of Flipkart, examining the strategic implications of this international business deal. It provides an overview of the acquisition, including the background, stakeholders involved (employees, competitors, customers, advisors, associates, communities, and government regulators), and the concepts and theories at play, such as globalization, market integration, and technological factors. A critical analysis of the acquisition highlights its impact on the global economy, the concerns of stakeholders, and the long-term benefits for both companies, including job creation, enhanced customer service, and expansion in the e-commerce market. The report emphasizes the strategic importance of this move for Wal-Mart, enabling it to strengthen its presence in the rapidly growing Indian market and leverage Flipkart's strengths to enhance its global position. The analysis also considers the challenges and hurdles Wal-Mart might face while highlighting the potential for long-term success and mutual benefit.
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Running Head: International Business 0
Wal-Mart
International Business
Wal-Mart acquires Flipkart
8/23/2018
Wal-Mart
International Business
Wal-Mart acquires Flipkart
8/23/2018
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International Business 1
Introduction
Wal-Mart Stores, Inc. is an American communal organization that operates a chain
of warehouse supplies and a vast discount retail stores. In 2010, it was the world's
biggest public corporation by revenue, according to the Forbes worldwide 2000 for
that year. Sam Walton founded the company in 1962, amalgamated on October 31,
1969, and operated on an open market on the New York Stock Exchange in 1972. It
headquartered in Bentonville, Arkansas, is the leading majority private employer and
the biggest supply retailer in the United States (Deresky, 2017).
It also possesses and controls the Sam's Club retail distribution centres in North
America. It had turned out to be one of the biggest grocers in the United States.
They give prominence on cost controls (e.g. Low-cost imports), customer
consideration (e.g. Direct mail advertising), and efficacies in its distribution system
(e.g. provincial warehousing) assisted to turn into the main retailer in the United
States in 1990 (Bureau, 2018). It relocated into international markets with the
opening of a hoard in Mexico, and development sustained, through either new stores
or the attainment of established retailers, in countries, for example, the United
Kingdom, China, Canada, and Germany (Kaelberer, 2017.).
In the following, an effort has been made to describe the event/action related
concepts, shareholders involved and critical analysis to relate it to international
business practice.
Background
US retail huge Wal-Mart Inc. will pick up a 77% stake in largest online retailer
Flipkart for $16 billion, effectively analysing which is the country’s biggest acquisition
and the world’s major acquisition of an e-commerce organization. It will incorporate
$2 billion of a renewed venture as looks to take on rival worldwide development,
securing the worth of Flipkart at $22 billion. Plans to use Flipkart’s capability to
develop internationally and assured personnel that its start-up philosophy will be
strengthened (Bloom and Hinrichs, 2017).
It presently holds approximately 77 per cent of a Flipkart, while other stakeholders,
comprising co-founder Binny Bansal, Microsoft Corporation, Tencent, and Tiger
Introduction
Wal-Mart Stores, Inc. is an American communal organization that operates a chain
of warehouse supplies and a vast discount retail stores. In 2010, it was the world's
biggest public corporation by revenue, according to the Forbes worldwide 2000 for
that year. Sam Walton founded the company in 1962, amalgamated on October 31,
1969, and operated on an open market on the New York Stock Exchange in 1972. It
headquartered in Bentonville, Arkansas, is the leading majority private employer and
the biggest supply retailer in the United States (Deresky, 2017).
It also possesses and controls the Sam's Club retail distribution centres in North
America. It had turned out to be one of the biggest grocers in the United States.
They give prominence on cost controls (e.g. Low-cost imports), customer
consideration (e.g. Direct mail advertising), and efficacies in its distribution system
(e.g. provincial warehousing) assisted to turn into the main retailer in the United
States in 1990 (Bureau, 2018). It relocated into international markets with the
opening of a hoard in Mexico, and development sustained, through either new stores
or the attainment of established retailers, in countries, for example, the United
Kingdom, China, Canada, and Germany (Kaelberer, 2017.).
In the following, an effort has been made to describe the event/action related
concepts, shareholders involved and critical analysis to relate it to international
business practice.
Background
US retail huge Wal-Mart Inc. will pick up a 77% stake in largest online retailer
Flipkart for $16 billion, effectively analysing which is the country’s biggest acquisition
and the world’s major acquisition of an e-commerce organization. It will incorporate
$2 billion of a renewed venture as looks to take on rival worldwide development,
securing the worth of Flipkart at $22 billion. Plans to use Flipkart’s capability to
develop internationally and assured personnel that its start-up philosophy will be
strengthened (Bloom and Hinrichs, 2017).
It presently holds approximately 77 per cent of a Flipkart, while other stakeholders,
comprising co-founder Binny Bansal, Microsoft Corporation, Tencent, and Tiger

International Business 2
Global, hold the rest of the business. Wal-Mart’s investment incorporates $2 billion of
new equity funding to aid in accelerating the development of the Flipkart business
and both the two organization will hold their unique brands and working structures.
Both the companies will accomplish the objective by working together than
separately to contribute effectively to the economic growth and creating a strong
framework. It will benefit by providing quality, reasonable goods for customers while
creating new talent and prospects for suppliers. As an organization, they are
changing globally to make life considerably less demanding for customers (Spicer
and Hyatt, 2017).
Stakeholders involved
One of our commitment series of forums are devoted to progressing our stakeholder
engagement, which includes-
Employees- The first group to contemplate relates to the impacted personnel,
as even the best approach will fail if it does not reflect the people needed to
perform it. Flipkart personnel have a purpose to applaud as they can now
assume enormous expenses in the form of employee stock options because
Employees
Competitors
Customers
AdvisorsAssociates
Communities
Government
Regulators
Global, hold the rest of the business. Wal-Mart’s investment incorporates $2 billion of
new equity funding to aid in accelerating the development of the Flipkart business
and both the two organization will hold their unique brands and working structures.
Both the companies will accomplish the objective by working together than
separately to contribute effectively to the economic growth and creating a strong
framework. It will benefit by providing quality, reasonable goods for customers while
creating new talent and prospects for suppliers. As an organization, they are
changing globally to make life considerably less demanding for customers (Spicer
and Hyatt, 2017).
Stakeholders involved
One of our commitment series of forums are devoted to progressing our stakeholder
engagement, which includes-
Employees- The first group to contemplate relates to the impacted personnel,
as even the best approach will fail if it does not reflect the people needed to
perform it. Flipkart personnel have a purpose to applaud as they can now
assume enormous expenses in the form of employee stock options because
Employees
Competitors
Customers
AdvisorsAssociates
Communities
Government
Regulators

International Business 3
of the organization assessment growing from $11 billion to $20 billion. There
is also the possibility of better career progression for employees. Employee
commitment to an amalgamated firm is lowest following an acquisition and
enlarged employee turnover, which is an essential suspect in deprived
acquisition act. In other words, they have to take the necessary steps to
address the distresses of their personnel so that they will likely to discover the
associated issues (Dorobantu and Odziemkowska, 2017).
Competitors- Often competitors are the main stakeholders that treat the
inevitable distraction of joining firms as a prospect. Wal-Mart’s biggest
opponent and one of the market leaders is Amazon, which offered a rival deal
to FlipKart. Accordingly, competitors also effectively recruit from the personnel
and customers of firms associated with a merger when those organizations
are most vulnerable (Martínez, Galván and Alam, 2017).
Customers- The firms often give attention to internal issues during
incorporation at the expense of peripheral market issues, and customers of
both target and acquirer firms are sometimes disregarded. The consequences
could be beneficial to the consumer; superior improvements and philosophies
will lead to enhanced products and services. Wal-Mart power will help to
moderate costs and therefore get down the expenses of products. They may
also capitalize in infrastructure like warehouses, expertise and delivery
solutions that will give benefit to customer satisfaction, faster delivery of
goods and reach to the customer.
Advisors- Advisors are also an important stakeholder, which incorporates an
external viewpoint, can empower better acquisition decisions. This turns into a
significant consideration as the primary advantage involves faster access and
speed to needed assets than internal development. A group of specialists can
enhance this move (Chidananda, Sagnika and Sahoo, 2017).
Associates- It will provide better opportunities and build a strong business with
a committed and experienced management team having a strong market and
e-commerce proficiency. It may essentially open up a very viable path for
Wal-Mart to develop its business in the nation and to become a leading player
in the retail business.
Communities- It will enhanced Job-creation and support farmers and advance
supply chains. They will now presently support women entrepreneurs and
of the organization assessment growing from $11 billion to $20 billion. There
is also the possibility of better career progression for employees. Employee
commitment to an amalgamated firm is lowest following an acquisition and
enlarged employee turnover, which is an essential suspect in deprived
acquisition act. In other words, they have to take the necessary steps to
address the distresses of their personnel so that they will likely to discover the
associated issues (Dorobantu and Odziemkowska, 2017).
Competitors- Often competitors are the main stakeholders that treat the
inevitable distraction of joining firms as a prospect. Wal-Mart’s biggest
opponent and one of the market leaders is Amazon, which offered a rival deal
to FlipKart. Accordingly, competitors also effectively recruit from the personnel
and customers of firms associated with a merger when those organizations
are most vulnerable (Martínez, Galván and Alam, 2017).
Customers- The firms often give attention to internal issues during
incorporation at the expense of peripheral market issues, and customers of
both target and acquirer firms are sometimes disregarded. The consequences
could be beneficial to the consumer; superior improvements and philosophies
will lead to enhanced products and services. Wal-Mart power will help to
moderate costs and therefore get down the expenses of products. They may
also capitalize in infrastructure like warehouses, expertise and delivery
solutions that will give benefit to customer satisfaction, faster delivery of
goods and reach to the customer.
Advisors- Advisors are also an important stakeholder, which incorporates an
external viewpoint, can empower better acquisition decisions. This turns into a
significant consideration as the primary advantage involves faster access and
speed to needed assets than internal development. A group of specialists can
enhance this move (Chidananda, Sagnika and Sahoo, 2017).
Associates- It will provide better opportunities and build a strong business with
a committed and experienced management team having a strong market and
e-commerce proficiency. It may essentially open up a very viable path for
Wal-Mart to develop its business in the nation and to become a leading player
in the retail business.
Communities- It will enhanced Job-creation and support farmers and advance
supply chains. They will now presently support women entrepreneurs and
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International Business 4
reinforces global portfolio. It will also produce long-term value and attractive
development market, which performs on committed global strategy.
Government Regulators- Global retail giant Wal-Mart has approached them
for approval of its proposed acquisition. As the proposed transaction will be
affected, so the pursuant to the share acquisition agreement, the share
issuance, and attainment agreement will be done by both the subsidiaries
(Cravino and Levchenko, 2017).
Concepts and theories
Concepts
An acquisition is considered a friendly acquisition in which this deal brings with it the
much desirable capital investment into the country, which would enhance the
investment prospects. They notified its investors that the acquisition would decrease
its net income as a minimum rate of $750 million this year and double the sum next
year. It has frequently lost balance in its e-commerce attempts in the United States
(Clougherty, Kim, Skousen and Szücs, 2017). The organization will shed its start-up
tag and turn out to be part of an international giant. It will enhance to the business of
Flipkart as Wal-Mart has the expertise to control over its competition. It is probable to
gain access to fresh markets incorporating into advanced economies. Therefore,
acquisition becomes the giant step for businesses when they propose to enter into
the international market. In order to occupy the market directly, it is required for the
companies to acquire a firm, which has previously entered the market (Baylis, Smith
and Owens, 2017).
Theories
Globalisation- This is the greatest deal in start-up history, globally. In one
swoop, the $16 billion arrangement has wiped out all the misfortunes of
investors in the start-up framework. This establishes the accreditations of the
entrepreneur and the market to handles the globalization of commerce by the
company‘s growth to foreign markets. It is the most significant factor in a
firm‘s international development. It mainly states how companies get access
to new geographical markets, and how they initiate their trades and eventually
reinforces global portfolio. It will also produce long-term value and attractive
development market, which performs on committed global strategy.
Government Regulators- Global retail giant Wal-Mart has approached them
for approval of its proposed acquisition. As the proposed transaction will be
affected, so the pursuant to the share acquisition agreement, the share
issuance, and attainment agreement will be done by both the subsidiaries
(Cravino and Levchenko, 2017).
Concepts and theories
Concepts
An acquisition is considered a friendly acquisition in which this deal brings with it the
much desirable capital investment into the country, which would enhance the
investment prospects. They notified its investors that the acquisition would decrease
its net income as a minimum rate of $750 million this year and double the sum next
year. It has frequently lost balance in its e-commerce attempts in the United States
(Clougherty, Kim, Skousen and Szücs, 2017). The organization will shed its start-up
tag and turn out to be part of an international giant. It will enhance to the business of
Flipkart as Wal-Mart has the expertise to control over its competition. It is probable to
gain access to fresh markets incorporating into advanced economies. Therefore,
acquisition becomes the giant step for businesses when they propose to enter into
the international market. In order to occupy the market directly, it is required for the
companies to acquire a firm, which has previously entered the market (Baylis, Smith
and Owens, 2017).
Theories
Globalisation- This is the greatest deal in start-up history, globally. In one
swoop, the $16 billion arrangement has wiped out all the misfortunes of
investors in the start-up framework. This establishes the accreditations of the
entrepreneur and the market to handles the globalization of commerce by the
company‘s growth to foreign markets. It is the most significant factor in a
firm‘s international development. It mainly states how companies get access
to new geographical markets, and how they initiate their trades and eventually

International Business 5
sustain their position in foreign markets (Haynes, Hough, Malik and Pettiford,
2017).
Market Integration- Market integration for businesses has become significant
for their success. In order to attain acquisition‘s cause, acquiring companies
have to contemplate the element of the global marketing environment. As a
business, they are transforming internationally to encounter and exceed the
wants of customers and look forward to developing in this critical market. It
will benefit them by giving quality, reasonable goods for clients while
enhancing new skilled jobs and fresh prospects for women entrepreneurs,
providers, and farmers. One of the main challenges for the organization is to
develop an integrated strategy across worldwide markets. They should
understand the divergent levels of development so that they can fulfil the
demand, competing with firms, and obtain benefits (Bende-Nabende, 2017).
Technological factors- Factors also influence international business practice,
which involves technology, is a macro-environmental factor that affects
business in international development. It also influences the advancement of
products to explore. The capability to accumulate a collection of data on
business sectors, control the management adequacy and carry out the
business function universally and can be enhanced with the advancement of
electronic communications (Tang and Girotra, 2017).
These are the theories that suggest that it achieves levels of activities and enhance
economies of scale. It incorporates the concept of complementary abilities. It would
result in operating synergy and can effectively spread their venture and risk among
industries. It will influence a company’s future progress of internationalization.
Among the diverse entry methodologies of internationalization, to implement the
economies of scale in internationalization, various multinational firms are
increasingly embracing the mode of acquisition.
Critical analysis
It gives a detailed discussion on the acquisition of Flipkart by Wal-Mart that seems
equitable and contributes to the global economy. Wal-Mart’s stake in Flipkart will
assist the organization in bolstering its presence in the quickly developing e-
commerce market. However, stakeholders seem nervous as the huge investment in
sustain their position in foreign markets (Haynes, Hough, Malik and Pettiford,
2017).
Market Integration- Market integration for businesses has become significant
for their success. In order to attain acquisition‘s cause, acquiring companies
have to contemplate the element of the global marketing environment. As a
business, they are transforming internationally to encounter and exceed the
wants of customers and look forward to developing in this critical market. It
will benefit them by giving quality, reasonable goods for clients while
enhancing new skilled jobs and fresh prospects for women entrepreneurs,
providers, and farmers. One of the main challenges for the organization is to
develop an integrated strategy across worldwide markets. They should
understand the divergent levels of development so that they can fulfil the
demand, competing with firms, and obtain benefits (Bende-Nabende, 2017).
Technological factors- Factors also influence international business practice,
which involves technology, is a macro-environmental factor that affects
business in international development. It also influences the advancement of
products to explore. The capability to accumulate a collection of data on
business sectors, control the management adequacy and carry out the
business function universally and can be enhanced with the advancement of
electronic communications (Tang and Girotra, 2017).
These are the theories that suggest that it achieves levels of activities and enhance
economies of scale. It incorporates the concept of complementary abilities. It would
result in operating synergy and can effectively spread their venture and risk among
industries. It will influence a company’s future progress of internationalization.
Among the diverse entry methodologies of internationalization, to implement the
economies of scale in internationalization, various multinational firms are
increasingly embracing the mode of acquisition.
Critical analysis
It gives a detailed discussion on the acquisition of Flipkart by Wal-Mart that seems
equitable and contributes to the global economy. Wal-Mart’s stake in Flipkart will
assist the organization in bolstering its presence in the quickly developing e-
commerce market. However, stakeholders seem nervous as the huge investment in

International Business 6
a Flipkart is estimated to weigh on Wal-Mart’s profits for quite a while. Subsequently,
Wal-Mart’s dividends lost 3.1%, reflecting stakeholders’ concerns over the
sustainability of the deal (Kamble and Walvekar, 2017).
Wal-Mart intends to channelize ventures towards leveraging the favourable
circumstances offered, including an entirely of USD 2 billion in new equity to quicken
Flipkart’s growth. As Wal-Mart scales in India, the organization will continue
to collaborate to generate sustained financial development across food, agriculture,
and retail. On the forefront, the organization is looking at widespread job creation
through the advancement of supply chains, business opportunity, and direct
employment. The company foresees these losses to narrow and comes back to be
better in the mid to long-term when efficiencies and scales are realized. Particularly,
the move is probably going to enable Wal-Mart to expand its presence amongst the
most promising retail markets in the world, while it will likewise enable Flipkart to
enhance customer service and increase its business. In fact, Wal-Mart’s support may
also help Flipkart to change into “publicly-listed subsidiary” in the end.
Wal-Mart is certain to tap the long-targeted market, where it presently operates on
an inadequate scale. Despite the fact that Wal-Mart already activates under 21
wholesale stores, its capability to establish its own stores gets confined by the huge
costs related with setting up stores in a nation alongside certain limitations on foreign
possession for multi-brand retailers. Therefore, Flipkart seems to be the correct
alternative for the retail giant to reinforce its international presence, expand its e-
commerce business and enhance its position (Sarkar, 2018).
While it also recently decides to shut its first-party e-commerce company in Brazil.
These moves imitate the company’s venture to shift focus from failing to meet
expectations areas to markets with high development potential. Evidently, the U.S.
enormous retailer has been expanding in China, as clear from its alliance with other
companies as well as its moves to strengthen in Asia’s biggest country.
Moving back to Wal-Mart’s attention, the takeover of the popular stake in Flipkart will
also support by boosting its staple business. Flipkart, which offers nearly everything
extending from cosmetics to electronics, has been focusing on the nourishment and
basic supply space. At such a point, investment from Wal-Mart is probably to be a
perfect decision, given its vast involvement in the space. It will create jobs, support
a Flipkart is estimated to weigh on Wal-Mart’s profits for quite a while. Subsequently,
Wal-Mart’s dividends lost 3.1%, reflecting stakeholders’ concerns over the
sustainability of the deal (Kamble and Walvekar, 2017).
Wal-Mart intends to channelize ventures towards leveraging the favourable
circumstances offered, including an entirely of USD 2 billion in new equity to quicken
Flipkart’s growth. As Wal-Mart scales in India, the organization will continue
to collaborate to generate sustained financial development across food, agriculture,
and retail. On the forefront, the organization is looking at widespread job creation
through the advancement of supply chains, business opportunity, and direct
employment. The company foresees these losses to narrow and comes back to be
better in the mid to long-term when efficiencies and scales are realized. Particularly,
the move is probably going to enable Wal-Mart to expand its presence amongst the
most promising retail markets in the world, while it will likewise enable Flipkart to
enhance customer service and increase its business. In fact, Wal-Mart’s support may
also help Flipkart to change into “publicly-listed subsidiary” in the end.
Wal-Mart is certain to tap the long-targeted market, where it presently operates on
an inadequate scale. Despite the fact that Wal-Mart already activates under 21
wholesale stores, its capability to establish its own stores gets confined by the huge
costs related with setting up stores in a nation alongside certain limitations on foreign
possession for multi-brand retailers. Therefore, Flipkart seems to be the correct
alternative for the retail giant to reinforce its international presence, expand its e-
commerce business and enhance its position (Sarkar, 2018).
While it also recently decides to shut its first-party e-commerce company in Brazil.
These moves imitate the company’s venture to shift focus from failing to meet
expectations areas to markets with high development potential. Evidently, the U.S.
enormous retailer has been expanding in China, as clear from its alliance with other
companies as well as its moves to strengthen in Asia’s biggest country.
Moving back to Wal-Mart’s attention, the takeover of the popular stake in Flipkart will
also support by boosting its staple business. Flipkart, which offers nearly everything
extending from cosmetics to electronics, has been focusing on the nourishment and
basic supply space. At such a point, investment from Wal-Mart is probably to be a
perfect decision, given its vast involvement in the space. It will create jobs, support
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International Business 7
agriculturalists, enhance supply-chain network and back small industries (Chan and
Fung, 2017).
It is expected that both businesses are ultimately profiting from each other’s assets.
Despite the fact that Wal-Mart may confront a few hurdles in the short-term, the long-
term visions from this contract are quite encouraging. In addition, Wal-Mart’s strong
financial position keeps it stimulated about enduring with its share repurchase
proposal and holding its solid credit status. Wal-Mart would give them not just more
resources for the battle as well as formidable with extraordinary involvement in
retailing and logistics. The transaction is set to achieve a big variation in the retail
sector. While Wal-Mart is certain to convey its cut-price diversion, as that may
counter, push and confirm that merchandise costs are even lower. This has been a
great move taken by them to focussing on strengthening its business to generate
success and growth in the overall market which not only boost up customers’
satisfaction but also deliver efficient product and services. It will shake up one of the
most prosperous and exciting e-commerce markets in the world (Palit and
Choudhury, 2018).
Conclusion
It may be concluded with crucial deviations and expansions in the acquisition, it is
hoped that it will be magnificently and efficiently achieved and executed to solve the
basic concerns associated with the monetary uncertainty in the world. Wal-Mart
is ventured to be in development with Flipkart around a potential acquisition of a
major stake in India’s prominent online retailer. It has been understood that it could
be an articulation point for the e-commerce market. It is believed that once a
customer has been online for over five consecutive years, they are more expected to
buy online. However, the combining together of the two will probably face inspection
from the Competition Commission of India (CCI) since the mutual entity will be a
dominant participant in the market.
It will unlock the booming E-commerce market for the world’s biggest offline retailer.
It is locked on an intense battle for authority in the market and have directed in
billions of dollar towards advertising and setting up infrastructure in the nation. They
both have competitors in the international market and remain the largest retailer in
agriculturalists, enhance supply-chain network and back small industries (Chan and
Fung, 2017).
It is expected that both businesses are ultimately profiting from each other’s assets.
Despite the fact that Wal-Mart may confront a few hurdles in the short-term, the long-
term visions from this contract are quite encouraging. In addition, Wal-Mart’s strong
financial position keeps it stimulated about enduring with its share repurchase
proposal and holding its solid credit status. Wal-Mart would give them not just more
resources for the battle as well as formidable with extraordinary involvement in
retailing and logistics. The transaction is set to achieve a big variation in the retail
sector. While Wal-Mart is certain to convey its cut-price diversion, as that may
counter, push and confirm that merchandise costs are even lower. This has been a
great move taken by them to focussing on strengthening its business to generate
success and growth in the overall market which not only boost up customers’
satisfaction but also deliver efficient product and services. It will shake up one of the
most prosperous and exciting e-commerce markets in the world (Palit and
Choudhury, 2018).
Conclusion
It may be concluded with crucial deviations and expansions in the acquisition, it is
hoped that it will be magnificently and efficiently achieved and executed to solve the
basic concerns associated with the monetary uncertainty in the world. Wal-Mart
is ventured to be in development with Flipkart around a potential acquisition of a
major stake in India’s prominent online retailer. It has been understood that it could
be an articulation point for the e-commerce market. It is believed that once a
customer has been online for over five consecutive years, they are more expected to
buy online. However, the combining together of the two will probably face inspection
from the Competition Commission of India (CCI) since the mutual entity will be a
dominant participant in the market.
It will unlock the booming E-commerce market for the world’s biggest offline retailer.
It is locked on an intense battle for authority in the market and have directed in
billions of dollar towards advertising and setting up infrastructure in the nation. They
both have competitors in the international market and remain the largest retailer in

International Business 8
the world; it has struggled to replicate the success in the online retailer market and
international business. As it, not only add substantial financial benefit but also able to
influence Wal-Mart’s famed worldwide supply chain and improve efficiency in the
product variety.
the world; it has struggled to replicate the success in the online retailer market and
international business. As it, not only add substantial financial benefit but also able to
influence Wal-Mart’s famed worldwide supply chain and improve efficiency in the
product variety.

International Business 9
References
Baylis, J., Smith, S. and Owens, P. eds. (2017) The globalization of world politics: an
introduction to international relations. 7th Ed. U.K: Oxford University Press.
Bende-Nabende, A. (2017) Globalisation, FDI, regional integration and sustainable
development: theory, evidence and policy. 2nd Ed. London: Routledge.
Bloom, J.D. and Hinrichs, C.C. (2017) The long reach of lean retailing: Firm
embeddedness and Wal-Mart’s implementation of local produce sourcing in the
US. Environment and Planning A: Economy and Space, 49(1), pp.168-185.
Bureau, E.T. (2018). Walmart acquires Flipkart for $16 billion in world’s largest
ecommerce deal. [online] Available from:
https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmart-
acquires-flipkart-for-16-bn-worlds-largest-ecommercedeal/articleshow/64095145.cms
[Accessed 23/08/2018]
Chan, J. and Fung, H. (2017) Rebalancing competition policy to stimulate innovation
and sustain growth. Asian Journal of Law and Economics, 8(1).
Chidananda, H.T., Sagnika, S. and Sahoo, L. (2017) Survey on Sentiment Analysis:
A Comparative Study. International Journal of Computer Applications, 159(6).
Clougherty, J.A., Kim, J.U., Skousen, B.R. and Szücs, F. (2017) The foundations of
international business: Cross‐border investment activity and the balance between
market‐power and efficiency effects. Journal of Management Studies, 54(3), pp.340-
365.
Cravino, J. and Levchenko, A.A. (2017) Multinational firms and international
business cycle transmission. The Quarterly Journal of Economics, 132(2), pp.921-
962.
Deresky, H. (2017) International management: Managing across borders and
cultures. 6th Ed. New York: Pearson Education.
Dorobantu, S. and Odziemkowska, K. (2017) Valuing stakeholder governance:
Property rights, community mobilization, and firm value. Strategic Management
Journal, 38(13), pp.2682-2703.
References
Baylis, J., Smith, S. and Owens, P. eds. (2017) The globalization of world politics: an
introduction to international relations. 7th Ed. U.K: Oxford University Press.
Bende-Nabende, A. (2017) Globalisation, FDI, regional integration and sustainable
development: theory, evidence and policy. 2nd Ed. London: Routledge.
Bloom, J.D. and Hinrichs, C.C. (2017) The long reach of lean retailing: Firm
embeddedness and Wal-Mart’s implementation of local produce sourcing in the
US. Environment and Planning A: Economy and Space, 49(1), pp.168-185.
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ecommerce deal. [online] Available from:
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International Business 10
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Tang, W. and Girotra, K. (2017) Using Advance Purchase Discount Contracts under
Uncertain Information Acquisition Cost. Production and Operations
Management, 26(8), pp.1553-1567.
Haynes, J., Hough, P., Malik, S. and Pettiford, L. (2017) World politics: International
relations and globalisation in the 21st century. 2nd Ed. London: Sage.
Kaelberer, M. (2017) Wal-Mart goes to Germany: Culture, institutions, and the limits
of globalization. German Politics and Society, 35(1), pp.1-18.
Kamble, A.A. and Walvekar, S. (2017) Policy Regulations in E-Commerce Sector-
Critical Analysis of FDI Guidelines for Market Place Model. Journal of Commerce
and Management Thought, 8(3), p.409.
Martínez, A.B., Galván, R.S. and Alam, S. (2017) Financial Analysis of Retail
Business Organization: A Case of Wal-Mart Stores, Inc. Nile Journal of Business and
Economics, 3(5), pp.67-89.
Palit, A. and Choudhury, R. (2018). Walmart’s Buyout of Flipkart: Implications for
Indian E-commerce Landscape. National University of Singapore,572, pp. 29.
Sarkar, A. (2018). Acquisition of Flipkart by Wal-Mart. Economic & Political Weekly,
53, pp.26-27.
Spicer, A. and Hyatt, D. (2017) Walmart’s emergent low-cost sustainable product
strategy. California Management Review, 59(2), pp.116-141.
Tang, W. and Girotra, K. (2017) Using Advance Purchase Discount Contracts under
Uncertain Information Acquisition Cost. Production and Operations
Management, 26(8), pp.1553-1567.
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