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ADAPTATION of BUSINESS MODELS in EMERGING MARKETS: the CASE of LATIN AMERICA Dissertation

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ADAPTATION of BUSINESS MODELS in EMERGING MARKETS: the CASE of LATIN AMERICA Dissertation UNIVERSITY of NAVARRA School of Economics and Business ADAPTATION OF BUSINESS MODELS IN EMERGING MARKETS: THE CASE OF LATIN AMERICA Dissertation Submitted for the Degree of Doctor of Philosophy by Enrique D. Chamas under the supervision of Prof. Dr. Adrián Caldart Prof. Dr. José Antonio Alfaro Tanco Pamplona, Spain, November 2017 I II ●●● Dedico esta tesis doctoral a Dios quien todo me lo ha dado; a mi madre que intentó inculcarme su amor al estudio y la exigencia en el trabajo, a mi padre cuya herencia de bondad y prestigio profesional iluminaron mi camino y a mi hermano que con su apoyo económico y anímico hizo que este anhelo se hiciese realidad. ●●● III IV AGRADECIMIENTOS Me gustaría agradecer a todas las personas que contribuyeron de alguna manera al trabajo descripto en esta tesis. En primer lugar mi gratitud a San Josemaría mentor principal de todo mi trabajo universitario. Asimismo expresar un profundo agradecimiento a mi familia sobrenatural del Opus Dei, especialmente a los que han convivido conmigo estos años, por su confianza, oración y apoyo para que pudiera sacar tiempo de donde no había para concluir bien esta investigación. También a la Universidad de Navarra por brindarme la oportunidad de estudiar en su Facultad de Economía y Negocios. Estoy particularmente agradecido con mi director de tesis Adrián Caldart, porque sin él no hubiera sido posible llegar a buen puerto. Por su paciencia, por su exigencia firme a la vez que alentadora y por su generosidad desinteresada. Me enseñó a investigar lo mejor posible y ha sido para mí un ejemplo a seguir en mi trabajo académico futuro. Mi gratitud también para mi co-director de tesis José Antonio Alfaro Tanco, por aceptar participar en este proyecto y ser un contrapunto crítico constructivo, con sus consejos académicos y sus invalorables ayudas académicas y administrativas en la Universidad mientras hacía mi investigación en Argentina. También me gustaría dar las gracias a mis compañeros de estudio "a la distancia": Andrés Hernán Mejía Villa y Carlos Arredondo, que con sus consejos hicieron más fácil y agradable este camino de estudios doctorales. Deseo reconocer especialmente el apoyo de los profesores Jaime Nubiola, Jorge Chamas, Roberto Vassolo y Ethel Piz Diez que en el momento oportuno supieron darme valiosas sugerencias sobre esta investigación y sobre el mundo de la estrategia en los mercados emergentes. A los directivos de las seis empresas incluidas en este estudio (Mercado Libre, Despegar.com, OLX, Globant, Falabella y Sodimac) quiero también decirles Gracias!: ellos me brindaron generosamente su tiempo y sabiduría sobre sus experiencias con las estrategias on-line en los mercados de América Latina. Finalmente, debo expresar mi profunda gratitud a mi familia. A mi madre que siempre me alentó a continuar mis estudios de postgrado poniendo en esto más ilusión de lo que yo podía tener. A "Chacho", mi segundo padre, por su bonhomía y haber acompañado de cerca en la enfermedad a mi madre. A mi hermano Fernando, su mujer María Eugenia y mis sobrinos (Constanza, Victoria, Federico e Ignacio), gracias por el cariño que me dieron en los momentos más difíciles y el apoyo económico. Sin Uds. este trabajo no hubiera sido posible. Enrique D. Chamas V VI ABSTRACT This dissertation explores how firms from emerging markets adapt their business models to operate successfully using web-based strategies. In doing so, we developed in depth research on the characteristics of the business models of six Latin American companies, in an attempt to understand the strategies and factors that have driven success as a result of the processes of adaptation of their business models in this geographic context. This analysis led to the identification of common themes across the six cases. The main implications on value creation from these kinds of business models are discussed and success factors specifics are suggested. Finally, we propose a framework of strategic theories that best illuminate these realities in emerging economies. Considering that the aim of this study is to address a virtually unexplored research area, multiple case study methodology has been deemed the most appropriate approach for this purpose. VII VIII TABLE OF CONTENTS ACKNOWLEDGMENTS ......................................................................................................................... V ABSTRACT .......................................................................................................................................... VII TABLE OF CONTENTS .......................................................................................................................... IX LIST OF FIGURES ................................................................................................................................. XI LIST OF TABLES ................................................................................................................................. XIII CHAPTER I: INTRODUCTION TO THE STUDY ...................................................................................... 15 1. Background and motivation of the study .................................................................................. 15 2. Research Purpose ...................................................................................................................... 18 3. Outline of the study .................................................................................................................. 23 CHAPTER II: LITERATURE REVIEW ..................................................................................................... 25 1. Strategy ..................................................................................................................................... 25 2. Business Model ......................................................................................................................... 58 CHAPTER III: RESEARCH DESIGN AND METHODOLOGY .................................................................. 133 1. Introduction ............................................................................................................................ 133 2. Research Design ...................................................................................................................... 133 3. Qualitative Research Method Approach ................................................................................. 135 4. Case Study Methodology ........................................................................................................ 136 5. Theory Development Methodology ........................................................................................ 138 6. Exploratory Case Study ........................................................................................................... 140 7. Research Process ..................................................................................................................... 141 8. Selection of Case Studies ........................................................................................................ 143 9. Validity and Reliability ............................................................................................................. 147 10. Data Collection .................................................................................................................... 152 11. Data Analysis ....................................................................................................................... 154 Annex. Interview Questionnaires .................................................................................................... 158 CHAPTER IV: DATA AND RESEARCH ANALYSIS ................................................................................ 165 1. Latin America Overview .......................................................................................................... 166 2. Case Studies ............................................................................................................................ 176 2.1. MERCADO LIBRE ...................................................................................................................... 176 2.2. OLX .......................................................................................................................................... 194 2.3. DESPEGAR.COM ...................................................................................................................... 205 2.4. GLOBANT ................................................................................................................................. 215 2.5. FALABELLA AND SODIMAC ...................................................................................................... 230 IX Annexes. Business Models Canvas of Cases Studied and Tables ................................................... 251 CHAPTER V: DISCUSSION ................................................................................................................. 265 1. General Principles for strategies of Business Models in Emerging Markets ........................... 267 2. Success Factors in on-line strategies ....................................................................................... 276 3. Success Factors and Theoretical Framework .......................................................................... 313 CHAPTER VI: CONCLUSIONS AND RESEARCH AGENDA ................................................................... 329 LIST OF REFERENCES
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