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Modes of Market Entry Strategies: a South African Retail Company's COPYRIGHT AND CITATION CONSIDERATIONS FOR THIS THESIS/ DISSERTATION o Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. o NonCommercial — You may not use the material for commercial purposes. o ShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original. How to cite this thesis Surname, Initial(s). (2012) Title of the thesis or dissertation. PhD. (Chemistry)/ M.Sc. (Physics)/ M.A. (Philosophy)/M.Com. (Finance) etc. [Unpublished]: University of Johannesburg. Retrieved from: https://ujdigispace.uj.ac.za (Accessed: Date). Modes Of Market Entry Strategies: A South African Retail Company’s Perspective on Doing Business in Nigeria By Jonathan Katende MINOR DISSERTATION Submitted in partial fulfilment of the requirements for the degree MAGISTER COMMERCII In BUSINESS MANAGEMENT In the FACULTY OF MANAGEMENT At the UNIVERSITY OF JOHANNESBURG Supervisor: Mr. H. Coetzee October 2015 Abstract Many companies have rushed into Africa looking to capitalise on newly liberated prospective consumers. However, these companies have quickly realised that the local terrain is not as accommodating as that of other developing markets. South Africa has thus remained as the gateway to doing business in Africa and this has allowed South African companies to be in the best position to take advantage of the developing markets. Nigeria became the biggest economy in Africa, leap-frogging South Africa in 2013 after it announced a rebasing of the country’s Gross Domestic Product. South Africa has the ability to regain its position as an African hegemon, considering its world class financial systems and infrastructure. This study will focus on South African retail companies’ internationalisation process in Nigeria, based on the recent shift of economic dominance on the African continent. Successful companies in emerging markets are those that have modified their strategies to suit the local business environment without altering their values and principles. South African investors thus need to use this opportunity to conduct market research, risk assessments and analysis of competition as forms of market entry. This research concerns itself with the manner in which South African retail companies enter new markets – specifically, the new modes of market entry in the Nigerian retail market. Once established, South African companies need to survive and grow their businesses in Nigeria. This research will determine the best practices for South African retail companies in Nigeria. The research results may serve as a guide for South African retail companies looking to conduct market entry into Nigeria. A mixed method research approach was used, as it provided an in-depth understanding of the modes of entry for retail companies in Nigeria. This approach will aid the research in identifying a collection of techniques that fully obtain a descriptive and epistemological base for South African retail professionals and industry specialists in the Nigerian market. i Declaration I, the undersigned, hereby declare that this minor dissertation titled, ‘Modes of Market Entry Strategies: A South African Retail Company’s Perspective on Doing Business in Nigeria’, is my own work and all the resources I have used have been indicated or acknowledged by means of completed references. It is submitted in fulfilment of the requirements for the degree of Masters of Commerce (M.Com) in Business Management at the University of Johannesburg. It has not been submitted before for any degree or examination at this or at any other university. Jonathan Katende October 2015 ii Acknowledgments Firstly, I would like to thank my maker lord and saviour, Jesus Christ, whose favour has blessed me throughout this long journey. I would also like to give a special thanks to the following people: My girlfriend, Makhotso. Thank you for your constant support and the love that you have given me. 2010 may seem like a couple of years ago, but it still stands as a life changing experience, one which I will be eternally grateful for. My parents, Guy and Josephine, to whom I owe all my wisdom and achievement to. Thank you for imparting the art of excellence and the lessons of humility throughout my life. I will continue to make you proud. My family and friends. Thank you for the constant support and guidance. I would not have come this far without all your support and I hope we can continue to influence and learn from each other. My supervisor, Mr. Herman Coetzee. Thank you for your patience and guidance throughout this journey. It was a pleasure working with you. iii List of Figures Figure 1.1: Research methodology framework…………………………………………..7 Figure 2.1: Nigeria’s population forecast………………………………………………..22 Figure 2.2: Nigeria’s private consumption expenditure forecast……………………...22 Figure 3.1: Research methodology framework………………………………………....42 Figure 3.2: Forms of interviews………………………………………………………….43 Figure 3.3: Types of questionnaires……………………………………………………..45 Figure 3.4: Data analysis process………………………………………………………..46 Figure 4.1: Age of respondents…………………………………………………………..64 Figure 4.2: Gender of respondents……………………………………………………....64 Figure 4.3: Level of education of respondents……………………………………….....65 Figure 4.4: Current position in the company…………………………………………....66 Figure 4.5: Number of years in operation……………………………………………….67 Figure 5.1: Strategic framework for South African retail companies in Nigeria……118 iv List of Tables Table 2.1: Comparison of different entry modes………………………………………..29 Table 4.1: Cronbach's Alpha test…………………………………………………………62 Table 4.2: Frequency distribution SA retail best practices in Nigeria………………...63 Table 4.3: SPSS means and standard deviation……………………………………….68 Table 4.4: Economic-based barriers affecting SA retail companies………………….69 Table 4.5: Political-related barriers affecting SA retail companies……………………69 Table 4.6: Social-related barriers affecting SA retail companies……………………..70 Table 4.7: Industry-based barriers affecting SA retail companies……………………71 Table 4.8: Environmental-based barriers affecting SA retail companies…………….71 Table 4.9: Market entry modes used by SA retail companies………………………...72 Table 4.10: Market entry modes and the level of initial capital investment………….73 Table 4.11: Supporting data on modes of market entry……………………………….73 Table 4.12: Mode of market entry factors……………………………………………….74 Table 4.13: Trade regulations and standards impact on mode of market entry…….75 Table 4.14: Competitiveness factors…………………………………………………….76 Table 4.15: Local employees/partners role in the company’s competitiveness……..76 Table 4.16: Country specific advantages………………………………………………..77 Table 4.17: Level of education/training………………………………………………….78 Table 4.18: Operational challenges……………………………………………………...78 Table 4.19: Procurement procedure challenges………………………………………..79 Table 4.20: Inventory management challenges………………………………………...80 Table 4.21: Technology and innovation challenges……………………………………80 Table 4.22: Distribution processes challenges………………………………………….81 Table 4.23: Product challenges…………………………………………………………..82 Table 4.24: In-store challenges…………………………………………………………..82 Table 4.25: Best practiced SA retail companies………………………………………..83 Table 4.26: Best practice factors…………………………………………………………84 Table 5.1: The results of the propositions tests………………………………………...89 Table 5.2: Triangulation results…………………………………………………………108 v List of Abbreviations BSTM: Banco Standard Totta de Mozambique BRICS: Brazil, Russia, India and China and South Africa CET: Common External Tariff DBSA: The Development Bank of Southern Africa FDI: Foreign Direct Investment GDP: Gross Domestic Product GTI: Global Terrorism Index HR: Human Resources IDC: Industrial Development Corporation IPLC: The International Product Life Cycle ICBC: International Commercial Bank of China JV: Joint venture JSE: Johannesburg Stock Exchange LSM: Living Standards Measure LNG: Liquefied Natural Gas NAFDAC: National Agency for Food and Drug Administration and Control NITEL: Nigerian Telecommunications Limited MBA: Masters of Business Administration OECD: Organisation for Economic Co-operation and Development OLI: Own Localise and Internalise OSIC: One Stop Investment Centre PPP: Purchasing Power Parity ROI: Return on Investments SA: South Africa SAIRR: South African Institute of Race Relations SONCAP: Standards Organisation of Nigeria Conformity Assessment Programme USA: United State of America WOS: Wholly Owned Subsidiaries vi Table of Content Abstract………………………………………………………………………………............i Declaration………….……………………………………………………………………….ii Acknowledgments………………………………………………………………………...iii List of Figures……………………………………………………………………………...iv List of Tables………………………………………………………………………………..v List of Abbreviations……………………………………………………………………...vi Chapter 1: Background and Rationale 1.1 Introduction………………………………………………………………………….…...1 1.2 Research problem……………………………………………………………………….2 1.3 Research objectives………………………………………………………………….....3 1.4 Research methodology…………………………………………………………………5 1.4.1 Research design……………………………………………………………………....5 1.4.2 Research philosophy………………………………………………………………….5 1.4.3 Research approach…………………………………………………………………...6 1.4.4 Research methods…………………………………………………………...............6 1.5 Data collection and analysis……………………………………………………...........7 1.6 Validity and
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