Executive Summary
The following report presents the scope and the opportunity present for the Quartz Company to operate in the region of the Czech Republic. Quartz is a timepiece manufacturer and retailer which has currently been operating in the mainstream clock and watch market in Australia. However, the company is seeking to expand its operations on a more international level and therefore seeks to invest in the region of Eastern Europe.
The country that has been selected for operations is the Czech Republic, because of its contribution to the European clocks and watches industry and its growing economy. The report represents the country analysis of the Czech Republic which highlights the political, social, technological, economic, and legal environments of the regions. The industry analysis is conducted for the clocks and watch industry on a regional scale. The report then goes on to present the market entry strategies and the business proposition for the Quartz Company to operate in the Czech Republic, which includes the operational setup, the marketing mix to be employed, and the obstacles which need to be addressed when investing in operations in the Czech Republic.
Introduction
The following report provides an analysis of one of the East European countries in which the Quartz Watch Company can invest for its operations. The country that has been selected is the Czech Republic and the industry that has been selected is the watch, clock, and timepiece industry.
The report highlights the political, economic, social, legal, and technological environment in the country as well as the scope that is present in the industry for growth and development for the Gourmet Company. The industry has been analyzed according to its strength, profitability, a forecasted position as well as through the competitors and porters analysis
Selected Region
The country that has been selected for the establishment of business in the East European region pertains to the Czech Republic. The country recently gained independence in 1993 as the now declared Czech Republic. The country has been depicting a high level of growth and tops the list of most suitable East European countries for investment through FDI.
The country is situated in central Europe while sharing borders with most of the East European countries in the region. The main towns of the country include Prague, Brno, Ostrava, and Plzen. The official language in the country is Czech while Slovak is also officially recognized. The currency for the Czech Republic is the Czech crown which was introduced in 1993 after the country was separated from Slovakia. ‘The finance ministry has revised its economic forecasts for 2008 and 2009, which are less optimistic about the national outlook. Real GDP growth has been written down to 4.7% from 4.9% for this year and to 4.7% to 5.1% in 2009.’ (‘Risk Summary: Czech Republic’, 2008)
The business environment in the region is very positive as the country is facing economic growth in the region. Moreover, the country is shifting from the traditional manufacturing, coal, and engineering dominant industry structure to a more diverse industry structure that is heavily based on the tourism and hospitality industry. Other industries, which have also seen significant economic growth in the region pertaining to the financial services industry, the consumer goods industry, and the industry for retail and wholesale trade.
Situation Analysis
PESTLE Analysis
Political
The current government in the Czech Republic is a ‘coalition government formed by the Civic Democratic Party (ODS) and led by Mirek Topolanek, the prime minister. The ODS is in coalition with two smaller parties, the Christian Democratic Union- Czechoslovak Peoples Party (KDU-CSL) and the Green Party, and controls only 100 seats in the 200 member Chamber of Deputies (the lower house of parliament)’ (‘Czech Country Profile’, 2008)
Like most of the Eastern European countries, Czech Republic has a history of communist rule. The country was liberated in 1945, and since then has undergone many political conflicts, especially in the 1950s and 1960s. This resulted in the events of the year 1968 which came to be known as the Prague Spring. Alexander Dubcek initialized economic reform in the region along with the democratization of the government for freedom for all.
However, the country was still highly influenced by the communist attitude and the communist culture in the following years. In 1989 the country formed a democratic government through the employment of the velvet revolution. Following this is in 1993, former Czechoslovakia peacefully split into two countries, Slovakia and the Czech Republic. Since then the Czech Republic, as well as its former state Slovakia, have both undergone significant development in terms of privatization of the industries to make them friendlier to foreign investors and increase foreign direct investment in the region.
In recent years, the Czech Republic is much more politically stable and open to change than it was in the earlier part of the twentieth century. Significant companies operating on a global scale in the retail, luxury goods as well as manufacturing, hospitality, and service-based industries have set up operations in the Czech Republic with its less communist environment which has been present since the initiation of the new millennium.
Social
The culture of the region is very much oriented towards, aesthetics, arts, and philosophy. The cultural roots of the region are communist, however with the changes taking place in the economic environment, the increased freedom of the press, and the open structure of the economy which has been developed in the past two decades, the country has faced remarkable changes in its social and cultural environment which have resulted in the social development of the region. ‘Dramatic improvement over the past decade in indicators such as life expectancy and infant mortality have put the Czech Republic only marginally behind western Europe and ahead of all east European countries except Slovenia.’ (‘Czech Country Profile’, 2008)
Additionally, the region has also faced a positive and active employment policy, modernization in the public employment services, equal opportunities for employment and growth for women and men in the country as well as a dramatic increase in the professional training and the education sector which has influenced the dynamics of the society in the long term. ‘The family unit is the nuclei of the Czech Republic – Society and Culture and it forms the base of the general social structure of the country.
Family ties and obligation to the family are the most prominent features of the Czech Republic – Society and Culture. Czech Republic – Society and Culture reflect very clearly that the people of the Czech Republic are generally practical, logical, and forward-thinking. Therefore both the society and the personal life of the Czech people are very well planned.’ (‘The Czech Republic Society and Culture’)
The nature of the society in terms of being hospitable has increased activities in industries specific to tourism and service-oriented businesses for finance, wholesale and retail operations. This has had a two-pronged effect on the region in developing the social environment as well as the economic environment of the country.
Technological
In terms of the technology used by the population in the region, the ‘Czech Republic is amongst the most developed post-communist countries. The total number of people who used the internet rose to 45 million by the end of 2007, 10 percent more than last year. The share of online households was 27 percent in 2006. Internet access is readily available for both consumers and businesses.’ (‘Czech Country Profile’, 2008)
The information technology market in the region is growing at a very high rate which is well above the rate of growth of the economy. The penetration of information technology and computers is forecasted to be 60.9 percent of the population in the year 2009. ‘The Czech communication sector is amongst the most advanced in central and east Europe. The quality of services has also risen owing to rapid digitalization, which reached 93 percent at the end of 2001.’ (‘Czech Country Profile’, 2008)
However, there is still room for improvement and growth in the IT sector. This makes the technology-based environment for the country a developing and constantly changing/ dynamic environment for businesses to operate in. ‘Despite being one of the most mature IT markets in the region, the Czech Republic still offers plenty of growth potential. Computer penetration is still some way behind the EU average. In addition, several million euros are flowing into the market from EU funds following accession. Economic liberalization will generate opportunities in financial, transport, and retail sectors, among others.’ (‘The Czech Republic Information Technology Report 2008’, 2008)
The technological environment allows businesses to patent new technologies while operating in the region and attain a first mover advantage in the industry for new innovative business procedures and technologies. This can provide new companies which are highly technology-oriented to attain a competitive advantage amongst those currently operating in the economy.
Legal
The legal structure and environment of the Czech Republic are one of the weak points of the country. Compared to Western Europe, the legal structure and environment in the Czech Republic are relatively long, cumbersome, and corrupted. “World Bank indicators show the number of procedures to be relatively large and time consuming compared to the OECD average though it is difficult to conclude there are large differences compared with peer countries such as Hungary, Poland and Slovakia.5 Preliminary results of a recent compilation of structural indicators by the OECD broadly confirm the message of the World Bank data.” (‘OECD Economic Survey of the Czech Republic 2004’, 2004)
The problems that make initiating a business in the Czech Republic hectic and cumbersome only relate to the time delays and hassle, and not the costs that are associated with setting up the business.
The capital requirements for initiating a business in the region are not high. “Entry onto the Commercial Register is the most widely criticized aspect of setting up a business. All firms, except the self-employed, have to enter the register and the process has a reputation of being demanding and for taking a long time to complete. There are also problems in the consistency of court decisions, uncertainties about the documentation required and there are instances where, reportedly, the Registry Court goes into excessive depth with applications.” (‘OECD Economic Survey Of The Czech Republic 2004’, 2004)
Moreover, the country also faces a high level of corruption which is brought forward from the communist regimes in the history of the country. This can create hurdles and problems for a foreign business operating in the region.
Economic
The economic structure of the Czech Republic is very broad-based and diverse. Until 1938, the Czech Republic was one of the fastest developing and highest growth reporting countries in the region, however, the following political uncertainty and disputes caused the country to face declining economic conditions.
The strength of the Czech Republic was in its engineering industry, however, the industry suffered from skewed investment due to the centralized planning and communist government. This resulted in ‘leaving a legacy of excess industrial capacity and underdeveloped services. The market transition has corrected this distortion; the economic significance of the industry has declined rapidly. In 2006, industrial production accounted for 28.5 percent of the GDP (at current prices), compared with almost 48 percent in 1990. The relative contribution of agriculture, which was already in 1990, at 7 percent of GDP, has fallen as well, to 2.4 percent in 2006.’ (‘Czech Country Profile’, 2008)
In recent years however the company has faced favorable economic conditions again and is fast becoming one of the rising economies in the region. ‘By contrast, the rapid expansion of wholesale and retail trade, hotels and catering, financial and business services, transport, and other services since 1989- to 53.4 percent of the GDP in 2006 – reflects their low level of development under the former command economy, as well as the subsequent stimulus from a huge increase in tourism.’ (‘Czech Country Profile’, 2008)
The country now has been reporting a positive balance of payments along with substantial growth in the service and retail base industries. Most of the influx and the growth in the service sector have been created due to the increase in the number of students coming into the Czech Republic for education and the increase in tourism exchange along with the membership of the country with the European Union.
Industry Analysis
The clock and watch industry in the Czech Republic is highly integrated with the jewels industry in the region. The country is host to the oldest watch retailers in Europe as well as the more recent and trendy watch-making companies. Annual clock and watch affairs specific to the Swiss watch industry are held on an annual basis in the Czech Republic. The market for the clock and watch industry is very specialized and sophisticated.
“The manufacture of v and jewels, based on domestic mining resources (mainly Czech garnet, jasper, and other semi-precious stones), gained a high level of sophistication and unprecedented reputation due to the perfect mastery of cutting techniques and the remarkable artistic design of Czech authors. The present production of Czech jewelry and jewels is based on swift implementation of the latest production technologies and close cooperation with present designers of original Czech jewelry.” (Hlubuček & Hlaváček) The clock and watch manufacturers in the industry have closely linked themselves with the antique dealers in the country and the current as well as upcoming designers to further the products as consumer goods for the affluent.
While the watch and clock industry in the Czech Republic is dominated by the Swiss watch industry, the Hong Kong and Japan-based watch companies are also becoming increasingly popular with their timepieces that are manufactured for the masses.
Porter’s analysis of the industry indicates that the buyers’ power in the industry is very high as they tend to drive the demand for luxury and the more casual timepieces. Customization in the industry for affluent clients is also very high. The supplier power in the industry is moderate as the suppliers form relationships with the manufactures in the industry which limits their power. The rivalry in the market is very strong especially between the more affordable watch manufactures. The Swiss watch companies however have made a place for themselves in the niche markets resulting in a moderate level of healthy rivalry for them.
The threat for substitutes in the industry is low while the threat of new entrants is paramount with the changes taking place in the industry after the entry of the Hong Kong-based clock and watch manufacturers.
Competitor Analysis
The main competitors that are operating in the clock and watch industry in the Czech Republic include companies like Casio, Citizen Holdings Company, and Swiss Watch Company. Aside from this luxury watch brands like Movado, Longines, Gucci, Channel, Dior, and other high-end jewelry and watch brands also operate in the region.
Casio is one of the most popular watch brands for the masses in the Czech Republic. The company manufactures and distributes specialized as well as high street watches in Japan, Canada, the US, Europe as well as in Asia. “The company recorded revenues of JPY620,769 million (approximately $5,313.8 million) during the fiscal year ended March 2007, an increase of 7% over 2006. The operating profit of the company was JPY48,074 million (approximately $411.5 million) during the fiscal year 2007, an increase of 11.5% over 2006. The net profit was JPY25,147 million (approximately $215.3 million) in the fiscal year 2007, an increase of 5.9% over 2006.” (‘Casio Computer Co Ltd.’, 2007)
Citizen Holdings is another popular brand in the Czech Republic that manufactures and sells wall clocks, jewelry as well as wristwatches along industrial timepiece equipment. “The company recorded revenues of JPY336.2 billion (approximately $2.9 billion) during the fiscal year ended March 2007, an increase of 0.1% from 2006. The operating profit of the company was JPY21.9 billion (approximately $0.2 billion) during the fiscal year 2007, a decrease of 28.2% from 2006. The net profit was JPY7.2 billion (approximately $0.1 billion) in the fiscal year 2007, a decrease of 61.3% from 2006.” (‘Citizens Holdings Company’, 2007)
The Swatch Group is a specialized and high-end watch manufacturing company that manufactures timepieces and jewelry for a selected clientele and is one of the main brands for Swiss watches in the Czech Republic. “For the fiscal year ended December 2005, The Swatch Group reported total sales of$3,438.1 million (CHF 4,497 million), an increase of 8.3% over 2004’s revenues.” (‘Swatch Group Ltd’, 2006)
SWOT Analysis
Opportunities & Threats
The opportunities that are present to the Quartz Company for operating in the Czech Republic pertain to growth in the semiconductor market, the growing demand for Asian technologies in the clocks and watch industry, the increasing dealer network in the region, and the consumer demand for cheap but high-quality timepieces.
The threats that can be faced by the company in the Czech Republic pertain to the intense competition in the industry, the availability of cheaper products coming in from Japan and Hong Kong, increasing prices of the raw materials, government regulations, foreign exchange fluctuations, and the macroeconomic impact on the spending of the consumers with the high cots of fuel.
Strengths & Weaknesses
The strengths that will be present for the Quartz company for operating in the Czech Republic pertain to the establishment of a strong brand image in the eastern European region which can further be leveraged to expand to the European countries, an increase in the target market for the company, increase in the prospective product portfolio, diversification of operations, diversification of geographic presence as well as entry in the Omega markets.
The weaknesses that the company might have to face pertain to fluctuating revenue and EBIT levels, weak returns and weak financial performance in the initial years as well as a decline in the cash available for operating activities.
Implications of SWOT
The SWOT analysis indicates, that in order to survive in the market, the Quartz company will have to be aggressive in its operations and marketing in the region as well as diversify its investment to avoid the weak returns and performance that is predicted in the sector in the initial years of its operations. When the company is able to establish itself in the market, the company can exploit the opportunities available to it by leveraging its strengths to overcome the weaknesses and the threats faced by it.
Objectives
Mission Statement
The mission statement of the Quartz Company’s operations in the Czech Republic is:
‘To create a position for itself in the mass consumer market offering low prices timepieces to customers with high quality and superior customer service’
Generic Business Strategy
The business strategy of the Quartz Company is to expand its operations from Australia into the European Union. This will help the company increase its geographic diversification as well as increase its presence in the international market. The company will employ the low priming and high-quality strategy whereby the mass market for timepieces will be catered to. This is the growing segment for timepieces in the Czech Republic and pioneering in providing them with high-quality products will increase volume sales as well as the brand position of the company in Europe.
Marketing Strategies
Market Selected
The market that has been selected for expansion of the Quartz Company into the international market is the East European and European markets. The country which has been selected is the Czech Republic which is one of the fastest developing countries in East Europe.
Market Entry Mode
The market entry strategies for entering the food retail market for the Czech Republic from the point of view of foreign investors in the industry can include many forms. Some of the applicable entry strategies include licensing, joint ventures, ownership, and participating in trade-free export zones.
Licensing would enable the company to establish its operations in the region by providing licenses to another company in the Czech Republic to manufacture, produce, market as well as distribute the products for sale and distribution in the Czech clock & watch industry. “It is quite similar to the “franchise” operation. Coca Cola is an excellent example of licensing. In Zimbabwe, United Bottlers have the license to make Coke” (‘Chapter 7: Market Entry Strategies’, 1997)
The advantages of licensing include that it is less capital intensive and only an agreement for licensing needs to be signed between the parties. Moreover the relationship in licensing allows both the parent and the region specific subsidiary company to attain growth and marketing benefits. The disadvantages however include that the company is limited is limited in its participation in the region, and the potential profit and review based returns from operating in the market are mostly achieved by the subsidiary with only royalties being provided to the parent company.
The second option that is available to the company for operating and entering clock & watch industry in Czech Republic pertains to joint ventures. Through a joint venture a company can share ownership of the operations with a local business. The advantage of this is that the risks associated with operating in a new market are diminished through the expertise of the local company and shared amongst the two parties. Additionally there is also joint financial strength.
The disadvantages however that can plague a joint venture pertain to the fact that the partners do not have full control of the management as it is split between the two, it may also be impossible to recover the capital and that the partners may be of different points of view down the road in terms of the strategic vision and mission of the business and its objectives.
The third type of market entry strategy is that of ownership, whereby the business employs its full resources to start a completely new company in the industry by launching itself in the market. This form of the market entry strategy requires extensive capital on part of the company as the entire infrastructure of the company as well as its business operations need to be built in the industry. The advantages of this strategy however include that the company has complete control in the operations, and can maneuver the business and its long term business strategy according to its vision for the Czech Republic clock & watch industry.
The market entry strategy that has been selected for entering the clock & watch industry in the Czech Republic pertains to that of acquisition and merger. The Quartz Company will seek to establish itself in the Czech Republic by acquiring a local clock & watch dealer or retailer company which has significant experience and position in the local market. The reason as to why this option has been selected is because this strategy allows the Quartz Company to establish its brand in the region while also making use of the resources and information technology that was being used by the local acquisitioned company.
This will allow the Quartz Company to operate in the local market with significant knowledge about the market dynamics, the role of the consumers the power of the suppliers a swell as the rivalry and position of the different firms operating in the region. This will require significant investment of capital on part of the company but the Quartz Company will also be able to attain significant market knowledge and experienced management through acquisition that are knowledgeable about managing clock & watch operations in the market.
This provides the Quartz Company the chance to establish its brand name and position itself in the Czech industry for clock & watch. The market scenario is positive for the entrance of the Gourmet Company making it a profitable venture to invest in this market.
Market Positioning 100
The operation of the Gourmet Company will be such that it is going to acquire a local company operating in the market. The business process of the acquisitioned company will be revaluated according to the business processes of the Gourmet Company and the required changes in the information systems, functional departments as well as the basic operations of the business will be made. The store layout for the retail stores of the Quartz Company in Czech Republic will be set up according to the standard set by the Quartz Company in other regions of operations as well as according to the company’s global strategy.
Somewhat customization in the store layout will be provided to allow for molding the store to the requirements of the local consumers in the market and make them much more consumer friendly and attractive.
The existing presence of the acquired local company in the Czech Republic and its timepiece industry will allow the Quartz Company to manage the business registration and commencement with the local government. This will ease the company and business registration process with the government of the Czech Republic. The company will also establish links and relationships with the local and international suppliers operating in the Czech retail market for timepieces to acquire the best quality of raw materials available in the most efficient and profit maximizing prices.
Marketing Mix
The marketing mix comprises of the four P’s specific to product it self, the promotion, the positioning of the products and the brand as well as the pricing strategy.
The product has already been described as a collection of product lines of clocks, time princes, watches and jewelry items which will be provided in to the mass consumer market in the Czech Republic. The packaging of the products however would be done using sophisticated and innovative packaging made form recycled and recyclable material to promote green operation of the company in the region as well as comply with the consumer action groups in the Czech Republic
The promotion for the business would be brand based focusing on the brand name of Quartz using mass communications medium as well as above the line and below the line marketing strategies. The products would be provided in the market under the brand name of Quartz wherever applicable. A co-branding strategy can be employed in the future for specific Quartz brands and the complementary products like sports brands, bag and shoes brands where the local Czech sports, shoes and handbag/leather goods retailers be marketed together. This strategy can also be employed for co-branding with the super markets in the region like Marks and Spencer’s.
The positioning of the products by Quartz would be conducted by placing the brand name of Quartz amongst its competitors in the market. The placement would be on the higher quality and affordable prices scale where a range of local as well as cross cultural and classic Quartz product lines will be made available to the consumers.
The price of the products provided to the consumers by Quartz would be determined using the market dynamics specific to the Czech market as well as the propositions of the headquarters in Australia. The pricing strategy of the company however would be to keep the prices low and affordable for the mass market in Czech.
Combating Obstacles
The company faces obstacles for operating in Czech Republic specific to getting the company registered for operations in Czech, corruption and the cumbersome legal processing. Additionally the Czech market would be new to the company which can create problems for marketing, positioning and placement efforts of the company. These obstacles have been overcome by using the acquisition based market entry strategy.
Using this strategy the Quartz Company is able to use the market dynamics information and knowledge available to the management of the acquired company for determining the Czech consumers’ trends and orientation for products, and the relevant marketing strategies which would be best suited to the Czech consumers. The cumbersome legal procedures for registration and documenting the commencement of the business in Czech Republic would be avoided by leveraging the position, contacts and the position of the acquired company.
Financial Evaluation
Planning Assumptions
The assumptions that have been employed for the operations of the Quartz Company in the Czech Republic pertain to the fact that the company will be starting its operations in the region as of 200 and will be employing the merger/ acquisition strategy for market entry.
Forecast Sales, Market Shares and Costs
The sales for the first year of operations are expected to be limited with 100,000 items being sold, however the following years will see an increase in the sales of the company with forecasted sales volumes of 100,000 units in 2009, 250,000 units in 2010, 350,000 units in 2011, and 500,000 units in 2012. The company will also target to attain 5 percent of the market share in the first year of its operations in the market for timepieces, which would increase to 12 percent in 2012. The costs that would be incurred by the company for its operations however would be significantly high as the company would be acquiring a dealer network in the region to commence its operations in the region.
Implementation & Control
Action Plan for Implementation
A separate business management team would be dedicated for the company’s operations in the Czech Republic. This team would be responsible for establishing the company in the region as ell as to guide the acquired company for achieving the goals and objectives set by the Quartz Company for its operations in the Czech Republic. A separate human resource, marketing, operations and financial division will be set up for Czech Republic along with a dedicated customer service centre. A flag ship store will be opened in the capital Prague to establish the position of the brands sold by the Quartz Company.
Monitoring of Action Plan
The monitoring and controlling of the action plan will be conducted by the senior management and the board of director at the head office in Australia. The operations in the Czech Republic will be directly answerable to the headquarters in Australia for the first five years while the Quartz Company develops and establishes itself in the European market.
Conclusion
The main issues that would be faced by the Quartz Company for its operations in the Czech Republic pertain to establishing itself in a different market in Europe which is much more sophisticated than the market in Australia. The other issues that the company will have to face pertain to issues of entering the marketing, establishing operations in the foreign market, building relationships with customers as well a targeting the customers with a hh quality product offered at low prices.
The report concludes that it is profitable for the Gourmet company to select Czech Republic as the country amongst the east European nations that can be invested in. this is supported by the market forecast for the Czech food retail industry which depicts that “in 2012, the Czech food retail industry is forecast to have a value of $11.2 billion, an increase of 11.4% since 2007.” (‘Czech Country Profile’, 2008)
The report has been able to summaries a business proposal for operating in the Czech Republic specific to the clocks, watches and the timepieces industry. The opportunities and threats as have been presented along with the specific marketing strategies that can be employed by the Quartz Company to establish itself in the Czech Republic.
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