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7EC502

International Business:

Theory and Strategy

Module Leader:

Word Count: 2494

2023

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Table of Contents
SECTION 1: INTRODUCTION........................................................................................................2
SECTION 2: COMPANY OVERVIEW............................................................................................3
SECTION 3: CRITICAL EVALUATION USING INTERNATIONAL BUSINESS THEORIES
...............................................................................................................................................................4
2.1 The Springboard Theory..............................................................................................................5
2.2 The Eclectic Paradigm..................................................................................................................6
2.3 The Porter Diamond Theory........................................................................................................7
2.3.1 Factor Condition.........................................................................................................................8
2.3.2 Related and Supporting Industries...........................................................................................8
2.3.3 Firm Structure, Strategy and Rivalry.......................................................................................9
2.3.4 Demand Conditions....................................................................................................................9
2.4 Monopolistic Advantage Theory..................................................................................................9
SECTION 3: NEW INTERNATIONALIZATION INITIATIVE.................................................12
SECTION 4: CONCLUSION...........................................................................................................13
References..........................................................................................................................................14

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SECTION 1: INTRODUCTION
With the aid of pertinent international business theories, this report seeks to analyze Tesco's
internationalization activities.

The international business theories utilized includes the springboard theory, the monopolistic
advantage theory, the Porter’s Diamond theory and the Eclectic Paradigm/Dunning’s OLI.

The rest of this report is structured as follows: section 2 deals with the company overview,
section 3 deals with the expansion activities and international business theories, section 4
presents the new internationalization initiative, while section 5 deals with the conclusion.

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SECTION 2: COMPANY OVERVIEW

Tesco is a global British retailer of groceries and other goods that has operations in many
different nations. Jack Cohen established the business in 1919, and it is headquartered in
Welwyn Garden City, Hertfordshire, England (Tesco , 2022).

Tesco's main line of business is retailing, while it also has operations in the food, apparel,
electronics, financial services, and telecommunications industries. They offer a variety of
commodities both in-person and online, such as food & drink, home goods, cosmetics, and
apparel. Tesco also runs the Tesco Clubcard reward program and, through its subsidiary
Tesco Bank, offers banking and insurance services (Tesco , 2022).

Tesco is a sizable, well-rounded business with operations in 12 nations in Asia and Europe.
They employ about 450,000 people and operate over 6,700 locations globally. With a market
share of more than 27%, Tesco is the biggest grocery chain in the UK (Tesco , 2022).

Tesco employed about 410,000 employees worldwide and reported revenues of £57.9 billion
($80.7 billion) in their most recent financial report (2021). Moreover, they disclosed a pre-tax
profit for the year of £1.2 billion ($1.6 billion). Tesco, which has a major presence in the UK
and several other nations, is still among the biggest retailers in the world (Tesco , 2022).

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SECTION 3: CRITICAL EVALUATION USING INTERNATIONAL BUSINESS

THEORIES

2.1 The Springboard Theory

According to the Springboard idea, businesses should expand internationally to seize outside
opportunities and get over internal limitations (Luo & Tung, 2018). The springboard
hypothesis claims that businesses use specific places as a base to reach other markets, and
Tesco's internationalization strategy is in line with this approach. Tesco's decision to expand
internationally was primarily driven by a desire to diversify its revenue sources and lessen its
reliance on the UK market. Tesco's ambitions to go global were motivated by the company's
desire to "exploit the benefits of economies of scale, manage risks associated with market
saturation and boost profitability through revenue diversification," according to a research by
Ali & Frew (2017).

The business made its first venture into foreign markets in the 1990s when it entered markets
in Eastern Europe like Poland, Hungary, and the Czech Republic. Tesco selected these
markets because they offered tremendous development potential, had little to no real
competition, and had a burgeoning middle class (Khayyam, et al., 2021). Later, the business
exploited these markets as a launching pad for its expansion into additional Central and
Eastern European nations including Slovakia and Romania (Khayyam, et al., 2021).

In addition, Tesco exploited its businesses in Asia as a launching pad for further growth
there. In 1998, the business entered the Asian market by obtaining a stake in a partnership
with a local retailer in Thailand. The company then grew by entering Malaysia, South Korea,
and China while utilizing its knowledge of the Asian market. The potential for expansion in
these regions, which had sizable and expanding middle classes, is what motivated Tesco to
join the Asian market, according to a research by Hill & Cronk (2010).

Combining FDI and non-FDI strategies has been Tesco's method of internationalization. For
instance, the business joined forces with a local store to enter the US market, but later left the
industry owing to fierce competition. Similar to this, Tesco bought a share in a regional
retailer in Japan before selling its operations to a Japanese business. Tesco, in contrast, has
adopted a wholly-owned subsidiary model in other areas, such as China, giving it more
control over its business operations and growth strategy (Khayyam, et al., 2021).

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A number of variables, such as market size, development potential, and cultural similarities,
have influenced the selection of nations for internationalization. A study by Khayyam et al.
(2021) found that although Tesco's introduction into the US market was motivated by the
market's size and potential, its expansion into Eastern Europe was motivated by the region's
lack of competition and growth potential. The rising middle class in these areas and the
shared cultural heritage of Asian nations also served as factors in the company's expansion
into Asia.

Tesco operates in 12 nations in Europe and Asia, and its overseas activities provide about
25% of its total revenue. The corporation employs almost 450,000 people and has more than
6,700 locations worldwide. Tesco's overseas operations produced sales of £23.6 billion
($32.9 billion) in 2021 (Tesco, 2021).

In summary, Tesco's internationalization strategy fits with the springboard idea since the
business has used specific regions as a basis to develop into other markets. To diversify its
revenue sources and lessen reliance on the UK market, is the company's objective for going
global. Tesco has chosen to internationalize via a combination of FDI and non-FDI methods,
and the nations it has chosen to do so are determined by a number of variables, including
market size, growth potential, and cultural similarities.

2.2 The Eclectic Paradigm

The OLI model, commonly referred to as the eclectic paradigm, can be used to explain
Tesco's internationalization endeavors. According to this paradigm, companies can succeed in
international markets only if they have ownership advantages, location advantages, and
internalization benefits (Marandu & Ditshweu, 2018).

Ownership advantages are a company's distinctive assets that allow it to compete on the
international market, such as technology, brands, or managerial know-how (Farhana, 2012).
Tesco's strong brand reputation (Mollah, 2014), effective supply chain management (Sparks,
2019), and sophisticated customer relationship management system (Mollah, 2014) are
among its ownership benefits. These resources have given the corporation the ability to
reproduce its profitable business model in numerous locations across the globe. According to
Jefferson, (2021), the business has a solid reputation for offering premium goods at
competitive pricing, which has helped it stand out from rivals in a number of areas. Due to
Tesco's considerable retailing experience, it is also able to recognize and meet the needs of

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the local market, as seen in the opening of smaller convenience stores in South Korea and
Japan (Lee, 2013).

Location advantages are advantages that a specific nation or area provides for a business'
operations, such as reduced labor costs, advantageous tax laws, or easy access to natural
resources (Ram, et al., 2018). Tesco has carefully chosen its overseas markets based on the
advantages of their locations. For instance, Tesco entered the markets in Poland, Hungary,
and the Czech Republic in the 1990s because they had a developing middle class and little
competition. The corporation also expanded into China, drawn by the country's enormous
consumer base, expanding middle class, and welcoming government policies for international
investment (UKEssays, 2018). Also, based on aspects like market size, growth potential, and
the regulatory landscape, Tesco decided to enter certain markets. Due to their comparatively
low levels of competition and quickly growing middle class, the company first focused on
markets in Central and Eastern Europe. Tesco also looked for markets where it could expand
its economies of scale by making significant investments in its logistics and supply chain
infrastructure. For instance, the business has made significant investments to construct
distribution facilities throughout Asia to support its expanding presence there (Kar, et al.,
2021).

Internalization benefits are the advantages that result from owning and managing activities
in a foreign market as opposed to depending on a third party (Benito, et al., 2016). Tesco has
internalized its operations in a variety of markets using both FDI and non-FDI entry methods.
For instance, in its joint venture with Hymall in China (Peng, 2022), Tesco internalized its
operations by utilizing Hymall's local knowledge and skills while gaining from its experience
in international retail. Tesco chose a wholly-owned subsidiary in South Korea, on the other
hand, allowing it to have complete control over its market activities. To meet the unique
requirements of each market, the corporation has also used a range of entrance tactics, such
as greenfield investments, mergers and acquisitions, and strategic alliances.

Finally, the eclectic paradigm, which emphasizes the business' ownership, location, and
internalization benefits in various regions, can be used to examine Tesco's
internationalization efforts. Using both FDI and non-FDI forms of entry and internalizing its
operations to leverage its advantages, Tesco has been successful in replicating its business
model in several areas.

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2.3 The Porter Diamond Theory

A well-known international business theory called Porter's Diamond Theory can be used to
analyze Tesco's internationalization activities. According to the theory, there are four key
elements that affect a country's competitiveness in a certain industry: factor circumstances,
related and supporting industries, firm strategy, structure, and competition, and demand
conditions.

Figure 1: The Diamond theory of Michael Porter

Source: https://www.wallstreetmojo.com/porter-diamond/

2.3.1 Factor Condition

Factor circumstances describe the resources that companies can use to their advantage in a
specific nation (Tsiligiris, 2017). Factor circumstances are a nation's access to labor, capital,
and natural resources—the factors of production. The availability and price of the production-
related factors in the nations Tesco enters has an impact on their internationalization
approach. For instance, Tesco joined the Asian market by expanding into Thailand in 1998
and forming a partnership with the Charoen Pokphand Group (Reed, 2020), one of the
country's biggest corporations. The country's enormous population of 71.6 million people
(World Bank , 2021) and cheap labor gave a chance for Tesco to develop its operations. In
1999, Tesco expanded into South Korea, where it is now the third-largest supermarket there.
Tesco's success in South Korea was largely due to the nation's accessibility to cutting-edge
technology, infrastructure, and trained personnel (Taylor, 2011).

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2.3.2 Related and Supporting Industries

The extent to which other industries in a given nation can assist the competitiveness of a
certain industry is referred to as related and supporting industries (Kleynhans, 2016).
Industries that offer inputs or are connected to the sector in question are referred to as linked
or supporting industries. The existence of auxiliary industries in the nations Tesco enters has
had an impact on their internationalization strategy. For instance, the existence of a highly
developed agricultural sector that supplies fresh produce for Tesco's retail operations had an
impact on Tesco's entry into Thailand. Tesco has also formed alliances with regional
producers and suppliers to guarantee a consistent flow of goods into its stores.

2.3.3 Firm Structure, Strategy and Rivalry

The degree to which domestic firms in a given country are competitive and able to innovate
in reaction to new market entrants is measured by factors such as corporate strategy,
structure, and competition (Gupta, 2016). Firm strategy, structure, and rivalry all refer to the
business plans and organizational structures of participating firms as well as the degree of
rivalry. The competitive environment in the nations Tesco enters has an impact on their
internationalization plan. According to Yoder et al. (2016), because of fierce competition
from reputable stores like Walmart and Target, Tesco's 2007 attempt to enter the American
market was unsuccessful. Tesco, however, has had success in other nations, such as South
Korea and Thailand, where they have risen to become the third-largest retailers in each.

2.3.4 Demand Conditions

The level of domestic consumer demand for high-quality goods and services in a certain
nation is referred to as the demand conditions (Gupta, 2016). The distinct requirements and
preferences of a nation's consumers are referred to as demand conditions. The demand
environment in the nations Tesco enters has also had an impact on their internationalization
plan. For instance, the region's expanding middle class and rising demand for contemporary
retail formats were factors in Tesco's debut into Central Europe (Altenburg, et al., 2016).
Tesco entered Hungary in 1994 and rose to the top of the market there swiftly due to its
capacity to meet the unique requirements of Hungarian customers (The Guardian, 2015).
Tesco's 2004 debut into China was also influenced by changes in Chinese consumers'
lifestyles and purchasing habits.

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2.4 Monopolistic Advantage Theory

The monopolistic advantage theory offers a framework for comprehending how businesses
might gain a competitive edge and generate profits above average by holding specific
advantages over their rivals (Peterdy, 2023). This hypothesis has been commonly used to
explain how businesses have expanded internationally, such as Tesco's entry into several
countries and regions. According to the monopolistic advantage theory, firms enter foreign
markets to exploit their monopolistic advantages, such as brand reputation, patents, and
proprietary technology. Tesco's internationalization strategy can be analyzed using this theory
as the company leveraged its brand reputation, customer loyalty, and expertise in retailing to
enter new markets.

For instance, Tesco's entry into the Polish market in 1995 was facilitated by its strong brand
reputation and retailing expertise. Tesco's ability to offer quality products at affordable prices
and its innovative marketing strategies helped the company gain a competitive advantage in
the market. Similarly, Tesco's entry into South Korea in 1999 was driven by its proprietary
technology, particularly its advanced supply chain management system. The company's
ability to manage its supply chain efficiently enabled it to offer a wide range of products at
competitive prices, which helped it gain a significant market share.

In both cases, Tesco used the mode of FDI to enter the markets, investing in local operations
and acquiring local partners to leverage their market knowledge and expertise. Through its
internationalization strategy, Tesco was able to expand its operations and gain a significant
market share in various countries.

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Figure 2: Tesco’s Supply Chain

Source:
https://www.academia.edu/40019505/Supply_chain_management_TL2103_Supply_chain_
of_TESCO

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SECTION 3: NEW INTERNATIONALIZATION INITIATIVE

Extending operations to Vietnam is one new internationalization initiative Tesco should
consider. Vietnam offers Tesco a number of opportunities, including a developing middle
class (World Bank, 2022), a still-underdeveloped retail market (Vietnam Investment Review,
2023), and welcoming government investment policies (International Trade Administration,
2022).

Tesco has a big chance to enter a new market and increase its revenue streams as the middle
class in Vietnam is predicted to increase from approximately 13 million in 2021 to 26 million
by 2026 based on the report by the World Bank (International Trade Administration, 2022).
Additionally, just about 30% of the Vietnamese retail business is made up of modern retail
(Vietnam Investment Review, 2023), making the sector largely underdeveloped. Tesco now
has a competitive advantage since it can use its knowledge of contemporary retail to expand
its market share.

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SECTION 4: CONCLUSION
This report utilized the international business theories to check the internationalization
activities of Tesco. It is deduced that the company is highly flexible with respect to the
decisions it makes in various markets. In other words, the corporation, checkmates the
peculiarities of each market to make decisions on mode of entry, as well as which country or
region to expand with respect to the firm’s unique competitive advantage.

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