Qantas free essay sample

Lowest price without jeopardizing the quality. 2. Better quality, simple way of operation and better look that means ability to be creative and innovative. According to Porter (1985) all generic competitive strategies have different way of cresting sustainable competitive advantage. And a company must always choose a strategy or else it will be stuck in the middle without coherent strategy (Acquaah amp; Yasai – Ardekani, 2006). Many companies for example Wal – Mart and AirAsia have been implementing a single strategy very successfully. Examples of companies which has used differentiation strategy as single strategy successfully: * Differentiation by Brand: Harley Davidson and Mercedes Benz * Differentiation by Design: Titan watches – with gold studded gems, diamonds, precious metals. * Differentiation by Positioning: Domino Pizza ‘ 30 minutes delivery’ * Differentiation by Technology: Apple Computers * Differentiation by Innovation: 3M. Furthermore there are successful companies which apply hybrid – strategy which implies both cost leadership amp; differentiation strategy at the same time. Eg: German’s Automotive, Tesco supermarket, IKEA. We will write a custom essay sample on Qantas or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Competitive Strategy: It is the way by which firms choose to accomplish and hold their competitive advantage. Regarding competitive strategy Porter stated that â€Å"taking offence or defensive actions to create a defendable position in an industry, to cope with †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦competitive forces and thereby yield a superior return for the firm†. Companies have established different approaches to competitive strategy, as per the crisis companies should apply respective strategy. The basic of generic strategy: Porter stated that company’s strength is divided into two attributes: cost advantage and differentiation. By applying these attributes in a broad and narrow focus, three generic strategies result: cost leadership, differentiation and focus. They do not represent any industry nor they are specific to any company. PORTER’S GENERIC STRATEGIES: Diagram 1: (Porter, 1980) Normally means â€Å"pursue a quality approach†. Enables a price premium to be charged for the quality difference. Normally means â€Å"pursue a quality approach†. Enables a price premium to be charged for the quality difference. Aim to have lowest cost-base industry. Will facilitate favourable / cheaper pricing and thus grow market share in elastic industries particularly. Aim to have lowest cost-base industry. Will facilitate favourable / cheaper pricing and thus grow market share in elastic industries particularly. Competitive Advantage Competitive Advantage Differentiation Differentiation Lower Cost Lower Cost Broad Target Broad Target 1. Cost Leadership| Competitive Score Competitive Score 2. Differentiation| Narrow Target Narrow Target 3 A. Cost Focus| 3 B. Differentiation Focus| Concentrate on one or a small number of market segments. Can be differentiation or cost leadership. Concentrate on one or a small number of market segments. Can be differentiation or cost leadership. Porter initially advised Firms to avoid attempting both Strategies Stuck in the Middle as out and out differentiators and cost leaders will tend to be more competitive. The success of Japanese (and other) firms with JIT, Kaizen and TQM techniques appears to provide evidence contrary to this view. Requirements for generic competitive strategies: Generic Strategy| Commodity Required Skills and Resources| Common Organizational Requirements| Overall cost leadership| Sustained capital investment access to capital| Tight cost control| | Process engineering skills| Frequent, detailed control reports| | Intense supervision of labour| Structured organization and responsibilities| | Products designed for ease | Incentives based on meeting strict quantitative| | Low-cost distribution system| targets in manufacture| Differentiation| Strong marketing abilities| Strong coordination among functions in Ramp;D, product development, and marketing| | Product ngineering| | | Creative flare | | | Strong capability in basic research| Subjective measurement andincentives instead of quantitative measures| | Corporate reputation for quality or technological leadership| Amenities to attract highly skilled labour, scientists, or creative people| | Long tradition in the industryor unique combination of skills drawn from other businesses| | | Strong co operation fromchannels| | Focus| Combination of the above policies directed at the particular strategic target| Combination of the above policies directed at the regular strategic target| Four strategic types and their approaches to strategy (Miles and Snow)? : 1. Defender: * protect market share * hold current position 2. Analyser: * seek market opportunities but protect existing areas * hold market share but with some innovation 3. Prospector: * find new opportunities * exploit and take risks 4. Reactor: * respond only to other * often late and inadequate COST AND DIFFERENTIATION STRATEGY: Cost Leadership Strategy The cost leadership strategy represents cost control and efficiency in all areas of operation (Porter, 1980). A company that decides to follow cost leadership actually achieves it by performing important value chain activities with lower cost (Porter, 1985). Cost – Leadership strategy strives to supply a standard, no frills, high volume product with a competitive price to customers (Bingxin Li amp; Juan Li, 2008) which is preferred in developing countries India, China, Indonesia amp; Malaysia. This make product more competitive than others with brand image and good service (Hutchinson et al. 2007; Frambach et al. 2003; Porter, 1980). Cost Leadership aim requires strong focus on supply side as oppose to demand side of market – with high level competitor orientation (Day amp; Wendley, 1988). Cost Leadership strategy used by companies must benchmark them in a profitable position in the market place. As per Porter (1980), efficient cost leadership strategy minimizes cost in areas like Ramp;D, Services, Sales and Advertising. In Japan, Toyota Company has successfully implemented cost leadership strategy with increased efficiency (Schonberger, 1994) which is a different factor make up in this strategy when compared to the western countries. Allen amp; Helms, 2001) Differentiation Strategy – The generic of differentiation strategy can be based upon design and brand image, distribution amp; so forth (Frambach. Et al. 2003). It involves by creating a place in the market that is realized as being different in the industry and has the capability to endure for a long run (Porter, 1980). The effectiveness of str ategy depends on competitive offering to customers (Slater amp; Olson, 2001) with unique product for varied customer groups. This is with the aim to create minimum price of product in order to develop satisfaction and loyalty. A firm with differentiation strategy creates superior characteristics in terms of image, reputation, reliability and equality (Dean amp; Evans, 1994; Sashi and Stern, 1995). This creates qualitative difference in products amp; service, engaged in advertising programs, marketing techniques with premium prices (Miller, 1986). According to Acquaah and Yasai – Ardekani (2006). Firms with competitive strategies has advantage over their rivals as they realized how unique their products and services are. The differentiation strategy has been successfully implemented in France, Sweden, Canada with companies having advantage of Financial and technology resources, human capital and modern management (Aulakh et al, 2000) Focus Porter defined focus as one of the generis strategies but later on mentioned it as moderator of cost leadership and differentiation strategy, Companies which apply this strategy normally focus on the market where there are less competition. (Pearson, 1999). Firms uses this strategy to stress on a specific positioning in the market and so it offers quality and specialized products for that position. Therefore sometimes focus strategy is referred as niche strategy (Lynch, 2003). This strategy allows the firm the possibility to charge a premium price for its specialized products. Ferrari and Rolls – Royce are examples of company using such strategy. The only problem with the strategy is that niche characteristic is not sufficient to justify company’s attention. Stuck in the middle – When a company fails to make a choice between the strategies then it is implied that the company is stuck in the middle. Thus affecting its profitability and resulting poor financial performance. (Peter, 1980) THE COMBINATION (HYBRID) STRATEGY: The Porter Generic competitive Strategies (1980, 1985) can’t be given excessive prominence. Competitive forces ( Allen and Helms, 2006; Miller, 1992; Spanos, et al. , 2004) has been termed â€Å" hybrid, mixed, integrated or combination strategies. (Kim. Et al. , 2004; Spanos, et al. , 2004). They combine both low cost and differentiation elements (Gopalakrishna and Subramanian, 2001; Proff, 2000). A combination of cost leadership and differentiation strategies should be distinguish from ‘stuck in the middle’ where firm fails to successfully pursue both. (Acquaah amp; Yasai – Ardekani, 2006). A combination or hybrid strategy has been proved to be viable and profitable (Kim et al. , 2004; Miller amp; Dess, 1993; Wright et al. , 1991). Firms pursuing combined strategy achieved higher performance than the other firms which apply single strategy. Combined strategy also helps the firm to minimize their vulnerability due to reliance on cost – based advantages only (Yasai – Ardekani amp; Nystrom, 1996). This hybrid strategy success depends on ability to deliver enhanced benefit to customers with low price and sufficient margins to reinvestment. Tesco Supermarket is following same the same strategy (Strategy Explorer, 2010) THE APPLICATION OF SINGLE STARTEGY: Cost Leadership Strategy: The cost leadership strategy is the basis for long – run compare to price competition. Price competition is easily duplicated (Porter, 1980; Ellis amp; Kelly, 1992). In retail business cost reduction must be exploited which minimizes cost throughout value chain activities. Important issues in retail business are related with cost of goods sold. (COGS). Large retail business achieve more easily cost leadership due to more power supplier to secure low procurement prices for purchased goods (Ellis amp; Kelley, 1992; Anderer, 1997). Datuk Tony Fernandez as CEO of AirAsia Berhad said â€Å"Before business can grow it needs to have its cost under control, efficient and profitable and also it must create value†. AirAsia leader of LCC in Malaysia, Thailand and Indonesia will face competition from existing and new players and it need to make consideration amp; more stressed for the point of becoming the low cost carrier in the airline industries. Differentiation Strategy: It emphasis several dimensions such as image, gain customer loyalty, innovation and level of service (Kim et al. , 2004) by generating differences n product through intensive marketing amp; image management (Miller 1988) and creating products which are innovative, dependable, durable, and serviceable (Beal amp; Yasai – Ardekani, 2000) In retail business company, as for manufacturing companies two main arguments against Porter framework have emerged (Mintzberg, 1996; Worztel, 1987; Zentes and Anderer, 1994) – * Strategies that co mbine several competitive advantages are not considered by Porter. * The reduction of possible competitive advantage to two basic types is simplistic amp; especially differentiation advantages can be reached in different ways. The implementation of combination of Cost Leadership and Differentiation Strategy (Hybrid Strategy): This new hybrid strategy may become even more important and more popular as Global competition increase. With generic strategy company improve their ability to adapt quick environment changes and learn new skills and technologies involving customer’s value with products at low cost compare to competitor’s products. Cost leadership enables the company to charge the lowest competitive price and achieving competitive advantage by delivering value to customers based on both product features and low price. Competitive strategy is not only feasible but generates superior incremental performance result in multiple sources of competitive advantage. This will generate superior performance over the inability to success. The success of Japanese companies such as Toyota, Canon and Honda are best examples of cost leadership and differentiation strategies. (Ishikura, 1983). Porter’s Generic Strategies in Hospitality Industry: 1. Cost Leadership Strategy: Hotelier such as Fairfield Inns, Etap offer services which are basics. Thus by doing so, they keep the cost at minimum and attract lot of market segment. . Differentiation Strategy: Chain of hotels such as Marriott and Hilton apply this strategy by providing guests with high quality and special service and experience. 3. Focus Strategy: Four Seasons only stress on elite guests and Burj Al Arab hotel only target guests such as royal families, celebrities, and rich industrialists. Five Forces Analysis: Porter developed this model as a fram ework to understand the profitability about the industry. Mentioned below are the five forces: * Supplier’s power * Buyer’s power * The threat of substitutes * The ease of entry to the market The intensity of rivalry in the market Porter Five Forces that shape industry competition: Example of a pharmaceutical company in US: †¢ Potential New Entrants: There are high barriers for entry especially in the US market due to the regulatory compliance, patent laws and the risk associated with the industry this remains a weak competitive force. The cost related to the Ramp;D also limits the Potentials New Entrants. †¢ Suppliers: Supplier power in low as the majority of the pharmaceutical sale is among the ten large pharmaceutical companies also they remain the major costumer for the chemical industry. Buyers: The power of the buyers is a moderate competitive force. Increasing pressure is being applied on the manufacturers to reduce the prices. In the pharmaceutical in dustry the end-user of the product has very low power as they buy the drugs that the decision maker or the doctor prescribes. †¢ Substitutes: This competitive power is weak when the products have the patent production but gets medium when they are off patent. CONCLUSION: Successful organization adopts a combination of competitive aspect to build a hybrid strategy. i. e. Design and low cost, quality and price . Only competing on price is not good enough (Daan Assens’s Learning , 2010). Cost leadership and differentiation strategies are very successful in much different kind of industries, for developing, transition and developed economics. Cost leadership, Differentiation and hybrid strategies have been successfully applied for very broad range of products and services from retail products to luxury products. TABLE 1: STRATEGIES USED BY THE COMPANIES No. | Strategy| Where has the strategy been applied | Products/Services that the strategy has been applied | 1. Cost Leadership| Developing, Transition and developed economics (worldwide)| Cars Industry (Toyota), Airline Business (Air Asia), Retail Business (Giant and Carrefour Supermarket)| 2. | Differentiation| Developing, Transition and developed economics (worldwide)| Cars and Motor cycle Mercedes Benz, Harley Davidson, Titan Watches, Domino Pizza, Apple , 3M| 3. | Hybrid – (Combination of Cost Leadership and Differentiation S trategy)| Developing, Transition and developed economics (worldwide)| Car Industry – Toyota, Honda, Furniture Industry IKEA| REFERENCES: Acquaah, M. amp; Yasai-Ardekani, M. (2006). Does the implementation of a combination competitive strategy yield incremental performance benefit? A new perspective from transition economy in Sub-Saharan Africa. Journal of Business Research 61, 346 – 354. * Anderer, M. (1997). Internationaliseerung im Einzelhandel. Deutscher Fachverlag, Frankfurt. * Aulakh, Preet S. , Masaaki Kotabe. amp; Hildy Teegen. (2000). Export Strategies and Performance of Firms from Emerging Economies: Evidence from Brazil, Chile and Mexico. Academy of Management Journal, Vol. 3 (3), 342-61. * Bingxin Li, C. amp; Juan Li, J. (2008). Achieving Superior Financial Performance in China : Differentiation, Cost Leadership or Both? American Marketing Association, Journal of International Marketing, Vol. 16(3), 1-22. * Daan Assen’s Learning, (2010). Hybrid strat egy: sustainable competitive advantage. http://www. daanassen. com/hybrid-strategy-sustainable-competitive-advantage (3 Jan, 2011). * Dess, G. , G. amp; Davis, P. S. (1984). Porter’s (1980) generic strategies as determinants of strategic group memberships and organizational performance. Academic of Management Journal 27, 467-488. * Frambach, Ruud T. , Jaideep Prabhu. amp; Theo M. M. Verhallen. (2003). The Influence of Business Strategy on New Product Activity: The Role of Market Orientation. International Journal of Research in Marketing, Vol. 20 (4), 377-97. * Hutchinson, Karise, Nicholas Alexander, Barry Quinn amp; Anne Marie Doherty. (2007). Internalization Motives and Facilitating Factors: Qualitative Evidence from Smaller Specialist Retailers. Journal of International Marketing, Vol. 15 (3), 96-122. * Kim, E. , Nam, D. amp; Stimpert, J. L. (2004). Testing the Applicability of Porter’s Generic Strategies in the Digital Age: a Study of Korean Cyber Malls. Journal of Business Strategies, Vol. 21, 19-45. * Miller, A. amp; Dess, G. (1993). Academy of Management Assessing Porter’s (1980) Model in terms of its Generalizability, Accuracy and Simplicity. Journal 36 (4), 763-788. * Mintzberg, H. (1996). Generic Business Strategies. In: Mintzberg, H. , Quinn, J. (Eds), The Strategy Process, thirded. Prentice Hall International, Upper Saddle River/Nj, 83-92. * Morshett, D. , Benhard Swoboda amp; Hanna Schramm-Klein. (2006). Competitive Strategy in Retailing – An Investigation of the Applicability of Porter Framework for Food Retailers. Science Direct. Journal of Retailing and Customer Services 13, 275-287. * Nayyar, P. R. (1993). Performance Effect on Information Asymmetry and scope in diversified Service Firms. Academy of Management Journal, 36, 28 -58. * Pearce, J. amp; Robinson, R. (1994). Strategic Management–Formulation, Implementation and Control, Fifth Edition. Irwin, Burr Ridge/IL. * Porter ME. (1985). Creating and sustaining superior performance. Competitive Advantage. New York : Free Press. Schonberger, R. (1994). Human Resource Management Lessons from a Decade of Total Quality Management and Reengineering. California Management Review, Vol. 36 (4), 109-134. * Worztel, L. 1987. Retailing Strategies for to Day’s Mature Market Place. Journal of Business Strategy 8 (Spring), 45-56. * Yasai-Ardekani, M. , Nystrom, PC. (1996). Design for Environmental Scanning Systems: Test of a Contingency Theory. Management Science, 187-204. * Zentes, J, amp; Anderer, M. (1994). Retail Monitoring 1/94: Customer Service as a Way Out of Crises. GDI-Retailer- Trendletter, Vol. 2(1), 1-29.

The History of Halloween or Samhain, Day of the Dead

The History of Halloween or Samhain, Day of the Dead Halloween or Samhain had its beginnings in an ancient, pre-Christian Celtic festival of the dead. The Celtic peoples, who were once found all over Europe, divided the year by four major holidays. According to their calendar, the year began on a day corresponding to Nov. 1 on our present calendar. The date marked the beginning of winter. Since they were pastoral people, it was a time when cattle and sheep had to be moved to closer pastures and all livestock had to be secured for the winter months. Crops were harvested and stored. The date marked both an ending and a beginning in an eternal cycle. Samhain The festival observed at this time was called Samhain (pronounced Sah-ween). It was the biggest and most significant holiday of the Celtic year. The Celts believed that at the time of Samhain, more so than any other time of the year, the ghosts of the dead were able to mingle with the living, because at Samhain the souls of those who had died during the year traveled into the otherworld. People gathered to sacrifice animals, fruits, and vegetables. They also lit bonfires in honor of the dead, to aid them on their journey, and to keep them away from the living. On that day all manner of beings were abroad: ghosts, fairies, and demonsall part of the dark and dread. How Samhain Became Halloween Samhain became the Halloween we are familiar with when Christian missionaries attempted to change the religious practices of the Celtic people. In the early centuries of the first millennium A.D., before missionaries such as St. Patrick and St. Columcille converted them to Christianity, the Celts practiced an elaborate religion through their priestly caste, the Druids, who were priests, poets, scientists and scholars all at once. As religious leaders, ritual specialists, and bearers of learning, the Druids were not unlike the very missionaries and monks who were to Christianize their people and brand them evil devil worshippers. Pope Gregory the First As a result of their efforts to wipe out pagan holidays, such as Samhain, the Christians succeeded in effecting major transformations in it. In 601 A.D. Pope Gregory the First issued a now famous edict to his missionaries concerning the native beliefs and customs of the peoples he hoped to convert. Rather than try to obliterate native peoples customs and beliefs, the pope instructed his missionaries to use them: if a group of people worshiped a tree, rather than cut it down, he advised them to consecrate it to Christ and allow its continued worship. In terms of spreading Christianity, this was a brilliant concept and it became a basic approach used in Catholic missionary work. Church holy days were purposely set to coincide with native holy days. Christmas, for instance, was assigned the arbitrary date of December 25th because it corresponded with the mid-winter celebration of many peoples. Likewise, St. Johns Day was set on the summer solstice. Good Vs Evil - Druids, Christians, and Samhain Samhain, with its emphasis on the supernatural, was decidedly pagan. While missionaries identified their holy days with those observed by the Celts, they branded the earlier religions supernatural deities as evil and associated them with the devil. As representatives of the rival religion, Druids were considered evil worshippers of devilish or demonic gods and spirits. The Celtic underworld inevitably became identified with the Christian Hell. The effects of this policy were to diminish but not totally eradicate the beliefs of the traditional gods. Celtic belief in supernatural creatures persisted, while the church made deliberate attempts to define them as being not merely dangerous, but malicious. Followers of the old religion went into hiding and were branded as witches. Feast of All Saints The Christian feast of All Saints was assigned to No. 1. The day honored every Christian saint, especially those that did not otherwise have a special day devoted to them. This feast day was meant to substitute for Samhain, to draw the devotion of the Celtic peoples, and, finally, to replace it forever. That did not happen, but the traditional Celtic deities diminished in status, becoming fairies or leprechauns of more recent traditions. The old beliefs associated with Samhain never died out entirely. The powerful symbolism of the traveling dead was too strong, and perhaps too basic to the human psyche, to be satisfied with the new, more abstract Catholic feast honoring saints. Recognizing that something that would subsume the original energy of Samhain was necessary, the church tried again to supplant it with a Christian feast day in the 9th century. This time it established November 2nd as All Souls Day -a day when the living prayed for the souls of all the dead. But, once again, the practice of retaining traditional customs while attempting to redefine them had a sustaining effect: the traditional beliefs and customs lived on, in new guises. All Saints Day - All Hallows All Saints Day, otherwise known as All Hallows (hallowed means sanctified or holy), continued the ancient Celtic traditions. The evening prior to the day was the time of the most intense activity, both human and supernatural. People continued to celebrate All Hallows Eve as a time of the wandering dead, but the supernatural beings were now thought to be evil. The folk continued to propitiate those spirits (and their masked impersonators) by setting out gifts of food and drink. Subsequently, All Hallows Eve became Hallow Evening, which became Halloweenan ancient Celtic, pre-Christian New Years Day in contemporary dress. Many supernatural creatures became associated with All Hallows. In Ireland, fairies were numbered among the legendary creatures who roamed on Halloween. An old folk ballad called Allison Gross tells the story of how the fairy queen saved a man from a witchs spell on Halloween. Allison Gross O Allison Gross, that lives in yon towerthe ugliest witch int he North Country...Shes turned me into an ugly wormand gard me toddle around a tree...But as it fell out last Hallow evenWhen the seely [fairy] court was riding by,the Queen lighted down on a gowany bankNot far from the tree where I wont to lie...Shes change me again to my own proper shapeAnd I no more toddle about the tree. In old England, cakes were made for the wandering souls, and people went a soulin for these soul cakes. Halloween, a time of magic, also became a day of divination, with a host of magical beliefs: for instance, if persons hold a mirror on Halloween and walk backward down the stairs to the basement, the face that appears in the mirror will be their next lover. Halloween - Celtic Day of the Dead Virtually all present Halloween traditions can be traced to the ancient Celtic day of the dead. Halloween is a holiday of many mysterious customs, but each one has a history, or at least a story behind it. The wearing of costumes, for instance, and roaming from door to door demanding treats can be traced to the Celtic period and the first few centuries of the Christian era, when it was thought that the souls of the dead were out and around, along with fairies, witches, and demons. Offerings of food and drink were left out to placate them. As the centuries wore on, people began dressing like these dreadful creatures, performing antics in exchange for food and drink. This practice is called mumming, from which the practice of trick-or-treating evolved. To this day, witches, ghosts, and skeleton figures of the dead are among the favorite disguises. Halloween also retains some features that harken back to the original harvest holiday of Samhain, such as the customs of bobbing for apples and carving vegetables, as well as the fruits, nuts, and spices cider associated with the day. Modern Halloween Today Halloween is becoming once again and adult holiday or masquerade, like Mardi Gras. Men and women in every disguise imaginable are taking to the streets of big American cities and parading past grinningly carved, candlelit jack olanterns, re-enacting customs with a lengthy pedigree. Their masked antics challenge, mock, tease and appease the dread forces of the night, of the soul, and of the otherworld that becomes our world on this night of reversible possibilities, inverted roles, and transcendency. In so doing, they are reaffirming death and its place as a part of life in an exhilarating celebration of a holy and magic evening.

Expanding Walmart into Turkey Essay Example | Topics and Well Written Essays - 2000 words

Expanding Walmart into Turkey - Essay Example For instance, the company operates as Walmex in Mexico, Asda in United Kingdom, Seiyu in Japan and Best Price in India. It is worth mentioning that till date the business is located in around 15 countries under 55 different names (Wal-Mart Stores, Inc., 2013). The Republic of Turkey generally known as Turkey is a transcontinental nation located in the western part of Asia. The country is considered to be a democratic, secular, unitary constitutional republic with diverse cultural heritage. Turkey is measured to be the official language that almost 85% of the people use and English is the secondary language. In terms of the present day statistics, the nation is listed in the 15th position in accordance with Gross Domestic Product (GDP) and Purchasing Power Parity (PPP) and is placed in the 17th position concerning nominal Gross Domestic Product (GDP). Istanbul is considered to be the most populated state in the nation. In terms of education, turkey is determined to be one of the most literate countries having a literacy rate of almost 94.1% as of 2011, additionally the current health care suspect of the country is considered to be quite sound in comparison with the past. It is worth mentioning that two of the universities of turkey are glo bally recognized as the best universities in the world (CIA, 2013; ZÃ ¼rcher, 2004). The main objective of this study is to provide a comprehensive analysis of Turkey that would facilitate in understanding the various factors that are essential for a business to evaluate before establishing in any nation. The study would also provide a recommendation section that would help in understanding whether Walmart’s plan to expand in Turkey would be profitable for the company in the long run or not. Cultural facet is considered to be one of the major constituents that any business needs to consider before expanding in a new country. The vital reason behind this is that it plays a major role in the dynamics of the way in