Comparative analysis of the Indian and Swiss markets and Implications for the Internationalisation Strategies of Multinational Corporations

1.0 Introduction to the Task

This report presents an analysis of two international markets: India (an emerging market) and Switzerland (an industrialised country). The aim is to compare the two markets and to formulate strategies that multinational corporations can deploy to ensure success in the two markets.

With a population of 1.34bn, India is the second-most populous country in the world and, therefore potentially presents MNCs with one of the largest markets globally.  In contrast, Switzerland, with a population of only 8.6m people, has a potentially tiny market (World Bank, 2019a).

Even though India has a much larger economy (2017 GDP of $ 2.597 trillion) compared to Switzerland (2017 GDP of $678.9 billion), India’s larger population translates to a much lower per capita GDP ($1,939.61 compared to $ 80,189.70). Moreover, India’s economy has been growing faster than that of Switzerland. Over the past five years, the GDP growth rate for Switzerland has varied between 2.45% and 2.54% compared to India’s 5.5% – 6.6%. This translates into a compounded annual growth rate of 1.6% for Switzerland compared to 7.2% for India (World Bank, 2019b).

Much of international trade is anchored on the theory of comparative advantage, which necessitates comparative analysis between country pairs. With the emergence of new world order, India is expected to become the world’s second-largest economy by 2030, thereby underscoring its future strategic importance (Beaudreau, 2016; Singh, 2019). This accounts for its choice as one of the countries to analyse in this report. Switzerland is considered an unusual option due to its high per capita GNP (second highest globally) and uniquely high interdependence with other most economies (India included), manifested in indicators such as high export to GDP ratios (World Bank, 2019b).

Secondary data is used to achieve the report objectives. This data is collected from various sources, including credible online articles, trade and industry reports, statistical databases, journal articles, annual reports, and books. In the next section of the report, an analysis of the business environment of India and Switzerland is carried out. Case studies of two international firms (Nestle S.A and Titan Industries), each operating in one of the two countries, are after that presented for analysis, with appropriate recommendations and conclusions being derived in the final section of the report.

2.0 Market Analysis and Business Opportunities

The analysis of the market and business opportunities in India and Switzerland are done using a cultural model (Trompenaar’s model), an International Relations model (Realism), and Porter’s Diamond theory.

2.1 Analysis Based on an International Relations Model (Realism)

The various international relations models include realism, institutionalism, liberalism, constructivism, the English School, and critical approaches (Waltz, 2010). The analysis in this report is based on realism.

Realism assumes that the international system is characterised by anarchy, nation-states are sovereign and independent of each other, and it is not possible to have a structure or society that can be formed to order relations between the states. The nation-state can only surrender its sovereignty through coercion/force or wilfully through its own consent (Reus-Smit and Snidal, 2010).

It is only through the power that a state can defend itself and survive. This may be military, economic, or diplomatic power, but coercive power is viewed as the primary determinant of global politics.  Therefore, invasion or occupation of one country by another is the most severe threat which a nation may face, and the state must possess adequate power to defend itself and to promote its interests. The nation-state is a rational actor which acts in ways that maximise its interests.  Within the anarchic global system, states which have the highest clout (economic or military) exert the most influence, thereby reducing international relations into a domain of the politics of the Great Powers approaches (Waltz, 2010).

However, political strength is underpinned by economic might, so that larger economies have more advanced defence systems, and damaging a rival nation’s economy is as destructive as military conquest. Such economic strength may, moreover, be used as a form of political influence. This may occur through capital exports and the control of overseas markets (e.g., use of reciprocal trade agreements). Accordingly, countries whose foreign policies align with realism are likelier to pursue trade paradigms such as mercantilism and economic nationalism and to be less open to free trade or to the mobility of capital.

Switzerland’s foreign policy is that of neutrality/non-partnership (i.e., is not involved in the power politics of other countries) (Ganser and Kreis, 2007; Morris and White, 2011). From the perspective of realism, neutrality is inferred as the rational calculation of the interest of a small nation-state in an anarchic global environment. The stance of not getting involved in hostilities is viewed as a rational move that would help the nation-state maximise its survival chances better than siding with one or the other country (Jesse, 2006). In that regard, Switzerland is unlikely to use its economic might as a form of political influence and is more likely to pursue free trade and avoid mercantilism.

India, unlike Switzerland, does not pursue neutrality. Its foreign policy adheres to realism in several ways: focus on the preservation of its sovereignty, dedication to the maximisation of its national interest, suspicion towards institutionalism, and participation in the balance of power and polarity. Its military posture, including its nuclear strategy (whose intent is on maintaining stability through credible deterrence), also aligns with the realist position (Das, 2008; Miller and de Estrada, 2017). This suggests that India is more prone to the use of economic nationalism and mercantilism and less inclined towards economic openness, compared to Switzerland. The data in table 2 indicates that even though both countries score poorly on trade openness, Switzerland is significantly more open than India.

Table 2: Trade Openness

Source: World Economic Forum (2019)

2.2 Analysis based on Trompenaar’s model

Trompenaar’s model is a national cross-cultural differences model, which distinguishes different cultures based on seven dimensions. The first dimension is universalism/particularism. This evaluates whether cultural interactions are structured around rules or relationships (Bălan and Vreja, 2013).

In the universalistic culture, behaviour and conduct are regulated by universal standards, with relations being guided by obligations, rules, laws, and values. These are given prominence over personal relationships. In contrast, in the particularistic culture, personal relationships are given prominence over-rules and laws. Switzerland is a universalistic culture, in comparison to India, which is a particularistic culture (Trompenaars & Hampden-Turner, 1997).

The second dimension of Trompenaar’s model is individualism/communitarianism. This refers to whether members of a given culture are driven by their own personal interests (i.e., whether the culture is individualistic) or whether they put common interests ahead of personal interests (i.e., whether the culture is communitarian). Whereas Switzerland is an individualistic country, India is a communitarianism country (Binder, 2016).

The third dimension is the neutral/emotional dimension. This refers to the extent to which the open display of emotion is permitted within a given culture. In emotional cultures, the open expression of feelings is allowed, while in neutral cultures, individuals keep their emotions in check. Switzerland is a neutral culture, compared to India, which is an emotional culture (Bălan and Vreja, 2013).

The fourth dimension of Trompenaar’s model is the specific/diffuse dimension. In particular cultures, individuals engage one another only concerning specific life areas and at a single personality level. In contrast, in diffuse cultures, they simultaneously engage each other in multiple life areas and at several personality levels. Examples of life areas include work, home, and pubic life. India is a diffuse culture, and Switzerland is a specific culture (Trompenaars & Hampden-Turner, 1997).

The fifth dimension is achievement/ascription. This denotes how status is perceived and how it is assigned to individuals. In the achievement culture, status is assigned based on the individual’s accomplishments. This contrasts with the ascription culture, where status is assigned based on the individual’s age, gender, education, or social class. Switzerland is an achievement culture, while India is an ascription culture. The sixth dimension is the internal/external dimension. Internal cultures, unlike external cultures, are perceived as having control over the environment, with India being an external culture and Switzerland an internal culture. (Binder, 2016).

The seventh dimension of Trompenaar’s model is the sequential/synchronous time orientation dimension. Cultures that exhibit a synchronous attitude towards time consider the past, the present, and the future as being interconnected. Commitment is perceived as flexible, and individuals tend to focus on multiple projects simultaneously. In contrast, cultures that have a sequential attitude perceive time as inflexible, with the past, the present, and the future being unrelated. India is a synchronic oriented culture, compared to Switzerland, which is a sequential culture (Trompenaars & Hampden-Turner, 1997).

Since the two countries differ on all the dimensions of Trompenaar’s model, the cultural distance between them is high, exposing MNCs firms from either to a high degree of liability of foreignness. The specific implications of these differences are summarised in table 2 below.

Table 2: specific implications

Source: Bălan and Vreja (2013)

2.3 Analysis Based on Porter’s Diamond Model

The Diamond model explains why a given country is more competitive than another in a particular industry. It attributes such competitive advantage to demand conditions, factor conditions, related and supporting industries, and firm structure, strategy, and rivalry (Porter. 1990).

Figure 1: Diamond model

Source: Porter (1990)

Factor conditions consist of basic factor conditions (i.e., natural resources and unskilled labour) and advanced factor conditions (i.e., skilled labour, infrastructure, specialist knowledge, and capital) (Porter, 1990).

Table 1: Factor conditions

Source: World Economic Forum (2019); World Bank (2017)

From table 1, India has more basic resource endowments than Switzerland. However, these barely lead to competitive advantage. It is the advanced factors conditions (infrastructure, capital, and knowledge resources) that create competitive advantage, suggesting that Switzerland is better at factor creation than India, and is therefore potentially more attractive (Porter, 1990).

Demand conditions are determined by factors such as the size, growth rate, and sophistication of the market (Porter, 1990). With the second-highest population globally (1.34bn people), China’s potential market size is enormous compared to Switzerland (potential market size of just 8.6m people). However, regarding buyer sophistication, India is ranked lower (37^th globally with a score of 49.8%) compared to Switzerland (5th with a score of 66.9%). Combining these with the GDP and imports to GDP ratio, India has the third-largest market size globally, compared to Switzerland, which is ranked 39^th globally. Accordingly, India offers potentially more demand compared to Switzerland (World Economic Forum, 2019).

Related and supporting industries refer to the industries in the upstream and downstream sections of the value chain, which provide opportunities for innovation enhancement by facilitating partnerships and alliances (Porter, 1990). Both Switzerland and India manifest a high presence of clusters, but these differ by sector between the two countries. Switzerland has 22 clusters which cover eighteen sectors, including the watchmaking industry, the pharmaceuticals, industry, the car manufacturing industry, the financial services sector, the insurance industry, the paper production industry, and the mechanical engineering, jewellery design, and electrical engineering industries (Cluster Platform, 2004). In contrast, India has more than 6,000 industrial clusters, spanning various industries such as the automotive, textiles, IT, agro-processing, pharmaceutical, and iron and steel manufacturing industries (Singh, 2010). The organisational structure and the strategies of specific firms may also enhance or impair the attractiveness of particular industries within the two countries (Porter, 1990).

3.0 Case Studies

3.1 Case study 1 – Nestle India

The first case study involves Nestle India, which is the Indian subsidiary of the Swiss-based multinational Nestle S.A. Nestle India operates in the fast-moving consumer goods (FMCG) sector. It manufactures products within the confectionery, cooking aids, beverages, chocolate, nutrition, milk, and prepared dishes categories (Capital Markets, 2019a).

The comparative analysis of Switzerland (Nestle’s home market) and India (Nestle’s host market) has shown that compared to the Swiss market, which is small, the Indian market is huge.  In laying the foundational elements of the eclectic paradigm, Dunning (1993) suggested that the four motives behind the internationalisation of firms include: the market-seeking, efficiency-seeking, strategic asset-seeking, and resource-seeking motives.

The primary motive Nestle’s expansion into the Indian market appears to have been the market-seeking motive. Faced with a stagnant population growth rate, saturated markets, and a shift in power from the large manufacturers to retailers in the western countries, countries with a potentially huge demand such as India provided an attractive opportunity for geographical diversification for Nestle (Nestle India, 2019).

The comparative analysis between Switzerland and India also demonstrated that there is a significant distance between the two countries, thus potentially exposing Nestle to the liability of foreignness in the Indian market. Firms may mitigate the considerable distance between the host and home countries through their choice of the entry mode strategy. For example, they may choose low commitment strategies that reduce their exposure to risk (Buckley and Casson, 2009).

They may also choose sequenced market entry strategies, where the firm uses a low commitment strategy to gain entry in the host country (e.g., exporting). Then, the firm may gradually upgrade to a high commitment strategy (i.e., deepen its commitment in the host country) as it gains more knowledge about the host market (e.g., FDI). Such a strategy where the firm begins with a low commitment strategy then gradually adopts higher commitment entry strategies is consistent with the stages model of market entry, and particularly the Uppsala School (Johanson & Vahlne, 1990). This appears to have been the strategy used by Nestle to penetrate the Indian market.

In particular, Nestle S.A. first began its entry into the Indian market early in the twentieth century through the formation of an export company known as the Nestle Anglo-Swiss Condensed Milk Company Limited. Through this company, it exported and sold chocolate into the Indian market. Exporting is the entry mode strategy that is associated with the lowest degree of complexity and commitment among all the market entry strategies. Therefore it is the most appropriate entry mode strategy to use to minimise economic and political risks, and in instances where the company lacks the required degree of familiarity with the host country culture or market norms (Majumdar, 2007; Hutt and Speh, 2012).

However, as the company gained more general and market-specific knowledge regarding the Indian market, it deepened its commitment (i.e., resources and degree of commitment) in India. The exporting company was succeeded by a subsidiary (Nestle India), with the firm establishing its first factory (Greenfield investment) soon after. At the moment, it has eight manufacturing plants and four branch offices across the country (Nestle India, 2019).

Apart from the adoption of a stages model for the market entry, internationalising firms may minimise the liability of foreignness they face through the use of cooperative entry strategies (e.g., the use of joint venture partnerships). These allow them to pool resources and spread risks, thus minimising their risk exposure within unfamiliar markets (Buckley and Casson, 2009). In the case of Nestle, this has involved increasing joint ownership characterised by the gradual increase in the amount of stake in its Indian subsidiary. For example, by 2013, it only had a 34.28% share of the Indian subsidiary, with the other significant shareholder (Maggi Enterprises Ltd) having a 28.48 percent share. By 2019 however, Nestle S.A. had increased its share of Nestle India to 62.8% (India Times, 2013; Nestle India).

Another useful framework which has been formulated to account for the management approaches used by multinational corporations is the EPRG schema. This approach identifies the following four management orientations: ethnocentric or home country orientation, regiocentric or regional orientation, geocentric or world orientation, and polycentric or host country orientation strategies.

Considering the significant differences between Switzerland and India, the most appropriate of these strategies is the polycentric strategy, since it involves customizing the firm’s approach to suit the unique needs of the Indian market, making it more likely for the firm to overcome the liability of foreignness and succeed in the Indian market. A good example is the products which the firm has introduced in the Indian market, including the Maggi noodles which incorporated a masala test-maker, in line with the Indian market’s unique taste for spices and intense flavours (Schaffmeister, 2015; Saxena, 2005; Agarwal and Mitra, 2015).

As a result of the above strategies, Nestle’s entry into the Indian market has been very successful. It commands a leadership position in eight of the nine categories it competes in, as demonstrated in figure 2 below.

Figure 2: Nestle India’s Market Position

Source: Nestle India (2019b)

3.2 Case Study 2 – Titan Industries Ltd.

The second case study is that of Titan Industries Ltd. Incorporated in 1984, the company is based in India and was formed as a joint venture between the Tamil Nadu Industrial Development Corporation and the Tata Group. Since then, Titan has grown to become the largest producer of watches in India and the fifth-largest globally. Apart from watches, the firm also produces eyewear and jewellery. Some of its established brands are Titan, Sonata, and Xylys (Capital Markets, 2019b).

Even though Titan entered the Swiss market in 2011 through the acquisition of the Favre-Leuba for €2 million (Kamath, 2016), this was not its first attempt at getting into the Swiss market. A previous effort to expand to the Swiss market in the nineties was not successful, after the firm subsequently withdrew from the market following a string of losses.

In entering the market in 1995, Titan made several important decisions that were aimed at reducing the home-host country differences to enable the company overcome the liability of foreignness in the Swiss market. According to Rangaraj (2009), instead of extending its existing ranges to the Swiss market (reflective of the ethnocentric strategy), the firm came up with an entirely new collection targeted for the host market.

This new collection was designed by European designers and produced using separate manufacturing facilities put up correctly for that purpose (Rangaraj, 2009). Moreover, significant changes to the products were made to suit the host country’s preferences. For instance, instead of the gold-plated pieces, which were popular in India, the firm offered steel watches in tune with Swiss tastes (Wharton, 2010).

However, this initial attempt by Titan was met with failure in the Swiss market. Several reasons have been advanced to explain why the company was unsuccessful in the European market. According to Shivakumar (2019), some of the reasons emanated from the institutional and administrative differences between the home and host countries.

One of these was the strict foreign currency restrictions in India, which hampered the firm’s ability to transfer the money required to support the overseas investment effectively. This was exacerbated by an adverse movement in the Indian Rupee/Swiss Franc currency rate and interest rates. Moreover, the Swiss watch market was characterised by robust channel control by the incumbents, which exercised their power to lock Titan out of the distribution channels in the host country (Rancchod, 2007; Shivakumar, 2019).

Another factor that has been advanced to explain Titan’s initial failure in the Swiss market relates to the country of origin perceptions.  Unlike the Swiss, who have a strong reputation for manufacturing handcrafted mechanical and automatic timepieces of high precision and pedigree, products from India (including watches) were generally perceived as being of inferior quality. In the absence of adequate advertising and brand-building, this limited Titan’s ability to gain traction in the Swiss market (Rancchod, 2007; Sabharwal, 2007).

Moreover, Titan’s entry strategy has been faulted as one of the major causes of its initial failure in the Swiss market. In spite of the significant differences between the host and home countries, Titan used a high commitment entry mode (FDI, through Greenfield investment) to expand to the Swiss market. This expansion did not just occur in the Swiss market, but also involved entry into 11 other European markets at the same time, thereby spreading the firm’s resources thin and exposing it to higher risks (Rancchod, 2007; Sabharwal, 2007; Shivakumar, 2019). Based on some of the lessons from its initial failure in the Swiss market, Titan adopted a different entry strategy into the Swiss market in 2011. This, for instance, involved an approach that is more incremental and the acquisition of a Swiss brand (Favre-Leuba), which already enjoys reputational strengths that had been built up over centuries.

4.0 Conclusion and Recommendations

This report has provided a comparative assessment of the Swiss and Indian markets, intending to formulate strategies that multinational corporations can deploy to ensure success in the two markets.  The analysis has shown that significant cultural differences exist between the two countries, across all the seven dimensions of Trompenaar’s cultural model.

Even though India’s foreign policy firmly manifests aspects of the IR theory of realism, it nevertheless diverges from realism through its focus on aggressive economic expansion. Switzerland’s foreign policy is based on neutrality/non-partisanship. Analysis of the attractiveness of these two countries indicates that whereas India has more basic resource endowments than Switzerland, Switzerland has more advanced/specialist factor endowments than India and therefore appears better at factor creation (and is more attractive) than India.

India offers a broader market than Switzerland, but the Swiss market is more vibrant and more sophisticated than the Indian market. Both countries manifest a strong presence of related and supporting industries, but these are concentrated in different sectors for the two countries. Based on a review of two case studies of a Swiss MNC in India and of an Indian MNC in Switzerland, the suggestions below are provided for firms that wish to enter into either of the two countries.

1. Firms may mitigate the large distance between the host and home countries through their choice of the entry mode strategy. This may involve the use of low commitment entry strategies, a sequential entry approach, or the use of cooperative strategies such as joint ventures. There is a need to match the entry mode with the degree of risk involved.
2. Given the vast differences between the host and home countries, internationalising firms ought to adopt the polycentric approach, where the marketing mix and management approaches are customised to suit the specific circumstances of the host country. An ethnocentric approach may only work where the environment in the host and home countries do not markedly differ.
3. Differences in the political and economic set-up between the host and home country may impede the internationalising firm’s success in the host country. These differences may arise due to, for example, the volatility of the exchange rate between the two, or differences in the political systems. The case of Titan suggests that firms should minimise such risks by, for example, adopting hedging strategies in the case of foreign exchange risks.
4. There is a need for the firm to match the entry strategy used with the resources available. In the case of Titan, under-resourcing of the foreign investment was regarded as one of the contributors to the firm’s poor performance overseas.

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SWISS

Financial system – 4^TH (89.7%), DEPTH – 4^TH AT 84.4%, STABIITY – 4^TH AT 96.3%. Venture capital availability – 16^th at 56%, financing of SMEs is high (10^th at 66.1%), domestic credit to private sector – 5^th – 100%-  credit gap – 1^st at 100%

Infrastructure ranked 4^th in the world (transport and utility infrastructure) – 93.2

• Skills of current workforce – 1^st – 78.2%.
  • Extent of staff training – 1^st – 79%
  • Quality of vocational training – 1^st – 90.8%
  • Skillset of graduates – 1^st – 81.4%
  • Digital skills among active population – 4% – 7^th
  • Ease of finding skilled employees – 65.4% – 16^th

Market size – 66.2% – 39^th

TRADE OPENNESS – 87^TH – 54.7%

INDIA

Financial system – 4^TH (89.7%), DEPTH – 4^TH AT 84.4%, STABIITY – 4^TH AT 96.3%. Venture capital availability – 16^th at 56%, financing of SMEs is high (10^th at 66.1%), domestic credit to private sector – 5^th – 100%-  credit gap – 1^st at 100%

Infrastructure ranked 70^TH in the world (transport and utility infrastructure) – 68.1%

• Skills of current workforce – 64^TH– 52.9%
  • Extent of staff training – 50^TH – 55.1%%
  • Quality of vocational training – 67^TH– 53.3%
  • Skillset of graduates – 93^RD – 46.2%
  • Digital skills among active population – 2% – 59^TH
  • Ease of finding skilled employees – 52.8% – 171^ST

Market size – 93.7% – 3^RD

TRADE OPENNESS – 131^ST – 43.9%

Financial system – 40^th (69.5%), DEPTH – 34^TH AT 58.6%, STABIITY – 103AT 83%. Venture capital availability – 22^nd at 52.7%, financing of SMEs is high (23^rd at 61%), domestic credit to private sector – 70^th – 53%-  credit gap – 1^st at 100%