Global strategy development and implementation

Internationalization of Telefonica Company to Ethiopia

Table of Contents

1|Page
Introduction......................................................................................................................................3

1.0 Justifications for Internationalizing Telefonica.........................................................................4

1.1 Company Performance..............................................................................................................4

1.2 Products range...........................................................................................................................5

1.3 Market Share..............................................................................................................................5

1.4 Competitive positions in the telecommunications industry.......................................................6

1.5 The Porter’s Diamond Model....................................................................................................6

1.6 Factor conditions.......................................................................................................................7

1.7 Demand conditions....................................................................................................................7

1.8 Related and Supporting sectors.................................................................................................8

1.9 Firms structure, strategy, and Rivalry........................................................................................8

2.0 Internationalization strategies....................................................................................................8

2.1 Multi-domestic Strategy............................................................................................................9

2.2 Framework for Transnational Strategies.................................................................................10

2.3 International and Export trade strategies.................................................................................10

2.4 Global strategy.........................................................................................................................10

2.5 Transnational as a viable strategy to adopt..............................................................................10

3.0 Justifications for the location of the new subsidiary: Using PESTEL.....................................11

3.1 Political Factors.......................................................................................................................11

3.2 Economic factors.....................................................................................................................12

2|Page
3.3 Size and Society Aspects.........................................................................................................12

3.5 Legal........................................................................................................................................13

3.6 Environmental..........................................................................................................................14

3.7 The Porter Five Forces.............................................................................................................14

3.7.1 Supplier bargaining power....................................................................................................14

3.7.2 Customer bargaining power..................................................................................................14

3.7.3 Rivalry..................................................................................................................................15

4.0 Strategic Entry Methods and Potential Implications...............................................................15

4.1 Joint Ventures..........................................................................................................................15

4.2 Franchises and Licenses..........................................................................................................16

4.3 Consolidation through Mergers and Acquisitions...................................................................16

4.4 Telefonica's preferred strategy for expansion into Ethiopia....................................................17

5.0 Organizational and managerial issues and solutions...............................................................17

5.1 Cultural/organizational issues..................................................................................................17

5.1.1 Problem-solving solution......................................................................................................17

5.2 Coordination and structure issues............................................................................................18

5.2.1 Problem-solving solution......................................................................................................18

References......................................................................................................................................19

3|Page
Introduction

As a global leader in the telecommunications industry, Telefonica is an international corporation

that offers customers a wide range of innovative products and services. Telefonica was founded

in 1924, in Spain, with its headquarters in Madrid, Spain. The company has become the world's

largest mobile service provider (Martnez, 2016). The organization had four distinct divisions to

serve its customers better: Europe, Northern and Latin America, and Global Asian part. As a

whole, the business company has over 130,000 employees and an estimate of more than 357

million Euros in its integrated market brand subsidiaries like on Movistar, O2, and Vivo (Martín

and Toral, 2022).

Revenue No of Employees Net Profit Market Share

€9.298 million 130,000 €7.743 million €12.77 billion

Telefonica has posted a net profit of €7.743 billion, and the corporation is compelled to

internationalize so as to take advantage of the niche in Ethiopia's telecom industry. As such, the

purpose of this study is to provide an analysis of the strategic steps Telefonica should take to set

up a subsidiary in Addis Ababa, Ethiopia.

1.0 Justifications for Internationalizing Telefonica

1.1 Company Performance

Thanks to the successful implementation of a strategic plan, Telefonica has been able to sustain

its performance and reduce its exposure in the Hispanic market by investing in and developing

several fiber vehicles. In the fiscal third quarter of 2021, Telefonica posted a net income of

€7.763 and consolidated revenue of €9.298 million. A 31.8% increase in profitability was

recorded (Oxford Analytica, 2019). Since 2014, the European crisis has contributed to a

4|Page
company's global revenue reduction. As a result of the epidemic brought on by the covid-19

virus, Spain received a minor portion of the overall revenue in 2020. A large part of Ethiopia’s

rapid population growth (46.2% of the total) can be attributed to its young population, which is

also likely to be more technologically adept than the rest of the country's population (Fernández

and Usero, 2019). After expanding into Ethiopia, Telefonica has good prospects for recouping

lost revenue and possibly gaining an edge over competitors there.

Telefonica revenue and net income

Source: (Oxford Analytica, 2019)

1.2 Products range

The company is among the world's top mobile network operators in Spain; it also supports the

third and fourth generations of mobile devices. There are a variety of data and network

connection types that this company supports for its customers, including general packet radio

service (GPRS), enhanced data rates for cellular evolution (EDGE), high-speed packet access

(HSPA+), and long-term evolution (LTE) (Chesbrough et al., 2016). Telefonica is also the go-to

for purchasing mobile devices like the iPhone 4 and iPad. In addition to services like Seven load,

Spiegel Online, and a cloud solution for hosted exchange, the company offers various other

services.

5|Page
1.3 Market Share

Telefonica is among the most challenging competitors in the global telecommunications and

media industries, with a dominant market share in its home market. Its market share varies from

25% in Colombia to 55.7% in Venezuela (Olivieri et al., 2020). The majority of the firm's annual

revenue of 12.77 billion euros comes from its Spanish base. Meanwhile, Germany generates 7.4

billion euros, and the UK generates 7.11 billion euros. However, between 2018 and 2022, the

company saw a fall in revenue, from USD 11 to 5.4.

Telefonica stock exchange 2022

Source: (Vörös et al., 2020)

In the first quarter of 2018, the corporation noticed a drop from $ 11.2 to 10.62 per user. This

trend continued through the fourth quarter of 2020/21.

1.4 Competitive positions in the telecommunications industry

Even though the covid-19 epidemic had a devastating effect on many sectors and drove some to

close down, the company persevered in the face of fierce competition in the telecommunications

sector. As a result of the widespread closure and lockout of borders, losses continue to mount.

The World Health Organization advocated using mobile services, such as money transactions, to

limit the spread of covid-19 (Triantafillidou, 2020). This trend had a favorable effect on the

6|Page
telecommunications industry, with Telefonica's revenue increasing due to the growing popularity

of mobile services (de Alarcon, 2021). During this time, Telefonica was able to gain a

competitive edge by reducing the cost of its services and thereby raising demand for those

services.

1.5 The Porter’s Diamond Model

The Porter's Diamond model outlines the factors that give one national competitive industry an

edge over another (Chung, 2016). Its goal is to help a company become more internationally

competitive in a specific market. A firm's strategic structure and rivalry, favorable factor

conditions, complementary and enabling sectors, and favorable demand conditions all contribute

to the model's ability to provide a competitive advantage in international markets (Deng and Du,

2018).

Porter’s diamond model

Source: (Liu, 2021)

7|Page
1.6 Factor conditions

The economy of Spain is well developed from the social and technological environment, with a

rated nominal gross domestic product and purchasing power parity of $1.425 trillion in the

financial year 2022. Spain is a significant player in the global economy's most cutting-edge

sectors. Its corporations are among the world's most innovative. The presence of capital

resources significantly improves the factor situation. Most businesses can get loans if they need

them and raise money through the local stock market (Liu et al., 2019). Substantial adjustments

to the banking sector and the financial market are required to support the expansion of both

emerging and established businesses. For an economy as focused on new ideas as Spain's,

advanced factors like a specialized, well-educated labor population are crucial (Li et al. and

Whalley, 2017).

1.7 Demand conditions

The growth of the Spanish domestic market has been essential in helping Telefonica implement

strategies for internalization and expansion. And by establishing a stronger foothold in both the

American and European markets, Telefonica has expanded its reach in both regions. Customers

have been drawn in more strongly ((Honoré, 2019). The corporation has gained an advantage

over rivals like Verizon, Sprint, and AT&T thanks to its emphasis on ensuring and incorporating

technological innovation and product differentiation in production.

1.8 Related and Supporting sectors

Businesses strive to differentiate themselves from rivals by providing superior service to their

clientele. When two or more companies combine forces, it creates a more challenging market for

their competitors (Martín and Toral, 2016). In 2020, for instance, Telefonica entered into a five-

year deal with Netflix to allow clients to pay for Netflix subscriptions through their monthly

8|Page
phone bills. Customers can further benefit from including Netflix at no extra cost by selecting a

mobile data package that offers this feature (Martín and Toral, 2022).

1.9 Firms structure, strategy, and Rivalry

A company's capacity to sustainably outperform its domestic rivals depends on its ability to be

more inventive and creative in developing new strategies (Hong, 2021). Telefonica's competitor

organizations include the companies mentioned above, Vodafone, Orange, Nokia, SoftBank,

Telenor, Deutsche, and many more in the telecommunications business (Etoundi et al., 2016).

Telefonica's innovative products, such as the Telefonica Open Future platform, have helped the

corporation gain worldwide recognition. The constant innovation that has contributed to

Telefonica's success has allowed the company to enter and dominate global markets quickly.

2.0 Internationalization strategies

Any business looking to expand internationally must evaluate potential worldwide strategies to

ensure success. Firms can increase their market reach and profitability by adopting a well-

thought-out international plan. To expand into Ethiopia, Telefonica may use one of four

internationalization strategies:

International Strategy

9|Page
Source: (Hong, 2021)

2.1 Multi-domestic Strategy

Companies following this strategy will need to adapt their manufacturing techniques to meet the

specific needs of each country. The method emphasizes adaptability at home rather than global

uniformity (Ghaur et al., 2021). Businesses plan their entry into domestic markets in response to

factors such as population density. The plan helps learn more about local rules, customers, and

preferences so they can find the best way to accommodate them. It also facilitates the provision

of locally branded goods and services by businesses. However, the success of this strategy hinges

on a company's ability to gauge consumer preferences (Tien, 2019).

2.2 Framework for Transnational Strategies

With this plan, the company can establish a presence in all countries where it does business. It

also shows how a global strategy can be centralized for maximum efficiency (Marques and

Eberlein, 2021). It combines domestic and international strategies by letting the company

maintain its headquarters and primary technology in its home country while expanding into new

markets abroad (Chong, 2020).

2.3 International and Export trade strategies

If a company's primary goal is to grow its domestic operations but has no plans to expand

internationally, it may adopt an export strategy. Meanwhile, businesses seize opportunities

presented by international trade to sell some of their products in these markets (Wang and Ma,

2018). The export strategy does not call for product customization because the company's focus

is not on meeting individual needs (Shoham, 2021).

10 | P a g e
2.4 Global strategy

Focus on businesses with a global focus and value international cooperation. A company like

that merely cares about reaching as many people as possible in as many places as possible.

Companies with this kind of focus on international expansion rather than domestic

responsiveness are unlikely to tailor their offerings to the needs of local markets (Rammal et al.,

2022).

2.5 Transnational as a viable strategy to adopt

The telecommunication sector is expanding and most companies have evolved to a competitive

advantage and thus the use transnational approach allows a company to enter foreign markets

and build a customer base. To maximize success in Ethiopia, Telefonica is focused on to produce

high product and cost-efficient services to meet the preference and demand of the market in the

Ethiopian capital. Because of this setup, Telefonica can keep its headquarters in Spain while

launching a new business in Ethiopia (Masood and Reidpath, 2019). The use of a transnational

strategy can reduce the price of growth. For instance, the company can save money by having

offices and stores in convenient locations. Moreover, local workers may be paid less than their

foreign counterparts (Droste et al., 2018).

3.0 Justifications for the location of the new subsidiary: Using PESTEL

3.1 Political Factors

Ethiopia's political climate is secure and conducive, drawing in foreign investors who can help

develop the country's economy. Over the past few years, the country has made few investment

inflows that will attract foreign investors. Ethiopian government passed a new law bill on

digitalized licensing and commercial registration to allow operation without government

11 | P a g e
interference, which provides incentives to boost economic development (Chan and Pattnaik,

2021). According to section 5, paragraph (h) of the Ethiopian constitution, foreign investors are

permitted to own property in the country, which should encourage the development and success

of foreign businesses (Abebe and Gebremariam, 2021). Foreign Direct Investment in Ethiopia is

accompanied by abundant and cheap labor, access to the regional, domestic and high-income

markets. This also attracts and lays promises for Telefonica prospects in the Ethiopian market.

3.2 Economic factors

It's no secret that Ethiopia's economy has been expanding steadily for several years. World Bank

projections put Ethiopia's GDP at $110 billion in 2021, up from $107.6 billion in 2020.

Ethiopia’s GNI per capita in 2022 recorded $960 which is an increase from $890 from 2021,

ranking the country among the top five in Africa (The World Bank, 2022). Although the country

high GDP some sectors have influenced increase in inflation rate devaluing the currency. The

inflation rate has risen from 30.8 to 31.8 per cent in 2022. Reports shows that productivity too

has decreased by 1 per cent due to the covid 19 impact. Over years, the purchasing power parity

Ethiopia has risen from1.9 to 14.4 per cent in terms of dollars. However, the IMF largely

predicts the economic growth to increase by 4 per cent by2023 with great impact being from

industrialization, private and foreign investments.

Ethiopia’s GDP growth

12 | P a g e
Source: (The World Bank, 2022)

Indicators like Ethiopia's rising GDP point to an expanding market. Furthermore, Ethiopia's large

population, of which the vast majority are young, will supply abundant, low-cost labor (The

African Courier, 2017). The availability of low-cost labor and the rising standard of living in

Ethiopia are two factors that could entice the Spanish telecom giant Telefonica to set up shop

there.

3.3 Size and Society Aspects

The higher population portion is of the young generation that will provide a market opportunity

to the customer base. Education is boosted from the large pool with talents, knowledge and skills

of the patterns to provide a unique position and market placement (Cela and Gatto, 2018).

Family structure and size also determines the nature and frequency of product purchase. For the

target population, about 115 million people reside in Ethiopia, making it the most densely

inhabited country in East Africa and the second most populated in Africa (The World Bank,

2022). Thus, Telefonica will have a large market for its products as well as the availability of

cheap labor due to the high population.

3.4 Technological factors

13 | P a g e
The advancement in technology in Ethiopia has progressively improved. Internet coverage has

also increased, enabling many Ethiopians to spend more time on digital media platforms (Tien

and Chi, 2019). Therefore, Telefonica would use a digital marketing strategy to promote and

advertise the manufactured products when expanding its operations to Ethiopia.

3.5 Legal

Foreign investors are offered incentives through the legal systems in Ethiopia. In Ethiopia, there

several health and safety rules pertaining the employees and organization in workplace. The

country requires business to follow the regulations on employment contracts and recruitment is

to avoid any misunderstanding (Chan and Pattnaik, 2021). The country has a diversified

population and with the many immigrants, there are laws to support the business policies. All

employees are entitled to training to help them avoid prejudiced actions and discrimination. hen

foreign businesses incur losses within the income period, the company can carry forward the loss

before the period expires (Abebe and Gebremariam, 2021). Also, the registration of companies in

Ethiopia involves fewer procedures that are not cumbersome. Thus, the company would be

attracted to expand to the Ethiopian market.

3.6 Environmental

The industries in Ethiopia follow the corporate social responsibility guidelines to protect the

environmental degradation (Gereziher and Shiferaw, 2020). The Ethiopian government has

established radical measures that have been taken to control climatical changes. The government

has looked for other alternative energy production sources rather than relying on petroleum to

prevent global warming due to the release of carbon into the air. Therefore, by ensuring

environmental sustainability through clean and renewable energy, Telefonica would attract many

potential customers if it expanded to Ethiopia.

14 | P a g e
3.7 The Porter Five Forces

In 1979, Michael E. Porter created a framework known as "porter's five forces" to analyze

market competition (Dobbs, 2014). These are positive influences since they assist the company

in learning about the opportunities, threats, strengths, and weaknesses of new competitors. This

aids the company in pinpointing its areas of expertise and improvement

Using Porter's Five Forces analysis would help Telefonica keep its market share.

3.7.1 Supplier bargaining power

To increase pricing, Telefonica should back the supply power of its suppliers. The company

should be led by the number of suppliers it has for each of its inputs, with consideration given to

the uniqueness of the product in terms of size and supplier strength (Marshall and Afzali, 2018).

The potential effects of a corporation switching suppliers are evaluated by calculating the

switching cost.

3.7.2 Customer bargaining power

Telefonica must also assess its purchasing capacity to determine how much it may influence

market prices (Bose and Hussain, 2020). If a company's target market is filled with influential

consumers, then every one of those buyers is crucial to the company's success. A company's

ability to continue sales depends on the loyalty of its consumers, so it's in the company's best

interest to reward and promote its most loyal customers often (Cho and Han, 2019).

3.7.3 Rivalry

If Telefonica wants to acquire market share in Ethiopia, it needs to provide services that are

distinct from those of its rivals (Choquette, 2019). Due to the difficulty of breaking into an

established market, new businesses are hesitant to expand internationally.

3.7.4 Threats of new entrants

15 | P a g e
The government's laws and regulations may make it difficult for new entrants to enter the market

(Bose and Hussain, 2020). In addition, a new company that hopes to break into the market

should prioritize making superior goods and services before worrying about expanding into other

areas. This gives them an edge over their competitors because of the increased demand for high-

quality products (Criaco and Zahra, 2021).

3.7.5 Threats of substitutes

Any time a company raises prices, there's a risk that customers will go elsewhere. This is

especially true in a highly competitive market. Before making any changes to its product pricing,

Telefonica should regularly perform price surveys.

4.0 Strategic Entry Methods and Potential Implications

Global corporations have different entrance options when setting up subsidiaries in new nations.

Telefonica may enter the Ethiopian market via various entry modes, including partnerships,

licensing and franchise agreements, and mergers and acquisitions.

4.1 Joint Ventures

The firms can construct a jointly held company with an already established local business

through the joint venture method (Bose and Hussain, 2020). To implement this plan, Telefonica

can team up with an Ethiopian firm operating in the telecommunications market. Using a joint

venture approach, Telefonica will be able to work with a partner already established in the sector

and therefore has a deep understanding of the specifics of the industry and the preferences of its

target demographic.

16 | P a g e
4.2 Franchises and Licenses

The franchisor grants the licensee the right to utilize the franchisor's intellectual property (such

as the franchisor's brand name, marketing, trademark, and operations processes) in exchange for

a royalty payment (Blackburne and Buckley, 2019). The franchisor and franchisee sign a

contract agreeing to split the profits from using the intellectual property (Alon et al., 2020).

Because of the low cost of this entrance strategy, Telefonica stands to gain by implementing it in

Ethiopia. However, Telefonica will be unable to exert any influence over product sales and will

be subject to the same management difficulties and trade dangers as any other business.

4.3 Consolidation through Mergers and Acquisitions

Mergers and Acquisitions (M&A) is a popular entrance strategy because they allow companies

to quickly and cheaply establish a foothold in new markets by acquiring locally based,

competitive businesses (Chan et al., 2020). The acquired companies' management teams can be

kept in place thanks to their extensive familiarity with the industry and its nuances. By entering

the market, a company can use the existing workforce and consumer base, increasing its chances

of success (Demir and Bauer, 2021). As a result, suppliers will have more negotiation leverage

and benefit from their increased market share.

4.4 Telefonica's preferred strategy for expansion into Ethiopia

For many and best approaches, a joint venture is the optimal strategic entry for the company's

expansion into the Ethiopian market. For Telefonica to succeed in the Ethiopian market, it is

compelled to form a partnership with a local company that can help it tailor its offerings to local

perceptions and preferences. In turn, the company's sales and market share will rise as more

people become familiar with its products and buy them (Bose and Hussain, 2020). Telefónica,

too, stands to gain from a joint venture by sharing in the benefits of a more profound familiarity

17 | P a g e
with the local market and the distribution of the costs associated with getting started. However,

the combined company will share in the profits.

5.0 Organizational and managerial issues and solutions

5.1 Cultural/organizational issues

Hofstede's framework compares country cultures. Individualism and collectivism, femininity-

masculinity, power distance scale, uncertainty avoidance, short-term and long-term orientation,

and indulgence versus restrain (Yeganeh, 2021). The biggest cultural challenge for Telefonica in

Ethiopia will be the country's industrial distance discrepancies. The power distance index in

Spain is lower than in Ethiopia, implying Ethiopian employees obey hierarchical order unevenly.

In contrast, Spain employees are permitted to offer their ideas during company decision-making

(Masood et al., 2019).

5.1.1 Problem-solving solution

The senior leadership at Telefonica should attend a global leadership training program to

broaden their understanding of cultural differences. To govern their country effectively,

Ethiopia's top officials should learn more about its many ethnic cultures (Prashantham and

Floyd, 2019). Telefonica's upper management ranks would do well to hire Ethiopian

management teams to keep an eye on the country's suppliers, consumers, and the market as a

whole. Trust among workers, vendors, and customers are boosted as a result.

5.2 Coordination and structure issues

Telefonica's approach to entering the market as a joint venture will lead to coordination problems

within the company. Organizational conflicts will arise from merging the two companies’

cultures (Pahl-Wostl et al., 2020). Time management and scheduling conflicts will be complex

18 | P a g e
for the Ethiopian subsidiary. Unlike Europe, where workers are only allowed four hours per day,

Ethiopia allows workers to put in eight. The company's organizational structure in Ethiopia will

be affected by the decision to centralize or decentralize. Telefonica's management will be

required to wait for decisions to be made in Madrid if the company continues to use its

centralized model (Abebe and Gebremariam, 2021). Telefonica's leadership will likely make

decisions that benefit themselves if the company decentralizes. The cost of administrative duties

like training will rise as their volume increases.

5.2.1 Problem-solving solution

The best way to avoid disagreements in a business futuristically, is to make sure all rules and

regulations are clearly expressed. To improve communication between supervisors and workers,

Telefonica needs to foster a healthier workplace (Kolahi, 2020). By consolidating administrative

functions in Ethiopia and limiting the incentive for managers to act in their self-interest, the

corporation expects to reduce administrative expenses.

19 | P a g e
References

Abebe, G.K. and Gebremariam, T.A., 2021. Challenges for entrepreneurship development in

rural economies: The case of micro and small-scale enterprises in Ethiopia. Small Enterprise

Research, 28(1), pp.36-56.

Alon, I., Apriliyanti, I.D. and Parodi, M.C.H., 2020. A systematic review of international

franchising. Multinational Business Review.

Blackburne, G.D. and Buckley, P.J., 2019. The international business incubator as a foreign

market entry mode. Long Range Planning, 52(1), pp.32-50.

Bose, I. and Hussain, A., 2020. How to Enter Ethiopian Market: A Strategic Case Study. Journal

of Applied Management and Investments, 9(1), pp.1-11.

Cela, A. and Gatto, S., 2018. Multi-domestic MNCs that undertake global integration: HRM

convergence and knowledge sharing? (Master's thesis).

Chan, A.P., Tetteh, M.O. and Nani, G., 2020. Drivers for international construction joint

ventures adoption: a systematic literature review. International Journal of Construction

Management, pp.1-13.

20 | P a g e
Chan, C.S. and Pattnaik, C., 2021. Coevolution of home country support and internationalization

of emerging market firms. International Business Review, 30(4), p.101809.

Chesbrough, H., Apruzzese, S.J. and de Olano Mata, M., 2016. Telefonica: A Lean Elephant.

The Berkeley-Haas Case Series. University of California, Berkeley. Haas School of Business.

Chong, L., 2020. The research of Born Global Firms’ transnational strategy. In E3S Web of

Conferences (Vol. 214, p. 03023). EDP Sciences.

Cho, W., Ke, J.Y.F. and Han, C., 2019. An empirical examination of the use of bargaining power

and its impacts on supply chain financial performance. Journal of Purchasing and Supply

Management, 25(4), p.100550.

Choquette, E., 2019. Import-based market experience and firms’ exit from export markets.

Journal of International Business Studies, 50(3), pp.423-449

Chung, T.W., 2016. A study on logistics cluster competitiveness among Asia major countries

using the Porter's diamond model. The Asian Journal of Shipping and Logistics, 32(4), pp.257-

264.

Criaco, G., Naldi, L. and Zahra, S.A., 2021. Founders’ Prior Shared International Experience,

Time to First Foreign Market Entry, and New Venture Performance. Journal of Management,

p.01492063211029701.

Demir, R., Campopiano, G., Kruckenhauser, C. and Bauer, F., 2021. Strategic agility,

internationalisation speed and international success—The role of coordination mechanisms and

growth modes. Journal of International Management, 27(1), p.100838.

21 | P a g e
Deng, A., Yeo, A. and Du, L., 2018. A Study on Gwadar Port International Competitiveness

using Porter’s Diamond Model. World Journal of Innovative Research, 4(1), pp.1-7.

de Alarcon, P.A., Salevsky, A., Gheti-Kao, D., Rosalen, W., Duarte, M.C., Cuervo, C., Muñoz,

J.J., Pascual, J.M., Schurig, M., Treß, T. and Diaz, E., 2021. The contribution of telco data to

fight the COVID-19 pandemic: Experience of Telefonica throughout its footprint. Data &

Policy, 3.

Dobbs, M.E., 2014. Guidelines for applying Porter's five forces framework: a set of industry

analysis templates. Competitiveness Review.

Droste, N., Ring, I., Santos, R. and Kettunen, M., 2018. Ecological fiscal transfers in Europe–

evidence-based design options for a transnational scheme. Ecological Economics, 147, pp.373-

382.

Etoundi, R.A., Onana, F.S.M., Olle, G.D.O. and Eteme, A.A., 2016. Development of the digital

economy in Ethiopia: challenges and perspectives. The Electronic Journal of Information

Systems in Developing Countries, 76(1), pp.1-24.

Fernández, Z. and Usero, B., 2019. Competitive behavior in the European mobile

telecommunications industry: Pioneers vs. followers. Telecommunications Policy, 33(7), pp.339-

347. https://doi.org/10.1016/j.telpol.2019.03.004 [Accessed on 18 Nov 2022].

Gereziher, B. and Shiferaw, Y., 2020. Corporate social responsibility practice of multinational

companies in Ethiopia: a case study of Heineken Brewery SC. Br. J. Arts Humanit, 2(2), pp.36-

55.

22 | P a g e
Ghauri, P., Strange, R. and Cooke, F.L., 2021. Research on international business: The new

realities. International Business Review, 30(2), p.101794.

Honoré, B., 2019. Diffusion of mobile telephony: Analysis of determinants in

Ethiopia. Telecommunications Policy, 43(3), pp.287-298.

Hong, J.H., 2021. A Global Strategy of a Company that Uses Culture Content as its Core

Business. The Journal of Industrial Distribution & Business, 12(6), pp.37-46.

Kim, C., Kim, J., Marshall, R. and Afzali, H., 2018. Stakeholder influence, institutional duality,

and CSR involvement of MNC subsidiaries. Journal of Business Research, 91, pp.40-47.

Idowu, S.A., 2020. Role of Flexible Working Hours' Arrangement on Employee Job

Performance and Retention in Ethiopia. Economic Insights-Trends & Challenges, (3)

Li, F. and Whalley, J., 2017. Deconstruction of the telecommunications industry: from value

chains to value networks. Telecommunications policy, 26(9-10), pp.451-472.

Kolahi, M., 2020. Administrative organizational structures towards general environmental

policies. Quarterly Journal of the Macro and Strategic Policies, 8(31), pp.510-534.

Liu, Y., 2021. Hong Kong’s Cultural and Creative Industrial–an Analysis from the Perspective

of “Porter Diamond Model”.

Marques, J.C. and Eberlein, B., 2021. Grounding transnational business governance: A political‐

strategic perspective on government responses in the Global South. Regulation &

governance, 15(4), pp.1209-1229.

Martínez, G., 2016. Telefónica. In Global Media Giants (pp. 191-205). Routledge.

23 | P a g e
Martín, F.E. and Toral, P., 2016. Conclusions: Challenges and Opportunities of Foreign

Investments in Latin America. Latin America's Quest for Globalization, pp.332-355.

Martín, F.E. and Toral, P., 2022. Spanish Telecoms in Latin America: Telefónica. In Latin

America's Quest for Globalization (pp.212-230.

https://www.taylorfrancis.com/books/mono/10.4324/978131525078 [Accessed on 17 Nov

2022].

Masood, M., Aggarwal, A. and Reidpath, D.D., 2019. Effect of national culture on BMI: a

multilevel analysis of 53 countries. BMC Public Health, 19(1), pp.1-11.

Pahl-Wostl, C., Knieper, C., Lukat, E., Meergans, F., Schoderer, M., Schütze, N., Schweigatz,

D., Dombrowsky, I., Lenschow, A., Stein, U. and Thiel, A., 2020. Enhancing the capacity of

water governance to deal with complex management challenges: A framework of analysis.

Environmental Science & Policy, 107, pp.23-35.

Prashantham, S. and Floyd, S.W., 2019. Navigating liminality in new venture

internationalization. Journal of Business Venturing, 34(3), pp.513-527.

Olivieri, S., Ortega, F., Rivadeneira, A. and Carranza, E., 2020. Shoring up Economic Refugees:

Venezuelan Migrants in the Ecuadorian Labor Market.

Oxford Analytica, 2019. Telefonica Central America sales boost America Movil. Emerald Expert

Briefings, (oxen-DB).

Rammal, H.G., Rose, E.L., Ghauri, P.N., Jensen, P.D.Ø., Kipping, M., Petersen, B. and Scerri,

M., 2022. Economic nationalism and internationalization of services: Review and research

agenda. Journal of World Business, 57(3), p.101314.

24 | P a g e
Shoham, A., 2021. Standardization of international strategy and export performance: a meta-

analysis. In Strategic Global Marketing: Issues and Trends (pp. 97-120). Routledge.

The African Courier, 2017. Ethiopia named the world’s fastest-growing economy. Retrieved

from: https://www.theafricancourier.de/special/business/ethiopia-named-worlds-fastest-growing-

economy-2/. [Accessed on 17 Nov 2022].

The World Bank, 2022. The World Bank in Ethiopia. Retrieved from:

https://www.worldbank.org/en/country/ethiopia/overview. [Accessed on 17 Nov 2022].

Tien, N.H., 2019. Comparative Analysis of Multi domestic Strategy of P&G and Unilever

Corporation. International Journal of Foreign Trade and International Business, 1(1), pp.5-8.

Tien, N.H., Phu, P.P. and Chi, D.T.P., 2019. The role of international marketing in international

business strategy. International Journal of Research in Marketing Management and Sales, 1(2),

pp.134-138.

Triantafillidou, E., 2020. International competitive strategies and human resources management:

emerging issues and challenges. European Journal of Human Resource Management Studies

Vörös, T., Takács, K., & Réger, P. (2020).

https://epitoanyag.org.hu/wp-content/uploads/2020/12/10.14382_epitoanyag-jsbcm.2020.32.pdf.

Epitoanyag - Journal Of Silicate Based And Composite Materials, 72(6), 205-209. doi:

10.14382/epitoanyag-jsbcm.2020.33

Wang, W. and Ma, H., 2018. Export strategy, export intensity and learning: Integrating the

resource perspective and institutional perspective. Journal of World Business, 53(4), pp.581-592.

25 | P a g e
Yeganeh, K.H., 2021. Organizing cultural dimensions within and across six frameworks: A

human development perspective. Journal for the Theory of Social Behaviour, 51(4), pp.587-613.

26 | P a g e