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Monocle Going Global
Transcript of Monocle Going Global
Expansion to Russia is recommended for a couple of reasons:
The company was started by Tyler Brule who is Canadian entrepreneur and a former owner of the Wallpaper magazine which he sold (The Independent, 2009).
Porter’s Diamond theory will take a look where the magazine started and why it was related to its success.
Dunning's Eclectic Paradigm will showcase its strong foundations.
Lastly, its methods of internalization using Uppsala’s Theory will be analyzed and recommendation for future endeavors given.
FDI and internalization
3/4 of top 100 UK magazines saw decrease by 77% in sales last year
Newsstand magazine sales dropped by 10%
Global circulation nearing 150 000 copies
35% annual increase in magazine sales
Subscription base of nearly 16 000
Bureaus in London, New York, Hong Kong, Toronto and Tokyo
Hong Kong bureau opened from sales
Dunnings Eclectic Paradigm
Advertising through Monocle
Ex.: Imput on Singapore in September 2009 issue
Monocle is further exploiting its competitive ownership advantages like talent and knowledge
Network of freelance correspondents
Porter's Diamond Model
Source: Business Mate, Michael E. Porter. 2009,1990.
Pressure from the home market to innovate and stay up to date.
Highly skilled workforce
Top city for highly skilled, knowledge-based jobs.
Related and Supporting Industries
Those who can provide missing resources and increase growth.
Strategy, Structure and Rivalry
Monocle's strategy is to provide quality journalism and develop a product that is hard to match for competition
Monocle has a small, but global staff all around the world.
Strategically placed staff in the cities where there is highest concentration of their targeted market
Monocle has a global network of correspondents around the world who can provide news and articles in areas that of interest to readers.
Big potential in the market
Moscow, Saint Petersburg consists of Monocle's target audience
Global Attention due to Sochi Olympics
Unique subjects for a unique audience!
Bureua's of local correspondants.
This allows experiential knowledge.
Crucial when market research is high.
As their knowledge of the market increased, commitment also increased proportionally (Johanson and Vahlne 1977,2009)
Gaining knowledge reduces uncertainty and risk and creates better opportunities for a more effective commitment. (Johanson and Vahlne, 1977,2009)
1. Indirect export - very little commitment.
2. As sale numbers increase, indirect exporting can shift to direct exporting.
Better market position and greater levels of knowledge because it facilitates greater information feedback (Young, Hamill, Wheeler and Davies 1989)
Tyler Brule in his Marylebone office.
Monocle is a premium media brand which was created in London by Tyler Brule.
It has film, retail, print
and cafe divisions
globally and bureaus
in New York, Tokyo,
London, Hong Kong
among other places