Prince Court Medical Centre in Malaysia, Essay Example

Prince Court Medical Centre in Malaysia is a health care facility operating on private basis and with a bed capacity of 277. The location of Prince Court Medical Centre is Kuala Lumpur in Malaysia (Tuunanen, 2011). The aims and objectives of Kuala Lumpur in Malaysia is to be a leader in the provision of health care across Asia with such services that include comprehensive medical care that can met the highest echelons of global standards as an international class facility with the application of innovative technology as well as excellent services to the customers (Ferraro, 2005).

Core competencies that Prince Court Medical Centre can leverage to gain competitive advantage in Vietnam

The services delivery at Prince Court Medical Centre are executed in an unique approach due to their approach to the perception of the entire public to health care issues alongside the medical excellence that is practices at Prince Court Medical Centre. At Prince Court Medical Centre, the entire employees understand the principles that, a health care facility must be guided by the need to make the customers feel better. They are also guided by a preconceived idea of what a health care facility should be and feel, therefore, a hospital is perceived as a place to visit and feel better. As part of its internationalization plan, the medical centre is currently looking at overseas expansion opportunities (Wagner, 2009).

Entry modes available Prince Court Medical Centre as they invest in Vietnam

Environmental scanning of Vietnam and brief market analysis – estimation of potential demands and supply.

Vietnam is a country that has undergone rapid developments in the recent past and much of the success that has been documented in Vietnam is attributed to centuries of hard work. The history of the country dates from the 12^th century which is a noble fact that makes the country have an extensive experience in terms of local along with international trade. International trade involves the trade between two or more countries across borders. This is a direct result of globalization, internationalization and communication (Luo, Y. (2000). The exchange of goods and services is ideal in that it promotes internationalization, innovation and invention of new products. Vietnam is one of the leading countries in the world of international trade. A majority of the goods exported to the rest of the world come from Vietnam. The focus of this paper is to provide an analysis of different entry strategies for Prince Court Medical Centre in the international market. The paper talks on the entry strategies required when entering into the market in Vietnam.

A mode of entry is a medium that Prince Court Medical Centre is anticipated to employ to enter into an alternative market. There are several methods available when entering a new market. This is relative to the country the new company intends to enter. One of the key factors to consider when advancing the company to new market is the culture of the people. Culture is an essential aspect when conducting international trade. Different countries have different cultures thus the diversification in the performance of trade. Vietnam has a strong culture that dictates on the ways in which it interacts with the rest of the international world. It is thus ideal to know the ins and outs of its economy so that that the new country can adhere to the rules along with regulations with ease (Tian, 2007).

One of the entry modes available to a company is the use of franchising. Franchising involves opening alternative branches of an organization in different countries. This medium can be referred to an export of goods as well as services. A company needs to meet some requirements for it to reach the franchising status. One of the companies that have made tremendous strides through franchising is Prince Court Medical Centre. The company has taken advantage of its success in the country as well as widened its scope as a result. One of the markets it has managed to enter is that of Vietnam. The company used its reputation of good quality as well as customer service to improve its reception into other countries. In the case of Vietnam, the company had to educate itself on the laws of the particulars area that intended to enter (Meredith, Jack & Mantel, 2008). The company thus had to do away with some of the features of the burger so that it could suit the needs of the country. The company has improved its relationship with Vietnam making future trade for Prince Court Medical Centre easier. A disadvantage of this mode of entry is the interference with the original product on the market (Rohn, 2008).

IB theories

A clear understanding of the trade activities is required for a new country to be successful in a new market. Once Prince Court Medical Centre is familiar with the Vietnam market, they can move into the country faster than projected. Prince Court Medical Centre has to choose an entry mode that removes obstacles in regard to investment. One of the advantages of the Use of market research is that it educates the potential investors on the trading culture of the new country

References

Ferraro, G., (2005). Cultural Dimension of International Business, 5^th Ed. Prentice Hall.

Luo, Y. (2000). How to enter Vietnam: Choices as well as lessons. Ann Arbor, MI: University of Michigan Press.

Meredith, R. Jack & Mantel, Jr., Samuel J., (2008). Project Management: A Managerial Approach, 7^th Ed. Wiley. ISBN 0-470-22621-8.

Rohn, U. (2008). Cultural barriers to the success of foreign media content: Western media in Vietnam, India as well as Japan. Frankfurt, M: Lang.

Tian, X. (2007). Managing international business in Vietnam. Cambridge: Cambridge University Press.

Tuunanen, M. (2011). New developments in the theory of networks: Franchising, alliances as well as cooperatives. Heidelberg: Physica-Verlag.

Wagner, T. (2009). Foreign market entry as well as culture. Mu?nchen: GRIN Verlag GmbH.