Bass Pro Shops' international expansion into Brazil, South Korea, and Australia

International Business of Bass Pro Shops
Table of Contents
Introduction 3
Review and Analysis 3
Internationalization Theories and Framework 5
Incremental Internationalization / Stages Theory 5
Transaction Cost Economics (TCE) Theory 7
The Network Approach 8
Interview Questions with Senior Management 9
Findings 9
Preferred Expansion Strategy 9
Biggest Challenges during Expansions 11
Core Competencies Facilitating Expansions 15
U.S Expatriates versus Local National Executives 17
Possible Limitations and Practical Implications 18
References 20

Introduction
Founded in 1972 by the award-winning angler, Johnny Morris, Bass Pro Shops (hereinafter alternatively “the company”) has grown from just eight square feet of shelf space in his father’s liquor store to become a major multinational company with 40,000 employees in 172 retail stores in the United States and Canada today. In fact, the company attracts more than 200 million visitors to its retail stores in North America each year and its flagship Outdoor World store in Springfield, Missouri is the state’s biggest tourist attraction. Although it is currently the leading retailer in the sporting goods industry in North America, Bass Pro Shops’ leadership wants to apply its business model to other foreign markets as well. The purpose of this project is to provide an analysis of the main issues facing a human resources manager for Bass Pro Shops as they pursue the expansion of their commercial operations into Brazil, South Korea and Australia. A review of the relevant literature concerning these three countries is followed by a description of the internationalization theories and framework that will be used to guide the project. Finally, a list of semi-structured questions that will be used to interview two of the company’s top leaders is followed by a description of the findings that expected to emerge from the analysis and possible limitations and practical implications of the project.
Review and Analysis
The three countries selected for expansion of the company’s operation into new foreign markets are Brazil, South Korea and Australia. These countries in particular represent good choices for Bass Pro Shops’ line of sporting goods products. Over the past several decades, Brazil has become a major agricultural and industrial exporter (Gereffi, 2018) and its 208 million have a per capita GDP of about $16,000 (Brazil economy, 2019). The 208 million consumers in Brazil are also major sports fans, with soccer leading the way as a national pastime. For instance, according to Utsumi (2019), “there are 13.2 million football players in Brazil, not considering those who practice it merely for fun. Brazil is known as the country of some of the most talented players in the world, and is the only national team which has won five FIFA World Cup titles” (p. 434).
Other types of sports, however, are becoming popular as well, including swimming, volleyball, athletics, surfing, tennis and basketball (Utsumi, 2019). In addition, some other indications of the popularity of sports in Brazil include its hosting of the 2014 World Cup championships and the 2016 Olympic Summer Games (Gereffi, 2018). Moreover, the Brazilian population is relatively young, with nearly half of its people aged 25 years or younger (Brazil people, 2019). This combination of a large, relatively young sports-minded population with significant disposable incomes makes Brazil an especially promising market for Bass Pro Shops and its extensive line of sporting goods products.
With a population of about 51.5 million people (South Korea people, 2019) and a per capita GDP of nearly $40,000 (South Korea economy, 2019), South Korea is well situated for the company’s plans to expand its operations into new foreign markets. Furthermore, besides martial arts, a number of sports are also popular in South Korea, including soccer, baseball, basketball, golf and rugby (Sports in South Korea, 2019). The most significant factors associated with the transformation of the nation into a sporting driving force are the nation’s huge number of sports enthusiasts and efficient investment. South Korea endeavors to seek out promosing young athlete, take them through extensive training and assist them in building their skills by amassing a wealth of experience in competitions held locally. In addition, the nation has set up professional sporting facilities devoted specifically for training the athletes chosen for international competitions and events, for instance, the Asian Games and the Olympic Games (Korea.net, 2019). This makes South Korea an auspicious market for advancing its business operations overseas.
Today, the population of Australia is about 23.5 million (Australian people, 2019) with a per capita GDP of $50,400 (Australia economy, 2019). The Australian people are also major sports fans, including rugby, soccer, cricket and basketball (Ten most popular sports in Australia, 2019). More than 90 percent of adults in Australia have a liking and interest in sport. Specifically, almost 8.5 million adults and over 3 million children take part in sports each year. Furthermore, the Australian government makes a substantial input in sports in Australia, with more than $369 million being placed as an investment for supporting sport and recreation activities (National Industry Insights, 2019). The combination of income and sports-minded consumers also makes Australia a good target for the company’s expansion into new foreign markets.
Internationalization Theories and Framework
The theoretical basis for the project include incremental internationalization/stages theory, transaction cost economics (TCE) and the network approach (Solberg, 2009), each of which provides a useful framework in which to analyze the challenges faced by U.S. companies seeking to expand their operations into new foreign markets.
Incremental Internationalization / Stages Theory
The theory of incremental internationalization envisions a sequence of stages in the process and perceives the use of exports as the fundamental mode of entry into international markets. The knowledge and understanding gained by organizations about foreign markets and operations in every stage has an impact on their future obligations in those markets. In accordance to Johnson and Vahlne (1999), organizations move from export by means of an independent agent, to the creation of a sales subsidiary and thereafter to the establishment of a production or manufacturing facility in the foreign location. By utilizing the concept of cultural distance, which lays emphasis on cultural factors for instance education and language, Johnson and Vahlne (1999) establish that whereas businesses are more often than not directed lay emphasis on the size of the prospective market, decisions in the initial stages of internationalization have a tendency to be towards those nations which are culturally close to their own, such as nations in the similar geographical region or one which share the similar language. In its entirety, the process encompasses incremental changes which take into consideration the changes faced by the firm and changes which it faces in the environment. Johnson and Vahlne (1999) assert that the better the company’s knowledge and understanding of the market, in both objective and first-hand knowledge, the profounder will be the dedication to that market.
Psychic Distance

Export

Market Knowledge
Experiential Knowledge
Size of market
Production / Manufacturing
Sales Subsidiary








Figure 1: Incremental Internationalization
Transaction Cost Economics (TCE) Theory
Transaction cost economics lays emphasis on the organization of transactions that take place whenever a product or service is moved from a provider to a user through an interface that is technically separable. When transactions take place within an entity, the transaction costs can comprise of employee management and monitoring and procurement of raw materials and capital equipment. In addition, the transaction costs of purchasing the similar good or service from an external provider can comprise of the costs of source selection, organization and management of contracts, personnel performance management as well as conflict resolution. Bearing this in mind, the organization of transactions has an impact on transaction costs (Ketokivi and Mahoney, 2017).
Fundamentally, transaction cost economics theory tries to elucidate the determination of a company’s structure, more so in the context of the degree of its vertical integration. In simple terms, TCE theory essentially probes whether or not particular products or processes for completing the products ought to take place in the market amongst numerous companies or in a single company with a hierarchical structure. The transaction cost economics theory suggests transaction costs as the pivotal determining factor of such a decision, and the point of curtailed transaction costs ascertains the magnitude of a company’s vertical integration. In the case of hybrid markets, contracts lay more emphasis on relationships or interrelations between parties and flexibilities that permit particular modifications to be assimilated in the course of the life of the contract. Fitting instances of such forms comprise of franchising and long-standing contracts (Lee, Koh, and Heo, 2011).
The Network Approach
Business networks are a means of dealing with activity interdependencies between numerous business actors. The network approach is dissimilar from the market with respect to the relations existent between actors. On the one hand, within the market model approach, the actors do not have distinct relations to one another and therefore the interdependencies are regulated via the market price mechanism. On the other hand, in the business network, the actors are connected or have linkages with one another via interchange relationships, and their necessities and capabilities are facilitated through the interrelation occurring in the relationships. Business networks will emanate in field where collaboration and coordination between particular actors can provide strong advances and where conditions are transforming in a fast paced manner. Therefore, the network approach points toward a shift away from the firm as the unit analysis, towards interchange between companies and between a group of corporations and other groups of corporations (Andersen, 1997).
In relation to the network approach of internationalization, the process of firm internationalization is delineated as the institution, preservation and advancement of relations with network participants on foreign markets (Ratajczak-Mrozek, 2012). This particular conceptual model lays emphasis on the significance of creating long-standing interrelations with entities from the foreign setting and exemplifies the internationalization process in its own as ascertained by the entity-diverse foreign environment together with the institution of formal as well as informal contacts with the entities in it (Ratajczak-Mrozek, 2012). The magnitude of firm internationalization is mirrored by the degree to which it inhabits particular positions in foreign networks and the magnitude of significance and integration of these positions. What is more, the position within the network is a determining factor in the relations with other network participants and fundamentally emanated from preceding interactions. Imperatively, a high magnitude of firm internationalization implies that it has numerous strong connections or linkages with entities from different nations (Johanson and Mattsson, 1988).
Interview Questions with Senior Management
The project will interview the company’s top leadership, Johnny Morris, founder and chief executive officer and Michael P. McDermott, president of Bass Pro Shops (Company overview, 2019) using the same semi-structured questions outlined below. Do you have a preference for an expansion strategy into the Brazilian, South Korean and Australian sport goods markets? What do you consider the biggest challenges facing the company during these expansions? What are the company’s core competencies that will facilitate these expansions? Will the company assign U.S. expatriates to these foreign operations or employ local national executives? Findings
Preferred Expansion Strategy
There are different ways in which a company can expand its business operations and enter a foreign market. These comprise of direct exporting, setting up a joint venture, licensing manufacturing of the company, franchising, partnering and creating business affiliations, acquiring a company, piggybacking and Turnkey projects. All of these approaches are suitable and applicable to international business expansion but are dependent on the business structure, needs and preferences and also the foreign market. Both the CEO and President of Bass Pro Shops indicated that their most preferred expansion strategy for entering into the Brazilian, South Korean and Australian sport goods market is partnership or strategic alliance with a local partner.
McDermott pointed out that:
“The main advantage that our company will experience in partnering with a local firm is that the latter probably comprehend the local culture, marketplace, and means of conducting business in a better as compared to a foreign firm. I also believe that partners are particularly valuable if they have an acknowledged, reputable brand name in the nation and also have existent relations with consumers or target audience we might want to access”.
As the CEO of the corporation, Morris indicated that a strategic alliances was deemed to be the most ideal strategy for entering into these international markets and attaining a competitive advantage and market share as effective as possible. He pointed out the following:
“A strategic alliance strategy will help Bass Pro Shops to attain an international presence devoid of the risks linked with direct entry mode or the acquisition of new firms. This alliance will provide our company with extensive coverage of the local market. Furthermore, our company will not be necessitated to build any sort of infrastructure as it is already existent and the consumers of the strategic alliance partner may allow us the chance to more fully capitalize on our existing resource base. More so, another advantage of this strategic approach is that we could be able to leave or withdraw from the partnership devoid of incurring significant fixed costs”.

According to existent literature, there are numerous advantages of utilizing strategic alliances and partnerships and modes of entry in international expansion. Research conducted by Okumus, Altinay, and Chathoth (2010) indicates that the strong suit of utilizing strategic alliances as a means of expansion is that this approach can speedily take advantage of brand recognition of numerous multinational organizations. Notably, marketing outlays can be spread over a greater base, making the endeavor more efficacious and effective through advantages in the economies of scale gained. Furthermore, numerous of the issues of labor and management know-how and proficiency are diminished by this strategy, and this also encompasses the problems linked to multicultural dissimilarities usually faced when companies seek to expand into new regions of the world. More importantly, Okumus et al. (2010) indicates that these sort of partnerships are no longer restricted to corporations operating in the similar industry, as in the contemporary setting, there is a rise in strategic alliances between companies with the same synergy. Pettus (2013) indicates that from the standpoint of economies of scale, technology might be shared amongst the strategic partners, which eradicates the necessity for the company to make acquisitions or developments of such technology. Strategic alliances also facilitate accessibility to an international network without incurring the extra expenses of acquisition or internal development (Pettus, 2013).
Biggest Challenges during Expansions
Expanding business operations overseas is a worthy endeavor for Bass Pro Shops, but it does come along with a number of challenges. As the CEO of the company, Morris pointed out that one of the biggest expected challenges during the process of expansion into foreign regions is the physical distance. He suggests that in spite of the fact that the company might have telephones and also the internet connections to facilitate communication in foreign nations, this cannot be compared to being there in person to speak to prospective clientele and distribution affiliates. In addition, the distance means that there are costs associated to freight, logistics as well as shipping expenses for products. Secondly, Morris points out that another significant challenge includes language and cultural barriers. Imperatively, good communication is at the core of efficacious international business strategy. Nonetheless, communicating across cultures can be a daunting task.
“Efficacious communication with colleagues, clientele and consumers overseas is pivotal for success in international business. It is a challenge because it also encompasses non-verbal communication. Being cognizant of acceptable business etiquette in nations such as South Korea is important because they are dissimilar and can lead to communication challenges in international business. Overcoming these cultural and communication challenges is imperative for our business going global in order to assimilate with individuals who will become consumers”

McDermott pointed out that one of the most difficult challenges during expansion takes into account supply chain complexities. In regard to sourcing of products from overseas, the management of suppliers and the supply chains in overall can be a daunting process. He states:
“Imports, exports, shipping as well as logistics are all aspects that our company will have to deal with and managing a supply chain that goes beyond national borders can be a major challenge. Regrettably the length and intricacy of supply chains increases the probability of working with suppliers or distributors who have unethical and even at times illegal business practices.”
A mutual response from both the CEO and president of the company is that a significant challenge they expected to face from the global expansion endeavor is intense competition. Becoming a global player in the industry implies that a corporation should be ready to face competition from the locally established players, rivalry against greater multinational enterprises as well as the pivotal necessity to capitalize on market prospects. McDermott specifically states:
“Even if we are making a killing here in the United States and take our business to foreign markets such as Australia, we should expect several other companies conducting the similar business. That places us at a disadvantage right from the get go. As Bass Pro Shops, we will have to deal with tariffs and import fees, prospectively slower turnaround times, and also the issue of coping with two currencies. We will be forced to be largely cognizant of what these local rivals are doing so as to counteract the competitive advantages they have over us”.

As the CEO of the company, Morris points out that competition is not only from small local companies but also international ones as well. He provided the following remarks:
“In spite of the fact that we might have a local or regional presence here in the United States and cope with competition well, one of the key challenge we expected to face is a wealth of new competition in the global marketplace. Well-established and renowned companies will already have a strong and well established presence, not just locally but also internationally, and therefore breaking through to institute our Bass Pro Shops brand will be challenging in order to make the expansion profitable not only in the short-term but also in the long run”.

As the CEO of the company, Morris indicated that one of the other problems that the company expected to experience encompasses adjusting to the local economic development and conditions. The economic environment in which a business conducts its business operations changes in an incessant manner, and substantial changes in the direction of the economy throughout the year might necessitate us to change our strategies and the manner in which we apportion marketing resources. He pointed out:
“Making an adjustment to the economic conditions of these different nations will be a major challenge. For instance, making an adjustment of pricing our product offerings in the face of high inflation rates or changes in the currency rates will not be easy.

Similar perspectives can be perceived in existing literatures. According to Krafft and Mantrala (2006) there are major challenged faced by companies during international expansion. The major challenge has always been recruiting the suitable personnel and training them in the business rules and standards of the company so as to attain consistency. The authors indicate that the local culture plays a significant role. Specifically, the respectful treatment of as well as adaptation to cultural differences must be suitable addressed by the company in order to have any chance of succeeding in the foreign market. Furthermore, catering to and satisfying the preferences and tastes of the local consumers is a challenge that has to be overcome (Hill, 2008). Hill (2019) indicates that corporate executives from different nations can face numerous obstacles to effective communication apart from the usual language barriers. Notably, the customary pace of business practices and negotiations can be dissimilar. At times, Americans endeavor to rush negotiations along, whereas in some other nations, especially in Asia, lay emphasis on building relationships prior a business deal is seriously taken into consideration. In the same manner, corporate executives from other nations may place significant value on aspects like facial expressions rather than simply the words being stated.
Core Competencies Facilitating Expansions
Core competencies are distinctive skills or technologies that generate unique customer value. As an organization expands, develops and makes an adjustment to the new environment, so do its core competencies also adjust and transform. Core competencies are beneficial to an organization in distinguishing its products from market rivals in addition to diminishing costs as compared to its rivals and thereby accomplish a particular competitive advantage. Imperatively core competencies determine the future of the organization as they make a determination of the features as well as structure of global competitive organization. Based on the responses from the CEO and President of Bass Pro Shops, there are key core competencies that will facilitate the expansion of the company into these foreign markets. Morris indicated that it is the company’s innovation and quality that will help in the expansion endeavors. He pointed out that:
“Our ability to produce cutting edge and innovative product offerings in terms of design will give us a competitive advantage in the marketplace. Our relentless determination to come up with new and unique features is what will set us apart from the other players in the market….
….Quality is also another core competency that will without a doubt facilitate our expansion efforts. Reliability of a company is largely determined through the offering of quality products at all times. By implementing total quality management into our business operations, we have been able to guarantee consumers quality products and also receive any orders made in a timely manner. Because of our reputation for quality products, we have been able to enjoy customer loyalty in America and this will facilitate our expansion in the foreign markets. We believe that by sustaining these high standards of quality, not only will we be able to leave a mark in the foreign market, but also get a strong foothold in the market share”

McDermott indicated that the core competencies for Bass Pro Shops that will facilitate the expansion determinations include their exceptional customer services and also the company’s ability to remain flexible and continue being competitive. The President of the company asserted:
“I believe that companies have to be nimble in order to remain competitive and that has been one of our core competencies. Specifically, we have been able to explore market niches that our market rivals have not yet pursued. Furthermore, our ability to be flexible to market changes has sustained our survival. We have been able to be strategically flexible and deal with the fast changing consumer preferences and business situations and this has facilitated our huge consumer base. This has ensured that the consumers continue to stick with us because their needs are satisfied and not switch to a different company”.

In accordance to research undertaken by Prahalad and Hamel (2006), core competencies emanate from the assimilation of manifold technologies and the coordination of diverse production skills. A core competence ought to provide accessibility to a wide range of markets, significantly add to the end-product benefits and be challenging enough for competitors to imitate. Core competences have a tendency of being entrenched in the capability to assimilate and coordinate different groups in the organization. Core competencies can facilitate competitive advantages and be further developed through partnerships, alliances, and licensing agreements. Luo (2000) indicates that most successful corporations have strong core competencies that they capitalize on to maximize business and profits. Nonetheless, companies ought to be cognizant that just owing to the reason that their core competency has generated success at one point, they might not always have the advantage when markets and consumers change. It is imperative for them to have the ability to change and adapt by developing novel, informed core competencies that can help them maintain their edge.
U.S Expatriates versus Local National Executives
One of the key decisions that needs to be undertaken by a corporation whilst expanding overseas is whether to hire an expatriate or a local professional within the host nation. This is a fundamental decision that needs to be extensively deliberated upon. More often than not, the emphasis of the decisions is based on the local culture. That is, whether the foreign culture akin enough to the home culture where the business is already situated. Mr. Morris insisted that the company will hire local national executives in these foreign operations, especially in South Korea. Local professionals have background and cultural knowledge of the expanse and have the ability to speak the local language and this makes them significant assets for the advancement of the business operations. Morris asserts that:
“It is always more efficacious when individuals are able to speak the dialects of these different regions as communication becomes much better. They know their country much better and what is necessitated. Therefore, it is possible to share their experiences and conceptions with organizational leaders in order to design and develop better and more ideal projects.”
McDermott shared a similar perspective pointing out that local executives comprehend the culture they live in and this implies that they can traverse prospective difficulties with much ease. This will give rise to greater productivity and a decline in any potential financial loss. He goes on to further point out the following:
“Local professionals have the capability to efficiently manage local personnel using local resources. In addition, this will be a cost-saving mechanism for the organization as hiring expatriates will cost just about twofold or three fold more than employing a local candidate. There will also be a significant need to take the expats through language classes as well as cultural training, expenses which can be saved by hiring locally.”

Morris further explains that one of the core competencies of the company is diversity.
Employing local executives implies diversifying Bass Pro Shops’ workforce. This will also provide the company with greater prospects of growing and advancing the business overseas and in dissimilar ways. Expatriates also have the downside of having a high burnout rate. More often than not, most expatriates are usually called back to their home countries owing the reason that they take on excessive stress as a result of various factors such as language barriers, a sense of isolation from family and loved ones and also having to cope with a new language and culture.
As the president of Bass Pro Shops, McDermott had a few qualms, however, concerning the employment of local executives over expatriates. One of these uncertainties was the aspect that the local professions will not comprehend the company’s values or common practices. The President insisted that it is imperative that these foreign operations be in conformity with the standards of the home market and therefore sending a group of expatriate to these overseas markets could be sensible in order to ensure that all business endeavors comply with the regulations of the home office.
“A firm such as ours, obtained some of its values as well as common practices from our nation where it is its origin. Supplanting these values and practices to a different culture can be challenging. Most local executives will not comprehensively comprehend the company’s practices”

According to London and Sessa (1999), companies expanding their business operations internationally have three options in regard to staffing management options overseas. They can hire parent-country nationals, host-country nationals or third-country nationals. The authors indicate that the high cost incurred in maintaining expatriates overseas together with the greater sensitivity of local managers to local cultures, traditions and markets have impelled the multinational corporations based in the United States to depend on fewer parent-country nationals and more host-country nationals. Not only will it be cost effective in employing a local professional, there is also the perspective that such an individual might be more productive from the outset owing to the reason that he or she is not encumbered by numerous cultural challenges linked with a foreign assignment. The host-country nation is already cognizant of the culture and laws that are followed (Toh and DeNisi, 2005).
Possible Limitations and Practical Implications
At present, the company has nearly reached saturation levels with its retail stores in the North American market, and identifying potential new markets therefore represents a timely and valuable enterprise. It must be noted, however, that there are some significant cross-cultural issues that must be taken into account as well as local preferences for what types of sporting goods are best suited for each country. The managers involved in the foreign business operations will have to be sensitive to the challenges arising from the cultural and ethnic setting of the nations they work in. There are numerous businesses that have failed in their ventures owing to the reason that their management was incapable of acknowledging cross-cultural challenges and dealing with them suitably. Australia, Brazil and South Korea all have cultures that are dissimilar from that of the United States ranging from etiquette to gestures and social cues.











References
Andersen, O. (1997). Internationalization and market entry mode: A review of theories and conceptual frameworks. MIR: Management International Review, 27-42.
Australia economy. (2019). CIA world factbook. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/as.html.
Australia people. (2019). CIA world factbook. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/as.html
Brazil economy. (2019). CIA world factbook. Retrieved from https://www.cia.gov/ library/publications/the-world-factbook/geos/br.html.
Brazil people. (2019). CIA world factbook. Retrieved from https://www.cia.gov/ library/publications/the-world-factbook/geos/br.html.
Company overview. (2019). Bloomberg. Retrieved from https://www.bloomberg.com/ research/stocks/private/snapshot.asp?privcapId=99689.
Gereffi, G. (2018, Spring). A global value chain perspective on industrial policy and development in emerging markets. Duke Journal of Comparative & International Law, 24(3), 433-436.
Hill, B. (2019). What Are Some Challenges That Firms Face for International Marketing? Chron. Retrieved from: https://smallbusiness.chron.com/challenges-firms-face-international-marketing-3356.html
Hill, C. (2008). International business: Competing in the global market place. Strategic Direction, 24(9).
Johanson, J., & Mattsson, L. G.(1988),“. Internationalization in industrial systems–a network approach, 287-314.
Johanson, J., & Vahlne, J. E. (1977). The internationalization process of the firm—a model of knowledge development and increasing foreign market commitments. Journal of international business studies, 8(1), 23-32.
Ketokivi, M., Mahoney, J. T. (2017). Transaction Cost Economics as a Theory of the Firm, Management, and Governance. Business and Management.
Korea.net. (2019). How South Korea Became a Sporting Powerhouse. Retrieved from: http://www.korea.net/AboutKorea/Sports/How-South-Korea-Became-Sporting-Powerhouse
Lee, S., Koh, Y., & Heo, C. Y. (2011). Research note: Internationalization of US publicly traded restaurant companies–a transaction cost economics perspective. Tourism economics, 17(2), 465-471.
London, M., & Sessa, V. I. (1999). Selecting international executives: A suggested framework and annotated bibliography (No. 345). Center for Creative Leadership.
Luo, Y. (2000). Dynamic capabilities in international expansion. Journal of world business, 35(4), 355-378.
National Industry Insights. (2019). Sport. Retrieved from: https://nationalindustryinsights.aisc.net.au/industries/sport-fitness-and-recreation/sport
Okumus, F., Altinay, L., & Chathoth, P. (2010). Strategic Management in the International Hospitality and Tourism Industry. Routledge.
Pettus, M. L. (2003). Growth from Chaos: Developing Your Firm's Resources to Achieve Profitability Without Cost Cutting. Greenwood Publishing Group.
Prahalad, C. K., & Hamel, G. (2006). The core competence of the corporation. In Strategische unternehmungsplanung—strategische unternehmungsführung (pp. 275-292). Springer, Berlin, Heidelberg.
Ratajczak-Mrozek, M. (2012). The network model of internationalization, in: The development of business networks in the company internationalisation process, ed. K. Fonfara, Pozna? University of Economics Press, Pozna? 2012 , p. 30-36.
Solberg, C. A. (2009). The relevance of internationalization theories: A contingency approach. . In: Fai F.M., Morgan E.J. (eds) Managerial issues in international business. The Academy of International Business: London: Palgrave Macmillan,
South Korea economy. (2019). CIA world factbook. Retrieved from https://www.cia gov/library/publications/the-world-factbook/geos/ks.html.
South Korea people. (2019). CIA world factbook. Retrieved from https://www.cia gov/library/publications/the-world-factbook/geos/ks.html.
Sports in South Korea. (2019). TopEnd Sports. Retrieved from https://www.topendsports.com/world/countries/korea.htm
Ten most popular sports in Australia. (2019). On The Go Group. Retrieved from https://www.onthegosports.com.au/news/10-most-popular-sports-australia
Toh, S. M., & DeNisi, A. S. (2005). A local perspective to expatriate success. Academy of Management Perspectives, 19(1), 132-146.
Utsumi, I. (2019). Fifteen most popular sports in Brazil. Brazil Business. Retrieved from https://thebrazilbusiness.com/article/15-most-popular-sports-in-brazil