Factors Affecting Internationalization Strategy Choice in the Telecom Industry Exemplified by Companies from China, Russia and the United Kingdom

Year	Country	Entry Mode
2004	Kazakhstan	M&A
2005	Ukraine	M&A
	Tajikistan	M&A
2006	Armenia	M&A
2009	Cambodia	WOS
	Vietnam	Joint Venture
2011	Algeria	M&A
	Italy	M&A
	Laos	M&A
	Pakistan	M&A
2012	M2M Alliance	Strategic alliance

Table 5. (Authors' composition based on the Veon (Vimpelcom) press releases)

As depicted on the Table 5 Veon (Vimpelcom) went into the CIS countries using the M&A entry mode which was one of the most exploited mode in the overall global telecom industry (Sarkar, Cavusgil and Aulakh, 1999) than, as the international experience grew, the company began exploiting three additional modes of entry such as Joint Venture, Strategic Alliance and Greenfield operations.

This study takes a look at these 4 particular modes, countries and factors that influencing the choice of the internationalization strategies.

Mergers & Acquisitions

This type of entry strategy is the most frequently used by Veon (Vimpelcom). The company began its internationalization path in 2004 by acquiring the second largest telecommunication company Kar-Tel in Kazakhstan. The price of the deal was 350 million USD. At the moment of acquisition Kar-Tel obtained 31% market share in terms of subscribers (Vimpelcom Press Releases, 2004).

Veon (Vimpelcom) proceeded its expansion to other CIS countries by entering Ukraine and Tajikistan in 2005. The company purchased Ukranian radio systems for 231.3 million USD and acquired 60% stake at Tajikistan's Tacom for 12 million USD (Vimpelcom Press Releases, 2005).

In 2006 the company expanded its operations into the Armenian telecom market by buying 90% stake at ArmenTel for 341.9 million USD. ArmenTel possesses 600K fixed-line and 400K GSM subscriber bases (Vimpelcom Press Releases, 2006).

In 2011 Veon (Vimpelcom) acquired Millicom Holding Laos B.V. that possessed 78% stake in the Millicom Lao Company thereby Veon (Vimpelcom) announced its presence in the Laos telecom market. The Millicom Lao Company is a Joint Venture with 25% market share on the subscriber basis (Vimpelcom Press Releases, 2011).

In 2011 Veon (Vimpelcom) accomplished the final step in merging with Wind Telecom. As a result the new merged company got assess to markets of such countries as Algeria, Canada, Egypt, Pakistan, Bangladesh and North Korea. This merger allowed Veon (Vimpelcom) to obtain 117 million subscribers in the mentioned countries (Vimpelcom Press Releases, 2011).

In 2015 Veon (Vimpelcom), Warid Telecom Pakistan and Bank Alfalah merged their telecommunication businesses in Pakistan in order to maximize their operations and tackle leadership positions in the high potential market (Vimpelcom Press Releases, 2015).

Greenfield investments

After almost 5 years of doing business abroad Veon (Vimpelcom) decided to penetrate one of the market of the Asian Pacific region. The first country in the region was Cambodia. That was a unique experience for Veon (Vimpelcom) as the company established its first subsidiary abroad that operated under the Russian-based brand Beeline. The intention of Veon (Vimpelcom) was to cover 37% population of Cambodia by its own telecommunication capacities and then expanded its coverage to almost two third of the country's population (Vimpelcom Press Releases, 2009).

Joint Ventures

Veon (Vimpelcom) started using Joint Venture strategy in Vietnam in 2009. A new JV company was created under the legal name of GTEL-Mobile Joint Stock Company. Veon (Vimpelcom) possessed 40% stake in the new company for 267 million USD. Other companies that participated in the new venture were GTEL with 51% stake and GTEL TSC with 9% stake. The new joint company started its operation by the brand Beeline (Vimpelcom Press Releases, 2009).

Strategic Alliances

Veon (Vimpelcom) took participation in the strategic alliance that encompassed six large telecommunication giants such as Rogers, SingTel, Telefonica Digital, Telstra, KPN and NTT Docomo. The aims of the alliance are to increase exchange of data among participants and to provide more convince and services for global traveling customers. The Strategic alliance had more than 800M subscribers worldwide in 2012 (Vimpelcom Press Releases, 2012).

Analysis of the factors

The analysis of the factors considers internal and external environments that influence the selection of particular internationalization strategy of Veon (Vimplecom). Table 6 provides a comprehensive landscape of the abovementioned factors.

Internal factors

Objectives and policies of Veon (Vimpelcom) (Vimpelcom Website, 2017) suggest that the company strives to get leadership positions in every market or country of its operations. That policy may incline the company's choice toward riskier and resource demanding strategies. Veon (Vimpelcom) EBITDA margin points out that the company possesses sufficient resources to be in line with the leadership ambitions. In terms of international experience, it may be said that the company started using more modes it became more internationalized.

External factors

Table 6 indicates that Veon (Vimpelcom) picked mostly underpenetrated markets with high CAGR GDP growth rates. Veon (Vimpelcom)1 chose countries that have relatively low positions in the doing business rating. Regarding trade barriers, they can be observed as high - local governments keep a tight control over the domestic telecommunication market as the telecom industry is considered to be the strategic one almost in every country. The home country specifics are one of the most important factors. The Russian telecommunication market reached its potential in 2006 in terms of subscribers per 100. The competitive landscape in Russia is oligopolistic as there are 3 big players on the market.

	Year	2004	2005	2006	2009	2011
	Country	Kazakhstan	Ukraine	Tajikistan	Armenia	Cambodia	Vietnam	Algeria	Italy	Laos	Pakistan
	Entry mode	M&A	M&A	M&A	M&A	WOS	JV	M&A	M&A	M&A	M&A
External factors	Host country market specifics	Population (thousand)	15 012	47 451	6 805	3 002	14 144	86 025	36 717	59 379	6 367	188 925
		GDP Growth CAGR*	12,8%	9,7%	19,3%	18,3%	14,2%	14,9%	6,6%	1,8%	15,6%	6,6%
		Mobile cellular subscriptions**	16	29	4	42	44	111	94	158	84	67
		GDP per capita***	2 874	1 367	340	2 127	735	1 232	5 447	38 332	1 298	1 435
	Political & Social	Doing business rating	N/A	N/A	N/A	46	135	92	136	80	171	83
		Psychic distance	Low	Low	Low	Low	High	High	High	Moderate	High	High
	Trade barriers	Industry trade barriers	High	High	High	High	High	High	High	Moderate	High	High
	Home country market specifics (Russia)	Mobile cellular subscriptions**	51	51	83	104	160	160	142	142	142	142
		Competitive Landscape	Oligopolistic
Internal factors	Objectives & Policies	Strategic positioning	Number 1 brand or strong number 2 in the selected markets
	Resources	Revenue (USD bln)	2,1	3,2	4,8	8,6	19,57
		EBITDA margin	48,6%	48,9%	50,4%	50,3%	42,4%
	International experience	Number of countries	1	2	3	4	6	10
	Business know-how		Brand & IT infrastructure
*Current USD, 5 years prior the year of market entry
**Per 100 people
***Current USD, the year of entry

Table 6. (Authors' composition based on Veon (Vimpelcom) press releases, Worldbank data, OECD data, Doing business data, Veon (Vimpelcom) financial statements).26

43

2.3 Case study of Vodafone

Overview of the company

Vodafone was established in the United Kingdom in 1984.

The first mobile call in the UK was done on January 1 1985. Up to now Vodafone operates in about 30 countries and has wide partnerships in more than 50 countries.

Vodafone group is one of the biggest telecommunication giant in the world with strong ties in Europe, Asia Pacific, Africa and the Middle East. By the end of 2017 Vodafone Group recorded the following numbers (Vodafone Website, 2018):

· Annual revenue - more than 11 billion Euro

· Mobile customers - more than 500 million

· Traffic across the network - 2700 petabytes

Analysis of the strategies

The research of Vodafone Group internationalization strategies indicates that the company mostly used 2 types of modes: Merger & Acquisition and Strategic Alliance. Other strategies are Joint Ventures and Wholly Owned Subsidiaries.

The current analysis of the press releases gave quite a broad picture of the internationalization process of the company that might be a great addition to the overall analysis of the telecommunication industry.

The analysis takes a look at the internationalization of Vodafone Group started from 1999 year.

Year	Country	Entry Mode
1999	USA	M&A
2000	Spain	M&A
2000	Switzerland	Strategic Alliance
2000	Japan	Strategic Alliance
2000	Kenya	Joint Venture
2000	China	Strategic Alliance
2001	Japan	M&A
2001	Mexico	M&A
2001	China	Strategic Alliance
2001	China	WOS
2001	Switzerland	M&A
2002	Denmark	Strategic Alliance
2002	Kuwait	Strategic Alliance
2004	Bahrain	Strategic Alliance
2004	Luxembourg	Strategic Alliance
2004	Cyprus	Strategic Alliance
2004	South Africa	Strategic Alliance
2005	Romania	M&A
2005	Czech Republic	M&A
2005	South Africa	M&A
2007	Caribbean & Bermuda	Strategic Alliance
2007	India	M&A
2007	Italy	M&A
2008	Chile	Strategic Alliance
2008	Germany	M&A
2008	Macedonia	Strategic Alliance
2008	USA	M&A
2008	Ghana	M&A
2008	Russia	Strategic Alliance
2009	UAE	Strategic Alliance
2009	Thailand	Strategic Alliance
2009	Azerbaijan	Strategic Alliance
2010	Turkey	M&A
2010	Sweden	Strategic Alliance
2010	Norway	Strategic Alliance
2010	Singapore	WOS
2012	New Zealand	M&A
2012	Ireland	Joint Venture
2014	Spain	M&A
2014	Papua New Guinea	Strategic Alliance
2014	Solomon Islands	Strategic Alliance
2015	Northern Mariana Islands	Strategic Alliance
2015	Botswana	Strategic Alliance
2015	Nigeria	Strategic Alliance
2015	Republic of Benin	Strategic Alliance
2016	Cameroon	Strategic Alliance
2016	Iran	Strategic Alliance
2016	Netherlands	Joint Venture
2017	Sweden	Strategic Alliance
2017	Latvia	Strategic Alliance
2017	Lithuania	Strategic Alliance
2017	India	M&A

Table 7. (Authors' composition based on the Vodafone Group press releases)

Merger & Acquisition

According to the official press releases of Vodafone, the company made a significant step toward internationalization from a merger with a USA giant Airtouch in 1999. This merger was characterized as the merger of equals and aimed to establish a global leading telecommunication company. By that time total capitalization of merged companies was around 110 billion US dollars. Vodafone group proceeded to increase its shares in the Spanish companies Airtel by purchasing another stake of 8,48% shares in 2000 and one year later Vodafone Group increased its stake in Airtel to 52.1% shares. Chris Gent the Chief Executive of Vodafone gave some comments on the deal that Spain is one of the rapidly growing markets in Europe and Airtel is the company which pursued fast development as well. In 2001 Vodafone Group entered the Japanese telecommunication market by acquiring 15% stake in Japan Telecom company. Chris Gent the Chief Executive of Vodafone also gave comments that this deal shows Vodafone confidence in the growing Japanese market. By that time Japanese telecommunication market was the second largest in the world in terms of industry revenues. Vodafone Group made a big step toward enlarging its global presence by acquiring 34.5% stake in Grupo Iusacell. This step allowed Vodafone to penetrate Mexican telecommunication market that was the second largest in the Latin America by the time of entry. Later the same year Vodafone Group closed the acquisition of 25% stake at Swisscom Mobile reinforcing the presence in the Swiss market. The next move of Vodafone Group was to increase its stance in Romania and the Czech Republic by purchasing 79% stake in Romanian telecommunication operator MobiFon and 100% stake in Czech Oskar Mobile. Both mobile operators were promising and fast growing according to Arun Sarin the Chief Executive of Vodafone (2005). In 2005 year Vodafone Group entered South Africa by acquiring 35.5 million B shares in VenFin. This step provided Vodafone the possibility to have 52.4% of the economic interests in VenFin company. In 2007 Vodafone acquire the control of Hutch Essar in India. In 2008 Vodafone Group made the acquisitions of Tele2 Spain and Tele2 Italy. Later this year Vodafone took 26.4% interest in German fixed-line carrier Arcor. This year Vodafone widened its presence in the US marking by purchasing Alltel mobile operator. The acquisition was made via the Vodafone affiliate company Verizon Wireless and cost the company 28.1 billion US dollars. In 2008 Vodafone made another purchase of a leading telecommunication company in Ghana. The Vodafone stake in Ghana telecom was 70%, the rest controlled by the Ghana Government. In 2010 Vodafone acquired Turkish operator Borusan Telekom. New Zealand operator TelstraClear was another target of Vodafone, the company acquired TelstraClear Limited in 2012. Vodafone continued the expansion into the Spanish telecommunication market by purchasing Grupo Corporativo Ono, S.A. in 2014. Vodafone conducted the consolidation of its telecommunication assets and merged with Idea in 2017. By this action another telecommunication giant was created in India, the new merged company is governed by Vodafone Group and the Aditya Birla Group. Vodafone stake in the new entity was 45.1% (Vodafone Website, 2018).

Strategic Alliance

Vodafone entered Switzerland by establishing a strategic partnership with Swiss telecommunication operator Swisscom Mobile in 2000. The same year Vodafone reinforced the partnership among Japan Telecom and British Telecom operating in the Japanese telecommunication market. Later this year the Group formed a strategic alliance with China Unicom to widening its presence in China, the new partnership aimed to provide global roaming and technology exchange between two companies. The Chinese market with more than 1.2 million people would provide a unique business opportunity for Vodafone (Bill Keever, 2000). In 2001 Vodafone continued an expansion into the Chinese telecommunication market by forming another strategic alliance with China Mobile company. This deep partnership allowed two companies to enhance operations, technological and traffic exchanges, joint research & development programs, the introduction of global products and so forth. Vodafone Group agreed to cooperate with TDC Mobile leading mobile operator in Denmark in 2002, the partnership focused on brand promotions and roaming increases. Later on this year the Group extended its operation into the Middle East by signing a partnership agreement with the telecom operator from Kuwait MTC and in 2004 the Group continued a deep cooperation with MTC expanding to Bahrain. In 2004 Vodafone became an exclusive partner of LUXGSM allowing the Group to provide global services to its customers while traveling to Luxembourg. The same year Vodafone went into partnership with Cyprus telecommunication company CYTA. The Group entered another part of the world South Africa forming a partnership agreement with Vodacom. In 2007 the Group and Digicel proclaimed a strategic alliance to enhance their operations in the Caribbean, Bermuda and Samoa. In 2008 Vodafone formed a strategic alliance with Entel PCS allowing the Group to introduce exclusive products in the Market of Chile. The same year the Group extended the partnership with Mobikom Austria Group allowing Vodafone to extend its services to Makedonia. Later this year Vodafone established a strategic alliance with the largest telecommunication operator in Russia Mobile TeleSystems, the partnership allowed Vodafone to get access to such markets as Russia, Ukraine, Uzbekistan, Turkmenistan and Armenia. In 2009 Vodafone partnered with UAE's du. Later this year the Group signed a partnership agreement with dtac leading Thailand operator and formed a strategic partnership with Azerfon in Azerbaijan. In 2010 Vodafone extended a partnership agreement with TDC to incorporate such countries as Sweden and Norway. In 2014 Bemobile and Vodafone announced a strategic partnership to cover the Solomon Islands and Papua New Guinea. In 2015 NTT DOCOMO and Vodafone established a partnership to widen their operations on the telecommunication markets of Guam and the Commonwealth of the Northern Mariana Islands. Later this year Vodafone expanded further into Africa by forming the partnership with Vodafone and Botswana Telecommunications Corporation Limited. Later this year Vodafone and Globacom Limited made a strategic alliance to reinforce the presence in the Republic of Benin and Nigeria. In 2016 Afrimax and Vodafone agreed to extend their operation into Cameroon. Later on Vodafone came into an agreement with HiWEB entering the Iranian telecommunication market. In 2017 Vodafone and Tele2 formed a strategic alliance to enhance their business in such countries as Lithuania, Sweden and Latvia (Vodafone Website, 2018).

Joint Venture

Next type of frequently exploited internationalization strategy og Vodafone Group is Joint Venture. The first record in the press releases appeals to 2000 year when the Group entered a joint venture with Telcom Kenya to establish Safaricom Limited. Telcom Kenya owned 60% stake in the new formed venture another 40% belonged to Vodafone Group. At that time Safaricom became the only one telecommunication operator in Kenya. Vodafone and Three Ireland established a new 50/50 joint venture in 2012. The new entity was aimed at mutual infrastructure usage and network sharing. Therefore, two companies created the biggest physical network in Ireland. In 2016 Vodafone Group and Liberty Global created a 50/50 joint venture in the Netherland named VodafoneZiggo thus becoming a strong player in the Dutch telecommunication market (Vodafone Website, 2018).

Wholly Owned Subsidiary

Following the strategy of intensive global expansion Vodafone opened its office in Hong Kong and Beijing in 2001. This step showed a certain interest of the Group to establish some presence in the rapidly growing telecommunication market of China as the country joined the World Trade Organization. In 2010 Vodafone opened up an office in Singapore to straighten its operations in the Asia Pacific region. This step was aimed at meeting the increasing demand in the region.

Analysis of the factors

It's vital to notice that Vodafone inclined toward exploiting global expansion in almost every region all over the world. The company expanded mostly using strategic alliances and M&A internationalization strategies. The short look at the factors shaping the decisions is presented below.

Internal factors

Having decomposed the factors into basic components it's critical to take a glance at the Objectives & Policies of the Company that suggest that Vodafone aim at the leadership positions in the next generation mobile technology. Therefore, it might be assumed that Vodafone pursued aggressive expansion to capture the strategic vertexes (Vodafone Website, 2018).

It may be said that the Company own substantial resources to fuel the ambitious targets. The minimum level of annual revenue of the Company was not less than 10 billion USD since 1999 whereas EBITDA margin was above 28%. It could be concluded that such resources accompanied Vodafone to expand rapidly and widely (Vodafone Website, 2018).

Regarding International experience, it can be said that Vodafone widened to foreign countries very rapidly: from 1999 to 2001 the Company penetrated into 7 countries. From 1999 to 2017 Vodafone established its presence in 43 countries. It could be concluded that the Company possesses vast international experience (Vodafone Website, 2018).

External factors

Having analyzed the countries of Vodafone presence, it can be pointed that the Company approached different countries with absolutely different background. The range is from countries with huge population, high GDP per capita and rapid GDP growth to counties with vice versa characteristics and attributes (Vodafone Website, 2018).

The analysis Political & Social factors indicates that Vodafone penetrated into the countries with higher positions in the doing business ratings and vice versa. Speaking about the psychic distance factor, it could be said that Vodafone paid less attention to this factor: in 2000 the company entered far away markets of Japan, Kenya and China (Vodafone Website, 2018).

The industry trade barriers in the telecommunication market is traditionally high as the industry is of critical importance for the country government (Vodafone Website, 2018).

The home country market specifics show that Vodafone went international even the home market was not fully penetrated by mobile technologies (Vodafone Website, 2018).

It may be concluded that Vodafone expanded rapidly in the earlier years to obtain the leadership positions in the global area in the new rapidly growing market(Vodafone Website, 2018).

	Year	1999	2000	2001
	Country	USA	Spain	Switzerland	Japan	Kenya	China	Japan	Mexico	China
	Entry mode	M&A	M&A	SA	SA	JV	SA	M&A	M&A	SA & WOS
External factors	Host country market specifics	Population (thousand)	279 040	40 567	7 184	126 843	31 450	1 262 645	127 445	103 067	1 271 850
		GDP Growth CAGR*	4.0%	0,7%	(3,3%)	(3,5%)	7,3%	8,3%	0,2%	11,5%	7.0%
		Mobile cellular subscriptions**	30	60	64	53	0,4	6	59	20	11
		GDP per capita***	34 620	14 676	37 868	38 532	403	959	33 846	7 031	1 053
	Political & Social	Doing business rating	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
		Psychic distance	Low	Low	Low	High	High	High	High	High	High
	Trade barriers	Industry trade barriers	High	High	High	High	High	High	High	High	High
	Home country market specifics (UK)	Mobile cellular subscriptions**	46	73	73	73	73	73	78	78	78
		Competitive Landscape	Oligopolistic
Internal factors	Objectives & Policies	Strategic positioning	Leadership in next generation mobile technology
	Resources	Revenue (USD bln)****	10,6	12,8	34,2
		EBITDA margin	33,1%	32,8%	36%
	International experience	Number of countries	1	2	3	4	5	6	6	7	7
	Business know-how		Brand & IT infrastructure
*Current USD, 5 years prior the year of market entry
**Per 100 people
***Current USD, the year of entry ****Converted to USD from GBP (based on World Bank data)

Table 8. (Authors' composition based on Vodafone press releases, Worldbank data, OECD data, Doing business data, Vodafone financial statements).



	Year	2002	2004	2005
	Country	Denmark	Kuwait	Bahrain	Luxembourg	Cyprus	South Africa	Romania	Czech Republic	South Africa
	Entry mode	SA	SA	SA	SA	SA	SA	M&A	M&A	M&A
External factors	Host country market specifics	Population (thousand)	5 375	2 143	829	458	1 010	47 001	21 319	21 319	47 606
		GDP Growth CAGR*	(0,6%)	2,8%	10,8%	5,9%	6,6%	5,1%	15,3%	14,1%	10,9%
		Mobile cellular subscriptions**	83	59	79	104	64	43	60	115	70
		GDP per capita***	33 228	17 789	15 846	75 716	23 932	4 745	4 676	13 346	5 277
	Political & Social	Doing business rating	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
		Psychic distance	Low	High	High	Low	Low	High	Low	Low	High
	Trade barriers	Industry trade barriers	High	High	High	High	High	High	High	High	High
	Home country market specifics (UK)	Mobile cellular subscriptions**	82	82	99	99	99	99	108	108	108
		Competitive Landscape	Oligopolistic
Internal factors	Objectives & Policies	Strategic positioning	Leadership in next generation mobile technology
	Resources	Revenue (USD bln)****	49,6	62	54
		EBITDA margin	38,4%	38,2%	40%
	International experience	Number of countries	8	9	10	11	12	13	14	15	15
	Business know-how		Brand & IT infrastructure
*Current USD, 5 years prior the year of market entry
**Per 100 people
***Current USD, the year of entry
****Converted to USD from GBP (based on World Bank data)

Table 9. (Authors' composition based on Vodafone press releases, Worldbank data, OECD data, Doing business data, Vodafone financial statements).

	Year	2007	2008
	Country	Caribbean & Bermuda	India	Italy	Chile	Germany	Macedonia	USA	Ghana	Russia
	Entry mode	SA	M&A	M&A	SA	M&A	SA	M&A	M&A	SA
External factors	Host country market specifics	Population (thousand)	6915	1179681	58438	16661	82110	2067	304093	23298	142742
		GDP Growth CAGR*	8,3%	12,6%	8,9%	18,1%	6,5%	11%	4,7%	26,5%	24,7%
		Mobile cellular subscriptions**	94	20	150	87	126	93	85	50	138
		GDP per capita***	99368	1018	37698	10526	41814	4036	48061	1090	9101
	Political & Social	Doing business rating	N/A	134	82	33	20	75	3	87	106
		Psychic distance	High	High	Low	High	Low	Low	Low	High	High
	Trade barriers	Industry trade barriers	High	High	High	High	High	High	High	High	High
	Home country market specifics (UK)	Mobile cellular subscriptions**	121	121	121	122	122	122	122	122	122
		Competitive Landscape	Oligopolistic
Internal factors	Objectives & Policies	Strategic positioning	Leadership in next generation mobile technology
	Resources	Revenue (USD bln)****	65,2	63,3
		EBITDA margin	37,1%	35,3%
	International experience	Number of countries	16	17	18	19	20	21	21	22	23
	Business know-how		Brand & IT infrastructure
*Current USD, 5 years prior the year of market entry
**Per 100 people
***Current USD, the year of entry
****Converted to USD from GBP (based on World Bank data)

Table 10. (Authors' composition based on Vodafone press releases, Worldbank data, OECD data, Doing business data, Vodafone financial statements).

	Year	2009	2010	2012
	Country	UAE	Thailand	Azerbaijan	Turkey	Sweden	Norway	Singapore	New Zealand	Ireland
	Entry mode	SA	SA	SA	M&A	SA	SA	WOS	M&A	JV
External factors	Host country market specifics	Population (thousand)	7 666	66 881	8 947	72 326	9 378	4 889	5 076	4 408	4 586
		GDP Growth CAGR*	16,4%	11%	41,3%	5,2%	2%	4,6%	8,6%	4,2%	(2,4%)
		Mobile cellular subscriptions**	138	99	86	85	117	114	145	110	109
		GDP per capita***	33 072	4 212	4 950	10 672	52 076	87 770	46 569	39 970	49 177
	Political & Social	Doing business rating	46	13	33	73	18	10	1	3	10
		Psychic distance	High	High	High	High	Low	Low	High	High	Low
	Trade barriers	Industry trade barriers	High	High	High	High	High	High	High	High	High
	Home country market specifics (UK)	Mobile cellular subscriptions**	123	123	123	123	123	123	123	124	124
		Competitive Landscape	Oligopolistic
Internal factors	Objectives & Policies	Strategic positioning	Leadership in next generation mobile technology
	Resources	Revenue (USD bln)****	68,7	73,5	69,3
		EBITDA margin	33,1%	31,9%	29,8%
	International experience	Number of countries	24	25	26	27	28	29	30	31	32
	Business know-how		Brand & IT infrastructure
*Current USD, 5 years prior the year of market entry
**Per 100 people
***Current USD, the year of entry
****Converted to USD from GBP (based on World Bank data)

Table 11. (Authors' composition based on Vodafone press releases, Worldbank data, OECD data, Doing business data, Vodafone financial statements).

	Year	2014	2015
	Country	Spain	Papua New uinea	Solomon Islands	Northern Mariana Islands	Botswana	Nigeria	Republic of Benin
	Entry mode	SA	SA	SA	SA	SA	SA	SA
External factors	Host country market specifics	Population (thousand)	46480	7755	575	54	2209	181181	10575
		GDP Growth CAGR*	(1,9%)	12,8%	12,1%	1,1%	4,9%	9%	6,8%
		Mobile cellular subscriptions**	107	44	65	N/A	169	82	85
		GDP per capita***	29623	2965	2009	17020	6532	2655	783
	Political & Social	Doing business rating	52	113	97	N/A	74	170	151
		Psychic distance	Low	High	High	High	High	High	High
	Trade barriers	Industry trade barriers	High	High	High	High	High	High	High
	Home country market specifics (UK)	Mobile cellular subscriptions**	123	123	123	124	124	124	124
		Competitive Landscape	Oligopolistic
Internal factors	Objectives & Policies	Strategic positioning	Leadership in next generation mobile technology
	Resources	Revenue (USD bln)****	64,4	55,3
		EBITDA margin	28,2%	28,3%
	International experience	Number of countries	32	33	34	35	36	37	38
	Business know-how		Brand & IT infrastructure
*Current USD, 5 years prior the year of market entry
**Per 100 people
***Current USD, the year of entry
****Converted to USD from GBP (based on World Bank data)

Table 12. (Authors' composition based on Vodafone press releases, Worldbank data, OECD data, Doing business data, Vodafone financial statements).

	Year	2016	2017
	Country	Cameroon	Iran	Netherlands	Sweden	Latvia	Lithuania	India
	Entry mode	SA	SA	JV	SA	SA	SA	M&A
External factors	Host country market specifics	Population (thousand)	23 439	80 277	17 018	N/A	N/A	N/A	N/A
		GDP Growth CAGR*	1,1%	(7,9%)	(3,2%)	N/A	N/A	N/A	N/A
		Mobile cellular subscriptions**	68	100	129	N/A	N/A	N/A	N/A
		GDP per capita***	1 374	5 219	45 637	N/A	N/A	N/A	N/A
	Political & Social	Doing business rating	172	118	28	9	14	21	130
		Psychic distance	High	High	Low	Low	Low	Low	High
	Trade barriers	Industry trade barriers	High	High	High	High	High	High	High
	Home country market specifics (UK) <...

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