INTRODUCTION
OTAUTAHI ICE CREAM LIMITED (OIC) COMPANY PROFILE
Business Type: Otautahai Ice Cream Limited is a Manufacturer, Supplier, and Retailer company.
Size and Form of Organization: Otautahai Ice Cream Limited is a large scale business managed by directors and owned by shareholders.
Market Share: Otautahai Ice Cream Limited currently hold more than 60% of the local market share in Christchurch and about 15% of the New Zealand National Ice Cream market share.
Company Background: Otautahai Ice Cream Limited is a Christchurch based company producing and selling a full range of export standard ice cream products. Otautahai Ice Cream Limited has been producing and distributing a range of Ice Cream in New Zealand for the last 15 years. The company’s products have been well patronized by the local consumers as well as foreign tourists.
Current Market & Distribution Channels: Otautahai Ice Cream Limited operates a number of their brand store in shopping malls around Christchurch serving Ice Cream and Milk Shakes and distributing its products mainly through the supermarkets in New Zealand. Recently, OIC franchised out its stores in three main cities; Auckland, Wellington, and Hamilton.
Product Range: Otautahai Ice Cream Limited offers a wide range of Ice Cream and milk shakes products about 30 flavors including the unique flavors that emphasize the local and traditional New Zealand flavors such as Golden Kiwifruits, Tamarillos, Hokey Pokies, Manuka Honey, and Taro. Ice cream packaged range from 100ml to 15Liters. OIC products come in many varieties of sizes and shapes like cones, tubes, cups, sticks, bars, tubs, cartons, and bulk containers.
Production Capacity: Otautahai Ice Cream Limited has the capacity to produce up to 180,000 Litres of Ice Cream in a week in which about 130, 000 liters of it are being distributed and supplied in its franchise outlets, brand stores, and supermarkets around New Zealand. The remaining 50,000 Litres is normally kept as safety stock.
Marketing Activities: Otautahai Ice Cream Limited promotes its products by operating Ice Cream Kiosks at event centers and in beach areas. These kiosks are colorfully decorated with OIC logo. The company advertises its products on billboards in central areas, buildings, and mall walls and on the bus stops advertising boards. Some of its other promotional mix includes foundation sponsorship, online advertising, outdoor advertising, direct mail, and trade fairs and exhibitions.
Financial Resources: Otautahai Ice Cream Limited is now successful in their domestic operation. The company is very self-sufficient financially, they have all the economic resources. As a result, the company is confident and ready to enter the international market.
TASK 1.
A. Company Description
Otautahai Ice Cream Limited is a New Zealand brand Ice Cream Company based in Christchurch. It is a manufacturing and retailing company. Its product varieties emphasize local and traditional New Zealand favors such as Golden Kiwifruits, Tamarillos, Hokey Pokies, Manuka Honey, and Taro. Ice cream packaged ranging from 100ml to 15Liters. Its product lines include Standard Ice Cream, Premium Ice Cream, Export Ice Cream, Gelato, Sorbet, Low Fat Ice Cream, and Milk Shakes.
It operates a number of their brand store in shopping malls around Christchurch serving Ice Cream and Milk Shakes. It also operates ice cream kiosks at event centers and beach areas. Furthermore, the company is wholesaling its products to the supermarkets and recently franchised out its store in the main cities in New Zealand.
Otautahai Ice Cream Limited promotes its products by operating more Ice Cream Kiosks at event centers and in beach areas with mascots giving free one scoop ice cream cones to promote the products. These kiosks are colorfully decorated with OIC logo. The company advertises its products on billboards in commercial buildings and mall walls and on the bus stops advertising boards. Some of its other promotional mix includes foundation sponsorship, online advertising, outdoor advertising, direct mail, and trade fairs and exhibitions.
B. Potential Internal Markets
Otautahai Ice Cream Limited may target the following domestic market in order to remain sustainable over time.
‘ Universities Cafeteria ‘ OIC could also operate Ice cream kiosk in cafeterias of big private universities such as University of Canterbury, Lincoln University, University of Otago, etc.
‘ Franchising out in other urban areas ‘ while OIC has recently franchised out its store in Auckland, Wellington, and Hamilton, it could also franchise out more stores in other cities and towns around New Zealand like Hamilton, Tauranga, Napier-Hastings, and Dunedin.
‘ Retailers ‘ OIC could also sell directly to the small retail customers like Dairy Stores, Convenient Stores, and Asian Shops.
‘ Hotels and Restaurant ‘ OIC could also supply ice cream desserts to big hotels and restaurants in the urbanized cities of New Zealand.
‘ Ice Cream Parlours ‘ OIC could also put up Ice Cream Parlours not only in the shopping malls but in any public areas in city centers.
‘ Kiosks ‘ OIC could also put up more Kiosks in shopping malls in other main cities around New Zealand like Auckland, Wellington, and Hamilton.
C. International Market
International Target Market: Manila, Philippines
Otautahai Ice Cream Limited intends to enter international market targeting Manila, Philippines as their first overseas market. Manila is the capital of the Philippines. It is the center of business, tourism, education, real estate, transportation, advertising, media, and fashion in the said country. About 60,000 establishments are operating in the city (Manila:Wikitravel, 2017). Manila is considered as one of the best shopping destinations in Asia (K.G, 2012) (Patria, 2012).
Philippine manufacturing is highly concentrated in Manila, employing more than half of the country’s manufacturing industry labors. Manila is also the major destination for tourists who visit the Philippines. Many tourist spots in the city attract about 1 million visitors annually from all over the world (MSN Encarta: Manila, 2009).
Reasons for choosing Manila, Philippines
Targeting Manila as an international market for Otautahai Ice Cream Limited is believed to be a feasible decision because of the following reasons;
‘ On average, the temperature of Manila is always high, as shown in the following figure. Because of this, ice cream is consumed all year round.
Figure 1. Minimum and Maximum Average Temperatures in Manila
Source: https://weather-and-climate.com/ (Average-monthly-min-max-Temperature,Manila,Philippines, 2017)
‘ In Philippines, Ice cream is usually a part of all types of occasions, festivities, and parties so even on the coolest month of the year, December, ice cream is still being consumed. This is because the number of occasions and social gatherings increases during Christmas season (Ice Cream In the Philippines, 2015). Thus, ice cream is always marketable in the Philippines.
‘ Ice Cream volume products consumption in the Philippines is forecast to grow from 97.1Kg million in 2014 to 133.7 Kg million in 2019 to register growth at a CAGR of 6.6% during 2014-2019 (Consumer and Market Insights: Ice Cream Market in the Philippines, 2015).
‘ Filipinos believe that Philippines is afflicted with what they call, ‘colonial mentality’ ‘ preferring or patronizing foreign products rather than their own. In Filipinos’ perspective, buying or using foreign or imported products is a presentation of prestige (Ambag, 2016). In this regard, Filipinos will definitely buy Otautahai ice cream because it is a foreign product.
‘ Otautahai ice cream flavors such as Golden Kiwifruits, Tamarillos, Manuka Honey, Hokey Pokies and Taro are hardly found in Philippines ice
cream market. The Philippines has limited standard ice cream flavors, these are Ube, Chocolate, Vanilla, Cheese, Cream, and fruits flavors (Philippines Food and Drinks, 2017). Practically, Otautahai ice cream will bring ice cream flavors that are widely new in the Philippine market. Therefore, there is a potential for the Otautahai ice cream because there are no existing competing products with regard to flavors. Additionally, the customers would definitely want to try something new especially that it is an imported New Zealand brand.
‘ Considering that Manila is the center of business establishments, as mentioned above, it means that most of the people living in the city are professionals, with a stable source of income, and earning enough or even more. In fact, according to the Philippine Statistics Authority (PSA), Manila residents are earning nearly three times more than the average Filipino in 2014 (Ordinario, 2015). This means that Manila residents have disposable income, they can afford to buy more things other than their basic daily needs. Thus, they can afford to spend on ice cream whenever they want.
‘ The Gross Domestic Product in the Philippines was worth US$ 294.45 Billion which represents 0.47% of the world economy (Philippines GDP, 2016). Philippines is one of the fastest growing economies in Asia with 6.8% economic growth in 2016 (Schnabel, 2016). Therefore, the economic condition of Philippines is feasible for business.
D. Mode of Entry
There are three main methods of entering the international market. These are; setting up stores in the target foreign market, Joint Ventures with overseas operators from the same industry, and franchising out the store overseas. The company’s mode of entry to overseas market depends on its financial capacity and commitments (Lee, 2015, p. Lecture notes 11).
Otautahai Ice Cream Limited has sufficient financial resources for any type of mode of entry but for a start, the company will be entering Manila market through passive exporting and distribute the products through an intermediary such as supermarkets and hypermarkets. The company will also put up one brand store in the city.
OIC will sell its standard ice cream and milk shake products as it is, the same products they are offering in New Zealand. The main reason for standardization is that Otautahai Ice Cream products are similar to the products available in Manila market, except for the difference in flavors, and there are no cultural differences between New Zealand customers and Filipino customers as regards to ice cream products features or attributes.
Standardization of operation would be beneficial to Otautahai Ice Cream Limited because of the following advantages;
‘ Production economy of scale ‘ OIC would be able to sell their product in the overseas market using single and the same plant/factory. They won’t need to invest for the new factory as they are not going to modify their products for exports because they will use their standard production operation.
‘ Allows for marketing mix standardization ‘ by offering standard products overseas, OIC can minimize their marketing cost on their international operation because they can apply the same elements of their marketing mix from their domestic operation.
‘ Economies in Research and Development ‘ OIC can get their return on investment faster from their R&D expenses because they will get larger sales from their standard product domestically and internationally.
‘ Ease of organization and control procedures ‘ with standard product lines, OIC won’t need to change their organization and control procedures, as a result, running both domestic and international operations would be very efficient.
‘ Consumer mobility ‘ those Kiwis who prefer to buy a product that they are familiar with or from their home market, when they travel to Manila, they will definitely buy the Otautahai Ice Cream products because these are exactly the same as the OIC ice cream available in New Zealand.
(Lee, 2015, p. Lecture notes 14)
While standardization would be beneficial to Otautahai Ice Cream Limited, adaptation is necessary for some aspects. Therefore, a mixture of standardization and adaptation would be best for the company in embarking its operation overseas. For instance, Otautahai Ice Cream Limited needs to adapt products manufactured for sale in the Philippines in order to comply with government regulations. An example is the product packaging and labeling requirements. Otautahai Ice Cream Limited has to comply with Philippines labeling and packaging requirements specified in the Consumer Act of the Philippines (Republic Act No. 7394) and Philippine National Standards (PNS) (Philippines – Labeling/Marking Requirements, 2016).
Task 2.
A. Internal Environmental Factors
‘ Financial Resources ‘ Financial resources is the most important factor that affects the international operation of a business because operating overseas requires a significant funding. Otautahai Ice Cream Limited is financially stable because of its success in domestic operation, it has enough financial resources to fund its plan of operating in the international market. This is an advantage for the company because it can afford all the cost that would be associated and incurred in venturing overseas.
‘ Production Capacity ‘ This refers to the capacity of the company’s production, how much the factory can produce, can it be able to produce enough for export. Otautahai Ice Cream Limited has the capacity to produce more than enough to supply its domestic demand. The company can be able to produce 180, 000 Litres weekly in which 150,000 Litres of it are distributed in the domestic market. This means that the 50, 000 Litres excess could be exported to the target overseas market. The production capacity of OIC is good enough to integrate exporting.
‘ Product Range ‘ Otautahai Ice Cream Limited offers a wide range of ice cream products, about 30 different flavors that come in different types of packaging as well. This is beneficial to the company’s plan on venturing overseas because it will offer lots of options to the customers. The more options that can be offered the more customers the company can get.
‘ Company Structure ‘ Otautahai Ice Cream Limited has well and functional organizational structure. Each and every employee are skilled and knowledgeable and they are placed in the right position so the organization structure is highly maintained. This is beneficial if the company expands its operation overseas as there are efficient employees to be working together for integration of international operation. But then, the current company structure needs to be reorganized to adapt the integration of international operation.
‘
B. Impacts of Internal Environmental Factors on Sales Operations And Activities
Internal Factors
Impacts on Sales Operation and Activities
‘ Financial Resources
‘ Production
Capacity
‘ Product Range
‘ Company Structure ‘ Generally, Capital is the most important in international business. Firstly, because this is the asset that the company has that can be easily moved from one country to another, unlike labor and land. Secondly, financial resources play a vital role in international business because international operation requires significant funding.
OIC has enough financial resources to fund its plan of operating in international. Thus, it can afford all the cost that would be associated and incurred in sales operation and activities overseas. This would be an advantage for OIC because they won’t need to outsource their financial needs in integrating internatio
nal operation.
‘ The production capacity of the business has a significant impact on meeting its sales objectives. If the business cannot be able to produce enough, it can’t support its sales objectives.
In relation to this, OIC has the capacity to produce a huge amount of ice cream in their current factory so it is most likely that the company will meet its sales objectives.
‘ Customers ‘ OIC offers a wide range of ice cream products, about 30 different flavors. This gives customers more options, in effect, this increases the chances that customers would buy OIC products.
‘ Sales Volume ‘ the more product range to offer, the more sales the company can get. And because OIC offers a wide range of ice cream flavors, this affects the sales performance of the company. They get high sales because they offer more options to the customers.
‘ Market share ‘ the level of product range affect market share also. OIC offers wide ice cream product range so this gives them more customer. In effect, they get a wider market share.
‘ Company structure affects the organization’s performance. If the company is properly structured, the delegation of roles and responsibilities is effective. This relates to the sales force management in the international operation of the OIC. The company is well structured. All employees are skilled and well trained on their respective roles and responsibilities so its current organization structure can easily augment on the sales force management to its Manila branch.
TASK 3.
A. External Environment Factors;
‘ Political Environment ‘ this relates to the current and future stability of the Philippine government and its attitude towards trading with New Zealand companies. Relevant political factors include trade barriers, trade agreements and trade communities.
The Philippines has free trade agreements with New Zealand (Philippines – Trade Agreements, 2016). The ASEAN New Zealand Australia Free Trade Area (AANZFTA) removes the trade barriers between New Zealand and the Philippines on January 1, 2010 and by 2020, 99% of New Zealand’s trade to the Philippines will be duty-free (Bilateral trade: NZ-Philippines, 2017) This is an advantage for OIC on embarking its operation to Manila, Philippines.
‘ Legislative ‘ businesses that embark on the international operation are bound by laws of the domestic country as well as the host country and international laws. In relation to OIC that will be operating in Manila, Philippines, this relates to the legal requirement of New Zealand on exports and legal requirements of Philippines on imports.
All exports in New Zealand needs to be declared and has to be verified by Ministry of Industries (MPI) to ensure that the products meet the requirements of the country they are being exported to (Importing and Exporting Laws, 2017). Legislative factors also include restrictions and quotas on imports in the host country.
Legislative requirements are uncertain. It may change anytime due to political intervention. It affects the operation in the future if changes arise beyond the business’ control. Thus, OIC has to stay updated on any legislative requirements changes to make sure they are operating accordingly and legally.
‘ Foreign Exchange Rate ‘ Currency exchange rate plays a significant role in businesses that are involved in exports and imports products or goods (Pettinger, 2013). This is one factor that is beyond the control of any business. However, devaluation of the exchange rate will make export products cheaper and exporting companies will benefit. Devaluation of exchange, on the other hand, will make exports more expensive and the exporting company’s competitiveness will be reduced (How exchange rate fluctuations affect companies, 2012).
If OIC will embark its operation in the Philippines, it will definitely be exposed to the risk of foreign exchange rate fluctuations. Even if sales will go high from its Manila branch, the company’s profit is actually down if the value of NZ dollar against Philippines peso goes down.
B. Impacts Of External Environmental Factors On Sales Operations And Activities
Internal Factors
Impacts on Sales Operation and Activities
‘ Political Environment
‘ Legislative
‘ Foreign Exchange Rate
‘ Political factors directly impact the international operation of a business doing exports. For instance, if the free trade agreement between the New Zealand and the Philippines will be detached in the future due to political intervention, it will cause more costs to OIC on importing its ice cream products in the Philippines because they need to pay for tariffs and other costs associated with importing products in the Philippines. In effect, it will affect the profitability of the business.
‘ The increase of tax could be a political element also. For example, the GST in New Zealand does not apply to exports at the moment, but if the government will change this and they will impose GST on exports, then it would be additional costs to OIC on its international business operation.
‘ Legislative requirements directly affect business operation because any type of business has to comply and abide with the laws and regulations. An example would be the import quotas for exporting business. For OIC that will be exporting ice cream to Manila, its imports would be subjected to import quota of the Philippines. If the Philippine legislation will lower down the import quota, then OIC may not be able to meet its target sales volume as their supplies will be restricted by the import quota.
Another example would be Voluntary Export Restraint (VER), a government strategy on limiting the quantity of imports into a certain country. This is a discretionary imposed by the exporting country in union with the importing country (Voluntary Export Restraint, 2017). If New Zealand will impose VER to the exports to Philippines, OIC will be subjected to export limitations. As an effect, they can’t export as much as they need and this will hinder them from achieving their sales objectives. Consequently, their sales will decrease and their profitability will decline.
‘ Foreign exchange rate is another factor that would affect OIC on operating overseas. For instance, if OIC pays salaries for its employees in Philippines from New Zealand, the exchange rate would matter. If the exchange rate goes down by the time it sends the fund overseas, it’s going to be a loss for the company. In effect, it affects the profitability of the business. But if the exchange rate is high, it would be an advantage for OIC to send funds overseas.
However, if the value of Philippines peso against NZ dollar is weak, even if sales is high from its Manila branch, the company’s profit is actually down in NZ dollar. In this instance, if the main OIC office in New Zealand needs funds, obtaining funds from Manila branch would not be feasible at this time.
TASK 4.
A. Integrating International Market
As Otautahai Ice Cream Limited goes for international expansion, sales operation and activities also will definitely expand. Every country has unique and different government systems, taxes and duties, currencies, laws and regulations, and so on, as well as unique practices and cultures that have a significant impact on business operating in foreign countries. Thus, to be effective in international market, Otautahai Ice Cream Limited needs to have a very good understanding on all of these factors of the foreign market they intended to e
nter.
To minimize the risk of incurring loss due to fluctuation of currency exchange rate, Otautahai Ice Cream Limited should find the right timing on when they will transfer the funds from New Zealand to Philippines and vice versa. The exchange rate should be appropriately taken into consideration when transferring or sharing financial resources between its overseas and domestic operation. This may not directly affect the sale operation but it does in general profitability of the company because if the funds are transferred at the time when the exchange rate is very low, the company may incur huge loss.
Otautahai Ice Cream Limited will be benefiting on the free-trade agreement between the New Zealand and Philippine government. The company may import its products in Philippines without worrying about tariffs. But if this free-trade agreement will be stopped in the future due to political issues, it would be more practical to invest on another factory based in Manila to save the cost of exporting and tariffs.
B. Strategies for Integrating International Market
‘ Product Differentiation ‘ Otautahai Ice Cream Limited will be offering an ice cream brand that is different from those existing in Philippine Market. There are existing famous international and local ice cream brand existing in Manila such as Magnolia, Selecta, Nestle, Magnum, and Carmen’s Best Ice Cream but none of these offers the best of OIC flavours such as Golden Kiwifruits, Tamarillos, Hokey Pokies, Manuka Honey and Taro. These flavours will be highlighted as the specialty of Otautahai Ice Cream Limited in its positioning in Manila market.
‘ Pricing Strategy ‘ Otautahai Ice Cream Limited would be using Price Skimming on its price decision. OIC products will be sold at high price. The reason for using this strategy is that high price is perceived as high quality. Additionally, based on the per capita and living standard of Manila residents, and economic condition of the city, there are enough prospective customers to buy the OIC products at the high price.
‘ Promotion strategy ‘ advertisement on television is costly but it is the most effective and fastest way to introduce products in the market especially if it’s new in the market. Otautahai Ice Cream Limited will be advertising its products on local most watched Philippine TV channels like ABS-CBN, GMA and TV 5 in Manila. OIC will be using more advertising tools such as newspapers and magazines, and radio because these are common and effective promotion strategy in Manila.
There are numerous festivals and events held in Metro Manila which are ideal for marketing ice cream products because hungry event-goers are eager for cold snacks. Otautahai Ice Cream Limited will be promoting its products in every festivals in the city by operating ice cream kiosks in the events and giving discount vouchers to be used or claimed in OIC brand store. This way, customers will be lured to visit the brand store. Also, Otautahai Ice Cream Limited will be participating in every trade fairs in Manila to showcase its products.
Otautahai Ice Cream Limited will be using internet advertising. A company website and facebook page will be created where updates will be regularly posted about the store and sale promotion. Comments and inquiries of customers online will be regularly checked and responded accordingly.
‘ Location Strategy ‘ Otautahai Ice Cream Limited will be operating its brand store in Mall of Asia in Manila. This the biggest and most visited shopping mall in the city. This is an ideal location for OIC because the site is being visited by thousands of people every day so there is a big chance of getting significant prospective customers and potential of becoming recognized instantly in the market.
‘ Distribution strategy ‘ Otautahai Ice Cream Limited will not only operate a brand store but it will be selling its product in Manila through retailers like supermarkets. OIC will be tying up with big supermarket and hypermarkets in Manila such as SM Supermarket, Robinsons, Landmarks, Super 8, Walter Mart, and Rustan’s Supermarket to sell its products.
‘ Human Resources overseas – Otautahai Ice Cream Limited will hire employees for its Manila store branch through KMC Solutions, a staff outsourcing agency. KMC Solutions will find candidates according to the Job Description provided by OIC and Human Resource of OIC will interview and select from these candidates (KMCS Staff Leasing Steps, 2017). All hired employees will be employed on a contractual basis.
C. Organization Structure
Functional Structure would be the most appropriate for Otautahai Ice Cream Limited on its initial integration of international operation. The operation of foreign branch (Manila, Philippines) will be directly controlled by the head office based in Christchurch except the sales operation and activities which will be handled by the Manager of International Marketing Department. The company will have an independent marketing department, separate from domestic marketing department, for its Manila branch, as shown in the figure below.
Diagram 1: Functional Structure
Recruiting Staffs, training and development, and compensation are primarily the role of the Human Resource Department but recruiting personnel for foreign sales will be carried out by the International Marketing Department with or without consulting the HR department.
The International Marketing departments will receive the full internal support of different departments such as production, finance, human resource, and marketing department from the head office. Financial resources are shared between international and domestic operation.
Policies and procedures will be centralized. Decision-making on most of the operational activities are taken by the top management from the head office. The reason for centralizing the decision-making are; to facilitate coordination between domestic and international operation, to ensure that decisions are consistent with the organization’s goals and objectives, minimize the risk of wrong decision-making at low level, and avoid duplication of operation activities (Vaid, 2012).
As the foreign operation of Otautahai Ice Cream Limited grow, the structure would change into International Division Structure in which independent division will be created for foreign operation which will look after all the company’s foreign operation. The company’s foreign operation in Manila will be separated from domestic operation. A separate international division will handle the Production, Finance, Marketing, and Human Resource Departments of Manila branch as depicted on the figure below. The head of International division will monitor all activities of Manila branch and directly coordinate and report to the Chief Executive Officer. On the other hand, manager of each departments reports to the Head of International Division.
Diagram 2: International Division Structure
International Division Structure offers much greater independence on decision-making because making decision is decentralised. Only the major decisions will be handled by the top management, the rest of responsibilities and authority are delegated to the mid and lower level managers and employees. This would allow the employees, who directly deals with the market and customers, to make decisions according to the situation. This will motivate the low-level employees to exercise initiative and enables flexible response to rapid environment changes. Decentralization might put the organization at risk for wrong decision-making of employees but this builds better accountability (Jaiswal, 2016).
D. Documentation and agreement of international market integration
E. Communication to Stakeholders
‘
References
Ambag, A. (2016, May 17). The Effects Of Colonial Mentality On The
Filipino Culture. Retrieved May 23, 2017, from WordPress Web site: https://arndreblog.wordpress.com/2016/05/17/the-effects-of-colonial-mentality-on-the-filipino-culture/
Average-monthly-min-max-Temperature,Manila,Philippines. (2017). Retrieved May 23, 2017, from World Weather and Climate Web site: https://weather-and-climate.com/average-monthly-min-max-Temperature,Manila,Philippines
Bilateral trade: NZ-Philippines. (2017). Retrieved May 30, 2017, from Auckland Chamber of Commerce: https://www.aucklandchamber.co.nz/global/export-markets-information/asia-emerging-markets/philippines/
Consumer and Market Insights: Ice Cream Market in the Philippines. (2015, July). Retrieved May 23, 2017, from ADS reports Web site: https://www.asdreports.com/market-research-report-209743/consumer-market-insights-ice-cream-market-philippines
How exchange rate fluctuations affect companies. (2012, July 12). Retrieved May 31, 2017, from Euro Investor web site: http://www.euroinvestor.com/ei-news/2012/07/17/how-exchange-rate-fluctuations-affect-companies/19796
Ice Cream and Frozen Desserts in the Philippines. (2016, July). Retrieved May 22, 2017, from Euromonitor International Web site: http://www.euromonitor.com
Ice Cream In the Philippines. (2015, April). Retrieved May 23, 2017, from Research and Markets Web site: http://www.researchandmarkets.com/reports/63926/ice_cream_in_the_philippines
Importing and Exporting Laws. (2017). Retrieved May 31, 2017, from Business Govt nz Web site: https://www.business.govt.nz/how-to-grow/importing-and-exporting/importing-and-exporting-laws/
Jaiswal, D. (2016). International Organizational Structures. Retrieved June 7, 2017, from Your Article Library Web site: http://www.yourarticlelibrary.com/international-business/international-organizational-structures-with-diagram/77149/
K.G. (2012, November 1). Manila 11th most attractive shopping destination in Asia Pacific ‘study. Retrieved May 22, 2017, from Yahoo News Philippines Web site: https://ph.news.yahoo.com
KMCS Staff Leasing Steps. (2017). Retrieved June 7, 2017, from KMC Solutions: kmcsolutions.us/services/staff-leasing-virtual-employees/
Lee, R. (2015). Merchandising and Retail Marketing. Leture Notes. Christchurch, New Zealand. Retrieved May 26, 2017
Manila:Wikitravel. (2017, April 27). Retrieved May 22, 2017, from Wikitravel Web site: http://wikitravel.org/en/Manila
MSN Encarta: Manila. (2009, November 29). Retrieved May 22, 2017, from MSN Encarta Web site: http://encarta.msn.com/encyclopedia_761578132/Manila.html
Ordinario, C. (2015, July 30). Metro Manila per-capita GDP increased to P203,132 in 2014. Retrieved May 26, 2017, from Business Mirror Web site: http://www.businessmirror.com.ph/metro-manila-per-capita-gdp-increased-to-p203132-in-2014/
Patria, K. (2012, October 30). Manila outperforms 15 Asian cities in ‘shopping’ index. Retrieved May 22, 2017, from Yahoo News Philippines: https://ph.news.yahoo.com/
Pettinger, T. (2013, November 4). Effect of the exchange rate on business. Retrieved May 31, 2017, from Economics Help web site: http://www.economicshelp.org/blog/9328/business/effect-exchange-rate-business/
Philippines – Labeling/Marking Requirements. (2016, June 1). Retrieved May 27, 2017, from Export.gov Web site: https://www.export.gov/article?id=Philippines-Labeling-Marking-Requirements
Philippines – Trade Agreements. (2016, June 1). Retrieved May 30, 2017, from Export Web site: https://www.export.gov/article?id=Philippines-Trade-Agreements
Philippines Food and Drinks. (2017). Retrieved May 26, 2017, from Gap Year Web site: https://www.gapyear.com/countries/philippines/food-and-drink
Philippines GDP. (2016). Retrieved May 30, 2017, from Trading Economics Web site: https://tradingeconomics.com/philippines/gdp
Schnabel, C. (2016, January 26). Business. Retrieved May 30, 2017, from Rappler Web site: http://www.rappler.com/business/159473-gross-domestic-product-philippines-2016
Vaid, J. (2012, April 9). Organization Structures in International trade/ business. Retrieved June 7, 2017, from Slide Share Web site: https://www.slideshare.net/jatinmaims/organization-structure-in-international-business
Voluntary Export Restraint. (2017). Retrieved June 1, 2017, from Investopedia Web site: http://www.investopedia.com/terms/v/voluntary_export_restraint.asp