Salesforce.com Market Entry Option Analysis

The purpose of this research

The purpose of this research is to conduct a country analysis to identity opportunity and treat factors for Salesforce.com market entry option. Thereafter, an informed recommendation of the best entry country for Salesforce.com will be made. Salesforce.com is a cloud computing company that offers CRM products for its customers. The firm is based in San Francisco, California but has operations worldwide. Saleforce.com has an excellent reputation and strong brand image in the industry. The firm employees approximately 26,000 people in different offices around the world. Salesforce.com posted operating revenues FY17 amounting to $10.5 billion. Through this strong financial performance, the company plans to expand into emerging markets in the Middle East and Asia. The company is considering Iran and Bangladesh as entry markets.

The CRM software industry

The CRM software industry is quite lucrative. Industry reports indicate that CRM software generated revenues totalling $39.5 billion in 2017. The positive reputation and brand loyalty has enabled Salesforce.com to garner a large market share (currently at 19.6% globally). Competitive rivalry is high and so is the threat of new entrants. The major competitors to Saleforce.com are Oracle and Microsoft. The threat of substitutes is high, bargaining power of buyers is high while that of suppliers is moderate.

To enter into the market in Iran and Bangladesh

To enter into the market in Iran and Bangladesh, Salesforce.com will focus on CRM software for healthcare and retail industry. Bangladesh has $250 billion GDP while Iran has $800 billion. The PDI of people in Bangladesh is $717 while that of Iran is $512. The retail industry in Bangladesh is worth $2.03 billion while that of Iran is $16.7 million. Iran spends 6.8% of its GDP on healthcare while that of Bangladesh is 3.4%. In terms of Inflation, Bangladesh CPI is 6.3% while that of Iran is 9%.

Bangladesh offers tax incentives

Bangladesh offers tax incentives to companies when they venture into the country and charges them 25% tax on their profits. The interest rate for extending credit is 9.5% which is favorable to Salesforce.com. Bangladesh has very high literacy levels and a skilled labor force in IT. The government is steering efforts to develop a cloud infrastructure that will meet Saleforce.com operational needs. Iran's political climate seems to improve after the signing of the nuclear agreement but there is uncertainty now President Trump dishonored the deal. The current FTA with Pakistan will enable Salesforce.com to access Pakistan's market. Unlike other countries that are hostile to foreign companies, Iran treats them equally as it does to local companies. The increase in oil exports will help drive up the country's GDP. Iran's government fund R & D projects and has recognizes the role technology plays in driving the nation forward. There is less reduced censorship of the internet, giving rise to a thriving e-commerce industry.

Economic risks possess more threat

Economic risks possess more threat to Salesforce.com operations in Bangladesh than political instability and environmental factors. In contrast, political instability risks outweigh economic uncertainty in Iran. Therefore, this research recommends that Saleaforce.com considers Bangladesh as the best entry market option against Iran because of (1) Lower inflation rate, ( 2) higher personal disposal income, (3) higher GDP growth rate, (4) lower lending interest rate, (5) less economic risk. However, Salesforce.com should be wary of corruption, higher trade tariffs, and unfavorable competition laws.

3.0 Introduction

2.1 Statement of purpose          

Every successful organization needs an entry strategy before commencing business operations in foreign markets. Sometimes a company might be faced to conduct a country analysis to determine the best nation of entry into a particular regional market. For example, a company planning to begin operations in East Asia might need to assess whether China, Korea or Japan is the best entry market. The purpose of this research is to conduct a country analysis of both Iran and Bangladesh to determine one that is suitable for market entry. The analysis will involve examining opportunities and threat trends in those two countries that might be favorable to the firm’s operational needs.  To analyze the external business environment for Salesforce in Iran and Bangladesh, a PESTLE technique will be used. Finally, a recommendation on the best country market for Salesforce to enter will be made at the end.  The main goal of the research is to collect data on each country that will inform the entry strategy of Salesforce in that particular foreign market.

2.2 Description of Client Company and industry

Salesforce.com utilizes cloud computing software to offer Customer Relation Management (CRM) products for businesses and organizations all over the world. In addition, the firm provides other tech-related products and services to business seeking to improve customer experience, enhance digital commerce, increase the productivity of operations among others (salesforce.com, 2018). The company is based in San Francisco, California.  According to Dipper (2018), Salesforce has been ranked the first CRM Company consecutively for the last five years. Additionally,  it was ranked #1 as the best company to work for and number 285 on the list of Fortune 500 companies in 2017 (Fortune, n,d). According to Salesforce annual report, the company currently employs 26,000 workers and reported operating revenues of $10.5 billion in the year ended 2017(Investor Relations, n,d).

The CRM software industry continues to show great potential for growth as evidenced by the high demand.  The CRM software market has a valuation of $120 billion and Salesforce accounts for 19.6% of the global market share (Evans, 2018).  Nonetheless, reveals Gartner (2018) that CRM generated $39.5 billion in revenues in 2017, making it the largest in the software market. The threat of new entrants in the industry is high and so does the level of competitive rivalry. The main competitors are big technology companies such as Microsoft, SAP, and Oracle that offer CRM solutions to their clients.  The competition increases the threat of substitute products and services. For the sectors, the bargaining power of suppliers is moderate, while that of buyers is quite high. The CRM software industry is highly regulated by the government through legislation pertaining to the protection of data, cybersecurity laws, net neutrality (US) and intellectual property.

2.3 Description of the target market

The company targets businesses in every field such as healthcare, communication, and media, retail, non-profit, insurance etc. Any businesses that B2B and B2C transactions will fit the customer profile of Saleforce.com. The firm does not segment its market according to geographic but rather relies on a combination of behavioral and psychographic factors. In short, if you are a manager of a business that requires cloud computing CRM solutions, then Salesforce.com will meet your demands.

2.4 List of company needs.

Salesforce.com will need the country to have excellent cloud computing infrastructure and social media penetration. Furthermore, the company will need a highly educated and technologically savvy workforce that can be able to provide and implement different cloud computing services. The country in which it will operate in should have policies in place to encourage firms to engage in R &D projects. There should be an also a thriving commercial real estate sector that will allow Saleforce.com to lease the property to house its offices and facilities. The country to be chosen for market entry into the region should have fair tax policies.

4.0 Opportunity and Trends

3.1 Economic market opportunity and potential for growth

Bangladesh with a population of 160 million has a GDP of US$250 billion in 2018 (World Bank Group, 2018a). The CPI for Bangladesh was 253.07 points in July/August 2018 that was an increase from the previous 250 (tradingeconomics.com, 2018a). This shows that their rate of inflation in the country is high and continues to increase. The country’s GDP is projected to grow by 6.8% and CPI by 6.2% in 2019 (Oxford Economics, 2017). Personal Disposable Income is an important economic indicator of the overall state of the economy. The PDI for Bangladesh is 60,355.24 BDT ($717.96) representing an increase from the previous 58,442 (tradingeconomics.com, 2018). The increase in PDI shows an upward projection of the purchasing power of consumers in Bangladesh.  According to the Global Competitive Report 2017-2018, Bangladesh has a score of 3.91 and ranked #106 (The World Economic Forum, 2017). However, the country performs purely in the ease of doing business having been ranked #177 out of 200 nations in 2017 (The World Bank Group, 2018b).  Therefore, Bangladesh has unfavorable conditions for investors willing to do business in that country. The country is also ranked #114 worldwide and # 8 in central and southern Asia region in the Global Talent Competitive Index (INSEAD et al., 2018). Consumer spending in Bangladesh for the first quarter of 2018 is 17099.29 billion Taka (US$2.03 billion) and likely to grow to $3 billion in 2019 (Oxford Economics, 2017).  Bangladesh only spends 3.4% of its GDP on healthcare while 92.6% of people pay out of pocket to access healthcare services (Mollah & Chi, 2017).

The Islamic Republic of Iran has a population of 80 million and GDP of US$600 billion (The World Bank Group, 2018c). Oxford Economics (2017) projects that the GDP of Iran will grow by 4.3% in 2019. The current CPI is 133.08 points while the previous one was 127 points (tradingeconomics.com, 2018a). However, the rate of inflation in Iran is projected to increase by 9% in 2019 (Oxford Economics, 2017). The current PDI is US$ 512, an increase of $446.1 in 2014 (Oxford Economic, 2017). Out of 200 nations, Iran is number 124 in the ease of doing business (The World Bank Group, 2018b). However, the country has a per capita income of US$16, 463, making it an upper middle-income nation (The World Bank Group, 2018b). The Global Competitive Report and Global Talent Competitive Index ranks Iran #76 and # 94 respectively (The World Economic Forum, 2017; INSEAD et al., 2017). Iran spends considerably less on health care than other high-income countries. For instance, Iran only spent 6.8% of its GDP on healthcare, $350 per person and more than 50% of the citizens pay for those services out of pocket (Oxford Economics, 2016). Retail spending in Iran was 709billion Iran Rials (US$16.7 million) in the second quarter of 2017 and 704 billion in the first quarter of 2018 (Economist Intelligent Unit, 2018). Furthermore, the retail sector is projected to grow by 4% by 2019 (Economist Intelligent Unit, 2018).

3.2 Opportunity support factors

3.2.1 Bangladesh

3.2.1.1 Political factors

Political factors have a significant effect on business operations. Organizations seeking to expand to foreign markets need to pay special attention to political factors when determining the opportunities available for them. Some of these factors include political stability, trade agreements, taxation policies and foreign trade regulations (Carpenter & Dunung, 2012).

There are no current trade agreements that will be favorable for Salesforce. However, if the Free Trade Agreement between Bangladesh and the US or China become effective, then Saleforce.com might benefit from it. The country has previously had taxation policies that negatively impacted businesses. However, the current corporate tax of 25% while sales tax is 15% (Oxford Economics, 2017). The company also encourages investments through tax incentives.

3.2.1.2 Economic factors

Salesforce.com will need to borrow from local banks in Bangladesh to finance its R & D activities. The fiscal policy in Bangladesh currently implements a lending interest rate of 9.5% in 2017(Oxford Economics, 2017). This interest rate is quite high if compared to other low-income countries. However, going by historical projections, there is a possibility of the lending interest decreasing. In 2017, the CPI inflation was 6.1% and currently is at 6.3% but should remain steady for the remainder of next year (Oxford Economics, 2017). The current exchange rate between the Taka and the US dollars is stable, hence favorable for Salesforce.com business operations in the country (Oxford Economics, 2017).

3.2.1.3 Social-cultural factors

The population of Bangladesh is projected to grow to a rate of 1% per annum for the next five years (Oxford Economics, 2017). The high growth in population presents Salesforce.com with a ready market for its CRM software solutions.  There is also a high adoption of IT and educational trends in that sector show that a significant proportion of the population is proficient in basic IT skills. This is crucial for Saleforce.com that will require a highly educated workforce competent in IT.

3.2.1.4 Technological factors

Technological factors have a huge effect on the way businesses take advantage of opportunities and respond to threats (Carpenter & Dunung, 2012). The rate of technology adoption in Bangladesh is quite high, hence making it easier for business to embrace Saleforce.com’s superior cloud computing services to improve customer experiences. Process automation, Internet of Things, artificial intelligence and machine learning are slowly gaining traction in the country’s garment manufacturing industry (Karim, 2018). Additionally, cloud-based infrastructure is being developed by the government in Bangladesh through public-private partnerships (Karim, 2018). The cloud infrastructure will enable Salesforce.com to expand its CRM software portfolio of products in healthcare and retail. However, there is no policy framework for funding R & D at the national level.

3.2.1.5 Environmental factors

Bangladesh does not have a comprehensive environmental regulatory framework similar to the US. Therefore, the rules are less strict for companies. Nonetheless, multinational organizations need to be careful to avoid non-compliance in areas of pollution and waste disposal. However, as a software vendor, Salesforce.com will need to take drastic measures to ensure that its servers and data centers produce minimal levels of greenhouse gas emissions. Majority of Bangladesh citizens speak Bengali but English is also widely spoken.

3.2.1.6 Legal factors

Consumers in Bangladesh are protected by law from exploitation, misinformation and other practices that might be harmful. With a food inflation projected to grow at a rate of 4% in the next one year, consumer laws are quite strict on hoarding of basic commodities (Oxford Economics, 2017). They are enforced under the Consumer Rights Protection Act 2009 (Oxford Economics, 2017). However, Saleforce.com may find it difficult to comply with consumer laws in Bangladesh due to overlapping of legislation and duplication of duties by institutions mandated to enforce them. Being a very large organization, Salesforce entry into Bangladesh market might be regarded as a monopoly in waiting due to its dominant position in the global CRM software industry.  Therefore the firm will need to comply with competition laws in particularly the Competition Act of 2012. However, the same law provides an opportunity for the company to compete fairly with dominant local companies that might be enjoying monopoly status in the region.

3.2.2 Iran

3.2.2.1 Political factors

Iran’s political climate is on the path of recovery after Ahmadinejad left office and Rouhani elected president after the signing of a nuclear agreement that led to the partial lifting of international sanctions (Oxford Economics, 2017). Political instability is a hindrance to international trade (Carpenter & Dunung, 2012).The scramble by European companies to expand into the Iranian market is evidence for an improving political climate. However, the election of President Trump, disregard of the nuclear accord signed under Obama Administration threatens to escalate an already volatile political environment for multinational companies (Oxford Economics, 2017).

Iran engages in trade with China, Pakistan, India, and South Korea among others majorly based on its oil exports.  China is Iran’s principal trading partner. Foreign trade is projected to grow at a rate of 7% in 2018 (Oxford Economics, 2017). Iran has a Free Trade Agreement with Pakistan. Through the FTA, Salesforce.com operating in Iran will also have unrestricted access to Pakistani consumers. Taxation policies are favorable because foreign companies are treated in the same manner as local firms. Therefore, the corporate tax rate is 25% (Oxford Economics, 2017)

3.2.2.2 Economic factors

The Economist Intelligence Unit (2018) projects that the real GDP of Iran will grow by 4.3% in 2019. The growth will primarily be fuelled by an increase in oil exports due to the improvement in prices by 3% (Oxford Economics, 2017). The current CPI inflation is at 10.5%, quite high for an upper middle-income country (The Economist Intelligence Unit, 2018). Fortunately, the CPI inflation is expected to reduce to 9% in 2019 and further down to 7.5% in 2020 (Oxford Economics, 2018). Due to international sanctions, the interest rate in Iran is very high. The current interest rate as set by the Central Bank of Iran is 18% (Oxford Economics, 2018). Therefore, Saleforce.com might find it costly to borrow from Iranian Banks to finance its R & D operations in the country. The Rial has continued to depreciate by over 50% against the US dollar since 2013 due to devaluation policies of the Central Bank of Iran (Oxford Economics, 2018). The depreciation is beneficial for domestic exporters but unfavorable for Salesforce.com which will have to import many of its operational materials.

3.2.2.3 Social factors

The major language spoken is Persian with very few people proficient in English. Therefore, Salesforce.com will find it hard for its international staff to communicate with ethnic Persians. However, the firm can still opt to employ many Persians to bridge the language divide. The country is highly patriarchal but Iranian women enjoy more rights and freedoms that their Arabic counterparts in the Middle East. Despite being very conservative culturally, Iranians continue to positively develop consumerism attitudes towards western products. The level of consumerism towards western products is more evident in retail stores in the capital city Tehran (Cristofoletti, 2014). Therefore, Salesforce can confidently take advantage of this shift to aggressively promote CRM cloud services to Iranian hospitals and retailers. The population of Iran is projected to grow at a rate of 1.75% per annum (The World Bank Group, 2018c). Furthermore, more than 60% of Iran’s population is below 30 years of age (The World Bank Group, 2018c).

3.2.2.4 Technological factors

Technological infrastructure in Iran is relatively huge.  Iran has the largest number of internet and mobile phone users in the Middle East and Central Asia (Khalek, 2015). Since coming to power, President Rouhani’s administration has managed to issues fresh licenses for 3G and 4G internet speeds to the two of the nation’s mobile operators (Khalek, 2015). Furthermore, the country’s moderates and reformist have recognized the need to create a conducive political climate for technological development (Oxford Economics, 2017).

Iranian government strongly supports R & D initiatives that will raise the technological innovation capabilities of the nation. Some of the areas that have attracted government interest include computer science, biotechnology, electronics and stem cell research (Khalek, 2015). Government spending is 1% of GDP but plans are underway to have it increased to 4% funding R & D projects by 2030 (Khalek, 2015). Therefore, Salesforce can greatly benefit from this increased spending by the Iranian government on R & D.The country has also put emphasis on education to develop a highly skilled workforce that can adequately implement the nation’s technological needs. In fact, Iran spends on average 4.5% of its GDP on education (Khalek, 2015). Such actions ensure that Salesforce.com will have the necessary cloud infrastructure and workforce to execute its operations. However, the nation needs to enact policies to retain and prevent the large “brain drain” of professionals, particularly in the ICT sector.

3.2.2.5Environmental factors

Iran is facing serious environmental concerns that have necessitated stricter comprehensive regulations.  Some of these environmental concerns include climate change, air pollution, depleting arable agricultural land, and inefficient use of water (Tahbaz, 2016). Therefore, multinational companies setting up business in the country need to demonstrate water and energy efficiency, contribution to the reduction of carbon emissions and water utilization (Tahbaz, 2016). For instance, Saleforce.com will need to establish measures for better use of water and carbon emissions from its data centers.

3.2.2.6 Legal factors

Despite having consumer laws, they are deemed inefficient and ineffective in protecting customers from deceptive advertising, misinformation etc. (Bagheri & Hassan, 2012). Iran enacted the Electronic Commercial Law in 2004 but it has proven to be weak in regulating the dynamic changes in online businesses (Bagheri & Hassan, 2012). Additionally, businesses have been able to exploit the loopholes in legislation and enforcement of the Consumer Rights Protection Act of 2009 to the detriment of the customer (Bagheri & Hassan, 2012). Iran also has comprehensive IP laws that Salesforce.com, will have to follow.

5.0  Threats and Trends

The threats and trends will be ranked on a scale of 0—5. 0- Unknown risk, 1-very low risk, 2-low risk, 3-moderate risk, 4-increasing risk, and 5-High risk. The table shows the degree of threat

Table1: Threat assessment

Threats

Unknown risk

1 (Very low risk)

2(Low risk)

3(Moderate risk)

4(Increasing risk)

5 (High risk)

Assessment

Political instability

ü

Political instability threats the success of Salesforce.com in both Bangladesh and Iran

High tariffs

ü

The current tariffs do not pose a significant threat to the firm’s operational needs. However, that might change in the future.

High corporate taxes

ü

Both of the country have a 25% corporate tax

Inflation

ü

High CPI inflation drives prices of basic commodities. This will increase operational costs of Saleforce.com

Natural disasters

ü

The likelihood of natural disasters occurring is small and the risk for the business are quite low

High lending interest rates

ü

Lending interest is subject to change through fiscal policy and can be a greater threat in furture if itws too high.

(Author, 2018).

4.1 Bangladesh

4.1.1 Economic Threats

Economic threats are a hindrance to globalization and prevent entry into emerging markets (Carpenter & Dunung, 2012). According to Oxford Economics (2017), Bangladesh is ranked #116 out of 164 with a risk score of 7.0 out of 10. The country’s low per capita income, trade deficits and poor fiscal policy regarding foreign direct investment and depreciation of the Taka against the dollar, makes the country very risk for multinational companies (Oxford Economics, 2016). Bangladesh also lacks adequate physical infrastructure such as roads, railways, and airports to boost trade. There are also unreliable sources of power with frequent outages disrupting business and leading to higher costs of electricity (Oxford Economics, 2017). Political corruption, high tariffs, and restriction on repatriation of profits from Bangladesh by American companies are also serious threats (Oxford Economics, 2017).

4.1.2 Political instability

The level of political instability to negatively affect economic growth in Bangladesh is high. Parliament makes politically motivated legislation that does little to improve the economic development of the country (Oxford Economics, 2017). The country experiences political clashes every year that disrupt many business operations. Furthermore, the instability contributes to political corruption in major government causes inefficiencies in revenue collection, service delivery and registration of multinational business.

4.1.3 Environmental risks

The country is highly susceptible to natural disasters that negatively affect businesses.  Every year during the monsoon season, floods and cyclones cause havoc to the country (Oxford Economics, 2017). Earthquakes are also very common. Saleforce.com should consider these natural disasters as risky for the physical security of its cloud infrastructure.

4.2 Iran

4.2.1 Political instability

For Iran, the country’s political situation is a major threat. Political instability is a bigger threat than any economic trends that might adversely impact business operations.  The looming international sanctions due to its controversial nuclear program make Iran, a very risky market for international firms (Oxford Economics, 2017). The threat of invading like its neighbor Iraq, political tension with Saudi Arabia and support for extremist groups such as Hezbollah, makes political uncertainty in Iran significant (Oxford Economics, 2018). There is also an increasing regional conflict with Israel and political power being amassed by the Supreme Leader and his hard-line supporters (Oxford Economics, 2017).

4.2.2 Economic risks

In terms of economic risk, the country is ranked #124 out of 164 countries with a score of 7.0 (Oxford Economics, 2018). Furthermore, the country has a very low market demand and 4.5 out of 10 (Oxford Economics, 2018). Rising unemployment levels, fluctuating oil prices and weak currency all cause risks to multinational companies. The economic sanctions imposed by the US, UK, and Canada against Iran only escalate threats that businesses may encounter in the country

6.0  Conclusion

After the identification of different opportunity and threat trends between the two countries, Saleforce.com should consider Bangladesh as the best market entry option in the region. Bangladesh GDP is expected to grow at a rate of 6.8% as compared to the 4.3% of Iran. Furthermore, the country has a lower inflation rate of 6. %, lending interest rate of 9.5% against 9% CPI and 18% interest for Iran. Furthermore, Bangladesh has a higher PDI than Iran, making their consumers able to purchase Salesforce.com products.  Moreover, Bangladesh is ranked higher than Iran in overall business risk in the world, making it more attractive to multinationals than the latter. However, to deal with the political and economic threats posed by Bangladesh, the management of Salesforce.com should conduct a comprehensive market intelligence and lobbyist to advocate for better trade regulations, tax policies, dealing with corruption in the country’s parliament.

7.0 References           

Bagheri, P., & Hassan, K.H.(2012). E-commerce and consumer protection in Iran: A legal framework. International Business Management, 6(3): 317-324.

Carpenter, M.A., & Dunung, S.P.(2012). Challenges and opportunities in international business, v.10. Retrieved from https://2012books.lardbucket.org/books/challenges-and-opportunities-in-international-business/s12-02-pestel-globalization-and-impor.html

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Country economic forecasts > Iran Islamic rep. (2017). (). Oxford: Oxford Economics Ltd. Retrieved from ABI/INFORM Collection Retrieved from HTTP://ezproxy.umuc.edu/login?url=https://search-ProQuest-com.ezproxy.umuc.edu/docview/1872224825?accountid=14580\

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tradingeconomics.com (2018a). Consumer Price Index-country data. Retrieved from https://tradingeconomics.com/country-list/consumer-price-index-cpi

tradingeconomics.com (2018b). Disposable personal income-Country data. Retrieved from https://tradingeconomics.com/country-list/disposable-personal-income