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Anderson, r business 245 final powerpoint

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  • 1. Hot Spring Portable Spas Self contained, portable hot tubs Meets California requirements for energy efficiency First to receive the ENVY (environment friendly) award in Germany for energy efficiency Manufactured in Vista, CA by Watkins MFG  Established in 1977  Watkins is part of MASCO Corp., a Fortune 500 Company
  • 2. Prior to Entering the Market Contact the Seattle U.S.  Contact one of the many Export Assistance Center for trade organizations in assistance: Washington State for  Identifying and evaluating additional experience and international partners advice  Navigating international  Trade Development Alliance documentation challenges  World Trade Club  Creating market entry  Washington Council on strategies International Trade  Other export related  State of Washington guidance Department of Community, Contact Mr. Pru Balatero with Trade and Economic the Small Business Development Association (SBA) for help with trade finance
  • 3. Market Analysis Although the Scandinavian countries of Sweden, Finland, and Norway are well known for saunas, they also love hot tubs Products sold in Sweden must be of high quality and competitively priced - Hot Spring Spas have one multiple awards for quality and Consumer’s Digest best buy awards for value Environmentally friendly and energy efficient products are a must in all of Europe – Hot Spring spas have one national and international awards for both environmental compliance and efficiency. The market appears to be saturated, however, Hot Spring Spas is the world’s number one selling brand and should be able to find a niche in Sweden
  • 4. Market Entry Strategies Conduct market research to find “niche”  Size & necessary features  Energy consumption  Competitive pricing is important Locate existing dealers looking to expand their offering Create subtle, but informative website that will appeal to Swedish culture  Highlight Energy efficiency  Identify length of warranty  Avoid claims for relaxation and family gathering as these are already known Product must be ETL listed for safety
  • 5. Inventory Management Proprietary design and technology restrict licensing and franchising Use 3M style approach  Build product in US and enter market slowly  When demand and revenue meet goals, begin Greenfield Investment within European Union  Establish local manufacturing to minimize trade barriers and transportation costs
  • 6. Sweden’s Import Laws Goods must be classified prior to  Pay fees declaration  Customs duties Submit declaration of goods  Value added tax (VAT)  Electronic is preferred  Any other applicable taxes  May use Single Administrative  Apply for customs clearance Document (SAD) immediately upon arrival of  Use of an agent is acceptable goods and may help process Be prepared to supply additional documentation  Commercial invoice  Customs value declaration 5  Freight bill  Certificate of origin  Packing list
  • 7. U.S. Export Laws U.S. export laws are  Freight Forwarder complex and difficult to options navigate  NCBFAA.org Partnering with an  FreightGate.com experienced  FreightNet.com international freight  Shippers’ Association forwarder or the use of a options Shippers’ Association  Shippers.org would provide freedom from the majority of  ISASHIP.org these issues.  PACBOT.org
  • 8. Swedish Culture Society  Egalitarian  Humble  Family oriented  Not flashy or ostentatious Business  Flat management style  Consensus approach to decisions  Takes time  Gives value to all opinions  Proper attire is semi formal to business casual
  • 9. Political Concerns Constitutional Monarchy with a parliamentary system Stable democratic style of government Elections are held every four years for major positions Judicial system does NOT rely on judicial precedent as in the U.S. The Swedish government’s official stance is that the power comes from the people and every one has the same rights and opportunities including free speech, freedom of the press, and freedom of self expression Well managed economy with sound fiscal policy and tight control over their money supply. Sweden has been able to keep the consumer price index to generally less than two percent annual growth
  • 10. Geography of Sweden• Slightly larger than the state of California• Located in northern Europe between the country of Norway and the Gulf of Bothnia• Northern most quarter of the country falls within the Arctic Circle.• Two zone climate • subarctic climate in the north • temperate climate in the south• Terrain is generally flat with some gently rolling hills, with mountains to the west along the border with Norway• Approximately 2000 miles of coastline
  • 11. Conclusion Hot tubs fit perfectly into the family oriented lifestyle that is the Swedish Culture The award winning, energy efficient and innovative designs from Hot Spring Spas should easily capture the imagination of the high technology society in Sweden Even though the market is saturated, Hot Spring Spas are a high quality product and when priced right, they will sell in Sweden.
  • 12. References Bureau of European and Eurasian Affairs. (2012, April 5). Sweden. Retrieved from State.gov: http://www.state.gov/r/pa/ei/bgn/2880.htm CDA Media. (2012). Business Structures in Sweden and Doing Business in Sweden :: World Business Culture. Retrieved from worldbusinessculture.com: http://www.worldbusinessculture.com/Swedish-Business-Structures.html CDA media. (2012). Doing Business in Sweden - Swedish Business Culture - Swedish Culture - World Business Culture. Retrieved from worldbusinessculture.com: http://www.worldbusinessculture.com/Swedish-Business-Style.html Central Intelligence Agency. (2012, April 12). CIA - The World FactBook: Sweden. Retrieved from cia.gov: https://www.cia.gov/library/publications/the-world-factbook/geos/sw.html Export.gov. (2010, Aug 5). Export.gov - Center Content - Trade Finance Partners Washington State. Retrieved from Export.gov: http://export.gov/washington/exportfinanceresources/index.asp Export.gov. (2010, Aug 8). Export.gov - Center Content - WA State Trade Resources for Spokane Section. Retrieved from Export.gov: http://export.gov/washington/Seattle/washingtontraderesources/index.asp
  • 13. References cont. Export.gov. (2012, Feb 2). Export.gov - International Logistics. Retrieved from Export.gov: http://export.gov/logistics/index.asp Globaltrade.net. (2012). International Trade in Sweden: Resources for your Trade in Sweden. Retrieved from Globaltrade.net: http://www.globaltrade.net/m/c/Sweden.html Prysm Group. (2010). Marketing a Business in Sweden : Startup Overseas. Retrieved from startupoverseas.co.uk: http://www.startupoverseas.co.uk/starting-a-business-in-sweden/marketing-a-business.html Sweden.se. (Unknown). Business culture in Sweden. Retrieved from Sweden.se: http://www.sweden.se/eng/Home/Business/Business-culture/ Swedish Chambers. (2011). Sweden imports - swedishchambers.se. Retrieved from chamber.se: http://www.chamber.se/swe-imports.aspx
  • 14. References cont. Swedish Customs. (Unknown). Importing goods to Sweden from countries outside the EU. Retrieved from tullverket.se: http://www.tullverket.se/en/startpage/keywordsaz/az/importinggoodstoswedenfromcountriesoutsidetheeu.4.230c8d84122d2a4 008e80006078.html Swedish Institute. (2012). Swedish Economy. Retrieved April 7, 2012, from Sweden.se: http://www.sweden.se/eng/Home/Business/Economy/ The Heritage Foundation. (2012). Sweden Economy: Facts, Data, & Analysis on Economic Freedom. Retrieved from Heritage.org: http://www.heritage.org/index/country/sweden U.S. Customs and Border Protection Agency. (2011, May 31). Tips for New Importers and Exporters - CBP.gov. Retrieved from cbp.gov: http://www.cbp.gov/xp/cgov/trade/trade_outreach/diduknow.xml Watkins Manufacturing. (2008, March 24). Watkins Manufacturing Earns First European ENVY Award For Energy-Efficient Hot Spring Spa | Hot Spring Spas. Retrieved from hotspring.com: http://www.hotspring.com/press-releases/watkins- manufacturing-earns-first-european-envy-award-energy-efficient-hot-spring-spa