Capabilities and Resources of Westfield

Capabilities of Westfield include their global operation. This is due to the reason that according to the reports, Westfield is having their operations in Australia, New Zealand, Italy, Croatia and the United States. Thus, they are already having the experience of entering and operating in new countries. It will be beneficial for them to use these experiences in entering in other foreign markets. Moreover, they are listed under the Australian stock exchange and are publicly traded company. Thus, they are having huge access to the financial resources. Their capabilities also include diverse product areas. According to the reports, Westfield is mainly having their business growth in the fashion and leisure sector. Thus, these sectors will also help them in having their market growth in the proposed host country. One of the major strengths for Westfield is the positive brand image and established market in Australia. This will help them to take more risks in the host country. The positive brand image of them will help in pushing their brand in the new markets. Another strength of them is having diverse business presence. Thus, it will help them to cater to different business sectors in the target market. This will also reduce their risk in entering in the new markets. Westfield is already having their presence in different countries and thus it will be easier for them to target the new market more effectively. Entering in the emerging countries will have more business potentiality for Westfield due to the reason that in the current time, developing economies are witnessing more growth compared to the developed countries. Another probable opportunity for Westfield will be lower cost of operation in the developing countries. This is due to the reason that Westfield will find cheaper resources for their business operation in the developing countries. Thus, the profitability of them will get increased. China is a highly populated nation in the world. The huge lucrative market of China is great for business opportunity. With the GDP rate of 6.8% in 2017, it is expected to be the fastest growing economies in the coming years (Festing & Schà ¤fer, 2014). China is always perceived as market growth to provide cheap labor and facilitates in low manufacturing costs.   Westfield Group has to bring something unique in the Chinese market otherwise the company will land itself in a passive position. While entering the market with new resources and productivity would lead to provide a major threat to the existing companies (Andersà ©n, Jansson & Ljungkvist, 2016). The regulatory bodies of China mostly operate in an opaque way that makes the country too difficult to forecast the regulatory changes. Joint venture is beneficial as the low risk market strategy. The GDP rate of China has been growing recently since the past few years and the growth rate is at 6.8%. (Kozlenkova, Samaha & Palmatier, 2014). The existing population of the region also provides a great opportunity for the multinational companies to establish business. This facilitates in providing abundant of human resources to the firm. Westfield Group can enter the Chinese market and expand its business as the China has a favorable business market environment. Cross border economic activities has also increased to a great extent. The literacy rate in China has also increased and majority of the people within the country is literate. Joint Venture will be more beneficial to do business in China (Nyberg et al., 2014). It is the most effective way to enter in the emerging market. The cultural differences between the two countries should be ascertained to maximize profit in the overseas target market. Though the common business language is English still there can be language issue in the market of China. Moreover, legislation policy also varies worldwide, hence Westfield need to investigate the legal policies and adhered to the local laws. Andersà ©n, J., Jansson, C., &Ljungkvist, T. (2016). Resource Immobility and Sustained Performance: A Systematic Assessment of How Immobility Has Been Considered in Empirical Resource?based Studies.  International Journal of   Management Reviews,  18(4), 371-396. Brandon?Jones, E., Squire, B., Autry, C. W., & Petersen, K. J. (2014). A contingent resource?based perspective of supply chain resilience and robustness.  Journal of Supply Chain Management ,  50(3), 55-73. Festing, M., &Schà ¤fer, L. (2014). Generational challenges to talent management : A framework for talent retention based on the psychological-contract perspective.  Journal of World Business,  49(2), 262-271. Kozlenkova, I. V., Samaha, S. A., &Palmatier, R. W. (2014). Resource-based theory in marketing.  Journal of the Academy of Marketing Science,  42(1), 1-21. Lin, Y., & Wu, L. Y. (2014). Exploring the role of dynamic capabilities in firm performance under the resource-based view framework.  Journal of business research,  67(3), 407-413. Nyberg, A. J., Moliterno, T. P., Hale Jr, D., &Lepak, D. P. (2014). Resource-based perspectives on unit-level human capital: A review and integration.  Journal of Management,  40(1), 316-346. www.theaustralian.com.au. (2018).  Theaustralian.com.au. Retrieved 12 April 2018, from https://www.theaustralian.com.au/business/property/westfield-corporation-to-navigate-retail-storm/news-story/498245965eb0a4e94f61b855d718c8bb