The-Accountant-Jul-Aug-2017

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Finance and investment a) Use of Networks and partnerships Access to information, knowledge gaps, financial and internal infrastructural challenges and innovation needs can easily be overcome if a firm employed the strategy of using networks and partnerships with companies in the foreign markets. Networking provides solutions to the challenges of resources, skills, expertise, knowledge and experience. Ability to network with both international partners and local government enable firms to internationalize through exchange of information, ideas, skills and experience. For effective internationalization it is thus important for SMEs to be able to create good networks locally and abroad. b) Development of Niche products Firms that are able to develop niche products for the foreign markets have the ability to internationalize effectively since they have the capability to dominate that market based on the ability of their product to create demand for itself. A firm is able to come up with a niche product only if its innovative capacity is higher than that of firms in the foreign markets. With a niche product it is easy for a firm to realize maximum return within a very short time before the product reaches the end of its life cycle and before duplicate products Constraints such as lack of financial resources, human resources, lack of expertise in international market and market management as being major barriers to internationalization of SMEs. In this piece therefore, I try to examine the various barriers to internationalization and how SMEs can overcome some of them for successful and effective internationalization. start flooding the market rendering your product expensive. A very good example of a niche product are the Apple products (phones and computers) that still enable Apple to make money even when there are still a lot of competitors in the market like Samsung and Sony. c) Developing Brand identity International marketing describes brand identity as the most effective and powerful tool of marketing. Brand identity is a tool that helps companies overcome barriers such as cultural complexities and pricing. A firm with a strong and visible brand would find it very easy to penetrate the international market by overcoming threats posed by international competitors. Brand identity as a tool has been effectively used in the fashion industry. For example a t-shirt with one of the strongest brands will be sold more expensive than a non-branded one and the customer would still be willing to pay more for the product. SMEs are thus encouraged to invest in brand and create a strong brand that can compete in the international markets. 14 JULY - AUGUST 2017
WHERE WOMEN ACCOUNTANTS BELONG! Our Vision: To be a globally recognized women accountants’ association. Our Mission: Building capacity among women accountants to enable them access opportunities. WHY AWAK: • An avenue of professional growth and development • Knowledge, information and inspiration • Accords Networking opportunities • Placement for Jobs and internships for women Accountants • Enhances Mentorship and Support for the girl-child • Earn CPD Hours from affordable events and trainings HOW TO BE A MEMBER: Requirements for full membership:- • Final KASNEB Certificate/Result Slip • One Passport Size photo • Copy of your National ID • Registration fees of Kshs. 500 • Annual subscription fees of Kshs.3,000 Requirements for Associate membership:- • CPA 2 KASNEB Certificate/Result Slip • One Passport Size Photo • Copy of your National ID • Registration fees of Kshs. 500 • Annual subscription fees of Kshs. 1,500 www.awak.co.ke “Association of Women Accountants of Kenya-AWAK” @AWAK2016 For more information and guidance on application, MAY JULY - JUNE AUGUST 2016 2017 15 call 0720 016 556 or email awak@awak.co.ke
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Page 4 and 5: YOUR VIEWS SHARE YOUR VIEWS Email:
Page 6 and 7: Financial reporting and assurance P
Page 8 and 9: Business Practice and Development E
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Page 14 and 15: Finance and investment KENYAN SMALL
Page 18 and 19: Management THE ILLUSION OF KNOWLEDG
Page 20 and 21: Economy Why Marine Insurance is Ess
Page 22 and 23: Governance COMMUNICATION OF AUDIT M
Page 24 and 25: Governance quantitative considerati
Page 26 and 27: Governance In view of the high prof
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Page 30 and 31: Governance Private sector manages r
Page 32 and 33: Public Policy Taxation of Exported
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Page 36 and 37: COVER STORY TRADE SECRETS Is Your D
Page 38 and 39: COVER STORY secrets (called “undi
Page 40 and 41: WORK PLACE MOBBING AND BULLYING Wor
Page 42 and 43: INSPIRATION WHY DO WE LIE? By Angel
Page 44 and 45: SOCIETY THE CULTURAL ENVIRONMENT OF
Page 46 and 47: SOCIETY e.g. in Islamic and Buddhis
Page 48 and 49: ENVIRONMENT BANNING PLASTIC BAGS IN
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Page 52 and 53: HEALTH picture yourself tackling ot
Page 54 and 55: TID BITS They’ve broken free of t
Page 56 and 57: BOOK REVIEW Reviewed by Angela Muti
Page 58 and 59: INSTITUTE NEWS NEW CHAIRMAN FOR ICP
Page 60 and 61: INSTITUTE NEWS The 33 rd Annual Sem
Page 62 and 63: INSTITUTE NEWS The 33 rd Annual Sem
Page 64 and 65: TRAVEL charm, has a loyal following
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TRAVEL lake’s waters. Although th
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PEN OFF focus more on the cost of c
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PEN OFF of frameworks, standards, a
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The-Accountant-Jul-Aug-2017

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