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Executive Report on Strategies in Brazil
ICON Group International, June 2007, Pages: 389
How to Strategically Evaluate Brazil
Perhaps the most efficient way of evaluating Brazil is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Brazil
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Brazil. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Brazil:
Openness to Trade in Brazil
Openness to Direct Investment in Brazil
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Brazil. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Brazil over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Brazil when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Brazil as an area of dominant influence in Latin America and, potentially, the world.
The report concludes with trade indicators for Brazil. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Brazil.
As a whole, this report presents a strategic assessment of Brazil by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN BRAZIL
Government Role in the Economy
Under the development policies of Brazilian administrations since the 1960s, the government has established itself as the dominant force in shaping economic growth by means of planning and management. Its influence was felt not only directly through the day-to-day activities of government entities, but also through wage, price, and credit policies, and subsidy and fiscal incentive programs. While the central government retains an important economic role, the policies of the Cardoso administration in the mid to late 1990’s significantly reduced the public sector presence in economic activities and focused government efforts on areas such as public health, safety, and education. The Cardoso government emphasized greater economic opportunities for the private sector through privatization, deregulation, and removal of impediments to competition. Despite these recent structural changes, however, the majority of the private sector has so far been unable to prosper.
The Cardoso government broke up numerous federal monopolies in key areas, although oligopolies have sometimes emerged in their places. In the energy sector, the government began privatizing state entities in 1995 and created the National Electrical Energy Agency (ANEEL) to regulate the sector in 1996. Most electricity distribution has been privatized, but a large share of generation and transmission capacity is still held by the government. In the petroleum and gas sectors, the Cardoso government opened offshore exploration to private companies, although PETROBRAS, a state-owned enterprise, still dominates the sector. In telecommunications, the government ended the state monopoly and established a National Telecommunications Agency (Anatel) to regulate this sector, which has experienced explosive growth immediately following privatization. In the transportation sector, the Cardoso government privatized all seven railway firms and has either privatized or turned over to the states most of the federal highway network. The Lula administration has indicated it would continue this effort.
Infrastructure
Most products reach Brazil by sea and must pass through Brazil’s inefficiently run and notoriously costly seaports. Offloading costs are high and ship turnaround time is long. Bureaucracy and paperwork can be serious impediments at the ports. Port reform legislation, enacted in 1993, has not yet significantly improved port conditions. The Cardoso government had promised to privatize the port system, although the position of the Lula government towards privatizing the ports remains unclear. The Rio and Espírito Santo ports in the state of Rio are partially privatized. Costs are lower and turnaround time is shorter there.
With the exception of the southeast coast, Brazil lacks an extensive rail network. The entire rail system has been privatized. Almost all internal transportation is by truck on a grossly inadequate, poorly maintained highway system. The highway network only reaches first-world standards in the state of São Paulo. Fuel costs are high and add significantly to the cost of transportation. Except for the Amazon Basin, geographic constraints and environmental concerns have limited river transport development.
Political Risks
Economic Relationship with the United States
The United States and Brazil have traditionally enjoyed friendly and active relations encompassing a broad political and economic agenda. By most measures -- geographic size, population, and gross economic product, each approaching 50 per cent of South America -- Brazil is the continent’s dominant country. It has played an important role in international collective security efforts -- from sending an expeditionary force to the Allied campaign in Italy during World War II to dispatching a battalion to Angola as UN Peacekeepers from 1995-1997 and coordinating the Military Observer Mission on the Peru-Ecuador border (MOMEP). Brazil led the successful effort to invoke the Rio Treaty of mutual security following the events of September 11, 2001. It has also led political efforts for economic integration in the Southern Cone.
The Political System
It is worth noting here Brazil’s current political structure. Brazil is a federal republic with 26 states and a Federal District. The federal government is comprised of the executive, legislative, and judicial branches. The system is governed by the 1988 Constitution, which grants broad powers to the federal government. The President may be elected to two four-year terms and appoints his own cabinet which does not require Congressional confirmation. The Congress consists of two houses, the Senate and the Chamber of Deputies. There are 81 Senators, three for each state and the Federal District, and 513 Deputies. Senate terms are for eight years (with elections staggered so that two-thirds of the upper house is up for election at one time and one-third four years later). Chamber terms are for four years, and Deputies are elected statewide. State representation in the Chamber is only loosely proportional. Each state is eligible for a minimum of 8 seats; the largest state delegation (Sao Paulo’s) is capped at 70 seats. The net result is a system heavily weighted in favor of the less populated states.
In addition to geographic imbalance, Congress is characterized by a large number of political parties. Federal deputies and senators do not always vote with their parties, a consequence of weak internal party discipline, and party switching is commonplace.
States are organized like the federal government, with three branches of government. Because of mandatory revenue allocation to states and municipalities provided for in the 1988 Constitution, Brazilian governors and mayors have exercised considerable power since 1989.
Orientation of Major Political Parties
The following are Brazil’s major political parties:
PT - Partido dos Trabalhadores (left)
PFL - Partido da Frente Liberal (center-right)
PMDB - Partido do Movimento Democratico Brasileiro (center)
PSDB - Partido da Social Democracia Brasileira (center-left)
PTB - Partido Trabalhista Brasileiro (center-right)
PPB - Partido Progressista Brasileiro (center-right)
PL - Partido Liberal (center-right)
PSB - Partido Socialista Brasileiro (left)
PPS - Partido Popular Socialista (left)
PDT - Partido Democrático Trabalhista (left)
PCdoB - Partido Comunista do Brasil (left)
Marketing Strategies
Distribution Channel Options
All of the customary import channels exist in Brazil: Agents, distributors, import houses, trading companies, subsidiaries and branches of foreign firms, among others. Brazilian importers generally do not maintain inventory of capital equipment, spare parts, or raw materials. This is partly due to high importation and storage costs. Recently, due to the creation of additional bonded warehouses, industries that rely heavily on imported components and parts are maintaining larger inventories there.
Agents and Distributors
Although some companies import directly from foreign manufacturers without local representation, in most cases the presence of a local agent or distributor can be very helpful. As in other countries, the selection of an agent requires careful consideration. In general, larger companies will have sales offices throughout Brazil, which is key for U.S. companies seeking countrywide presence. Smaller agents may have geographical limitations.
Lawyers recommend that the exporter and representative have a written agreement. The advantages of a written agreement are that the exporter can limit his liability in case of any product defects, can define the type of warranty, protect his trademark and better ensure payments.
It is up to the foreign company and the local agent or distributor to negotiate the type of representation, whether it is an exclusive representation and whether performance targets are included. Contract clauses are freely negotiated between the foreign and local firms. However, we strongly suggest that U.S. companies consult with a Brazilian law firm before signing any type of agreement with local firms to avoid legal problems in the future. Under Brazilian law, an agency agreement entitles an agent to receive a termination amount equivalent to at least 1/12 of all commissions received throughout the contract.
Franchising
Franchising is one of the healthiest segments in the Brazilian economy and accounts for approximately 25% of gross revenue in the retail sector. Local Brazilian Franchises dominate the market (90%), however, foreign groups, particularly from the U.S., are making their way into the market too. The apparent success of local franchise operations is primarily attributed to the speed of service and quality of products offered by these firms.
To take best advantage of this huge market, U.S. franchisers must be prepared to adapt their product or service to the Brazilian market, invest in market research and test market receptivity thorough pilot projects. In Brazil franchise consultants call this process “the tropicalization of the franchise.”
The Franchising Law requires close attention. It states that franchisors - or their master-franchisees - should provide all their potential franchisees with a Franchise Offering Circular (Circular de Oferta de Franquia). This document must contain basic information regarding the economic and financial health of the franchisor, as well as information on any pending legal disputes.
Direct Marketing Options
Brazil is a large country, with a vast untapped interior, which is perfect for direct marketing. E-commerce is on the increase and provides many additional marketing and business opportunities. Because of its excellent postal service, direct marketing is a proven way to reach 35 million middle-class Brazilian consumers. On average, Brazilians only receive 10 percent as much direct mail as U.S. citizens each year.
Although the Brazilian market differs from that of the United States in regards to telemarketing, postal rates, regulations, fulfillment, printing and mailing services, U.S. exporters do well in South America. U.S. leading catalog, E-commerce and teleservice firms have had a significant presence and have successfully marketed their products and services in Brazil (e.g.: Amazon.com is the largest online bookseller in Brazil).
Brazil is the ninth largest Internet market in the world, and the first in Latin America with the most advanced Internet and e-commerce industries. The Internet is having a profound effect on Brazil, and Brazilians have rapidly become the Latin American leaders in technological innovation and Internet applications.
In Brazil, business perspectives for the digital “e-conomy” are optimistic. Brazil has the most advanced Internet and e-commerce industries in Latin America. Today, approximately 20 million Brazilians are on-line on a regular basis and there are 35 million credit cards in circulation. Growth has been steady. Thus, Brazil is an important trading partner for U.S. companies, particularly for U.S. IT firms.
The Brazilian Direct Marketing Association (ABEMD) has over 1,000 members and reported that catalogers, financial service companies, publishers, telemarketers,
E-commerce companies, and service suppliers to the direct marketing industry constantly look to Brazil as a growing market. Nevertheless, U.S. companies must track the latest information about direct mail, Internet marketing, telemarketing, mailing lists, databases, media, DRTV, shipping, tariffs, taxes, credit cards, financial services, and other subjects vital to direct marketing.
U.S. exporters may sell directly to Brazilian consumers or distributors. However, different Brazilian customs rules apply to these types of transactions. As far as shipments to distributors or Brazilian trading companies, U.S. exporters can only sell to Brazilian companies that are registered with the Secretariat of Foreign Trade (SECEX) of the Ministry of Development, Industry and Commerce (MDIC). SECEX plays a central role in the implementation of directives on trade issues in general. With respect to sales to end users or consumers, U.S. exporters may ship the goods directly to them.
In such cases the following regulations must be noted:
Shipments under US$50 enter Brazil duty free;
Shipments over US$50 up to US$500 are subject to a flat 60 percent import tariff rate (except for pharmaceutical drugs and books which enter duty free regardless of the value of the shipment);
Merchandise imported under this mechanism cannot be resold locally; and
All Shipments valued above US$500 must be imported by Brazilian companies that are registered with SECEX. Also, in these cases, the product specific import tariff rate will apply rather than the flat 60 percent rate applied to shipments valued under US$500, as described above.
Joint Ventures and Licensing Options
Establishment of joint ventures is a common practice in Brazil. A major motivation for joint ventures is to pair foreign firms with Brazilian partners to compete in segments of the government procurement market or in other markets subject to government regulation, such as telecommunications and energy. Usually, joint ventures are established through two main legal formats -- “sociedades anônimas” or “limitadas,” which are legally similar to corporations and limited partnerships companies in the U.S.
Licensing agreements are common forms of accessing the Brazilian market. Use of a competent local attorney in structuring such an arrangement is advised. All licensing and technical assistance agreements, including trademark licenses, must be registered with the Brazilian Industrial Property Institute (INPI).
BRAZILIAN INDUSTRIAL PROPERTY INSTITUTE - INPI
Praça Mauá nº 7 - Centro
20081-240 - Rio de Janeiro - RJ - Brazil
Phone: 55/21) 2206-3000
Fax: 55/21 2263-2539
E-mail: patente@inpi.gov.br
Creating a Sales Office
Either setting up a company in Brazil or acquiring an existing entity is an option for investing in Brazil. Setting up new companies is relatively complex, although the Ministry of Development has signaled its desire to simplify this process. Acquisitions of existing companies are monitored by the Central Bank. Corporations (sociedades anonimas) and limited liability companies (limitadas) are relatively easy to form. Local law requires that foreign capital be registered with the Central Bank. Failure to do so may cause serious problems related to access to foreign exchange, capital repatriation, and profit remittance. For further information please contact the Secretariat of Foreign Trade - SECEX or the Brazilian Consulate in New York City. See Brazil’s Ministry of External Relations’ homepage at http://www.mre.gov.br for more information.
Selling Factors and Techniques
Sales are typically price-driven, but quality is also an important factor. Generally, U.S. goods are perceived as high quality products, but the opening of the market in the early nineties upgraded considerably the quality of locally produced products. To be competitive in the market, U.S. companies must offer high quality products at competitive prices. Other important aspects include financing, delivery, after sales support and customer service.
To be successful in Brazil, U.S. companies should also take into consideration the local culture and technical requirements, and adapt their products accordingly. In many cases, products manufactured at U.S. standards are not acceptable in Brazil. Due to Brazil’s vast territory and cultural differences, one must often develop different approaches for different parts of the country.
Advertising and Trade Promotion
Advertising in specialized trade and technical publications is an important marketing tool in the Brazilian market. With its well-established and diversified industrial sector, Brazil has a variety of specialized publications that serve the industrial and business communities. U.S. companies willing to sell in the Brazilian market should not ignore advertising in these trade publications. TV advertising in Brazil is also highly developed and plays an important role in the promotion of consumer goods and food products.
Brazil is home to many sophisticated advertising agencies, with first-world standards and a high level of creativity. According to Zenith Media and The Economist, Brazil’s total ad spending two years ago was US$ 6.9 billion and the sector has been growing steadily since then.
Some of the top networks in Latin America are:
McCann-Erickson
J. Walter Thompson Co.
Ogilvy & Mather
Euro RSCG
Leo Burnett
Y&R Advertising
D’Arcy Masius Benton & Bowles
Foote
Cone & Belding
DDB Worldwide Communications
Grey Worldwide
Lowe & Partners
Publicis Worldwide
Fischer America Comunicação
Duailibi Petit Zaragoza Propaganda (DPZ)
Grupo Interamericano de Comunicação
Saatchi & Saatchi
Talent Comunicação
Bates Worldwide
TBWA.
The Latin American ranking presents both foreign-owned agency networks and indigenous Brazilian agencies with multiple offices throughout Brazil. Brazil accounts for approximately 42% of publicity gross income in the region.
Top advertisers vary from year to year, but can be listed as: Volkswagen, Unilever, Fiat, Ford Motor Co., and Lopes Consultoria de Imoveis (real estate company) among others.
The top ad categories per investment ($) are:
Trade & commerce
Consumer services
Culture
Leisure
Sports & tourism
Media
Public & social services
The top ad-funded Web sites in Brazil include:
Universo OnLine (www.uol.com.br) with 650,000 subscribers
Terra/ZAZ (www.terra.com.br) with 450,000 subscribers
The biggest and most popular magazine in Brazil with a circulation of 1.12 million copies is a weekly publication called Veja, published by the Abril Publishing Company (www.uol.com.br/veja) and the biggest daily circulation newspaper is Folha de São Paulo, published by the Folha Group, with a circulation of 592,934 on Sundays, 449,888 on Mondays and 451,534 from Tuesday through Saturday (www.uol.com.br/fsp).
Participation in Brazilian trade fairs is another important marketing tool. The city of São Paulo hosts around 300 trade fairs per year. These events attract a large number of visitors and exhibitors from Brazil and foreign countries. The U.S. Department of Commerce assists U.S. companies seeking to do outreach at several of them (www.focusbrazil.org.br).
Sources: Adage Global (www.adageglobal.com), Interactive Media Association, Institute of Circulation Verification (IVC), Monitor/IBOPE, Zenith Media, The Economist, Meio & Mensagem (MMOnline).
Pricing Issues
Due to high local interest rates, often the price of products sold in the domestic market reflects financing costs. Therefore, price negotiations are intimately related to the supplier’s payment terms. It is not unusual for a company to select a supplier whose prices are higher than the competition based solely on payment terms.
The tax burden in Brazil on both imported and locally manufactured products is the heaviest in Latin America and higher than in the United States. To be competitive in the market, several companies are reducing profit margins and implementing efficient logistics systems to reduce costs.
In the case of foreign suppliers, it is important to calculate the import-related costs. In Brazil such costs are generally high. In some cases they are so high that a simple calculation may indicate that there is de facto no way the product can effectively compete with a locally made similar product.
After Sales Service and Customer Support
The “Consumer Protection Law” of 1992 requires customer support and after-sales servicing. In the case of imported products, the importer or the distributor is responsible for such services. Therefore, it is important that U.S. manufacturers appoint agents or distributors in Brazil that are qualified to provide such services.
Selling to the Government
The Brazilian Government procurement policies apply to purchases by government entities and by parastatal companies. Government procurement regulations contained in Law 8666 of August 1993 establish an open competitive process for major government procurement. Under 8666, price is to be the determining factor in selecting suppliers, i.e., the bid with the lowest price becomes the provisional winner. Law 8666 establishes general norms regarding tenders and administrative contracts (for goods and services) to be followed at the Federal, State, and Municipal levels, by entities directly and indirectly administered by the Federal Government, special funds, public enterprises, and companies of joint public and private ownership that are controlled by the Brazilian Government. Following enactment of Constitutional Amendment No. 6, of 15 August 1995, which suppressed the difference between nationally owned and foreign-owned companies, there is no distinction between Brazilian and foreign enterprises in the government procurement process. Nevertheless, in the case of a tie in the tendering process, preference is given to goods produced or services supplied by Brazilian firms of national capital; domestically produced in Brazil; or produced by a Brazilian company.
Most government procurement processes are open to international competition, either through direct bidding, consortia or imports. However many of the larger bids (e.g. military purchases) become very political and are done through “sole sourcing” or “national security” arrangements that exclude competition. This kind of purchasing does often require an act of Congress, which can be difficult and time consuming. Brazil is not a signatory of the WTO multilateral Agreement on Government Procurement (GPA), and as such does not necessarily use the same procedures as developed country signatories. International bidding is required for all procurements with international development bank funding, i.e. the Inter-American Development Bank, the World Bank, etc. The Brazilian executing agencies of IDB loans require international bidding above specific ceilings, according to IDB procurement guidelines. For example, consultant contracts require international bidding above US$200,000 and civil works above US$5 million. However, portions of major projects financed by IDB may not require bidding where local Brazilian counterpart funding is involved.
Government procurement of telecommunications equipment and data processing (informatics) equipment is exempted from the above requirements. Special requirements were established in 1993 and 1994 allowing locally manufactured telecommunications and informatics products to receive preferential treatment in government procurement, and to be eligible for tax and other fiscal benefits based on meeting local content and other requirements.
In practice, it is difficult for foreign companies to operate in the public sector in Brazil unless they are associated with a local firm. To be considered Brazilian, a firm must have majority Brazilian capital participation and decision-making authority (“operational control”). A Brazilian State enterprise is permitted to subcontract services to a foreign firm if domestic expertise is not available for the specific task. A foreign firm may only bid for government contracts to provide technical services when no qualified Brazilian firms exist.
In the case of international bids to supply goods and services or specific government projects, successful bidders are required to have local representation -- i.e., “legal presence” in Brazil. Since the open period for bidding is often as short as one month, it is advisable to have a partner resident in Brazil able to act on tenders as soon as they are announced.
An U.S. supplier may find that inclusion of local purchases of Brazilian goods and services within its bid, or significant subcontract association with a Brazilian firm, will improve the chances for success. Similarly, a financing proposal that includes credit for the purchase of local goods and services for the project will be more attractive.
Advance descriptions of U.S. suppliers’ capabilities can often be influential in gaining a bid contract. These early proposals can be effective even before the exact terms of an investment plan are defined or the project’s specifications are completed. Such a proposal should include financing, engineering, and equipment presentations.
Due to the advance of Internet technology and its successes with e-government trials, the Brazilian Government is changing Law 8666 to modify electronic procurement. The goal is to create a more efficient system using electronic purchase contracts and to allow small companies to have a better chance at competing with medium and large size companies.
Intellectual Property Risks
Brazil is a signatory to the Paris, Bern, and Universal Copyright conventions on intellectual property rights (IPR) protection, the WTO Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS), and the Patent Cooperation Treaty (PCT). Brazil is also a member of the World Intellectual Property Organization (WIPO).
The Brazilian Institute of Industrial Property (INPI - www.inpi.gov.br) is the government entity in charge of industrial property rights, and the formal examination of applications for trademark and advertising slogan registration, and the issuance of letters of patent.
Industrial Property
The Industrial Property Law (May 15, 1997, Law No. 9279) features the granting of patents to medicines, chemical, pharmaceutical and food products; besides patents of invention, utility models, industrial designs and models, trade and service marks, and advertising slogans. An additional feature is the recognition given to well-known (“famous”) brands.
Patents
For an invention to be protected, it must be patented in Brazil. Brazil is a member of the Paris Convention and thus U.S. patent holders have an exclusive right to apply for patents during certain periods: 6 months for industrial designs, and 12 months for inventions and utility models (a new arrangement of known materials which improve a product). A patent holder must use the patent commercially or the patent lapses. Food, medical, chemical-pharmaceutical products or preparations, and microorganisms are patentable. Foreign patent holders have expressed concern about INPI’s slow processing of patent applications.
As provided for in article 8 of the Industrial Property Law, the requirements essential for the granting of a patent in Brazil are: absolute novelty, industrial nature, and inventive nature. A patent is considered to be new when its subject is not included in the prior art concept. Prior art constitutes everything that has become accessible to the public through a written or oral description or by use or any other means, including the contents of patents in Brazil and abroad before filing a patent application, with the exception of cases where priority was previously applied for or a priority claim was made pursuant to the Paris Convention.
Letters patent may be issued for the protection of inventions, utility models, and registration of industrial designs. The protection granted by a patent extends for 20 years, in the case of inventions; for 15 years for patents on utility models; and for 10 years for industrial design patents, always as from the date the request for protection is filed at INPI.
Proceedings for the issuance of a letter patent are lengthy and time-consuming. An application must be submitted to INPI, containing the inventor’s claims, a full description of the invention and its drawing (when applicable), and proof of compliance with all legal requirements. Once the application has been presented, a preliminary formal examination takes place, and a certificate of filing is issued. The application will be kept secret for 18 months, and will then be officially published. The in
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