Foreign Market Entry Strategies for Essay

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19). The family-friendly atmosphere at the company's restaurants has also been conducive to its growth, as well as Applebee's combination of good food and alcoholic beverages. For instance, Crandall and his colleagues suggest that the casual dining nomenclature ". . . includes such settings as Applebee's where the food comes with a relaxed atmosphere. The concept here is 'not-so-fast' food for aging boomers who may still crave a burger but now want to sit down and eat it from a plate, perhaps with a glass of wine" (p. 19). The company has a proven track record of success in its foreign markets, making further expansions a viable proposition as discussed further below.

Identification and Discussion of Potential Foreign Market and Proposed Entry Strategy

In general, companies have a wide range of entry strategies available to enter foreign markets, including using company-owned restaurants that use locally hired managers or franchises (Prater & Ghosh, 2005). Given the broad-based nature of regional and local differences in beverage and food preferences, the use of local talent is regarded as essential to success in either case (Tavoletti, 2011).

Anticipated Challenges in the Foreign Market and Strategic Responses

The company must be prepared for changes in demand for its products due to economic downturns. In this regard, Crandall et al. (1999) report that, "The implementation of any restaurant-merchandising concept must be managed by appropriately setting prices.

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In order to do this, restaurant personnel must grasp the idea behind menu-item demand and the elasticity of that demand" (p. 19). In other words, local managers or franchise owners must have a keen understanding of how changes in price will affect current demand as well as how further demand will change as prices are increased or decreased (Crandall et al., 1999).

Untenable Foreign Markets

Virtually any of the emerging nations in Asia, South America and Oceana represent viable targets for expansion; however, countries where alcohol is not allowed or politically unstable regions would probably make poor candidates for the company's market diversification efforts.

Creating an Ethical Business Environment

The company's has a stated corporate social responsibility mandate that guides its business practices at home and abroad that should be followed in any new foreign markets.

Conclusion

The research showed that although the company does not serve them in all of their restaurants, the world is currently Applebee's oyster and is ripe for further expansion of its casual dining business model in many of the world's 200 or so countries with the exceptions noted above. People the world over want to enjoy good food and drinks in a relaxing atmosphere, differing only in regional and local preferences. Therefore, expanding the company's operations into additional foreign markets is a timely and justifiable.....

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