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Business Project - Hank And Patty

   

Added on  2020-01-23

11 Pages3443 Words140 Views
Business project1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................31. RESEARCH AND DECIDE ON A COUNTRY........................................................................32. PRESENTING TAILORED MARKETING MIX......................................................................43. IMPLICATIONS CONSIDERED BY BUSINESS TO COVER WIDER GEOGRAPHICALAREA...............................................................................................................................................64. EVALUATING THE PROFITABILITY AND LIQUIDITY ....................................................75. VIABILITY OF OVERSEAS EXPANSION..............................................................................8REFERENCES..............................................................................................................................102

INTRODUCTIONThe growth of the business can be determined only with the help of innovative idea andprocedures. This assists management to deliver good quality of services to its potential buyersand accordingly retain them for longer time span. The present report is based on Hank and Patty;a coffee shop is offering varied products for meeting expectations of a large number of buyers inthe marketplace. This corporation is planning to expand its business in France for attracting morecustomer and building a good relationship with them. Further, tailored marketing mix is alsodesigned through which coffee shop can be expanded abroad for its higher rate of return andincreased sales turnover. In addition to this, issues which are faced by business at the time ofexpansion are also explained which aids to meet expectations of buyers in an effectual manner.1. RESEARCH AND DECIDE ON A COUNTRYThe expansion of business is done with the help of effective analysis of country where the firmis going to expand. It assists management to understand varied factors and direct impact on thesame on the operation of the corporation. It facilitates corporation work in the upward directionso that accordingly long as well as short-term objectives. This country is selected becauseapproximate 84.7 million visit the country for its most popular tourist destination in the world. Itgrabs attention of many business men also who visits the country frequently for businesspurpose. Here, attractive destinations like the Eiffel and famous landmark of Paris prove to beeffective for corporations like Hank and Patty (A unique array of attractions entice foreignfirms, 2010).It can be critically evaluated that countries like France tend to be the romantic point of manycouples for Honeymoon places and several other visitors. This has huge scope for businesses likeHank and Patty. However, currently smoking ban-related issue affect business to a great extentbut the proposed expansion of corporation makes it possible for firm attract buyers. This isbecause mostly buyers tend to focus on getting herbal coffee and juice such as cold drinks. Forexample, France as the lucrative tourist destination has the inclusion of several kids of peoplewho either have the vegetable or non-vegetable food. At this juncture, this coffee shop would beeffective for all kind of buyers who access this particular destination for attracting morecustomers (10 of the best cafes in Paris, 2017).3

In addition to this, financial stability and well-balanced economy assist management of Hankand Patty to select the France as the most effective market for its expansion. However, financialstability is the more important behind the growth of any sector which must be considered bycorporation effectively. This proves to be effective to reduce uncertainties associated with themarketplace to a great extent. At the same time, financial stability reflects that Hank and Pattycan easily avail cost effective source of finance along with the inclusion of highly skilled andcompetent workforce for the business.It can be critically evaluated that country as French follow the different culture then at first it isimportant to learn regarding the same to follow the same kind of practices in the daily operationof the business. At this juncture, English as common language will be kept through which peopleor customers, as well as business, can interact with each other. In addition to this, managementcan analyze the internal situation of the firm and accordingly higher competent personnel alongwith offering them suitable training to work in France (Huang and Sarigöllü, 2014). Moreover,technological soundness will be ensured as France is the developed nation where all coffee shopsare adopting latest technologies for promotion and placing orders. In addition to this, rules andregulation of nation must be complied by the owner of the business and accordingly taxationrelated obligation can be fulfilled. This, in turn, it becomes easy to maintain the ethical conductof business. Furthermore, being development country France provide higher stability in financialaspect and another related term (Liu, Li Chen, and Balachander, 2017). This makes it possible tocater the need of all related parties and creating the competitive edge of Hank and Patty in theinternational marketplace. It can be critically evaluated that contemporary issues like Brexit willnot have a significant impact on the performance of the business as the firm is going the start itsoperation in the developing nation. Hence, France has been considered as the most suitablecountry for expansion of Hank and Patty.2. PRESENTING TAILORED MARKETING MIXThe marketing mix is the most important part of marketing field which consists of differentelements such as product, price, place and promotion along with extended elements such asphysical evidence, people, and process. This affects the operation of the business to a greatextent as suitable price strategy is adopted along with a selection of promotional strategy. Itenables the firm to integrate all operational activities and support stakeholders to increase the4

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