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Assignment on International Market Research

Added on - 03 Dec 2019

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INTERNATIONAL MARKETRESEARCH
TABLE OF CONTENTSINTRODUCTION......................................................................................................................1Background of the research....................................................................................................1Rationale................................................................................................................................1Problem statement..................................................................................................................1Objectives...............................................................................................................................2LITERATURE REVIEW...........................................................................................................2Indian restaurant industry.......................................................................................................2Quick service and Fine dining................................................................................................3Key growth drivers of the market..........................................................................................4Challenges faced by the global companies in Indian Market................................................5Operational challenges in front of global companies:............................................................5RESEARCH APPROACH.........................................................................................................6APPROPRIATE DATA COLLECTION & ANALYSIS METHODS.....................................7BARRIERS AND LIMITATIONS IN THE STUDY...............................................................8REFERENCES...........................................................................................................................9
INTRODUCTIONBackground of the researchIn today’s highly competitive environment hospitality industry is facing toughcompetition. Due to this, international business expansion is one of the critical success factorsand it requires developing appropriate strategies (Jones, 2009). India is one of the fastestgrowing countries and it gives immense opportunity to Ramsay to present their business overhere.Gordon James Ramsay is a Scottish Born British Chef. He is known for presenting hisTV programmes about the competitive cookery and food such as Ramsay's KitchenNightmares, along with the American versions of Hell's Kitchen. He became chef ofAubergine in London in the year of 1993 and was awarded two Michelin stars. In the cookingworld he has owned his own presence very quickly by serving most delicious food. In thisregard, at the age of 31, Ramsay has set up his first restaurant by his name Restaurant GordonRamsay (Henderson, 2011). This has received a huge success in the entire world of cookingand today it is London’s longest running restaurant nowadays. In this context, the presentresearch is being developed on the basis of Gordon Ramsay restaurants. In this regard,appropriate marketing research plan is going be developed that supports the expansion of thisrestaurant in India. On the basis of it, appropriate critical analysis takes place regardingproper marketing information in context of India and its developing business opportunities aswell (Pratten, 2003).RationaleReasons behind conducting this research are to recognize the future scopes andavailability of business expansion in India. Tourism is increasing on a rapid pace in India anddue to this there are several business opportunities. Due to such increasing opportunities,competition is also increasing. It is a major research issues which determines that due to theincreasing globalization and increasing tourism in India it can be determine that it becomesquite difficult for Gordon Ramsay to go through the effective expansion of their business.Problem statementOne of the major problems identified is related to the increasing competition andtourism in India. However, Government of India is taking several initiatives to plan up suchinfrastructure where new opportunities can be developed. The main problem is related withthe internationalization of business due to which country’s domestic business is decreasing.Page |1
ObjectivesTo evaluate the international marketing research plan for the expansion of GordonRamsey restaurant into India.To identify various strategies for international expansion of Ramsay restaurant inIndia.To determines various issues which might face at the time of expansion of Ramsayrestaurant.LITERATURE REVIEWIndian restaurant industryThe Indian restaurant industry is growing with a very fast pace. Despite of the largebase the market has witnessed a robust growth of around 16%-17% over the past three to fiveyears. It currently accounts for a share of the total consumer wallet (Meale, 2013). The Indianeconomy is expected to achieve strong growth in the upcoming years. The purchasing powerof consumers in India is increasing day by day. With the rising income level the power ofspending is expected to increase. Eating out is one such form of discretionary expenditure(Boyle, 2008).The above graph shows the characteristics of the Indian customers those who goes outin the restaurants for having dinner or lunch. It can be seen that 40% of customer are fromage group of 21 to 30 years. 31% of the customers are from age group of 31 to 40 years.Page |2Figure1: Age group profile of those who eat out(Source:Leer and Kjær, 2015)
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