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Unit 6: Managing a Successful Business Project Report

   

Added on  2021-02-20

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Leadership ManagementData Science and Big Data
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Unit 6: Managing a Successful Business Project Report: The Benefits and Risks of a Joint Business Venture to enter an InternationalMarket like India: A study on Iceland Foods Group Ltd.
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Table of ContentsChapter 1: INTRODUCTION .........................................................................................................3Aim of the project ......................................................................................................................3Statement of the project .............................................................................................................3Research Objective .....................................................................................................................3Research question .......................................................................................................................4Rationale of the project .............................................................................................................4CHAPTER 2: Literature review.......................................................................................................5Market research in order to identify the sorts of questions typically asked when a food retailerconsiders entering a foreign marketplace....................................................................................6Online questionnaire with Facebook friends and other contacts in India about their foodshopping patterns, and likely attitudes-.......................................................................................6Recommendations to foreign food entities about entering the Indian market and how it mightposition itself if it does so-..........................................................................................................7Chapter 3: RESEARCH METHODOLOGY...................................................................................8Data Procedures..........................................................................................................................9Chapter 4: Data Analysis...............................................................................................................13CHAPTER 5: RECOMMENDATIONS AND CONCLUSION...................................................20Recommendations.....................................................................................................................20Conclusion.................................................................................................................................21REFLECTION ..............................................................................................................................21REFERENCES..............................................................................................................................23
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Chapter 1: INTRODUCTION Joint venture is the business arrangement in that two or more than that parties agree forpooling their resources with the motive of achieving particular task. In that, task can be newproject and any other business activity as well as within this every partner is responsible forprofit, losses and cost related to it. This project is based on Iceland Foods Group Ltd. Which ispart of retail industry planning for entering within market of India because there is largeopportunity within this market. Respective organisation deals in serving frozen food and meat ofhigh quality with affordable price. In addition to this, research is conducted for analysingimportance of globalisation for an business firm within several market through joint venture.Along with this, it will help in analysing different ways by that Iceland Food Group will enterwithin Indian market. Aim of the project The aim of this project is “The aim of the project is to carry out market research aboutwhether Iceland should enter the Indian market and, if so, how it should position itself”. Statement of the project According to the research aim it is analysed that there are different ways by whichcompanies can establish business into foreign markets. This research is conducted for Icelandfood Group to know whether it should enter in Indian market or not. Research Objective To review the literature on market research in order to identify the sorts of questions typicallyasked when a food retailer considers entering a foreign market.
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To carry out an on-line questionnaire with Facebook friends and other contacts in Indiaabout their food shopping patterns, and likely attitudes towards Iceland setting up inIndia.To make realistic recommendations to Iceland about entering the Indian market and howit might position itself if it does so. Research question What are the Questions asked by food retailer while entering into foreign markets? Provide an Online questionnaire with Facebook friends and other contacts in India abouttheir shopping patterns, and attitude towards Iceland setting up in India?Give Recommendation for Iceland about entering the Indian market and how will itposition itself in Indian market ?Rationale of the project Globalisation is defined as the process by which different companies enter into foreignmarkets for increasing their market share and sales (AlBattat and Som, 2013). Joint venture iscommon way by which different companies can enter into new markets for establishing asuccessful business. In this project the company naming Iceland Foods Group wants to enter intoIndian market as there are a lot of potential customers in this region. Thus aim of the project ischosen for analysing whether this company can establish joint venture in Indian market and dobusiness or not.
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CHAPTER 2: Literature reviewThe literature review can be defined as a process of reviewing any article. As well as it isa type of scholarly paper that consists current findings on the basis of knowledge (Amin and et.al., 2013). Additionally, it includes theoretical and methodological benefaction to a particulartopic. Herein, it is important to know that this type of review is done on those topic whichalready have been researched. Due to this, readers can aware about the topic which is researched(Wu and Cheng, 2013). As well as new researchers can take decision as per the this review aboutwhether they should conduct research or not on any topic. Joint ventures are defined as most common way by which various companies enter intointernational markets. It is important for every business to establish brand image in foreigncountries. The best way to start new business in a new country is through joint ventures. Incontext of retailing sector of UK, there is a huge competition as there are many retailers dealingwith quality products and services in market. The company in this project naming Iceland FoodsGroup Ltd. Is a retail company which is planning for entering into market of India as there is alarge opportunity in Indian market (Zaibaf, Taherikia and Fakharian, 2013). India has a largecustomer base of both higher as well as medium income class and also there is increasing growthof GDP of this country. India is said to be lucrative market in which investment can be done forincreasing the sales and growth of the company. Iceland is a company that deals in servingfrozen foods and meats of higher quality and with affordable prices. This company is planning toenter market of India through joint venture (Wu and Ko, 2013). This is basically a common wayof combining resources and expertise of two different companies. There are several advantagesas well as disadvantages of joint venture of a company. In context of the following project it canbe said that this research is conducted for analysing the importance of globalisation of anorganisation into different markets through joint venture. This project is done for analysing thedifferent way by which Iceland Food Group can enter into Indian market.Herein, below literature review is conducted as per the given objectives of Ice group foodlimited:5
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Market research in order to identify the sorts of questions typically asked when a food retailerconsiders entering a foreign marketplaceAs per the thoughts presented by Ong, (2012) market research is considered as the effortsof organisation to gather information from the chosen market place or targeted customers zone.Market research is generally conducted for improving knowledge of the company on presentedtopic or situation so that appropriate decision can be taken on the same. With reference to thefood retailer industry, it has been analysed that marketing of this company generally conductsmarket research for gathering information about foreign marketplace where they are planning toexpand their business effectively. In this, they basically uses questionnaire. Questionnaire areincludes numerous of close ended questions which makes it easier for investigator to gatherinformation on right track. This makes it easier for company to take decision about whether theyshould expand their business in foreign or not. On the basis of gathered data, food retailers cansuggest to the companies about customers need and demand. Online questionnaire with Facebook friends and other contacts in India about their food shoppingpatterns, and likely attitudes-According to Khare and Singh 2012, the questionnaires can be shared with the use ofonline techniques such as Facebook. With the use of online questionnaires, users can find outmore relevant information in less cost and time. As well as this type of research can be successin the food industry because the research of these kind of industries require wide area ofrespondents and it can be possible by online research. People in India have different pattern,perceptions and attitude in food shopping. This is why because of different culture, religion andlike dislike about the fast food (Mok, Sparks and Kadampully, 2013). Though foreign foodcompanies are getting success in the India and reason behind this is the wide range of culture,opinions and perceptions.According to the Zhao, Deng and Zhou, 2017, different people have different opinionsabout the food purchasing. The reason behind this is that in India people are from variousbackground and religion. So some people may like the fast food on the other hand some one maynot. If food retailers will conduct the online research then it will be benefaction for them intaking decisions about opening the food store in India (Manhas and Tukamushaba, 2015). Apartfrom it, with the use of online research, the segment of questions (questionnaires) can be forwardto more people in less time and less cost. One of the issue in online research is that there is less
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