UK Market Entry: A Business Plan for Sunglasses
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AI Summary
The content discusses the expansion of a sunglasses company into new markets, particularly in the UK. The article highlights the importance of financial assistance and joint ventures to ensure success. It also outlines six steps for implementing a business plan, including writing an outline, conducting research, reviewing budgets, gathering human resources, beginning implementation, and reviewing the plan periodically. The content also references various sources to support its claims.
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Contents
Introduction.................................................................................................................................................3
External Environment and its influence on Plan..........................................................................................4
UK- Market Environment............................................................................................................................6
SWOT Analysis of the opportunity.............................................................................................................8
Objectives of the Plan................................................................................................................................10
Entry Strategy............................................................................................................................................11
Implementation of the Plan........................................................................................................................12
References.................................................................................................................................................14
Introduction.................................................................................................................................................3
External Environment and its influence on Plan..........................................................................................4
UK- Market Environment............................................................................................................................6
SWOT Analysis of the opportunity.............................................................................................................8
Objectives of the Plan................................................................................................................................10
Entry Strategy............................................................................................................................................11
Implementation of the Plan........................................................................................................................12
References.................................................................................................................................................14

Introduction
A Business Plan is a precisely written document that presents the strategies and resources that
would be incorporated to expand a business or start an entirely new business idea. This document
may include objectives, strategies, sales, marketing and financial forecast of the chosen business
idea. The executives of a firm use this business plan as a roadmap to determine the rate of
business success and also to evaluate the prime loopholes in the plan. An effective business plan
also enlists the prime goals of a company and its new venture and also suggests methodologies to
attain them while using the available resources and in a given time period.
The following report has been written as a Business Plan for the sunglasses company competing
with the brands like Prada and Oakley in the markets. The plan will evaluate the markets of the
UK as it is the chosen company for expansion. The report has been divided into a number of
sections for a better understanding of the topic. The first section will discuss the External
Environment factors followed by a discussion of the Income levels, Culture, Buying behavior
and Market segmentation in the next section. A SWOT analysis will also be conducted to
critically evaluate the effectiveness of the chosen opportunity. The prime objectives of the plan
would be discussed in the third last segment followed by a suggestion of the most appropriate
market entry strategy/ strategies. The last section of the report will outline the implementation
process of the entre discussion.
A Business Plan is a precisely written document that presents the strategies and resources that
would be incorporated to expand a business or start an entirely new business idea. This document
may include objectives, strategies, sales, marketing and financial forecast of the chosen business
idea. The executives of a firm use this business plan as a roadmap to determine the rate of
business success and also to evaluate the prime loopholes in the plan. An effective business plan
also enlists the prime goals of a company and its new venture and also suggests methodologies to
attain them while using the available resources and in a given time period.
The following report has been written as a Business Plan for the sunglasses company competing
with the brands like Prada and Oakley in the markets. The plan will evaluate the markets of the
UK as it is the chosen company for expansion. The report has been divided into a number of
sections for a better understanding of the topic. The first section will discuss the External
Environment factors followed by a discussion of the Income levels, Culture, Buying behavior
and Market segmentation in the next section. A SWOT analysis will also be conducted to
critically evaluate the effectiveness of the chosen opportunity. The prime objectives of the plan
would be discussed in the third last segment followed by a suggestion of the most appropriate
market entry strategy/ strategies. The last section of the report will outline the implementation
process of the entre discussion.

External Environment and its influence on Plan
In order to evaluate the external factors which have a capability to influence the internal working
of the entrant in the markets, a PEST analysis has been conducted here. This analysis evaluates
all the possible factors present in the markets.
Political Factors: - The political environment is quite stable in the country but the laws are quite
strict. The government follows all possible measures to highly encourage the private enterprises,
both domestic and international. The country is a constitutional monarchy and effectively runs
under the intense influence of the parliamentary system. A number of elements of our business
plan and its inner workings would be influenced by the public as it is extremely fair country.
Also, the plan could be influenced by the well-hidden corruptions prevailing in the country
(Financial Times, 2017).
Economic Factors: - The UK has a strong economic position as compared to other developed
countries. It has the 5th highest GDP (Gross Domestic Production) in the world. The large
population allows the small markets to be profitable. Increasing Foreign Direct Investments
(FDI) are increasing opportunities for the new entrants in the markets. Apart from this, there has
been a slow recovery from the economic recession period of 2008-2009. This might affect the
availability of quick investors for the new ventures in the market.
Social Factors: - The country is densely populated with 64.1 million inhabitants. The country
has an open migration system leading to cosmopolitan environment. Every 1 out of 8 residents of
the company is born abroad so the cheap labor is easily available. Apart from this, the standard
of living is also quite high. The last factor may highly influence the sales of the branded
sunglasses as most of the people could readily afford it (Anglo, 2017).
In order to evaluate the external factors which have a capability to influence the internal working
of the entrant in the markets, a PEST analysis has been conducted here. This analysis evaluates
all the possible factors present in the markets.
Political Factors: - The political environment is quite stable in the country but the laws are quite
strict. The government follows all possible measures to highly encourage the private enterprises,
both domestic and international. The country is a constitutional monarchy and effectively runs
under the intense influence of the parliamentary system. A number of elements of our business
plan and its inner workings would be influenced by the public as it is extremely fair country.
Also, the plan could be influenced by the well-hidden corruptions prevailing in the country
(Financial Times, 2017).
Economic Factors: - The UK has a strong economic position as compared to other developed
countries. It has the 5th highest GDP (Gross Domestic Production) in the world. The large
population allows the small markets to be profitable. Increasing Foreign Direct Investments
(FDI) are increasing opportunities for the new entrants in the markets. Apart from this, there has
been a slow recovery from the economic recession period of 2008-2009. This might affect the
availability of quick investors for the new ventures in the market.
Social Factors: - The country is densely populated with 64.1 million inhabitants. The country
has an open migration system leading to cosmopolitan environment. Every 1 out of 8 residents of
the company is born abroad so the cheap labor is easily available. Apart from this, the standard
of living is also quite high. The last factor may highly influence the sales of the branded
sunglasses as most of the people could readily afford it (Anglo, 2017).
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Technological Factors: - The chosen country is an MEDC i.e. More Economically Developed
Country, hence it is obvious that the country has good access to technology. The country has a
number of technological factors such as Quality innovative skills, Expertise in science and IT,
Effective laws related to intellectual property and a plenty of intellectual competition in the
markets. All these factors can affect the new entrant by providing talented workforce to the
company and even promoting growth due to intense competition.
Legal Factors: - In UK, all the government policies are effectively implemented. The legal
changes affecting the business are completely tied to the political changes and hence the new
entrants have to be prepared for the upcoming challenges in the future. According to labor law, a
company can only make its workers work for 48 hours in 7 days and minimum rest of 11 hours
in each 24-hour period. This factor allows the entering firm to redefine the wages and
remuneration policy for its workers (European Commission, 2014).
Country, hence it is obvious that the country has good access to technology. The country has a
number of technological factors such as Quality innovative skills, Expertise in science and IT,
Effective laws related to intellectual property and a plenty of intellectual competition in the
markets. All these factors can affect the new entrant by providing talented workforce to the
company and even promoting growth due to intense competition.
Legal Factors: - In UK, all the government policies are effectively implemented. The legal
changes affecting the business are completely tied to the political changes and hence the new
entrants have to be prepared for the upcoming challenges in the future. According to labor law, a
company can only make its workers work for 48 hours in 7 days and minimum rest of 11 hours
in each 24-hour period. This factor allows the entering firm to redefine the wages and
remuneration policy for its workers (European Commission, 2014).

UK- Market Environment
The UK has an open economy in which in which both the International Trade and the
Investments play a crucial role. The UK is considered as the leading Business Center of the
Europe as it has effectively appreciated the elements of basic culture, ethics and business values
and because of this only lot of organizations is eager to conduct business in such varied yet
traditional markets. Within EU, this country has least restricted business environment alongwith
least regulated business environment, widely spoken language, good communication systems and
lowest corporate and personal tax rates (Commisceo Global Consultancy, 2017).
Income Levels: - UK is a wealthy country with none of the earners living on less than £10 per
day. The year 2012- 2013 statistics have shown that the median income in UK was £21,000per
annum but it rapidly changes according to the age, location, nature of job and data sources. The
people are living a very good lifestyle and could readily spend on leisure items. Moreover, the
citizens of UK have a very good sense of fashion hence they could easily manage to spend a
good portion of their income on clothing and other accessories.
Culture: - The culture in this country is highly influenced by the history and the citizens usually
live a predominantly Christian religious life. The people are well educated, civilized and well-
mannered. At the same time they are hard to understand and even very class conscious. There are
two official languages in the country, English and Welsh. In 90% regions of the country, English
is spoken and Welsh are spoken only in Wales. In the 2011 census, 59% of the citizens were
Christians and the second most prevalent religion is Muslim which is practiced by almost 5% of
the total population (Olswang LLP, 2011).
The UK has an open economy in which in which both the International Trade and the
Investments play a crucial role. The UK is considered as the leading Business Center of the
Europe as it has effectively appreciated the elements of basic culture, ethics and business values
and because of this only lot of organizations is eager to conduct business in such varied yet
traditional markets. Within EU, this country has least restricted business environment alongwith
least regulated business environment, widely spoken language, good communication systems and
lowest corporate and personal tax rates (Commisceo Global Consultancy, 2017).
Income Levels: - UK is a wealthy country with none of the earners living on less than £10 per
day. The year 2012- 2013 statistics have shown that the median income in UK was £21,000per
annum but it rapidly changes according to the age, location, nature of job and data sources. The
people are living a very good lifestyle and could readily spend on leisure items. Moreover, the
citizens of UK have a very good sense of fashion hence they could easily manage to spend a
good portion of their income on clothing and other accessories.
Culture: - The culture in this country is highly influenced by the history and the citizens usually
live a predominantly Christian religious life. The people are well educated, civilized and well-
mannered. At the same time they are hard to understand and even very class conscious. There are
two official languages in the country, English and Welsh. In 90% regions of the country, English
is spoken and Welsh are spoken only in Wales. In the 2011 census, 59% of the citizens were
Christians and the second most prevalent religion is Muslim which is practiced by almost 5% of
the total population (Olswang LLP, 2011).

Buying Behavior: - The UK customers have a unique buying behavior. The 70% of the
consumers in UK finds too much personalization of the product creepy. The companies that
personalize the products on the basis of the purchasing habits and precise needs of the customers
are not encouraged in UK markets. It has also been noted that 28% of the customers are highly
influenced by the promotion activities of the company and specially the online promotion. The
customers also have a great response towards the loyalty schemes launched by the companies
and most of them want faster rewards associated with the schemes. The promotional offers are
common among the customers in times of festive seasons such as Christmas. A research showed
that in the year 2015 over 85% of the shoppers planned to use the promotional offers while
carrying out their grocery shopping in the Christmas season (The World Bank Group, 2017).
Market Segmentation: - The sunglasses company planning to expand in UK could target the
highly earning people of the country who are style and fashion concerned and could readily
spend on leisure items easily. The company could target people of the age group of 20-35 years
of people for its smart and funky designs and the people falling in age group above this one for
its classy and subtle designs. Moreover, as the company is quite similar to the leading brands like
Prada and Oakley, hence it could target all the brand conscious people across the country who
considers such accessories as prime need of their lives.
consumers in UK finds too much personalization of the product creepy. The companies that
personalize the products on the basis of the purchasing habits and precise needs of the customers
are not encouraged in UK markets. It has also been noted that 28% of the customers are highly
influenced by the promotion activities of the company and specially the online promotion. The
customers also have a great response towards the loyalty schemes launched by the companies
and most of them want faster rewards associated with the schemes. The promotional offers are
common among the customers in times of festive seasons such as Christmas. A research showed
that in the year 2015 over 85% of the shoppers planned to use the promotional offers while
carrying out their grocery shopping in the Christmas season (The World Bank Group, 2017).
Market Segmentation: - The sunglasses company planning to expand in UK could target the
highly earning people of the country who are style and fashion concerned and could readily
spend on leisure items easily. The company could target people of the age group of 20-35 years
of people for its smart and funky designs and the people falling in age group above this one for
its classy and subtle designs. Moreover, as the company is quite similar to the leading brands like
Prada and Oakley, hence it could target all the brand conscious people across the country who
considers such accessories as prime need of their lives.
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SWOT Analysis of the opportunity
This new sunglasses company has a number of opportunities in the markets of the UK. To
analyze these opportunities, a SWOT Analysis has been conducted covering both the positive
and negative aspects of the markets (Menon, 2016).
The UK has a relatively strong position in the global markets. The country has an advantageous
trading position as it has been able to hold good relations with both the importers and exporters.
The country also has a number of well educated workforces who are looking to provide value in
tertiary, service-based industries. A good education background also provides a good opportunity
to the new entrants as they could recruit highly skilled staff for various crucial positions in their
company. Compared to other European States, the country receives plenty of Foreign Direct
Investments from other developed economies (Cadman & Tetlow, 2017). This not only boosts up
the country in a financial manner but also allows it to strengthen its relationship with leaders in
the world economy. The prime strength is provided to the country by a fact that its political
culture is quite stable as all the other developed economies across the world. This allows
flexibility in a number of laws and restrictions that the new entrants in the markets have to face
(Chan, 2015).
Although UK is among the powerful economies of the world, still it is facing a number of
drawbacks that weakens its position in myriads of ways. The country’s transport system is still
under a question and needs a rapid transformation. The reason behind the poor transport system
is the dense population and a number of industries occupying most of the lands. Other weak area
of the country is its Innovation sector. The country simply follows the trails of the developed
economies like the USA in creation and production process and lacks its own ideas and
This new sunglasses company has a number of opportunities in the markets of the UK. To
analyze these opportunities, a SWOT Analysis has been conducted covering both the positive
and negative aspects of the markets (Menon, 2016).
The UK has a relatively strong position in the global markets. The country has an advantageous
trading position as it has been able to hold good relations with both the importers and exporters.
The country also has a number of well educated workforces who are looking to provide value in
tertiary, service-based industries. A good education background also provides a good opportunity
to the new entrants as they could recruit highly skilled staff for various crucial positions in their
company. Compared to other European States, the country receives plenty of Foreign Direct
Investments from other developed economies (Cadman & Tetlow, 2017). This not only boosts up
the country in a financial manner but also allows it to strengthen its relationship with leaders in
the world economy. The prime strength is provided to the country by a fact that its political
culture is quite stable as all the other developed economies across the world. This allows
flexibility in a number of laws and restrictions that the new entrants in the markets have to face
(Chan, 2015).
Although UK is among the powerful economies of the world, still it is facing a number of
drawbacks that weakens its position in myriads of ways. The country’s transport system is still
under a question and needs a rapid transformation. The reason behind the poor transport system
is the dense population and a number of industries occupying most of the lands. Other weak area
of the country is its Innovation sector. The country simply follows the trails of the developed
economies like the USA in creation and production process and lacks its own ideas and

innovations. This is why the inhabitants do not readily accept any change processes. Moreover,
the country also has a significant wealth disparity among its citizens. There is a great wealth
difference among the wealthier, high-class level people and the poor citizens of the company.
Thus the new entrants have to consider the market segmentation seriously and align their
marketing strategies according to the limited number of target markets only (Bishop, 2013).
There may be a number of loopholes in this country, yet it offers equal opportunities to both the
domestic as well as international companies. The Trade rules of the country are quite lenient and
hence the foreign companies could easily enter and explore the new markets. This will allow the
industries to develop more and more powerful and reliable trade partners. There is also an
opportunity for our company in the form of migrants as at present UK is supporting and
encouraging migrations from all over the world. This might improve the availability of talented
and skilled workforce in the coming years. The adoption of technology by the citizens could also
be an opportunity in the coming future as the country might be able to adopt technological
reformations like the other global leaders (Elliott, 2014).
Alongwith opportunities, the UK markets also offer threats to the new entrants in the form of
competition and inevitable financial crisis. Most of the domestic companies are working hard to
outperform the foreign competitors. Moreover, the citizens also has a great reliability on the local
brands rather than on the brands which has just started its expansion So, the new entrant is likely
to face a fierce completion from the domestic marketers. There are a number of ongoing events
across the globe that has a potential to trigger economic crisis in the UK. In such a case, the
country would try to protect its local resources and company rather than focusing on the foreign
entrants.
the country also has a significant wealth disparity among its citizens. There is a great wealth
difference among the wealthier, high-class level people and the poor citizens of the company.
Thus the new entrants have to consider the market segmentation seriously and align their
marketing strategies according to the limited number of target markets only (Bishop, 2013).
There may be a number of loopholes in this country, yet it offers equal opportunities to both the
domestic as well as international companies. The Trade rules of the country are quite lenient and
hence the foreign companies could easily enter and explore the new markets. This will allow the
industries to develop more and more powerful and reliable trade partners. There is also an
opportunity for our company in the form of migrants as at present UK is supporting and
encouraging migrations from all over the world. This might improve the availability of talented
and skilled workforce in the coming years. The adoption of technology by the citizens could also
be an opportunity in the coming future as the country might be able to adopt technological
reformations like the other global leaders (Elliott, 2014).
Alongwith opportunities, the UK markets also offer threats to the new entrants in the form of
competition and inevitable financial crisis. Most of the domestic companies are working hard to
outperform the foreign competitors. Moreover, the citizens also has a great reliability on the local
brands rather than on the brands which has just started its expansion So, the new entrant is likely
to face a fierce completion from the domestic marketers. There are a number of ongoing events
across the globe that has a potential to trigger economic crisis in the UK. In such a case, the
country would try to protect its local resources and company rather than focusing on the foreign
entrants.

Objectives of the Plan
In this business plan, a sunglasses company, with a similar brand identity to the leading firms in
the market, is going to enter the domestic markets of the UK. Thus, there needs to be precise set
of objectives for the entire plan:
#Objective 1: The foreign entrant will analyze all the aspects and crucial elements of the
markets where it will be entering so as to face all the possible challenges of the future. Such an
analysis will also help in anticipation of all possible strategies and suggestions that could be
readily employed in times of crisis (Coppola, 2012).
#Objective 2: The Company also aims to search for the prime target markets and cover almost
one-fourth of them in the first financial year. The analysis of the precise target markets will
allow the company to manufacture and process its products according to the prime needs and
taste of the customers.
#Objective 3: Another aim of the company under this plan is to gather a number of public and
private investors for the firm so that the company do not face any financial crisis in the foreign
lands and even readily spend on any new innovative idea (only if it is likely to increase the
customer base and profit rates for the firm).
#Objective 4: The increment of the market share is also an aim of the company. The target of
the firm is to double up the market shares in the first two financial years and even establish a
good brand identity of the firm in the markets. The executives have a goal to set a brand image
for the firm as equal to the leading brands (like Prada) in the UK markets also (PWC, 2016).
In this business plan, a sunglasses company, with a similar brand identity to the leading firms in
the market, is going to enter the domestic markets of the UK. Thus, there needs to be precise set
of objectives for the entire plan:
#Objective 1: The foreign entrant will analyze all the aspects and crucial elements of the
markets where it will be entering so as to face all the possible challenges of the future. Such an
analysis will also help in anticipation of all possible strategies and suggestions that could be
readily employed in times of crisis (Coppola, 2012).
#Objective 2: The Company also aims to search for the prime target markets and cover almost
one-fourth of them in the first financial year. The analysis of the precise target markets will
allow the company to manufacture and process its products according to the prime needs and
taste of the customers.
#Objective 3: Another aim of the company under this plan is to gather a number of public and
private investors for the firm so that the company do not face any financial crisis in the foreign
lands and even readily spend on any new innovative idea (only if it is likely to increase the
customer base and profit rates for the firm).
#Objective 4: The increment of the market share is also an aim of the company. The target of
the firm is to double up the market shares in the first two financial years and even establish a
good brand identity of the firm in the markets. The executives have a goal to set a brand image
for the firm as equal to the leading brands (like Prada) in the UK markets also (PWC, 2016).
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Entry Strategy
UK markets are highly developed unlike the other raw markets of the developing nations. Just
because of this, the market entries are not that simple. Among the ample of market entry
strategies available, the Partnering and Joint Ventures are the most appropriate ones. In
Partnering, two or more ventures work together to enter a market. Also, the new entrant could
seek help from the domestic leaders in which the latter could help the former in understanding
the prevailing trends of the new markets and even in anticipating the changing behavior of the
customers. The sunglasses company could pair up with the other small or large scale industry of
it parent country which is also planning for expansion and diversification. Partnering can take a
variety of forms ranging from simple co-marketing arrangement to sophisticated strategic
alliances for manufacturing. This approach is appropriate as both in an expansion both the
country’s market differs a lot in terms of culture, business strategies and social norms. In order to
get deep insights of the foreign markets one could easily opt for partnership (Nisha, 2016).
By using another option of Joint Venture, the company could work together with another
company to form a third company and enter the markets. The prime benefit of such an approach
is that both the risks and benefits of the new markets are equally shared. Also, if the company
cannot arrange for better financial assistance, then the other participant of the Joint venture could
pool amount and get an equivalent profit for the same. The joint venture could also be brought
about by the chosen foreign investor (i.e. the Sunglasses Company) and any local firm of the
domestic markets. With the joint financial strength the company could pose a great competitive
threat to the other similar rivals in the market (Cadman & Tetlow, 2017).
UK markets are highly developed unlike the other raw markets of the developing nations. Just
because of this, the market entries are not that simple. Among the ample of market entry
strategies available, the Partnering and Joint Ventures are the most appropriate ones. In
Partnering, two or more ventures work together to enter a market. Also, the new entrant could
seek help from the domestic leaders in which the latter could help the former in understanding
the prevailing trends of the new markets and even in anticipating the changing behavior of the
customers. The sunglasses company could pair up with the other small or large scale industry of
it parent country which is also planning for expansion and diversification. Partnering can take a
variety of forms ranging from simple co-marketing arrangement to sophisticated strategic
alliances for manufacturing. This approach is appropriate as both in an expansion both the
country’s market differs a lot in terms of culture, business strategies and social norms. In order to
get deep insights of the foreign markets one could easily opt for partnership (Nisha, 2016).
By using another option of Joint Venture, the company could work together with another
company to form a third company and enter the markets. The prime benefit of such an approach
is that both the risks and benefits of the new markets are equally shared. Also, if the company
cannot arrange for better financial assistance, then the other participant of the Joint venture could
pool amount and get an equivalent profit for the same. The joint venture could also be brought
about by the chosen foreign investor (i.e. the Sunglasses Company) and any local firm of the
domestic markets. With the joint financial strength the company could pose a great competitive
threat to the other similar rivals in the market (Cadman & Tetlow, 2017).

Implementation of the Plan
The business plan is incomplete without a perfect implementation of the process. For
implementation, the following steps could be undertaken:
Step 1: Writing the outline of the plan: This could include the description of the product,
mission and vision statement and even the market been considered for the expansion.
Step 2: Conducting a research to evaluate the primary resources: The executives of the firm
could conduct elaborate research to gather resources for the business plan. In this step, experts
could be hired for advices and encouragement (Mooney, 2016).
Step 3: Review of the budget: In this step, the company could hire accountants for reviewing
the budget of the plan and even anticipate the extra amounts to be paid in the form of taxes.
Step 4: Gather Human resources and communicate the Plan: In this step, the company could
hire new employees and even prepare the existing ones to work hard in the direction of the
proposed plan. Special trainings could be provided to the expatriates.
Step 5: Begin the plan by proper implementation: In this step, the company could gather all
the license and permits from the foreign country (where the firm is about to expand), open a legal
bank account and trademark the company’s name in case of Joint Ventures. Apart from this the
firm could also develop marketing materials and create promotions (Upton, 2016).
Step 6: Review the business plan: In order to evaluate the loopholes of the process, the
executives are required to review the process all over again on a periodic basis. This will also
allow the team members to evaluate the lacking and abundant resources and employ them
accordingly to various sub units of the proposed business plan. In this step, the budgeted
The business plan is incomplete without a perfect implementation of the process. For
implementation, the following steps could be undertaken:
Step 1: Writing the outline of the plan: This could include the description of the product,
mission and vision statement and even the market been considered for the expansion.
Step 2: Conducting a research to evaluate the primary resources: The executives of the firm
could conduct elaborate research to gather resources for the business plan. In this step, experts
could be hired for advices and encouragement (Mooney, 2016).
Step 3: Review of the budget: In this step, the company could hire accountants for reviewing
the budget of the plan and even anticipate the extra amounts to be paid in the form of taxes.
Step 4: Gather Human resources and communicate the Plan: In this step, the company could
hire new employees and even prepare the existing ones to work hard in the direction of the
proposed plan. Special trainings could be provided to the expatriates.
Step 5: Begin the plan by proper implementation: In this step, the company could gather all
the license and permits from the foreign country (where the firm is about to expand), open a legal
bank account and trademark the company’s name in case of Joint Ventures. Apart from this the
firm could also develop marketing materials and create promotions (Upton, 2016).
Step 6: Review the business plan: In order to evaluate the loopholes of the process, the
executives are required to review the process all over again on a periodic basis. This will also
allow the team members to evaluate the lacking and abundant resources and employ them
accordingly to various sub units of the proposed business plan. In this step, the budgeted
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numbers could be compared to the actual figures being obtained by doing the business. The
experts could be hired at this step to evaluate that whether the firm could keep operating as it is
or they need to make substantial changes.
experts could be hired at this step to evaluate that whether the firm could keep operating as it is
or they need to make substantial changes.

References
Anglo, 2017. Factors Impacting Doing Business in the UK, Available at:
https://www.angloinfo.com/how-to/uk/working/starting-a-business/doing-business
Bishop, K., 2013. Goldman: These are UK’s two long-term weaknesses, Available at:
http://www.cnbc.com/2013/12/03/goldman-these-are-uks-two-long-term-weaknesses.html
Cadman, E. & Tetlow, G., 2017. The EU single market: How it works and the benefits it offers,
Available at: https://www.ft.com/content/1688d0e4-15ef-11e6-b197-a4af20d5575e
Chan, S., 2015. These are the five biggest threats to UK financial stability right now, Available
at: http://www.telegraph.co.uk/finance/economics/12026245/These-are-the-five-biggest-threats-
to-UK-financial-stability-right-now.html
Commisceo Global Consultancy, 2017. A Look at British Language, Culture, Customs and
Etiquette. [Online]
Available at: http://www.commisceo-global.com/country-guides/uk-guide
Coppola, E., 2012. The Eyewear Market Luxottica’s Leadership, Strategy and Acquisitions,
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EU, Available at: http://ukandeu.ac.uk/wp-content/uploads/2016/06/SWOTS.pdf
Mooney, L., 2016. How to implement a business plan, Available at:
http://m.arabianbusiness.com/how-implement-business-plan-625819.html
Nisha, M., 2016. Foreign Market Entry Strategies. International Journal of All Research
Education and Scientific Methods (IJARESM), January, 4(1), pp. 1-4.
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http://www.olswang.com/pdfs/guide_to_doing_business_in_the_UK_oct09.pdf
PWC, 2016. Uk premium lifestyle market, Available at: https://www.pwc.co.uk/assets/pdf/uk-
premium-lifestyle-market.pdf
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strategy-implementation-1.pdf
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