Iceland Foods Group Ltd: Joint Venture in the Indian Market Analysis

This report, focusing on Iceland Foods Group Ltd., explores the feasibility of entering the Indian market through a joint venture. The project begins with an introduction outlining the aim, statement, research objectives, questions, and rationale, emphasizing the importance of globalization and joint ventures in business expansion. A literature review examines market research methodologies used by food retailers, the use of online questionnaires to gauge consumer behavior in India, and recommendations for foreign companies entering the Indian market, including considerations of local laws and food standards. The research methodology section discusses both qualitative and quantitative methods, highlighting the suitability of qualitative research for understanding consumer preferences. Data analysis is presented, followed by recommendations and a conclusion. The report aims to provide Iceland Foods with a strategic framework for market entry, considering market research, consumer behavior, and regulatory requirements. The report explores the questions asked by food retailers entering foreign markets, provides an online questionnaire with Facebook friends and other contacts in India about their shopping patterns, and gives recommendations for Iceland about entering the Indian market.

Unit 6: Managing a Successful Business Project
Report:
The Benefits and Risks of a Joint Business Venture to enter an International
Market like India: A study on Iceland Foods Group Ltd.

Table of Contents
Chapter 1: INTRODUCTION .........................................................................................................3
Aim of the project ......................................................................................................................3
Statement of the project .............................................................................................................3
Research Objective .....................................................................................................................3
Research question .......................................................................................................................4
Rationale of the project .............................................................................................................4
CHAPTER 2: Literature review.......................................................................................................5
Market research in order to identify the sorts of questions typically asked when a food retailer
considers entering a foreign marketplace....................................................................................6
Online questionnaire with Facebook friends and other contacts in India about their food
shopping patterns, and likely attitudes-.......................................................................................6
Recommendations to foreign food entities about entering the Indian market and how it might
position itself if it does so-..........................................................................................................7
Chapter 3: RESEARCH METHODOLOGY...................................................................................8
Data Procedures..........................................................................................................................9
Chapter 4: Data Analysis...............................................................................................................13
CHAPTER 5: RECOMMENDATIONS AND CONCLUSION...................................................20
Recommendations.....................................................................................................................20
Conclusion.................................................................................................................................21
REFLECTION ..............................................................................................................................21
REFERENCES..............................................................................................................................23

Chapter 1: INTRODUCTION
Joint venture is the business arrangement in that two or more than that parties agree for
pooling their resources with the motive of achieving particular task. In that, task can be new
project and any other business activity as well as within this every partner is responsible for
profit, losses and cost related to it. This project is based on Iceland Foods Group Ltd. Which is
part of retail industry planning for entering within market of India because there is large
opportunity within this market. Respective organisation deals in serving frozen food and meat of
high quality with affordable price. In addition to this, research is conducted for analysing
importance 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 enter
within Indian market.
Aim of the project
The aim of this project is “The aim of the project is to carry out market research about
whether 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 which
companies can establish business into foreign markets. This research is conducted for Iceland
food 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 typically
asked when a food retailer considers entering a foreign market.

 To carry out an on-line questionnaire with Facebook friends and other contacts in India
about their food shopping patterns, and likely attitudes towards Iceland setting up in
India.
 To make realistic recommendations to Iceland about entering the Indian market and how
it 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 about
their shopping patterns, and attitude towards Iceland setting up in India?
 Give Recommendation for Iceland about entering the Indian market and how will it
position itself in Indian market ?
Rationale of the project
Globalisation is defined as the process by which different companies enter into foreign
markets for increasing their market share and sales (AlBattat and Som, 2013). Joint venture is
common way by which different companies can enter into new markets for establishing a
successful business. In this project the company naming Iceland Foods Group wants to enter into
Indian market as there are a lot of potential customers in this region. Thus aim of the project is
chosen for analysing whether this company can establish joint venture in Indian market and do
business or not.

CHAPTER 2: Literature review
The literature review can be defined as a process of reviewing any article. As well as it is
a 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 particular
topic. Herein, it is important to know that this type of review is done on those topic which
already 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 about
whether they should conduct research or not on any topic.
Joint ventures are defined as most common way by which various companies enter into
international markets. It is important for every business to establish brand image in foreign
countries. The best way to start new business in a new country is through joint ventures. In
context of retailing sector of UK, there is a huge competition as there are many retailers dealing
with quality products and services in market. The company in this project naming Iceland Foods
Group Ltd. Is a retail company which is planning for entering into market of India as there is a
large opportunity in Indian market (Zaibaf, Taherikia and Fakharian, 2013). India has a large
customer base of both higher as well as medium income class and also there is increasing growth
of GDP of this country. India is said to be lucrative market in which investment can be done for
increasing the sales and growth of the company. Iceland is a company that deals in serving
frozen foods and meats of higher quality and with affordable prices. This company is planning to
enter market of India through joint venture (Wu and Ko, 2013). This is basically a common way
of combining resources and expertise of two different companies. There are several advantages
as well as disadvantages of joint venture of a company. In context of the following project it can
be said that this research is conducted for analysing the importance of globalisation of an
organisation into different markets through joint venture. This project is done for analysing the
different 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 food
limited:
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Market research in order to identify the sorts of questions typically asked when a food retailer
considers entering a foreign marketplace
As per the thoughts presented by Ong, (2012) market research is considered as the efforts
of 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 presented
topic or situation so that appropriate decision can be taken on the same. With reference to the
food retailer industry, it has been analysed that marketing of this company generally conducts
market research for gathering information about foreign marketplace where they are planning to
expand their business effectively. In this, they basically uses questionnaire. Questionnaire are
includes numerous of close ended questions which makes it easier for investigator to gather
information on right track. This makes it easier for company to take decision about whether they
should expand their business in foreign or not. On the basis of gathered data, food retailers can
suggest to the companies about customers need and demand.
Online questionnaire with Facebook friends and other contacts in India about their food shopping
patterns, and likely attitudes-
According to Khare and Singh 2012, the questionnaires can be shared with the use of
online techniques such as Facebook. With the use of online questionnaires, users can find out
more relevant information in less cost and time. As well as this type of research can be success
in the food industry because the research of these kind of industries require wide area of
respondents 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 and
like dislike about the fast food (Mok, Sparks and Kadampully, 2013). Though foreign food
companies 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 opinions
about the food purchasing. The reason behind this is that in India people are from various
background and religion. So some people may like the fast food on the other hand some one may
not. If food retailers will conduct the online research then it will be benefaction for them in
taking decisions about opening the food store in India (Manhas and Tukamushaba, 2015). Apart
from it, with the use of online research, the segment of questions (questionnaires) can be forward
to more people in less time and less cost. One of the issue in online research is that there is less

possibility of getting answer from all the respondents. Due to this it becomes difficult for the
companies to take suitable decisions. Same as in the food sector if any foreign company wants to
expand their business in the India then they can not relay completely on the online researched
information.
Recommendations to foreign food entities about entering the Indian market and how it might
position itself if it does so-
According to the Dongre 2012, this is very important for a foreign company to conduct a
proper market research before entering into the Indian market. As a recommendation it is
essential for the foreign companies to conduct a complete research about market, economy and
customers perceptions (Legrand, Chen and Sloan, 2013). If they will do so then it will be
beneficial in sustaining in the market. As well as due to this, they can produce the products as per
the need and demand of the customers like people in India have different culture. So overall, as a
suggestion this is necessary to do the market research and make the policies accordingly.
According to the Elleby Zobbe 2015, if foreign companies want to get success in the
Indian market segment then it is essential for them to follow the food related acts and laws. As
well as they are required to manage the standard of food so that they can make a brand image in
the mind of customers (Fakharyan and et. al., 2014). So basically, maintaining the quality of food
is very important otherwise it will be difficult to sustain in the Indian market. In India there are
different kind of laws, acts and regulations. As well as these laws are not only necessary for the
Indian company but also for foreign companies.
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Chapter 3: RESEARCH METHODOLOGY
Research methodology is a way to find the solution of given research problems and a
plan to do a specific investigation (Crawford, 2013). It includes those methods and different
criteria which is used by researchers to conduct their research effectively and efficiently.
Research methodology is basically divided in two categories as - Quantitative anLeave thed
Qualitative methods, where both attains its specific role in conducting a study.
 Quantitative method : Under this method more emphasis is given on collection of
numerical data, facts and figures (Dedeoğlu and Demirer, 2015). It involves statistical
research. Being a data driven research there is no flexibility in the process. Large
population is involved in this research as large number of people will lead to more
collection of data that ultimately means more accurate result. Some of the examples of
quantitative research is poll, questionnaires, online survey etc.
 Qualitative method : This type of research is based on experiences and in-depth
understanding of people on the research topic. It is a non-statistical research. Unlike
quantitative research it is more flexible but less accurate (Chon and Yu, 2012). Size of
the population is between 6-10 people and conclusion is drawn on the basis of sample.
Qualitative methods includes one-to-one interview, case studies, group focus.
According to the Belk, Fischer and Kozinets 2012, the business may conduct the market
research in two different ways which are qualitative and quantitative. In the context of food
retailing for market research, the qualitative research will be suitable (Saleem and Raja, 2014).
This is why because it can be suitable for the food retailers to get complete information about the
preference of the customers. In the absence of proper market research it will be difficult for the
businesses to sustain in the market. Specially in the food sector, the market research plays an
important role because on the basis of it, companies can offer food (Prud’homme and Raymond,
2013). Eventually, customers of various market segment have different preference so for food
companies it is essential to follow all the preference and it can be done only by the market
research with the help of questionnaires.

Data Procedures
It is referred to as a technique which helps a researcher to collect data, measure & analyse
the same, so as to come to a particular result for its hypothesis (Chen and Lin, 2012). Data can be
collected through different methods, i.e., from primary data and secondary data.
Primary Data - This type of data is collected as fresh and for the first time by a researcher, thus
this kind of data happens to be original in character. Various methods which are being used to
collect primary data are observations, conducting interviews and filling of questionnaire from the
respondents by the researcher.
 Observations- This is a method in which the data is collected from the field with the help
of observation by the observer or by personally going to the field for systematic viewing
so as to form a data.
Advantages Disadvantage
 Observation is very direct method
through which information of data can
be gathered.
 Data collected through observation is
accurate in nature and also reliable.
 Problem related to past cannot be
discussed through observation.
 Attitude of individual cannot be studied
through observation.
 Conducting Interviews- It is a important method for primary data collection where the
interviewer interacts with individual respondents so as to collect information. It involves
oral and verbal communication by the interviewer to each individual respondent thus,
making it more costly & time consuming as compared to other methods (Brotherton,
2012). Interviews can be conducted by various means such as telephonic interviews,
group interviews, individual interviews, quantitative and qualitative interviews, selection
interviews, structured interviews, unstructured interviews, focussed interviews and
clinical interviews.
Advantages Disadvantage
 Interview is structured method through
this it is possible to reach large number
of people at same time.
 This method is more personal in nature.
 It is more time consuming as well as
expensive method.
 Interview is non-flexible method.
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 Questionnaire- This method of data collection is quite popular and useful in case of big
enquires where a questionnaire is sent to the respondents with selected questions who are
expected to read and understand questions and give answers to it in an objective manner
in the space provided of a questionnaire.
Advantage Disadvantage
 Inexpensive procedure
 Easier in analysing data
 Dishonest answers
 Lack of interest
Secondary Data- This type of data is referred as a data in which the information is
already been collected, measured and analysed by someone else where a researcher utilize the
data collected so as to come to decision for its hypothesis (Bowie and et. al., 2016). It can be said
that the primary data in the hands of one becomes secondary in the hands of another. Secondary
data can be collected by company data or by external means. Company Data - This kind of data is being generated from within the organisation. It can
be collected from the sales invoice, past business records, balance sheets and
amendments of the company.
 External means - This kind of data is being collected from other people or organisations
or from the external environment of the organisation (Boon-Itt and Rompho, 2012).
Sources of external means from which the data can be collected are using government
records, public sector records, newspapers,books & articles and through online medium.
In context with present project, here investigators will use questionnaire method in order
to generalise the preferences and requirement of Indian customers, so that services can be
provided as per demand (Bagdan, 2013). Along with this, to make recommendations for Iceland
Food Company for its entering in Indian market, journals and articles will use to collect
secondary information about this new marketplace.
Questionnaire
Q 1) Are you aware with the concept of business expansion?
a) Yes
b) No

Q 2) Do you think, Indian market can provide huge business opportunities to businesses of
another countries.
a) Yes
b) No
Q 3) Do you think, its better for Iceland to enter into India for expanding their business
effectively in food industry.
a) Yes
b) No
Q 4) What are the main resources which are required by food retailers at the time of entering into
foreign market?
a) Adequate amount of money
b) Human resource
c) Technological resources
Q 5) Do you think, social media tools are helpful for foreign investors for gathering information
on Indian Markets?
a) Agree
b) Disagree
Q 6) According to you, which market entry strategy should be adopted by Iceland investors while
entering into Indian Market?
a) Licensing
b) Joint Venture
c) Franchise
Q 6) Does consumers of India will accept different food products offered by Iceland food
retailer?
a) Yes
b) No
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Q 7) which kind of food is preferred by you at the time of get together?
a) Vegetarian
b) Non-vegetarian
Q 8) Do you really think, competition for Iceland is relatively low in Indian market?
a) Agree
b) Disagree
Q 9) Do you think, investors of Iceland will be able to maintain standard in serving frozen foods
and meats in cost effective manner within Indian market.
a) Yes
b) No
Q 10) Provide recommendation to Iceland investors through which they can easily position their
products in Indian market in effective manner.