Question

Randy has established a successful fast-food restaurant chain named randy’s in the united states. He currently has 12 locations across three states. He’d like to expand his brand to asia, but does not have the capital to do so. He’s also wary of the risk of failure, especially because he is not very familiar with business in asia. If you were consulting randy, what route would you advise against?.

Answer 1

The advised way for Randy to expand his brand to Asia would be through licensing the sale of selected food products in some Asian fast-food establishments.

What is an effective expansion strategy like?

It is essential that an organization that wants to expand its business globally is aligned with the local market, for this it is essential that the company develops market research for target audience segmentation and identification of desires, needs and preferences.

It is also essential that there is an adaptation in communication and in products and services in a new market, as cultural differences can directly impact the success of the business. In addition to correctly following local legislation.

Therefore, product licensing is a cheaper strategy that can help Randy identify the acceptance of his products in the Asian market, improving his decision-making regarding the expansion of the business.

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