Tim Horton’s expansion strategy
What does Tim Horton’s need to do to be successful outside of Canada?
Audience and purpose
The research paper would be helpful for the organization named Tim Horton’s in terms of its expansion strategy outside Canada. Hence, the research paper would be highly beneficial for the marketers of Tim Horton along with the marketers of other similar companies like Tim Horton.
The aim of the paper is to focus on the idea of expansion strategy of Tim Horton so that the company will be able to successful in expanding outside the Canada (Ayal & Zif, 2016). The whole paper will give a brief overview of its target audience as well as target market. The paper will further give a PEST analysis which will give an idea of the environmental condition of the markets in which the company aims to expand. The further discussion will shed light on the marketing strategy which the company will undertake in order to reach out the target customers in the markets other than Canada.
The discussion will begin with the PEST analysis through which an idea of the environment of the markets.
The company before expansion needs to focus on the political conditions of the markets so that it can plan its strategy accordingly. The main idea of the company should be on the analysis of the whole idea of the company is to focus on the idea of the whole paper needs to done in such a way through which the political conditions would be clearly understood. For example, the company needs to gain knowledge regarding the GDP rate, government structure, tax rates, governing bodies and other factors in order to identify whether the targeted market or not (Lu & Tung, 2017). On the other hand, the company also needs to understand the influence of political factors of the trade sector of the concerned country. The organization before extension needs to concentrate on the political states of the business sectors with the goal that it can design its system likewise. The principle thought of the organization ought to be on the examination of the entire thought of the organization is to concentrate on the possibility of the entire paper needs to done in such a path through which the political conditions would be obviously comprehended (Hill, Jones & Schilling, 2014). For instance, the organization needs to pick up learning with respect to the GDP rate, government structure, impose rates, overseeing bodies and different factors with the end goal to recognize whether the focused on market or not. Then again, the organization likewise needs to comprehend the impact of political elements of the exchange area of the concerned nation.
Along the political factors, the company also needs to understand the economic factors and their influence on the business environment of the country. The company needs to analyze the economic stability of the country which is important to understand since the economic stability determines the growth rate of the company (Hitt & Duane Ireland, 2017). The economic condition includes several aspects like the trade policy, tax system, trade acts and so on. The more the country’s economic condition will be better, the more it will be beneficial for the company to achieve the expected success level. Along the political elements, the organization additionally needs to comprehend the financial variables and their effect on the business condition of the nation (Wheelen et al., 2017). The organization needs to dissect the financial soundness of the nation which is vital to comprehend since the monetary steadiness decides the development rate of the organization. The monetary condition incorporates a few angles like the exchange strategy, impose framework, exchange acts, etc. The more the nation's financial condition will be better, the more it will be advantageous for the organization to make the normal progress level.
The social factors what's more another vital factor which should be talked about in connection with the extension technique. The social variables incorporate the instructive dimension of the general population of the nation in which the organization means to target. The general thought viewpoint which the organization needs to concentrate on under the social components is talented works, the prerequisite of the general public, etc (Lasserre, 2017).
The social factors in addition another crucial factor which needs to be discussed in relation with the expansion strategy. The social factors include the educational level of the people of the country in which the company aims to target. The overall idea aspect which the company needs to focus on under the social factors is skilled labors, the requirement of the society and so on.
The one of the main factors that the company needs to focus on is the technological factors since the company uses all modern technological machineries in its business process from product generating to accounts keeping and billing process (Wheelen et al., 2017). The one of the fundamental factors that the organization needs to concentrate on is the innovative variables since the organization utilizes all advanced mechanical hardware in its business procedure from item creating to accounts keeping and charging process.
The marketing plays a very crucial part in relation with marketing strategy in case of expansion, the company needs to understand what are the market requirements in the market and then plan accordingly in order to attract the customers’ attention (Menon, Aet al., 2015). For example, the company can use social media marketing strategy as per the recent market trend in order to reach out to maximum customer within minimum time.
Thus, in order to conclude, it can be stated that the aim of the paper was to concentrate on the possibility of development system of Tim Horton so the organization will have the capacity to effective in growing outside the Canada. The entire paper has given a short diagram of its intended interest group and in addition target audience.
Ayal, I., & Zif, J. (2016). Market expansion strategies in multinational marketing. The Journal of Marketing, 84-94.
Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.
Hitt, M., & Duane Ireland, R. (2017). The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, 45-63.
Lasserre, P. (2017). Global strategic management. Macmillan International Higher Education.
Luo, Y., & Tung, R. L. (2017). International expansion of emerging market enterprises: A springboard perspective.
Menon, A., Bharadwaj, S. G., Adidam, P. T., & Edison, S. W. (2015). Effective Marketing Strategy-Making: Antecedents and Consequences. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 224-224). Springer, Cham.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy. pearson.