Reference no: EM132109424

Mr bean soy food and beverage retail chain that wants to expand into the Hong Kong market. The Hong Kong market has a relatively high level of the uncertainty avoidance index in the country and the company should go with the multi-domestic strategy as a part of the global strategy in the country. As a part of this strategy,Mr bean should Study the local trends, preferences and socio-cultural values and customize the products on offer to increase the local acceptability. The product mix of mr bean localized taste and flavour should come with top quality and create value for the target audience. To implement the multi-domestic strategy, Mr bean should bring in the local talents on board that can understand the local demands and cater them the products, popular in the country of Hong Kong. Mr bean should follow the franchise model to enter and expand in the country of Hong Kong so that risk is mitigated and local understanding of the marker is also gained by the retail chain. It will help in involving the market quickly and market reputation can be increased when the company also contributes to community development.1. Understand customer reactions: The customer reactions are required to be noted which will replicate their likes or dislikes in the particular category of product. It will help to manufacture the product based on the latest trend.2. Positioning: Positioning is the prime aspect of mr bean globalization strategy making. It requires knowing the population or specific groups which are looking for your category of products. If the positioning is not done correctly then the organization may see huge downfall with respect to growth and be achieving targets.3. The readiness of the products: The readiness is as important as positioning; the product gets ready when it fulfills the manufacturing process or the production process. But, among all quality and trendiness of the product is the important approach for making the product ready with respect to meeting all important criteria’s. It also helps to overcome competitive advantage that may affect the organization's growth.4. The readiness of the organization: To expand the business it requires doing the estimation of the accounts and financial strategies are also made. It is important to know the fact that at the point of expanding a business it requires a huge sum of revenues that is utilized for the purpose of marketing, branding and other essential activities to reach out the customers. Therefore, financial stability is Essential and it replicates the readiness of the organization to sustain in the competitive environment.