Question

think about a product or service & What would I do you need to do to enter dhona in a domestic and International market. One Page Reflection

Answer 1

Talking about a service that is extremely easy to start and at the same time very difficult to sustain in any kind of a market, be it domestic or international. The service that we can discuss is a restaurant business. It is just a matter of a few licenses and a team of great chefs and staff, and I am ready to open a new restaurant. However, if I have not done my homework properly, I might fail in the business.

For a domestic market, I need to consider the taste of the community, that I intend to cater to. I need to study the area, maybe run some surveys regarding the kind of food that would be liked, and also what kind of competitors already exist in the market. A community may be a big fan of fast food, but if we already have multiple joints servicing the area, it would not be a good idea to set up a shop. Similarly, If more than 60% of my target community is teetotaler, then starting a pub in the area would be a bad idea. I would also need to take the beliefs of the community to decide what kind of restaurant should be started. A vegan restaurant, which has no takers in the area would be a disaster.

Introducing similar services in the international market has its own set of approvals, local licensing and certifications. Although similar care needs to be taken in order to select the area where the restaurant should be opened, we need to be extra careful about the religious sentiments of the community. McDonald's is a classic example of failure when it launched for the 1st time in India. The burgers, which were essentially beef, were rejected by the people of India and McDonald's had to relaunch its burgers with chicken and even vegetarian burgers. That would have cost them dearly.