Assignment Sample on Recommended Structure
Introduction
This report aims to identify opportunities and circumstances of market entry of Toby Carvery in Turkey. This report will cover a brief justification of choosing Turkey as the selected country by examining GDP growth, geographical advantages, demographic changes, consumption trends, and competition levels compared to the UK. Analysing major factors will involve macro and micro business environment opportunities and threats for Toby Carvery in Turkey by conducting Pestle.
Task 1: Company overview
T
Justification for selecting Turkey
The incentive for expansion in global markets may serve as a motivator for businesses to begin exporting. The World Trade Organisation accord is a worldwide law that practically every country in the world has signed (Nooshabadi, 2019). In this reactive motivation, the corporation seeks to take the proper response to market pressure to compete compared to beginning from scratch [Refers to Appendix 3].
On the other hand, Turkey’s GDP growth between 2020 and 2021 is from 1.94% to 11.35% with a 9.41% change that indicates a high opportunity for Toby Carvery for its food chain expansion in Turkey (Macrotrends, 2021). The geographical advantage of Toby Carvery for selecting Turkey with area aspect compared to the UK is 785350 and 243610 km² (Worlddata.info, 2022). Related to competition levels in 2027, Turkey estimated 47617 food processing brands with 595 beverage firms which is the growth rate of 0.70% and becoming the second largest industry. It indicates a high competition for Toby Carvery in its expansion target (Undp.org, 2019).
Internationalisation theories
The Scandinavian stages’ theories of entry imply an ordered sequence of entering consecutive nations, accompanied by an ongoing strengthening of engagement with each market (Hollensen, 2014). Increasing commitment is especially crucial in the Uppsala School’s approach to internationalisation. Toby Carvery will use this model in its market entry strategy in Turkey because it allows preceded expansion through domestic success linked with internal firm decision consequences along with considered expansion starts with distance and cultural terms (Hak and Grębosz, 2016). It helps Toby Carvery to understand diversity in the Turkish market as well as the complexity of the new market entry process.
Task 2: Analysis of the most important factors
Macro analysis
Political
The (Worldbank.org, 2022). Because of BREXIT, trade British businesses have to fill out considerably more paperwork to be able to move products across the two nations that trade (Morgan, 2022). Therefore, on Toby Carvery due to reduced corruption, Toby Carvery gets safety and political security during their market expansion in Turkey, however, the growing wages may cause concerns of high labour costs.
Economic
The rate of corporate income tax in Turkey is 23% in 2022 and will be reduced from 25% in 2021 (Pwc, 2022). FDI rate growth in Turkey is equal to 1% in 2023 (CEIC DATA, 2023). In 2021, the unemployment rate was 11.98% which decreased in 2022 to 10.03% (O’Neill, 2022).
In 2021, Turkey reported 11.35% as its GDP growth whereas in 2023 it decreased to 2.67% (O’Neill, 2023). In 2022, the UK tax rate will be 20% (HM Revenue & Customs, 2016). The rate of unemployment is 3.6% (Office for National Statistics, 2022). The increase in GDP is 7.5% (World Bank, 2021). Hence, economic factors regarding lower income tax help Toby Carvery improve its financing decisions due to reduced government taxes. Increasing unemployment rate indicates high opportunities for this British food brand to get maximum talents compared to the UK.
Social
The population of Turkey is 85 million with a literacy rate of 96.74% in 2019 (Worldometer, 2019). In 2021, nearly 61.3% are not satisfied with household income in Turkey, and 50.3% are satisfied with the population (Dierks, 2022). The inflation rate in Turkey is 38.30% (Ycharts.com, 2023). On the other hand, the total population of the United Kingdom will exceed 69 million by 2030, with a 3.2% increase in population (Gilbert-Johns et al., 2022). The rate of literacy in the United Kingdom is expected to reach 99% by 2023, making it a highly adaptable marketplace.
Technological
In 2022, internet users in Turkey will be 69.95 million along with 82% estimated as internet penetration (KEMP, 2022). Between 2021 and 2022, social media users reported 8.9 million which is 80.8% of the total population have digital platform users (KEMP, 2022). According to Gill 2021, Turkey ranks 41st in the global innovation index (Wipo.int, 2021). Whereas, around 743.5 million pounds for technology invested by the UK in 2022 (Global Innovation Index, 2018). The rise in the number of users of the internet (ONS, 2019) is one of the UK’s 93% motivations. Growing internet users in Turkey is a positive sign for Toby Carvery because online delivery and digitalisation approaches will be more acceptable for them.
Legal
Under the “Turkish labour law” and “Turkish constitution law” discrimination has been bound to depend on gender, political thought, race, colour, and religion (Gürkaynak & Yildiz, 2021). “Article 3 under the penal code” has been established to promote workforce equality. Compared to Turkey, the UK follows “the Data Protection Act (1996)” and “the Equality Law (2010)” to support labour and strengthen legal areas for business (Legislation.gov.uk, 2023). Therefore, it protects workers from discrimination, inequality, and racism as well as provides equal opportunities at Toby Carvery in Turkey similar to the UK.
Environmental
In 2023, Turkey reported a 27% recycling rate and is expected to increase to 60% by 2053. By implementing Agricultural law, food waste has been controlled by using biodegradable waste estimated 35% by 2025 (Salihoglu et al., 2018). The worst-case scenario is a 7-degree increase in temperatures by 2100 (Barak, 2022). The UK government upheld the “Environmental Protection Act” and “The Control of Pollution Act (1974)” (Field, 2018). Each year, the UK maintains recycling guidelines for 50% of household garbage (HM Government, 2018). Therefore, it shows increasing recycling and renewable energy sources using indicates positive and eco-friendly business operations in Turkey by Toby Carvery as well as agricultural law will support to maintenance and promote growthful relationships with its suppliers.
Microanalysis
Customers: Toby Carvery offers meat as its unique dish in its new target market in Turkey. According to “the Red Meat Industry and Producers Association”, a household of four in Turkey has lowered its yearly intake of meat to 28 kg, instead of 56 kg in 2017 (Ahvalnews.com, 2022). According to Şener (2022), nearly 100,000 people in Turkey are changing their tastes toward vegan nutrition as well and it is expected that the 21 billion population will move forward toward vegan food options by 2025. According to Akbay et al. (2007), 21.4% of consumers prefer to eat fast food and restaurants and 20.5% and 12.8% are weekly and regularly consume and visit restaurant foods. These factors motivate Toby Carvery to expand business in Turkey by promoting diverse food for each demographic profile because.
Competitors: The Carvery market in Turkey is estimated at 53.29 million USD as market value in 2023 with 4.6% user penetration and it is predicted to reach 6.2% within 2027 as well as CAGR growth of 4.23% (Statista, 2023). Anadolu Efes, Turkish Grain Board, BiSU, Kahvegibikahve, Pacha, and RoFoods are prime food brands in Turkey that create high competition for Toby Carvery. Anadolu Efes is the top prime competitor for Toby Carvery because it has the highest market cap It indicates a highly competitive market for Toby Carvery because it in business, rivalry reduces a company’s market share and limits its accessible client base, especially when demand is restricted.
Distributors: In order to control costs and smoothly operate, Toby Carvery needs to use distributors and third-party vendors to expedite response periods, boosting this firm’s response by creating value-oriented packages. According to Pillion (2011), distributors, like BARDAKCI GROUP, Dolfin Gıda Dış Ticaret ve Sanayi A.Ş, and Bidfood Türkiye additionally help both the company that produces and the consumer by minimising stock and service burdens. It can assist you in entering competitive marketplaces by leveraging their consumers’ trust in the company to market items. An assist in reducing the strain on a daily basis, enabling Toby Carvery to concentrate on other aspects of its business (Tobycarvery.co.uk, 2022b).
Suppliers: A lean and effective supply chain will be used in Toby Carvery in its host country as well as they prefer to use similar simple and technology-advanced AC in Turkey. For example, Toby Carvery is used primarily from the United Kingdom and Ireland, but few from other countries (Tobycarvery.co.uk, 2022b). Similarly, it will use the same supply chain in Turkey. Over here please mention about who are the main suppliers of raw materials for Toby Carvery in the country of expansion. Please check other competitors and which suppliers are they using for their own businesses, and you may want to use similar suppliers for your own business
Strategic partners: As a to reduce food waste (Tobycarvery.co.uk, 2022c). Consequently, utilising dry mixed recycling, paper fibres, and coated boards, to lead a waste movement that is reflected in 250 tonnes reduces the carbon footprint of over 100,000 magic bags (Tobycarvery.co.uk, 2022c). Toby Carvery will plan to follow a similar approach in its new target country Turkey.
Task 3: Cultural issues
Turkey has a high score in this aspect 66 and Britain ranks 35th on the power distance index, suggesting that it is an economy that believes inequities between people need to be minimised (Hofstede-insights.com, 2023). Britain, at 66, represents a Masculine society, strongly focused on achievement and drive. Turkey receives a score of 45, placing it on the Feminine scale. I
Similarity and differences
In the power distance index indicate that these characteristics distinguish the Turkish style, Dependent, stacked, and frequently inaccessible superiors to the UK. It indicates Toby Carvery’s open relationship with superiors because the high-power distance scores allow workers at Toby Carvery to understand their subordinates ‘ position and leaders are more liable to provide orders to workers instead of consulting them (Wei et al., 2017). This means that gentler components of society, including equating with others, reaching compromise, and sympathising with the underdog, are respected and encouraged (Hofstede-insights.com, 2023). Turkey has more equality between female and male employees than the UK (Pihl et al., 2006). Regarding masculinity, As for Indulgence, the difference between Turkey and the UK shows that t . Toby Carvery is more inclined to promote or encourage the free fulfilment of simple pleasures in the UK than in Turkey because it offers pessimism and restraint.
High context culture: According to Hall (1981), British businessmen believe that Turkish entrepreneurs clarify every nuance, even if it appears to be evident. Low context cultures: Low context cultures prefer spoken words to nonverbal expression. These cultures must communicate and distribute knowledge in a transparent, open, and straightforward manner [Refers to Appendix 4]
In order to examine the key factors that affected different market entry modes determined in SMEs represented such as Firm size which may indicate competitive advantages within financial, physical, industrial, and human resources, multinational experiences designated as influencing companies to decide the market entry modes of their choices, products quality and characteristics addressed a vast range of decisions within local corridors (Kang & Pang, 2022). Exporting expertise and intensity demonstrated a production subsidiary including local and international markets, and Advertising potency is an accumulated parameter for calculating firms’ marketing capability and performance (Lin & Ho, 2019).
As mentioned by Ahmed et al. (2002), the entry mode is decided based on perceptions of the multinational risk of globalisation which creates the space for management strategy provision and regulating trade-off operations. Moreover, Hopwood (2019), suggested that collaborative business operations will help gain foreign markets through joint venturing or business partnership associations within a merging and acquisition context. Often more, international risk-remoting efforts in different industries include AI integration, misinformation and cross-broader cyber security, and mitigation and fugitive ventures are the most believed and implemented approaches (World Economic Forum, 2022). Joint ventures frequently grow quicker without the need for shareholders or borrowing money. When Toby Carvery uses its entry method to join a relationship in Turkey, it can promote its food and meat products using its partner’s consumer database (Smith, 2017). They can use the partner’s service to meet potential customers. Toby Carvery may work in the areas of development and research and purchasing.
Maheshwari (2022), opined that the exponential expenditure of online shopping and brand awareness has doubled within several years due to the constant increase in the number of e-commerce investors, estimated high potential customer attraction with improved career opportunities after the pandemic, and thus, increased governmental supports in order to facilitate e-commerce industries.
Nevertheless, e-commerce will be performed by different agencies continuously for increased profitability but online retailing presumed different side effects such as shipping issues and delivery delays, online frauding associated with payment, complexity during returning and exchanges, and lack of product assistance from trained employees (Montenegro, 2021). Due to the prominent advantages of these market entry modes in self-own business, joint venturing and e-commerce will be beneficial for Toby Curvey, a UK-based organisation that must include them within their managerial strategies for the internationalisation of business.
Marketing mix is the framework that works as a marketing tool including place, promotion, product, and price [Refers to week 10]. Product, price, promotion, and distribution are all elements that can be changed or controlled to some extent. The marketing approach can be thought of as a marketing mix of these four factors. Each marketplace has its own logic, in which brilliance in one component of the mix, whether quality, price, advertising, or distribution, is frequently required for success (Baker, 1992).
Competitor analysis
Product: Tobey Carvery signs menus Prawn Cocktail, Cappuccino, Glazed Pigs in Blankets Sharer, Hunters Gammon & Turkey, Broccoli & Brie Parcel, and Spiced Vegetable Tart. On the other hand, its prime competitor is famous for its Beers, Low Alcohol Drinks, and Soft Drinks. The future strategy that will adopt by Toby Carvery during its market expansion in Turkey is Toby Carvery will concentrate on diverse food items along with five-course meals and regional food items to inspire more spending (Milano, 2021). A product may additionally be a service, such as air travel or telecommunications. Thus, the word product refers to the items and services offered for sale by the organisation (Kotler et al., 2018, p.299). Toby Carvery’s target demographic will be middle- to upper-income office employees shopping for high-quality things. Toby Carvery creates local delights that represent the cultural characteristics of clientele in Turkey. Tourists visiting countries and visiting a Toby Carvery chain can sample the country’s regional cuisine through the things they own, as well as inhabitants can sample local goodies provided by Toby Carvery in Turkey (Dudovskiy, 2017).
Price: In the home country, Toby Carvery offers 2.99 pounds for soups and sharing dishes are only 6.99 and 10.99 pounds for vegetarian dishes. 138.84 Turkish lira is the minimum price of Efes beer. (MarketScreener, 2023). In order to gain a competitive advantage, Toby Carvery will adopt cost-plus and competitive pricing strategies. A price competition strategy, defined as an approach to pricing that includes establishing the cost of food goods in proportion to the pricing of its competitors, is frequently used in the beverage and food sector to obtain fresh agreements and concessions (Gilbo, 2022).
Place: Toby Carvery will focus on the local market in Turkey. The distribution channel is mainly online, TV promotion, and e-commerce websites. Focuses on the global market, Anadolu Efes which helps in 24% of the global beer market share in the world. As the company keeps developing its goods, it also adjusts to the changing manner in which it serves its clients through entry into internet shopping and e-payment systems. Toby Carvery will have developed a distinct market position in order to effectively differentiate its goods from other brands and offer its customers an excellent strategic advantage in the markets they are targeting in Turkey (Pochin & Murphy, 2020). Toby Carvery will offer free Wi-Fi as well as a comfy spot for clients to rest or study, as well as free online delivery. As it concentrates on society as a whole, the firm also goes above and beyond its way to encourage social responsibility.
Promotion: In the UK, Toby Carvery uses campaigns through digital platforms like Facebook. For example, Toby Carvery engaged with the “Great British Roast Dinner Debate TV campaign” which helped in reaching 100,000 followers as a promotion strategy on Facebook. Which directly impacts increased menu prices by 4-5% (Turney, 2010). As a sustainable promotion, Efes invested itself in environmental degradation campaigns like #TakeAction in 2022. Consequently, this beverage brand received “the Gold Devotion Award” in 2022 (Eurohoops.net, 2022). Toby Carvery’s marketing team executes many advertisements on social media sites such as Facebook, Google, and AdWords on a regular basis (Rudawska, 2019).
Conclusion
The first section concluded that This regulation encourages and protects the production of goods in Turkey by penalising overseas firms that offer their products at extremely low costs in domestic marketplaces. Modern means of communication such as social networking sites, governmental announcements, and novel interactive technologies such as webinars, as well as conventional channels such as instructive pamphlets, should be used to achieve effective communication. Furthermore, policymakers can impose laws on customers and sellers.
References
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MAYBE CONDENSE EVERYTHING TO ONE PARAGRAPGH
CHECK FOR CITATIONS
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WHAT DOES THIS MEAN FOR TOBY
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SAME HERE
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MENTION IN TEXT AS WELL
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examine the Turkish meat consumption population trends and link that to Toby carverys menu item offerings
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again what do these factors mean for Toby carvery you have to mention this in brief
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FIX
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for this section please consider all six scores on the hop steeds country comparison web page and use those scores to describe the culture of Turkey. Explain what do they mean for the culture of Turkey and the expansion of Toby carvery in the Turkish environment.
Once you have done that then look at the score differences and similarities between Turkey and the United Kingdom and then focus on such similarities and differences and mention what do they mean for Toby carvery’s expansion.
Once this is done try to see if you can incorporate the high versus low context culture theory into the discussion as a concluding activity.
Done
for this section please consider all six scores on the hop steeds country comparison web page and use those scores to describe the culture of Turkey. Explain what do they mean for the culture of Turkey and the expansion of Toby carvery in the Turkish environment.
Once you have done that then look at the score differences and similarities between Turkey and the United Kingdom and then focus on such similarities and differences and mention what do they mean for Toby carvery’s expansion.
Once this is done try to see if you can incorporate the high versus low context culture theory into the discussion as a concluding activity.
Done
for this section please consider all six scores on the hop steeds country comparison web page and use those scores to describe the culture of Turkey. Explain what do they mean for the culture of Turkey and the expansion of Toby carvery in the Turkish environment.
Once you have done that then look at the score differences and similarities between Turkey and the United Kingdom and then focus on such similarities and differences and mention what do they mean for Toby carvery’s expansion.
Once this is done try to see if you can incorporate the high versus low context culture theory into the discussion as a concluding activity.
Done
for this section please consider all six scores on the hop steeds country comparison web page and use those scores to describe the culture of Turkey. Explain what do they mean for the culture of Turkey and the expansion of Toby carvery in the Turkish environment.
Once you have done that then look at the score differences and similarities between Turkey and the United Kingdom and then focus on such similarities and differences and mention what do they mean for Toby carvery’s expansion.
Once this is done try to see if you can incorporate the high versus low context culture theory into the discussion as a concluding activity.
Done
please be more specific about which market entry strategy are you suggesting for Toby carvery too focus on. It could be one strategy or a mix of more than one strategy. For instance you can suggest that Toby carvery can focus on franchising for the first five years and then move on towards foreign direct investment for the next couple of years. If this is the approach that you’re undertaking you need to discuss how franchising can be applied to the case of Toby carvery and also how foreign direct investment can be applied thereafter. Also you need to create a plan of action that is explained how and in what ways will each of these market entry strategies be implemented. For instance you could say that foreign direct investment needs to be adopted later on while they focus should be primarily on franchising at the start of the expansion etc, then please explain this in line with Toby carvery’s business. Please ensure that you are providing citations along the way as well
done
for this section firstly please refer to the to do checklist document provided in the week 10 folder of AULA
in general in this section you will have four different components starting off with product then price then promotion and lastly place. You don’t need any other subsections over here you need to just fill up these four marketing mix elements.
Within each of the four Ps discussion, please explicitly mention whether Toby carvery needs to standardise or adapt or apply a mix of both for the respective marketing mix element that you are discussing. To justify this please examine what competitors are doing in Turkey and what are consumers preferences for the respective marketing mix element that you are discussing in the Turkish environment. So understanding the competitors and customers in the foreign country will be important factors that will influence your decision to either standardise or adapt or apply a mix of both for the respective marketing mix element for Toby carvery.
Please don’t forget about citations along the way
and lastly please refer to marketing management textbooks by Philip Kotler to find out what are the main strategies for each of the four piece of marketing for example under pricing you could have penetration pricing strategy or skimming pricing strategy, which one are you applying over here and what’s the justification for that. Similarly for the other marketing mix elements you will have other strategies so please find out those strategies from the textbooks and apply them here and cite the textbooks as we
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