Franchise

Franchise;
Student:
Professor:
Course title:
Date:
Introduction
Belvoir is one of the leading franchising companies in the UK and has celebrated 20 years for the successes and longevity it has achieved due to its initiatives aimed at developing, introducing new initiatives in the market and investing. Currently, the company is offering sales services for its property management alongside lettings along with over 160 offices in the UK. The company was funded by Stephanie and his husband, Mike Goddard in Lincolnshire (Asif, de Vries, & Ahmad, pp. 664-677, 2013). The company grew in its service delivery, a factor that earned it awards as the best letting agency equipped with specialism and professionalism and deals in lettings, and real estate management.
This company turned to a franchise in the year 1996 when it opened its doors to the public. The company is said to have floated in the AIM Market of the London Stock Exchange in the year 2014, a factor that helped it's secure its future and its ambitions in expanding its operations. This paper, therefore, seeks to prepare a strategic plan for Belvoir in its attempt to expand its operations into Australia (Asif, et.al). Also in this paper will be the possible ownership structure, the company’s systems of monitoring and controlling its operations, and some modification approaches aimed at meeting the requirements of the law and giving this company success in the new market.
Strategic Plan for Belvoir
Belvoir has been a pioneer in the real estate management industry in the United Kingdom, having introduced their services to several towns in this country. In addition to this, Belvoir is seeking to reinvent itself in other European countries where the culture of the real estate is slowly picking up, It is upon this foundation that it is significant to analyze this companies strategic plan and its entry modes in Australia since their success levels depends on their ability to adopt viable tactics that will allow the international influences to shape the nature of their products and services while still maintaining their core values in business (Asif, et.al).
In the strategic plan, it will be essential to also analyze the global expansion strategies for Belvoir and determine how its marketing strategies can compromise between the prospects of standardization and adaptation to the targeted audience preferences (Asif, et.al). Through a marketing mix approach that will initiate the approach of price-place-promotion tactic to the rewarding of loyal clients and encouraging them to share the differences in products and services and the delivery at Belvoir through the social media, the company is also pursuing the different ideas and views of its customers through an approach that incorporates the crowdsourcing. However, it is essential to mention that Belvoir’s entry mode selection will wholly depend on its managers abilities in preserving the company’s core values in its current operations.
Globalization and technology remain the central core macro-environmental factors in the contemporary markets that different businesses have imposed to aid their strategies of expansion into various international markets. This element, therefore, gives a company the opportunity to survive in the competitive foreign market. However, it is important for Belvoir before taking any efforts to expand internationally to carefully carry out an evaluation of the factors that influence their decision in regards to the vicinity it wants to develop and the appropriate entry mode into this new region (Asif, et.al). Through a timeline geographical evolution of Belvoir that was carried over a period of time, it was discovered that the company has an aim of increasing its global presence by becoming the best real estate management company in the global market.
Geographical Expansion of Belvoir
Sources describe an entry mode as a strategized decision-making approach in which entities products, human skills, technology including other resources are evaluated in line with the country that the company aims to expand its operations. Additionally, it is also essential that a corporation takes note of the characteristics of the new market it seeks to penetrate and the central purposes of the selection of such a destination including the appropriate entry mode (Ataseven, Prajogo, & Nair, pp. 5-17, 2014). This therefore helps a company to determine the capital and human investment that it would need towards expanding its operations and functions in this new geographical region, a factor that is immensely guided by the company’s ability to make profits.
The factors that influence Belvoir’s entry mode in the new market can be distinguished into three main categories; the company’s specific factors; the destination or countries specific factors, and the markets specific factors. In as much as this categorization approach may tend to be valid, it is essential to note that the strategic management of the internalization process of this company can only be justified by the specific market factors that can be integrated into the new regions specific factors.
Factors influencing Belvoir’s Selection of Entry Mode
The factors that influence Belvoir’s entry mode selection strategy can be viewed from two broad perspectives that are from the external and the internal factors (Ataseven, et.al). The external factors that affect the company’s entry method into Australia include the political nature of Australia, its economy and the socio-cultural elements that would transcend to the company’s ability to make profits while marketing its products and services in the new region.
Belvoir, in order to gain a competitive edge in this new market, has designed new products for its customers who are seeking to own property and struggle to meet their demands. The company having positioned itself in the market and its marketing of the new product has gone beyond just the ownership of property but into determining the best modern houses and equipments that clients need and how these projects can be financed over a period (Cicchetti, Tucker, Poulsen, & Luu, P pp. 321-346, 2015). It is also important to identify and evaluate the socio-cultural environment of the new foreign market and its ability to be a potential market for Belvoir. Belvoir’s key to success will depend wholly on its approach and strategies to match its products and services offering with the needs and demands of the foreign market, without compromising its business model and functions.
In order to gain advantage into this new market, Belvoir will determine the best mix of entry strategies specifically for the new market. In as much as the company has the needed finances to expand its operations into the new market, as wholly-owned subsidiary the company may face several risks associated with this approach since it may misunderstand the cultural aspects of the country of destination, a factor that may decrease its chances of succeeding (Cicchetti, et.al). Successful c...