Why Should the Wendy's Brand Enter the European Market - Research Paper Example

? Why should the Wendy’s Brand enter the European Market “You Know When It’s Real” BY YOU YOUR SCHOOL INFO HERE HERE Table of Contents Introduction………………………………………………………………………. 1.1 Aim……………………………………………………………………..... 1.2 Research Methodology…………………………………………………... 1.3 Research Objectives……………………………………………………… 1.4 Reliability………………………………………………………………… 1.5 Data Collection and Presentation………………………………………… 1.6 Limitation………………………………………………………………… 2. Data Presentation………………………………………………………………….. 2.2 Data Analysis…………………………………………………………….. 2.3 Research Findings – France………………………………………………. 2.4 Research Findings – Denmark and the United Kingdom………………… 2.5 Research Findings – Spain………………………………………………... 2.6 Research Findings – Wendy’s Best Practice……………………………… 3. Conclusion and Recommendations………………………………………………… 4. Report Evaluation…………………………………………………………………… 5. References 1. Introduction: Wendy’s is a well known American Burger Fast Food which operated over 6,500 restaurants under the Wendy’s Brand in 26 countries and territories in the world. (The Wendy's Company, 2011). Since Wendy’s International was separated from the Wendy’s U S Brand in 2009 the Brand has laid the groundwork for a much more adapted international expansion which has been really positive according to Darrell van Ligten, President of Wendy’s international (2011). The Brand is still growing with new restaurant development announcements in Singapore, the Middle East and Nord Africa, the Russian Federation, The Eastern Caribbean, Argentina, the Philippines and Japan (The Wendy's Company, 2011). Unfortunately according to the map of Wendy’s Around the World Wendy’s International is missing on an important market which is Europe representing 17.10% of the Global Fast Food Market (2009). According to the Industry profile of Fast Food in Europe the European market reach a value of 34.2 billion of dollars and grew by 4,4% (Datamonitor, 2009). To be more precise the French Market of fast food industry in 2009 was 6.4 billion of dollars with a faster growth than the German and UK market (Datamonitor, Fast Food Industry Profile: France, 2010). 1.1 Aim: The aim of this research is to investigate on the advantage that the Wendy’s Brand could get by entering the European Market. 1.2 Research Methodology During this research a longitudinal approach was used to identify a problem, which identified the need of the Wendy’s Brand to grow in Europe due to the expansion of the brand in the International Market. Then research to understand the relevant gathered information and interpret them in their context. In order to construct a realistic study the researcher tried to have equilibrium between data collection and data analysis. A deductive approach was use during this research which involves the development of a theory that is subjected to a rigorous test like a scientific research. According to Robson there are five sequential stages through which deductive research will progress: 1. The hypothesis, Europe is an interesting Market for Wendy’s. 2. Expressing the hypothesis in operational terms, like how much revenue could Wendy’s expect expending in Europe. 3. Testing this operational hypothesis, with the research on three objectives. 4. Examining the specific outcome of the inquiry, for example what would be the benefices for the Wendy’s brand to be developed in Europe? 5. If necessary, modifying the theory with the data found. The strategy used is analyzing other competitive companies’ success in the European market, measuring domestic successes by the brand, and to compare them to the Wendy’s accomplishments in other foreign countries. 1.3 Research objectives Objective 1: Find out the expected revenue from the European Market. The data regarding revenues was compared to actual financial performance data from Wendy’s as it was associated to domestic and international accounting figures. This financially-related research was conducted to gain a perspective on current revenues associated with Wendy’s real-time strategic objectives, taking into consideration marketing, investment, and other important financial facts and figures. This data was compared to actual consumer trends in the European marketplace, current GDP figures for key countries that would host Wendy’s operations, and economic trends in the Eurozone. Interpretive analyses were conducted to identify the potential revenue options for market entry into key European markets. Objective 2: Detailing the entering point with France. France was chosen as the most viable marketplace to consider market entry since this region is not currently saturated with high concentrations of fast food companies (Ziobro, 2010). McDonald’s and local fast food chain Quick currently dominate this marketplace. France was considered for market entry due to these reasons as a means to generate higher revenue for further expansion into other European territories. Objective 3: Understand the Waterfall strategy that could be applied to Europe. The waterfall strategy is a systematic market entry strategy that begins with entry into a single country and then expanding, one country at a time, after a revenue base has been established in the first country of entry (Magloff, 2011). Libai, Muller & Peres (2008) identify that the waterfall strategy is most appropriate for both late entrants and when there are high fixed costs of entry. Other entry strategies were considered, however due to the high penetration of fast food companies in countries such as the United Kingdom and other developed European countries, they were ultimately rejected as potential opportunities for market entry strategy. 1.4 Reliability The reliability is the link to the consistency of a measure of a concept which is why the stability of the measures is primordial to be confident in the reliability of the research. The validity refers to whether or not an indicator devised to gauge a concept actually measures that concept. The validity on the data found in this case is linked to the online information, statistics and figures about the European Market and the companies’ situation. These data can be considered valid as they come from the information released by the European Government, trusted websites and journal databases like Emerald and Ebsco. 1.5 Data Collection and Presentation The data collection was done using a scientific approach on secondary data both qualitative and quantitative data were used to support the theory. Those data are collected in order to understand the importance of the European Market in term of fast food Industry. Then more data about how could Wendy’s choose to enter the European Market starting by France. 1.6 Limitation The research was limited by the information available online about the different companies’ analyzed actual result in the European countries. As certain companies prefer to keep private certain financial and competitive advantages, analyses were more difficult to make. Certain parts of this research had to be done by assumption regarding the results that Wendy’s could actually expect by entering the European Market depending on the actual response of these markets. This research is limited to a comparison with other companies that are operating in the different target countries. Also the amount of information related to the subject is massive which can be seen has a limitation as the researcher can be overwhelmed by many drifting topics and potentially conflicting data sources based on industry speculations and projections. Finally, specific researched data could not always be found which made the researcher rely on other alternatives, such as performing speculative analyses of the uncovered data. 2.1 Data Presentation The Facts are that the French are more and more interested in fast food and McDonald’s is the perfect example of success in term of American Fast Food Company. A new Mc Donald’s opens in France every six days and a typical French customer spends more that the American (Carol Matlack, 2003). One of the reasons why for Wendy’s restaurant should choose France to enter the European Market is that Burger King is not present as they end their operation in France due to poor profits (The New York Times, 1997) but continued its development in UK, Germany and Spain. Burger King maintains a well-established brand reputation in many other European countries and thus selecting France ensures that there is less brand-building costs for Wendy’s to enter this market. The idea would be to enter the Market with the major cities in France starting with the implantation of restaurants in Paris then Lyon and Bordeaux. Opening in major city has to do with the fact that there is the largest amount of people but the Company also needs to pick the city where most of our targets are like for example Students or Touristic places. It is crucial that Wendy’s bring the right image to make sure that the Brand doesn’t face the same problem as Burger King in 1997. As Darrell van Ligten (2011) explain it is important to have products adapted to the culture and the eating habits to have a successful international food service company. 2.2 Data Analysis Analysis involved making comparison to financial statements from Wendy’s, economic trends in key European markets, and the costs of doing business in Europe to relevant literature regarding consumer behavior trends, cultural differences that could impede or increase business success, and market forces that could drive similar growth or failure for the Wendy’s brand. Future focused projections on potential revenue growth were then compiled, using quantitative and qualitative approaches, to determine the position that Wendy’s might enjoy with its waterfall entry strategy. 2.3 Research Findings - France There is a mixed series of results regarding the ease of conducting business in France. France is currently experiencing an unemployment rate of 9.2 percent; it is 9.9 percent collectively as a moving average in the entire Eurozone (Eurostate News, 2011), representing both an advantage and disadvantage for Wendy’s market entry. High unemployment rates tend to reduce consumer discretionary income that could impact revenues negatively. However, with much of Wendy’s value pricing as part of its business model, opportunities for growth are very much present as consumers shift to value-pricing to fulfill their short-term needs associated with diminished discretionary income. France currently ranks #10 in the world for GDP, at $2.145 trillion dollars with over 62 million people, of which 65 percent are between 15 and 64 years of age (cia.gov, 2011). To the advantage of Wendy’s, it is relatively easy to conduct business in France, taking only seven days to register a business (Int. Finance Corp, 2011). However, the country currently ranks very low in the ability to procure electricity and procure credit domestically (Int. Finance Corp). These are major considerations for Wendy’s considering that the majority of its businesses, 77 percent, are franchised and real estate needs require access to adequate water and utility facilities. Despite this, the country ranks #29 globally for ease of doing business, an advantage for expansion. Paris maintains a population of over 10 million people, with Lyon at 1.4 million (cia.gov, 2011). Research identified no cultural trends that would impede fast food patronization as nearly all citizens are either Roman Catholic or Protestant or unaffiliated with religion in this manner (cia.gov). With advertising and marketing focus, Wendy’s should be able to capture the attention of this particular consumer audience and outperform McDonald’s and Quick, the two main competitors in this region. The following GDP chart indicates a trend toward growth in this country, thus providing an adequate labor pool with household incomes that can sustain Wendy’s current value and traditional pricing models: Figure 1: GDP Growth in France Source: http://www.economywatch.com/economic-statistics/country/France/ Pricing is a major consideration in the French market and other Eurozones considering the high level of unemployment. Burger King, in other European countries, has found considerable revenue successes with its value menu in an effort to appeal to cost-conscious buyers during a difficult recession (Reynolds, 2010). Burger King positions its products in the UK and Ireland under pricing, as part of its aggressive positioning strategy. However, as identified, such value pricing other than McDonald’s is not present, giving Wendy’s the opportunity to establish a pricing structure based on market conditions, household incomes, and without losing its current marketing positioning under quality dimensions. France represents the most appropriate method of market entry based on its ranking in per capita household incomes and the limited competition residing there. However, there is one consumer trend that could complicate establishing a similar pricing policy to that experienced in the U.S. The lingering recession has changed the method by which consumers consider their eating needs. Europe is known for using incentives-based marketing to gain consumers’ attention for discount-priced items. Many restaurants are using online vouchers that provide buy-some-get-one free deals or other daily online discounts (Glazer, 2009). Discounted vouchers are quite common in Ireland and the UK, which has impacted the pizza sector due to a new consumer trend in European frugality (Bainbridge, 2010). Wendy’s will need to conduct preliminary market research that is more targeted to determine what type of pricing model to establish upon French market entry. France is well-equipped with an information technology infrastructure that supports consumer usage of the Internet as a lifestyle function. Opportunities then abound for Wendy’s to conduct probability sampling to gather a cross-section of consumer attitudes related to quick service pricing in order to establish an adequate pricing model prior to entry into Paris and Lyon. If discounted is considered viable and necessary in this country, after market research has been conducted, this is an excellent forum to introduce the brand to French customers and get their familiarity with the brand logo and the product offerings with incentives-based offerings to fit this European trend. 2.4 Research Findings – Denmark and the United Kingdom Denmark ranks highly in GDP growth and 87 percent of the population resides in urban areas, much higher than the national average geographically (cia.gov, 2011). There are 5.5 million residents in this country, most of which are Christian. This region was selected as secondary potential entry due to its much lower unemployment rate, only 5.2 percent, as compared to the rest of the Eurozone (cia.gov, 2011). The inflation rate is between 1 and 2 percent, again much lower than the rest of the Eurozone (cia.gov). Denmark is considered a developing country and there is virtually no presence of fast food companies in this region, thus a relatively new marketplace. The United Kingdom is a saturated marketplace, however the country maintains a very high comparative advantage in financial services expertise (Carbaugh, 2009) and also a great deal of business knowledge regarding franchise operations. Since 77 percent of Wendy’s are franchise facilities, the business management knowledge related to marketing, advertising, and financial investment can serve Wendy’s well in the long-term if the French market serves the adequate needs of market entry. Franchise options with this type of market leadership experience has many benefits as it provides a network of resources related to franchisors (Hughes, 2004) and also provides a risk-mitigation factor that is appealing to UK investors (Hubbard, 2011). In order to be successful in this country, Wendy’s would not have to provide as much franchisee support because of this high business management knowledge which will reserve capital and labor expenditures. If Wendy’s is able to differentiate in this country, it should be able to retain its current 12 percent market share it enjoys in the U.S. (Duke University, 2008). Franchising rather than direct independent facilities as an advantage is why the UK was chosen for secondary or third-round market entry after gaining capital from the French marketplace. McDonald’s, Burger King, Taco Bell and Kentucky Fried Chicken are the main competitors in the United Kingdom, each of which has found revenue success over time. Wendy’s would be directly competing with well-established brands with considerable recognition and brand loyalty, including others like Pizza Hut. However, most of these competitors position based on price while Wendy’s enjoys quality-based positioning in advertising, something not found in this region currently. Wendy’s does adjust its pricing models based on market trends and local cost structures (Wendy’s Annual Report, 2010), but it is the quality of ingredients used in its products that can give it a competitive advantage upon market entry in the UK. Consider the current growth projections in revenues for Wendy’s compared to domestic and international sales figures : Figure 2 Source : http://www.aboutwendys.com/uploadedFiles/Content/Pages/International/WendysInternationalFranchiseBrochure%206.11.pdf There has been a steady increase in growth in the brand internationally based on marketing prowess and the ability to capture consumer audiences through quality positioning and new product development. Other than the European propensity, today, to consider value pricing and incentives vouchers when making consumer decisions, no evidence of any cultural or economic trends in the UK (or Denmark) lead the researcher to believe that entry into these markets after France would meet with considerable problems to revenue or competitive growth. 2.5 Research Findings – Spain Spain is also being considered for market entry due to its growth in high-paying career fields and its strong economy, along with limited fast food competition. Spain’s recent currency change, according to Rosa-Diaz (2004) tends to give older consumers’ incentive to make purchase decisions without seeking or processing price information. Wendy’s is returning to its previous sentimentality advertising that found considerable success with Where’s the Beef ? and the use of Dave Thomas, which appealed to the older consumer. Since price-based competition can erode the quality positioning of Wendy’s and advertising is being redeveloped with these traditionalist values in mind, Spain might represent a market where consumer attitudes from the older demographic can provide adequate revenues. Additionally, Spain is currently experiencing a shortage in skilled information technology support workers and this sector is growing faster than its total workforce (Overseas Digest, 2010). To fill this gap, even those without advanced university degrees are being placed in jobs, thus providing consumers more discretionary income. Growth in GDP and jobs creation is also being experienced in this country that is higher than global norms (Thomas White Investing, 2010). There is limited competition in this country related to fast food companies and research did not uncover any socio-cultural factors other than a tendency for elitism and traditionalism (two benefits to current Wendy’s positioning) that could make this a market entry success. There is an adequate urban population in Spain to provide a large enough market for brand loyalty to occur through advertising that appeals to the Spanish traditionalism without adjusting the marketing budget for advanced advertising content and structure different than what is used domestically. 2.6 Research Findings – Wendy’s Best Practice Wendy’s is a leader in advertising and promotion. In 2008, the company utilized Facebook to promote the Flavor Dipped Chicken Sandwich, a new product innovation. Online incentive gifts were offered to entice consumers to try this sandwich which was offered for a one week limited time on the website. The Facebook strategy experienced results of a 60 percent increase in Wendy’s related consumer discussion and also engaged consumers to discuss bacon, fries, frosties, drive-thru usage, and its burgers with increased, measureable buzz (digitaltrainingacademy.com, 2009). Why is this important to the waterfall market entry strategy ? All of the countries identified in this case study have well-developed architecture for Internet and social media usage, a contemporary approach to gaining more promotional visibility. In markets other than France where McDonald’s is the only Western fast food competitor, the business will require a method of gaining market share by expressing its quality-based values, products, and innovations to the consumer audience of multiple demographics. In order to determine whether Wendy’s will be successful in new entry into Europe, it is necessary to compare current market conditions with current Wendy’s ad and promotional strategies to determine whether these can be utilized in the foreign markets without significant budget expenditures. If new market entry is to occur, the company needs to know whether its current Western-focused ad content and strategy can simply be transferred overseas and achieve the same results. Just this year, Wendy’s divested nearly all of its ownership in Arby’s, reserving only 18.5 percent stock interest at the time of sale (Jargon & Gasparro, 2011). This stock is currently valued on the market at about $30 million. The sale of Arby’s gave Wendy’s an additional $130 million in cash capital and also assumed $190 million worth of old debt that relieved some of the financial burdens of holding this business brand (Rappeport, 2011). The chief executive believes that this sale deleveraged the balance sheet so as to apply more of this capital to growth and expansion (Rappeport). The sale of Arby’s and the subsequent $30 million worth of holdings will be required, especially in France where it is difficult to procure capital. If the business is to be independently owned upon potential market entry, it would be in the best interest of Wendy’s to utilize its own cash reserves. By divesting the majority of Arby’s the business can focus on more important elements related to this particular brand rather than the operational struggles associated with the failing Arby’s brand. This gives the business more opportunity to utilize its executive team more efficiently and focus on internal core competencies related to Wendy’s long-term strategic plan of expansion. 3. Conclusion and Recommendations The research evidence did not uncover any significant problems or liabilities associated with potential market entry into France under the waterfall strategy for new market entry. The other countries chosen to highlight maintain mostly positive characteristics related to urban development, population, socio-cultural demographic profiles, and total country economic strength and labor provisions. Since Wendy’s, primarily, maintains a higher-than-average pricing scheme for its products related to tangible quality of ingredients, this is necessary to gain market commitment. It has been established that Wendy’s maintains a very strong focus on advertising and promotion which will be beneficial and necessary to introduce the brand, especially in France where consumers are unfamiliar, and establish a strong market presence there. Based on the research data analyzed, a series of recommendations have been developed for review. First, Wendy’s will need to conduct preliminary market research in the form of qualitative and quantitative research studies to gain more in-depth perspectives on what is driving purchasing decisions by the contemporary European consumer ; namely those in France as this is recommended for initial market entry under the waterfall strategy concept. Observational methods have been utilized successfully in market research to record emotions, cultural constructs, and behavior in restaurants. This method maintains the ability to “enhance our understanding of subjective data regarding the subconscious emotional experience“ (Chamberlain & Broderick, 2007, p.199). Since research did not identify the more in-depth socio-cultural characteristics of European fast food consumers, it is recommended that Wendy’s deliver marketing research expertise from its current labor system into the French culture to observe trends in McDonald’s and within the locally operated Quick competition. This infrastructure for market research already exists at Wendy’s and thus represents a one-time investment for preliminary observational research. It is also recommended that prior to entering the French marketplace, the business utilize online surveys to gain perspective on consumer attitudes toward fast food dining and the overall quick service experience. Online surveys are cheaper, 20 percent less than traditional survey formats (Infosurv, 2011) and thus is a cost-effective method of reaching consumers in an environment where French Internet usage is already well-developed and part of lifestyle. They provide very fast response rates and more accuracy, which will give the consumers a preliminary ability to view the brand logo, the rememberable Wendy herself, and learn about the products offered by this business. A recent survey conducted by an independent market research company identified that 56 percent of consumers surveyed believed Wendy’s had a better-tasting french fry than McDonald’s, something that has always been a long-standing competitive advantage for McDonald’s (Marketing Weekly News, 2011). Wendy’s just recently developed its natural-cut french fries using sea salt and is achieving positive results. By developing websites in French or geared toward other local customs and languages in the chosen countries for market entry, it can provide opportunities to use this information as a form of press release to gain more visibility prior to market entry, getting consumers excited about a Western competitor that can outperform McDonald’s in french fry quality. This can set up quantitative facts for consumers who might be skeptical about a new brand by linking its reputation with that of industry giants already saturating these chosen European markets. It is also recommended that through the use of probability sampling, telephone interviews by recruited local-language speaking representatives be conducted to identify even more socio-cultural trends related to fast food consumption. These market research tools provide higher response rates (50 to 60 percent) and provide opportunities to gain demographic, personal data (Boone & Kurtz, 2007). Random sampling in this case would give a cross-section of concepts and ideas from all walks of life with this data being correlated to determine whether specific market segments maintain higher or lower preferences for Wendy’s business model. These preliminary market research formats are being recommended prior to entering the French marketplace since the data collected did not uncover specific social, cultural or family-based trends that might drive rejection of the Wendy’s brand. The limitation to the research, as already identified, provides Wendy’s with an opportunity to gain valuable consumer data through a variety of quantitative and qualitative research methods. McDonald’s is a very difficult competitor to outperform, even in France where its presence is well-established, therefore proactive market research targeting specific consumer traits can provide better knowledge on how to develop psychographic (lifestyle) promotions or cater menu and pricing to local market preferences and trends. It is absolutely recommended that Wendy’s enter the French marketplace first, due to the limited volume of competition in this region as a means to foster more revenue growth prior to further expansion into other Eurozones. The company should establish a franchisee network of representatives prior to market entry, in the form of a business trade-show, to identify how many independent investors would be willing to adopt the Wendy’s franchise brand and make initial investment. If there is limited interest, the business can assess its capital capacity for independent ownership and structure the business to embrace a new operating division and build the support culture and executive leadership to support it prior to opening the new facilities. Wendy’s will further need, since there is limited brand knowledge about the chain in France, to set up a preliminary promotional scheme to announce its arrival once a location has been secured. High urban regions such as Paris and Lyon are ideal for market entry due to high concentrations of population. Such promotions can include billboards, coming soon signage, or even printed flyers that can be distributed by recruited and paid guerilla marketers. Guerilla street teams can hand out promotional merchandise with the logo clearly printed, along with a pre-printed menu that describes all of the product innovations and details about the company’s mission and history. The goal is to familiarize the consumers about the benefits of Wendy’s over competition based on quality rather than price or simple longevity like that of McDonald’s. Wendy’s will also need to conduct additional research regarding distribution capacity and infrastructure in the region by consulting with appropriate governmental and planning commissions since this data was not readily available through secondary resource consultation. Procurement is therefore a concern regarding costs, logistics, and whether or not the business can actually procure locally or must rely on extensive imports from other developed regions. Since Denmark is somewhat isolated to the north from the rest of Europe, this region will require this investment in distribution methodology and supply chain if it is to consider this as a secondary market entry point. Such research will also determine whether the business will require more adaptive and progressive information systems technology to support the business goals in France, which was another limitation to the secondary research study. The European market looks to be an excellent opportunity to gain additional revenues and improve its competitive position against major competitors, thus improving market share. The items that are currently on the American market which are value-priced might be a necessity in these regions due to the new frugality already identified or might be able to be removed from the local market menu once its adopted. Again, surveys and questionnaires are the most viable method of uncovering price sensitivity in key markets, especially in France, to determine what type of pricing structure should be established at the time of launch. If this region is extremely price sensitive due to the high unemployment rate, it might not represent a quality initial launch location and allow Wendy’s to pursue other European opportunities that have been identified in this research study. 4. Report Evaluation The actual strategy and European performance of McDonald’s associated with revenue was not readily available in secondary research materials, likely due to privacy issues identified in the first section of this report. Thus comparisons had to be made based on publicized data and then compared with key market trends with each country highlighted for potential market entry. The one-by-one waterfall strategy is most effective for Wendy’s since it is a late market mover and many European territories are already brand loyal to other fast food restaurants. This will be a trial-and-error market strategy, however the lack of impediments to market entry seem to suggest that entering France as the first target location will meet with considerable success. The limitations to research regarding more complex operational elements, such as procurement and governmental involvement in market entry, are minor and can be better accomplished with executive leadership at the firm. All in all, Europe does not look to be a negative situation for market entry and Wendy’s should consider the preliminary steps required to find out more about localized customs and values, relate this to finance and income needs, and then determine how to develop a start-up menu and pricing structure to enter the French market. 5. References Bainbridge, J. (2010). Still Earning a Crust, Marketing, February 24, pp.30-32. Boone, L. & Kurtz, D. (2007). Contemporary Marketing, 12th ed. Thomson South Western. Carbaugh, Robert J. (2009). International Economics, 12th ed. South Western Cengage Learning. Chamberlain, L. & Broderick, A. (2007). The Application of Physiological Observation Methods to Emotion Research, Qualitative Market Research, 10(2), p.199. Cia.gov. (2011). The World Factbook : France. Retrieved October 23, 2011 from https://www.cia.gov/library/publications/the-world-factbook/geos/fr.html Cia.gov. (2011). The World Factbook : United Kingdom. Retrieved October 23, 2011 from https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html Digitaltrainingacademy.com. (2009). Wendy’s advertising case study – Facebook. Retrieved October 22, 2011 at http://www.digitaltrainingacademy.com/casestudies/BrandProductMarketing--Product_Collateral--WENDYS_FINAL_Jan09.pdf Duke University. (2008). Corporate Power. Retrieved October 23, 2011 at http://www.soc.duke.edu/~s142tm08/corporatepower.htm Eurostat. (2011). Eurostate News Release. Retrieved October 22, 2011 at http://epp.eurostat.ec.europa.eu/cache/ITY_public/3-01042011-AP/EN/3-01042011-AP-EN.pdf Glazer, Fern. (2009). Customer’s Hungry for Freebies, Internet coupons, Nation’s Restaurant News, 43(34), p.22. Hubbard, Saul. (2011). Making a Go of it with a Franchise, McClatchy – Tribune Business News, Washington. July 24. Retrieved October 22, 2011 at www.proquest.com. Hughes, Alan. (2004). Franchise Financing, Black Enterprise, 35(2), p.50. Infosurv. (2011). Online Surveys. Retrieved October 23, 2011 at http://www.infosurv.com/online-surveys/ Int. Finance Corp. (2011). Ease of doing business in France. Retrieved October 22, 2011 at http://www.doingbusiness.org/data/exploreeconomies/france Jargon, Julie & Gasparro, Annie. (2011). Wendy’s Parts with Arby’s ; Fast-Food Chain to Sell most of Struggling Roast-Beef Franchise as it Focuses on Core Burger Line, Wall Street Journal, June 14. Libai, B., Muller, E. & Peres, R. (2008). The Role of Seeding in Multi-Market Entry, International Journal of Research in Marketing, vol.22, pp.375-393. Marketing Weekly News. (2011). Restaurant Companies ; Survey Says : Wendy’s Beats McDonald’s, April 30, p.1132. Magloff, Lisa. (2011). Market Entry Timing in Product Marketing Strategy. Small Business Chron. Retrieved October 23, 2011 from http://smallbusiness.chron.com/market-entry-timing-product-marketing-strategy-5074.html Overseas Digest. (2010). Country Profile – Spain. Retrieved October 22, 2011 at http://overseasdigest.com/country/Spain.htm Rappeport, Alan. (2011). Wendy’s to Sell Arby’s Stake, Financial Times, June 14, p.18. Retrieved October 22, 2011 at www.proquest.com Reynolds, John. (2010). Burger King to launch first value menu, Marketing, October 27, p.1. Rosa-Diaz, Isabel M. (2004). Price knowledge : effects of consumers’ attitudes toward prices, demographics, and socio-cultural characteristics, The Journal of Product and Brand Management, 13(6), p.406. Retrieved October 23, 2011 from www.proquest.com Schulaka, Carly. (2009). Marketing to consumers : Effectively reaching high net worth women, Journal of Financial Planning, 22(9), p.S6. Thomas White. (2010). Spain : Reemerging from a Fiery Past, Thomas White Global Investing, p.2. Retrieved October 22, 2011 from http://www.thomaswhite.com/explore-the-world/spain.aspx Wendy’s Annual Report. (2010). Wendy’s Arby’s Group – Expanding our Global Presence, p.6. Retrieved October 22, 2011 at http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDIxMDM4fENoaWxkSUQ9NDM0NjQxfFR5cGU9MQ==&t=1 Ziobro, Paul. (2010). KFC Seeks Secret Recipe for France, Wall Street Journal. Retrieved October 22, 2011 at http://online.wsj.com/article/NA_WSJ/PUB:SB100001424052748703866704575223892236926372.html APPENDIX A: PROS AND CONS OF QUESTIONNAIRE USAGE FOR MARKET RESEARCH Source: http://www.scribd.com/doc/2881615/Research-Methods-Activity-Questionnaires Read More