Introduction
Franchising is a common practice in the world of business. Franchising makes it easier for “investors to establish new distribution outlets and stores in foreign markets” (Hoffman 5). The success of investors depends on the strategies and goals of their franchisees. Many local franchises are currently expanding their businesses in order to realize their potentials.
These franchises target the best markets across the world. Many local franchises have used the best ideas and strategies in order to become successful universal brands. Many companies are producing quality products and services that can fulfill the needs of foreign consumers. This essay examines how local businesses and franchises are becoming global brands.
International Businesses and Brands: The Case of 7-Eleven
Many local franchises are working hard to become international brands. The decision to introduce a local brand in an international market is not easy. Entrepreneurs must produce the best brands for every targeted population. It is also appropriate “for marketers to maintain brand uniqueness and consistency” (Spandorf 5).
Franchises “must possess certain resources and managerial practices in order to achieve their goals” (Hoffman 6). These franchises “must have adequate finances and human resources” (Spandorf 7). These strengths will ensure every foreign investment is successful. Franchising is also necessary whenever an organization wants to realize its business goals. Entrepreneurs should consider the best theories and business ideas in order to succeed.
Businesspeople use the best franchise models (FMs) to achieve their goals. These models ensure every business gives up its strategy to a local partner. This practice also produces new challenges that can affect performance (Spandorf 5). Many local franchises use effective branding strategies or mixes in order to realize their potentials. The concept of local adaptation is also necessary towards promoting business performance. The approach ensures every local franchise succeeds in the global market. The practice has made it easier for many businesses to expand their operations internationally.
7-Eleven is a leading franchising company. The American firm has embraced the best business strategies and ideas in order to realize its objectives. Many franchises such as 7-Eleven have embraced the best business models in order to achieve their objectives (Spandorf 5).
7-Eleven combines effective strategies and practices to achieve its goals. The firm “thinks globally and acts locally depending on its consumers” (Daley 3). Every international brand should identify a specific local culture. The practice calls for new ideas and strategies in order to improve performance (Jonsson 1092). International entrepreneurs must ensure their employees offer the best services and products to their consumers.
The absence of a proper branding or expansion strategy can affect the success of an international business. Many unsuccessful companies produce unappealing or unacceptable products. They also fail to consider the tastes and expectations of their local consumers. This “malpractice has made many services and products unsuccessful in the international market” (Spandorf 3). Local franchises should consider these aspects in order to address the needs of their customers. Local franchises should use the best strategies whenever expanding their operations. The approach will ensure every franchise becomes a profitable international brand.
7-Eleven offers the best stores across the United States. The company uses similar stores in many countries across the globe. The approach has made 7-Eleven an international brand. This company is one of the largest franchisors and operators in the world. It “licenses convenient stores to many small businesses in different countries” (Jonsson 1083).
The company operates in many countries such as Japan, Indonesia, China, Hong Kong, Singapore, Thailand, Canada, and Malaysia. The company operates over 50,000 convenient stores in these nations. The case study of 7-Eleven explains why companies should embrace the best franchise models (FMs) in order to realize their potentials (Jonsson 1086).
7-Eleven uses the best business strategies and models. The company has expanded its products and services depending on the expectations of its global consumers. The company has increased its presence in many countries. The firm’s major products “include coffee, gasoline, sandwiches, beverages, and dairy products” (Spandorf 6). These products address the socio-cultural needs of many consumers in every targeted market. 7-Eleven uses an effective franchise model in Indonesia.
The company offers “free internet access and quality food materials in Indonesia” (Daley 3). The company uses several strengths in order to succeed. Many Indonesians “love to socialize” (Spandorf 5). The company offers free internet access in order to encourage this socio-cultural practice. This strategy has continued to attract more customers in Indonesia. The practice has made 7-Eleven a profitable company.
The company selects the best locations and populations depending on its business objectives. The company opens its stores every day and night. This practice encourages “more consumers to hang out and use the company’s free internet” (Hoffman 18). Entrepreneurs can embrace the use of social media networks (Spandorf 3).
Entrepreneurs can use these social networks to exchange their skills, ideas, and concepts. 7-Eleven uses different social networks to inform its customers about every new product. Some of these social networks include Twitter.com, Pinterest.com, YouTube, and Facebook.com. The famous 7-Eleven application makes it easier for customers to get the best services and support.
7-Eleven has succeeded because of its effective franchise model. The company focuses on the changing needs of its local consumers. The company also gets new ideas from its local business partners. Local entrepreneurs should analyze the socio-cultural demands of their potential consumers.
A successful business must consider such demands and expectations in order to achieve its objectives. 7-Eleven also offers localized corporate structures and materials in many countries. The company “trains and mentors its workers in order to offer quality services to its local customers” (Spandorf 5). Managers can consider the best ideas and strategies in order to have powerful brand identities.
Some upcoming markets such as China, India, Brazil, South Africa, and Mexico continue to support international business growth. Companies should “have adequate financial resources and ideas whenever planning to invest in foreign countries” (Spandorf 6). Successful franchises analyze the expectations and cultural tastes of their potential consumers. The practice “will play a major role towards establishing successful international brands” (Hoffman 11).
Businesses can use the best franchise models to introduce new products and services in new markets. 7-Eleven has introduced quality sandwiches in India. Businesses should “maintain the best ethical standards and moral practices” (Daley 5). The company should support their franchisees in order to achieve the targeted goals.
Entrepreneurs can “invest in new markets depending on the targeted goals and cultural practices” (Daley 4). Businesses should use their franchise models to examine the political, economic, environmental, technological aspects that might affect their operations. International franchises should also invest in stable countries. The political climate of a country “can either discourage or promote international business relations” (Hoffman 6). A stable country will attract many companies and foreign investors.
Businesspeople can analyze the economic position of every potential market. Technological factors are also relevant whenever planning to invest in a foreign nation. Successful international brands such as McDonalds and 7-Eleven have always analyzed these factors before investing in new markets. 7-Eleven encourages its “business partners to embrace the best ideas and strategies in order to attract more consumers” (Hoffman 6). The company also offers the best managerial support to its business partners. The approach has made 7-Eleven a successful organization. 7-Eleven has become a universal brand that addresses the needs of its customers.
Conclusion
The case study of 7-Eleven explains how local franchises can become successful international brands. 7-Eleven is a leading international brand. The company embraces the best ideas and entrepreneurial concepts in order to emerge successful. The decision to expand a business requires much effort and dedication. The company’s managers and leaders embrace the best models in order to achieve every business objective.
The company’s franchise model encourages 7-Eleven to select the best partners. Such partners should support the changing needs of their local customers. Every firm can create the best business strategy depending on its objectives. A localized approach will ensure every company addresses the expectations of its consumers. 7-Eleven also uses a proper corporate support in order to achieve its goals. This discussion explains how local franchises can become successful international brands (Spandorf 9). Many companies have used the above franchise model in order to achieve their business goals.
Works Cited
Daley, Jason 2014, How Local Franchises Are Becoming International Brands. PDF file.
Hoffman, Richard 2014, Business Climate and International Franchise Expansion. PDF file.
Jonsson, Anna 2011, International expansion through flexible replication: Learning from the internationalization experience of IKEA. PDF file.
Spandorf, Rachelle 2012, Structuring Licenses to Avoid the Inadvertent Franchise. PDF file.