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Answer :
Starbucks has expanded into foreign markets such as China and Japan. They assess the potential of these markets based on criteria such as market size and growth, economic indicators.
Starbucks has expanded into various foreign markets, but two notable examples are China and Japan.
To assess the potential of these foreign markets, Starbucks likely considers several criteria:
1. Market size and growth: Starbucks would assess the population size and growth rate of the foreign market. They would look for markets with a large population that is also growing. China, for example, has a massive population and a rapidly expanding middle class, making it an attractive market for Starbucks.
2. Economic indicators: Starbucks would consider the economic indicators of the foreign market, such as GDP per capita, disposable income, and purchasing power. This would help them gauge the affordability and potential demand for their products. Japan, for instance, has a high GDP per capita and a strong purchasing power, making it an attractive market for premium products like Starbucks.
3. Cultural fit and consumer behavior: Starbucks would analyze the cultural preferences and consumer behavior of the foreign market. They would consider if coffee is already a popular beverage and if the local culture is open to adopting Western brands. For example, China has a growing coffee culture and an increasing affinity for Western brands, which aligns with Starbucks' offerings.
4. Competitor analysis: Starbucks would assess the presence and strength of competitors in the foreign market. They would consider if there are already established coffee chains or local brands dominating the market. This analysis helps Starbucks understand the competitive landscape and devise strategies to differentiate themselves. In China, Starbucks competes with local brands like Luckin Coffee, but they have managed to establish a strong presence through their brand image and store experience.
In conclusion, Starbucks has expanded into foreign markets such as China and Japan. They assess the potential of these markets based on criteria such as market size and growth, economic indicators, cultural fit and consumer behavior, and competitor analysis. These factors help Starbucks determine the viability and growth prospects of entering a particular foreign market.
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