Global Marketing-Strategy and Practice 1 Assignment

Global Marketing-Strategy and Practice 1 - Assignment Example Chili’s Grill and Bar offers its customers with exotic Mexican and Texan food through a chain of restaurant outlets all over America. The business development strategies consider exploring the UK markets in future. While the restaurant chain has been successful in establishing a strong market presence in the States, the UK market presents new challenges in the form of food culture and consumer habits. The report analyzes the market strategies of the retailer and recommends fresh strategic moves that can help Chili’s explore the UK markets with specific focus on the city of London. Organizations constantly seek new market opportunities for pursuing its growth objectives. However, international marketing strategies face the primary challenge of entering new markets and this challenge involves the vital decision of where, how, and when to enter. Decisions related to global marketing strategies are often complex considering the wide range of social, economic, political, and technology based factors that impact market viability and approach. Doole and Lowe (2008) in their works on international marketing strategy observed that globalization for firms â€Å"should be the route to maximizing performance by introducing, where possible, standardized marketing programmes and processes, but at the same time, adapting certain operational activities to local needs in order to maximize short term revenue generation† (p187). The vital strategic consideration while entering a new market is deciding on how and where to adapt as per the needs of the local market segment s. London presents a lucrative market for those in the food business owing to its demand for fast food and restaurant services (Horizon News, 2011). London is a vital business destination attracting large numbers of tourists every day. According to recent reports by PWC (2013) the UK bars and restaurants business is worth over  £40 billion since consumers constantly seek new tastes