The marketing strategies adopted by Ruth’s Chris allow understanding of the basic ways in which they could work on the global expansion of their business activity. It shall be considered how the company focuses on such concepts as product development, diversification, market penetration, and market development, and how each of these approaches expand the opportunities they have. Basically, these approaches allow addressing different aspects of market expansion and considering certain ways how to reach the objectives that the company has.In addition to marketing strategies, Ruth’s Chris should take into account variables to determine potential markets by considering such concepts as population, affinity for American brands, beef-eaters, legal to import the US beef, income levels, and consumer dining habits (Fertel). At the same time, it seems reasonable to distinguish certain additional variables that have not been taken into account, such as political stability, competition, ease of doing business, regulations and bureaucratic procedures associated with business activity on these markets (Hill and Hult). While most of the variables considered by Ruth’s Chris reflect the economic background of potential markets, those undefined ones illustrate some of the general characteristics of the countries’ current development level, which are also extremely important.
Therefore, the aforementioned marketing strategies adopted by the company and the variables to consider while choosing a potential market allow enlisting the potential opportunities for business expansion that the Ruth’s Chris have. These opportunities relate to the countries in which Ruth’s Chris might potentially provide its business activity in the future. Among the others, it is reasonable to consider such states as Singapore, United Kingdom, Germany, Bahamas, and Spain.Singapore can be characterized by continuously growing affinity for Western products, considerable GDP per capita rate, high urbanization standards, high living standards, presence of a few similar companies that succeed in their business activities.
The main benefits of choosing United Kingdom include its GDP rates, little political risks, high standards of living, quite similar eating habits as compared to the US, and affinity for American products. Potential benefits associated with Germany are quite similar to those in UK, while it is also the largest national economy in Europe. High tourist activity rates and beef consumption trends distinguish Bahamas among other opportunities.
These aspects along with the GDP per capita rates could be seen as the main benefits regarding the opportunity to choose Spain. At the same time, it is important to point out that a different mode of entry would not change these variables, as these particular variables allow analyzing most of business opportunities the company is likely to experience by expanding its activity globally. However, there is a need to research the venture partners and joint partners to maximize potential benefits of expanding Ruth’s Chris’ activity.
Finally, the company should take into consideration both potential internal and external challenges associated with the process of expansion. The internal challenges usually come from the companies’ policies on expansion, which is why it is necessary to take into account some additional variables in addition to those that Ruth’s Chris have already considered. As for external challenges, they might result from global economic instability, crisis, and credit crunch. In addition, these challenges might include the emergence of new markets and the rise of competition.
To conclude, the marketing strategies used by Ruth’s Chris are likely to help this company to choose the best opportunities for expanding, but it is necessary to take a closer look at the variables. After analyzing the company’s business activity, it is reasonable to suggest such countries as Singapore, United Kingdom, Germany, Bahamas, and Spain as ones of the most suitable opportunities for the company to reach a constant international growth.