Chick-fil-A is a growing fast-food restaurant specializing in sandwiches and chicken. The company has experienced tremendous growth since its formation in 1967 (Nolan et al., 2022). The first restaurant was located in Atlanta’s Greenbriar Mall and has since been booming. The notable expansion happened between 2012 and 2019, when the revenue grew from $4.6B to $10.5B. The company has over 2,836 restaurants in the USA, Puerto Rico, and Canada (Nolan et al., 2022). Cyprus is an island country located south of the Anatolian Peninsula. 76% of people in the country speak English, 5% speak German, and 12% speak French (Li et al., 2021). This presentation offers an expansion plan for Cyprus using the go-alone strategy.
Foreign Direct Investment to Cyprus
Cyprus is an island in the Mediterranean with a high rate of tourism, making it an ideal location for expansion. The cuisines in the republic are influenced by Arabic, African, Turkish, and European ingredients with numerous features of a healthy diet of Mediterranean (Li et al., 2021). The selected method of expansion in the country is through foreign direct investment (FDI). The country has no restrictions on new investors, and therefore few legal requirements are needed to set up Chick-fil-A outlets in the country (Osei & Kim, 2020). Cyprus encourages FDI to stimulate economic growth in the country.
Since no restrictions are imposed on foreign companies setting up companies in Cyprus, the initial step is to send a research and development team to complete the legal registrations for incorporation. Private incorporation is an entity that operates for profits while paying its taxes to the government. The location selected for the Chick-fil-A outlet is Nicosia, with a view of the Kyrenia Mountains (Khan, 2021). The research team will pay all the required registration fees and get the relevant licenses. Cyprus’s catering and restaurant businesses are flourishing, and Chick-fil-A will likely thrive.
The business name will be adjusted to incorporate the country’s culture and make the people relate to the product. It will be registered as Cypriot Chick-fil-A, with the top employees being American nationalists with high cultural competence. Employment slots for the line workers will be left for the Cyprian nationalists for the business to appeal to the locals (Osei & Kim, 2020). The initial outlet at Nicosia is strategically placed to expand to other parts of the country. Before beginning operations, the foreign investment manager at Chick-fil-A converges a meeting for all the newly recruited personnel for training on the brand identity, vision, and mission of the company.
Chick-fil-A has developed a brand name over the years, and the brand identity helps it to gain popularity in the region. The cultural cornerstone of the business realm in Cyprus is trust, hospitality, and respect. The organization’s culture must incorporate cultural competence to ensure that people respect others regardless of their cultural orientation. Besides traditional marketing settings like television, the company will incorporate a personalized approach to call the customers and market the products directly to the prospects (Li et al., 2021).
Media Marketing and Advertisement in Cyprus
The number of social media users in Cyprus has grown exponentially. A social media marketing officer is key to ensuring that the new entrant into the Cyprus food industry reaches out to many customers. Social listening is key to understanding the customers’ needs for success (Li et al., 2021). The company has invested in search engine optimization to ensure that when people search the internet, they get Chick-fil-A as the topmost item.
Cyprus Market Analysis
The country has a small population but a large market economy. Cyprus has a population of about 850,000 people, with a growing trend expected to be 1.4 million people (Alola et al., 2020). Cyprus has one of the highest GDPs in the region, and the buying power of the people is higher, making it easier for Chick-fil-A to flourish in the Cyprian country market is strategically located as it can be assessed by over five hundred million guests annually, making the purchasing power an all-time high.
Cyprian Financial Potential
Cyprus has an economic freedom score of 72.9, making the economy the twenty-third most free economy in the world and therefore has higher growth potential for companies. People in the country have the financial ability to purchase all the foods they want as long as the marketing strategy reaches many customers. The company is dominated by the service sector and not industry sector Cyprus has introduced a 50% tax exemption for higher earners, and Chick-fil-A is likely to enjoy the subsidy as it introduces (Alola et al., 2020). Cyprus has excellent potential for growth in the sector.
Alola, A. A., Asongu, S. A., & Alola, U. V. (2020). House prices and tourism development in Cyprus: A contemporary perspective. Journal of Public Affairs, 20(2), e2035.
Khan, B. (2021). Sunset Inn: three-phase case study before, during, and after the wrath of COVID-19. Journal of Business & Industrial Marketing.
Li, F., Larimo, J., & Leonidou, L. C. (2021). Social media marketing strategy: definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49(1), 51-70. Web.
Nolan, J., Wicks, A. C., & Mead, J. (2022). Just a Sandwich? Chick-Fil-A and the Intersection of Mission, Religion, and Business Practice. Chick-Fil-A and the Intersection of Mission, Religion, and Business Practice.
Osei, M. J., & Kim, J. (2020). Foreign direct investment and economic growth: Is more financial development better? Economic Modelling, 93, 154-161.