Pinkberry Franchise in Saudi Market

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Introduction

Over the past few years franchising has grown as a way of doing business with many companies opting to go the franchise way as opposed to starting up their own businesses especially as far as investing in foreign countries is concerned. This is due to the benefits associated with running franchises as opposed to establishing new businesses. Due to the ever-changing business environment as necessitated by globalization, franchisers have been forced to contend with new issues starting with how to attract prospective franchisees to the more complex management systems and legal systems that have been put in place to regulate the franchising relationships between franchisers and franchisees.

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The maturity of the franchising industry has also necessitated the formation of franchising organizations that seek to protect the rights of parties to franchising agreements. These and other related activities contribute to showing the level of importance that is accorded to franchising as an industry and the level of progress that has been made in this line of doing business.

Franchising can be described as the agreement between different business organizations in which the franchisor establishes a contractual agreement with the franchisee, normally an already established and successful business, allowing the franchisee to sell and distribute its products for a fee (Hoy & Stanworth, 2003, p. 121).

The franchisor refers to the business organization which owns the product while the franchisee refers to the business which is given the right to distribute the franchised product on behalf of the franchisor (Spinelli, Rosenberg & Birley, 2004, p. 2).

A franchise agreement is usually governed by terms and conditions as outlined by both parties to the agreement and in most cases also contains penalties that will take effect upon failure by either of the parties to fulfill their obligations (Spinelli et al, 2004, p. 3).

The benefits which come with franchising thereby making it a viable choice of doing business for the franchisor include lower establishment costs as the organization does not have to establish its own business as it uses premises of already existing businesses as well as their chain store outlets, the franchisor is also absolved from the direct running of the business operations as the franchisee is the one who takes care of all the business operations, and the agreement also saves the franchisor time that would otherwise have been used in establishing a fully operational business, among other benefits.

The franchisee also benefits from the agreement in that the rights of ownership of his business still remain with him, and also the benefits that come with distributing products of a well-known company such as exposure into other markets and regions.

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Before engaging in a franchise agreement it is important for the business seeking to franchise its products to analyze the businesses which offer franchisee services in order to determine various aspects that will affect the performance of its products in the market (Kaufmann & Dant, 1995, p. 5). For example, a franchisor should determine the size of the market the franchisee deals in, the growth potential of the business under different franchisees, the entrepreneurial abilities of different franchisees, and the kind of success promised by different franchisees and based on the information received, choose a franchisee who best represents the mission and vision of the company and one who will best execute his duties in a way that will be the most beneficial to the company (Spinelli et al, 2004, p. 4-5).

Pinkberry Frozen Yogurt stands to benefit from these and other benefits when it gets into a franchising agreement with a franchisee in the Saudi Arabian market and specifically in the Al Khobar region. But to do this, the company will need to come up with a viable business and market plan for its entry into the market through franchising in the region.

This paper seeks to outline the opportunities available to Pinkberry in Al Khobar with regards to a market for its products and the potential consumers demand trends, the challenges that it will probably encounter in the process, and the level of competition likely to be faced in its industry of operation. A feasibility analysis will also be carried out to determine whether Al Khobar offers the right business environment for Pinkberry to conduct its franchise business as well as propose a business model which Pinkberry can use to ensure its operations in the area are a success.

The paper will also discuss the different avenues from which Pinkberry can source funds to ensure that its operations are not deterred by a lack of enough funds. Different marketing strategies at the disposal of Pinkberry will also be discussed to aid the company in the introduction of its products in the market and also how to market these products to different franchisees and make them want to sell them on behalf of the company and improve sales for the benefit of both the franchisee and Pinkberry as the franchisor. Recommendations will also be made to ensure that once the franchising agreement is in place and the products have been put out to the market it will continue to record growth in sales and how this growth can be sustained even in the future.

Pinkberry Frozen Yoghurt

Pinkberry Company was established in 2005 in Los Angeles and has since grown to be a market leader in the frozen dessert sector in the United States and in other regions where it conducts franchise operations. The company has been known to offer quality products to its consumers and as such has developed a cult-like following among them. It is as a result of this success that the company is always on the quest of expanding its business operations to different markets both in the United States and abroad, with its latest ventures centering on the Middle East region (Pinkberry, 2010, para. 1-2).

Pinkberry has established itself as a brand and as such is a force to reckon with in the frozen dessert market as it offers nutritional products that appeal to consumers while at the same time offering them value for their money. Customer satisfaction is a priority for the company and it has by and large been able to achieve this thereby creating customer loyalty and as such developing a market niche for its products in the frozen desserts sector.

Al Khobar as a Franchising Destination for Pinkberry

Al Khobar is located in Saudi Arabia’s eastern province and it boasts of numerous malls and restaurants as it has always been recognized as a city of merchants and shopkeepers. As a result of this, numerous franchise shops and restaurants have been developed in the area and its population of about half a million people offers the right kind of market for this kind of trading. Before Oil was discovered in the region around the 1930s, Al Khobar was a small village mainly inhabited by fishermen but it has since developed into a major commercial and industrial city (The Saudi Network, 2009, para. 1). The city has over the years earned recognition as a major business and commercial hub and as such has attracted the attention of investors wishing to conduct business in Saudi Arabia. Franchising in Saudi Arabia has grown as an industry with major international brands especially in the fast food and frozen dessert industry coming into the market (Franchise Saudi Arabia para. 11).

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Retail Food Franchise Business Establishments

No. of establishments

In order to determine whether Al Khobar is a viable destination of business for Pinkberry, it is important to consider various aspects of the city as well as its business environment. The aspects that will be considered to gauge Al Khobar, in this case, include the market gap, competition in the frozen deserts sector, consumer tastes and preferences as well as their demand trends for similar frozen desserts products.

Market Gap Analysis

Gap analysis is a tool used by businesses to determine whether there are certain segments of a market that are not being supplied by specific products. It also helps businesses to compare different markets for example in different regions to determine which market offers a better opportunity for its products consumption (O’Connell, 1999, p. 140). The needs of the market are also considered to determine whether they are in line with the needs the products in hand seek to satisfy. The attributes of the products in question can help make this comparison easier.

Taking a look at the frozen dessert market in Saudi Arabia as a whole and specifically in Al Khobar, it is clear that it has not been exploited to the full as there are not that many companies dealing in frozen dessert products. This therefore means that Pinkberry has an opportunity of investing in the city as there is still room in the market for its products. This coupled with the fact that franchising as an industry is well established in the city, the company will benefit from the large networks of businesses in the area willing to sell other companies products under the franchising agreement.

The frozen desserts industry in Saudi Arabia is not as saturated as is the case in the United States meaning that with the right franchising agreement, Pinkberry will be able to take advantage of the marketing opportunities the industry has to offer. There is need for frozen dessert companies to establish themselves in the city and Pinkberry should take advantage of the available opportunity before other companies come in and flood the market with similar products.

Competition

Competition in the frozen dessert industry in Al Khobar city and Saudi Arabia at large is not that stiff as there are not that many players in the industry. This translates into benefits for Pinkberry as it can be able to come into the market and create a niche for itself with the right franchising agreement as well as marketing plan. Pinkberry once established in this market can engage in activities that will enable it to gain a competitive advantage over other players in the industry.

This can be done best if Pinkberry enters into a franchising agreement with an already existing franchisee business which has well established networks and retail chain stores located in strategic locations, such as the numerous restaurants and malls available in the city. Pinkberry frozen yorgurt is likely to face competition from franchises such as Dairy Queen franchises and Baskin Robbins which offer icecream products as opposed to frozen yorgurt like Pinkberry offers. It will be easier for Pinkberry to penetrate the frozen desserts market in Saudi Arabia and offer these competitors a run for their money as more people have taken to consuming frozen yorghurt desserts in an increasing manner compared to the decline in the consumption of icecream in the region.

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Consumer Needs

In order to determine the specific needs of the consumers in the city and other consumers who visit the city every so often, Pinkberry can carry out market research in the area and as such use the information acquired to determine what kinds of products to float into the market. The needs of consumers are best met with the right information and the only way to get the correct information is to ask the potential consumers directly what they expect from companies offering frozen desserts in terms of dessert contents, prices, product differentiation, distribution and the like.

Al Khobar has a population of close to half a million people and this offers a good market for Pinkberry’s products and therefore investing in this market may prove beneficial for the company as it will help it improve its sales and revenues alike as long as it gets into franchising partnerships with the right franchisees and markets their products with the right marketing strategies that will appeal to potential consumers.

Determining consumer trends in the frozen desserts markets will also go a long way in pointing the direction which Pinkberry should follow as it floats its products in the market as it will enable them determine other aspects such as distribution of its products and in which areas its products are likely to have greater demand and as such should be concentrated on, as well as how to deal with those areas which are likely to post low demand for its products. These duties are mostly conferred to the franchisee who is engaged in the day to day selling of the franchisors products, and as such it is imperative that Pinkberry find the right franchising partner who will be able to share the company’s mission which is to make great revenues from sales while at the same time achieving customer satisfaction.

Feasibility Analysis

Feasibility studies are usually carried out by businesses wishing to engage in investment activities as a way of determining whether the venture is viable and thus worth investing into (Baron & Shane, 2008, p.105). Based on the results of the feasibility analysis, an investor is able to determine whether or not to pursue the investment. Part of the decision should take into account whether the results the investment will yield are in line with the goals and objectives of the company whether monetary or otherwise.

Part of what is covered in a feasibility study includes the legal, technical, economic, operational, timing and resource availability associated with the successful implementation of the project. From this the company should be able to determine whether there is room in the market for its products and whether providing the product to the market in question will result into economic benefits for the company.

A feasibility study also helps to determine the level of competitive advantage, if any, a firm holds over its rivals in the industry in which it hopes to operate. For Pinkberry, the feasibility study will help determine whether Al Khobar is a viable destination for franchising its frozen dessert products and if yes, what competitive advantage a franchising agreement would offer it over other rivals in the industry. Such a competitive advantage can be determined using various aspects such as quality of its products, unique features of the product, the location of different franchisees and the advantages that come with such locations, among other issues.

Technology Assessment

The level of technology held by a business goes a long way in determining how successful it will be in carrying out its operations. Technology in this case refers to the tangible and intangible knowledge and skills a business holds, and is useful in determining the success of a project or the level of performance it will be able to achieve within a certain period of time. For Pinkberry this kind of technology will be required more so on the part of the franchisees from which it is seeking to conduct business with.

Al Khobar as a business destination holds the right technology in terms of physical and intangible infrastructure which is necessary for the implementation of a franchising agreement. For example, the tremendous growth in the information technology sector as witnessed in the past couple of years ensures that communication of information from businesses to their customers and potential customers is possible meaning that a franchisee will be able to market the products offered by Pinkberry without any problems.

The developments in the information technology sector have seen the improvement of the advertising sector which is vital for a company wishing to bring its products in the market and as such information can be communicated to the city’s people using various platforms such as the broadcast, print, audiovisual and online media depending on the franchisees decision. Such platforms ensure that information about available products in the market reach potential consumers.

The franchising industry in the city is also highly developed meaning that the necessary knowledge and skills can be found here and as such there is the possibility of operating a successful franchise as long as Pinkberry conducts its business with a franchise whose infrastructure is well developed within the city as well as in the surrounding regions. If Pinkberry and its potential franchisee take advantage of the available technology, they should be able to successfully float its products into the market and as such reap the benefits that come with such a successful implementation.

Economic Assessment

The ultimate goal of any business venture is to benefit economically from its implementation. A franchising agreement, especially in a city where franchising as an industry is highly developed, holds great economic benefits for both parties to the franchising agreement. Al Khobar being a great commercial and industrial business hub has a thriving economy meaning that it offers the right environment for investment. The thriving economy translates into better living standards for the city’s people and good incomes meaning that their consumption levels are also high and can thus offer a good market for Pinkberry’s products.

The costs associated with operating a franchising agreement in Al Khobar are less compared to the benefits that Pinkberry stands to accrue due to the well developed franchising industry. This is because Pinkberry will most likely deal with a franchisee that is already well developed (Pride, Hughes & Kapoor 156). If Pinkberry was to establish a new business in the area then the costs would be way much higher and it would take a long time for it to recover from the establishment costs before it breaks even and starts making profits. From this information it can be concluded that franchising in Al Khobar offers a better opportunity for Pinkberry Company as it seeks to achieve its economic goals which in this case translates to higher revenues and in effect profits.

Legal Assessment

In carrying out a legal assessment one seeks to determine whether the legalities prevailing in the area of assessment, Al Khobar in this case, allow for the successful operations of a franchise agreement. The law governing franchises in Saudi Arabia has not been in place for a long time and in most cases does not limit the operations of a franchise agreement to certain provisions. In most cases the agreement reached upon by the franchisor and the franchisee is what counts, as long as its provisions do not go against the laws of the Kingdom.

The provisions contained in most franchising agreements include the rights that a franchisor grants to a franchisee, the period for which a franchising agreement will last, the terms of renewal in case a franchisee is interested in renewing the franchising agreement, the contractual obligations of both the franchisor and the franchisee such as the payment of franchise fees, the provisions regarding marketing and advertising of the franchised products, the performance targets as expected of the franchisee by the franchisor, the terms under which the franchisee or franchisor can terminate the franchising agreement as well as the actions that will be necessary should the franchisee opt to sell his business, among others. All these rules should be made in such a way that they will not go against the Kingdom’s business laws, including those of taxation.

The Laws governing franchising require that the franchisor be the original owner of the products to be franchised and that the franchising agreement be registered with the ministry of commerce for approval. In as much as there are no major legal restrictions when it comes into entering into franchise agreements in Al Khobar, Pinkberry should consult an attorney who is knowledgeable in the franchising field before entering into a franchise agreement so as to be made fully aware of the legalities involved so as to avoid situations that may create legal problems in future.

Operational and Scheduling Assessments

This assessment seeks to determine how well a franchising agreement between Pinkberry and its franchisee of choice will take advantage of the opportunities available in Al Khobar as far as putting out Pinkberry’s products in the market is concerned. The scheduling assessment looks at how long it will take for the agreement to take effect in the area of operation and when the benefits of such an agreement will start to be seen or experienced.

Since Pinkberry will be dealing with an already established business with all the necessary networks and infrastructure in place it will not take long for it to start reaping economic benefits as it would take for it was starting a new business in Al Khobar. It is important to note that even though franchising minimizes most of the risks associated with starting up anew business, its success is not guaranteed and as such both investors into a franchising agreement should take the necessary precautions to minimize risks associated with franchising.

Business Model for Pinkberry Frozen Yoghurt

Business models seek to bring together different operations of a company that will assure the delivery of quality products to customers and that the business is able to achieve its goals and objectives. Pinkberry’s business model will contain the following main aspects:

Company’s Infrastructure: In franchising, a company uses the infrastructure of an already existing company which includes the franchisee’s physical infrastructure and partnership networks, capabilities that are core to the running of the business and the configuration of the franchisees resources that are necessary to the operations of the business. Pinkberry hopes to use a well developed franchisee with a network of stores across Al Khobar to supply its products to potential consumers.

The franchisee should therefore be well established and have beneficial networks that will ensure the successful introduction of Pinkberry’s products into the market as well as their distribution. These networks should ensure distribution to a wide geographical area and the stores should also be strategically located in areas which are easily identifiable by customers and are also accessible to them. For example in shopping malls, busy commercial areas as well as in areas where people spend their leisure time.

What the Company has to Offer: This refers to the products and services the company has in offer for its target market. Pinkberry offers quality frozen dessert products such as mango, coconut and chocolate frozen yogurts, fruit parfait and smoothies with a variety of toppings making sure that the desserts are nutritious and healthy for consumption. The quality of their products is backed by certification from the National Yoghurt Association which only certifies products of proven high quality.

The Company in Relation to the Customer: This is composed of a number of aspects that create the link between the company and its customers such as customer relationships, the company’s target market and the distribution channels that will ensure its products reach the customer as expected. The relationship between the company and the customer will be created through the achievement of customer satisfaction and this is expected to create customer loyalty to the products offered by Pinkberry.

This will be facilitated by the franchisee who will be dealing directly with the company’s customers. The distribution channels as offered by the franchisee are expected to ensure constant supply of Pinkberry’s products at all times and in the right places.

This will ensure that the products are at all times available to the customer and in the manner which the customer expects them to be availed, that is in the right quality and quantity and at the correct pricing. Pinkberry’s target market will not be limited to any particular group as its products can be consumed across all groups and are not limited by age or other social aspects. It is however important to note that target market differentiation has to be considered when it comes to marketing so that the products can appeal to the different target markets. The channels of advertising should also depend on the target audience that is expected to be reached.

Financial Aspect of the Business Model: This looks at the cost structure and the revenue stream associated with implementing the business model, which is whether the company has the financial capacity to finance the business model and the company’s source of revenue. In a franchising relationship, the franchisee facilitates most of the expenses associated with selling and distributing the product to the target market.

The franchisee should therefore have the financial capacity to put out the franchisor’s product to the market and make it successful. According to Pinkberry (para. 3-5), the marketing fee charged to a franchisee is equal to two percent of the gross sales made on the national level while advertising in the local market takes up to two percent of the gross sales. In order to purchase a franchise license with the company, the franchisee needs up to forty five thousand US Dollars for a given location. The franchisee wishing to create a franchise agreement with Pinkberry should therefore source their revenue from viable sources to ensure that the money gotten will be able to finance the franchise license as well as other installment payments associated with any franchising agreement such as the marketing, advertising, sales and distribution costs.

Once the franchising agreement is in place, the franchisee company will generate its revenues from sale of Pinkberry’s products as well as other products that it has been offering to the market before.

Financing for the Company

According to Business Mart (2006, para. 1), a Pinkberry franchise agreement costs up to five hundred thousand US Dollars for a single store which translates to about 1,875,000 Saudi Riyals. The amount includes forty five thousand US Dollars which is the license fee and is non refundable as well as other costs such as the cost for a location, building and uniforms according to the standards required by Pinkberry. There are also costs associated with marketing and advertising for the company’s products. All these when put together translate into a lot of money for a franchisee and as such the need to source for funds.

The franchisee should source for funds to finance its franchise agreement with Pinkberry from financiers who are offering the best possible funding agreement. For example one with a viable repayment period, low interest rates and which does not offer restrictions as to which kind of business to invest in. Since the franchisee will be introducing a new product into the market, there will be many risks involved as it is not a guarantee that people will take to consuming the products and if they do, the demand for the products may not grow immediately. As such the source of financing should be able to accommodate these risks and offer the best possible payment plan to the franchisee. The franchisee company has several options from where it can source its funds and they include the following:

Banking and other Financial Institutions: There are several banking and other financial institutions in Saudi Arabia from which the franchisee can source its funds from. These institutions normally offer special loans for businesses and also give businesses with loans which are based on an individual agreement with the bank. This means that the franchisee will be able to negotiate for the repayment period and associated interest rates. Such loans in most cases are expensive and come with pre conditions that may prove limiting to the franchisee and as such necessary care should be taken to avoid issues that may lead to future disputes in case of delayed payments or defaults.

According to the administrator of thinkBIG, banks prefer offering loans to already established businesses and franchises as the risks associated with the running of such businesses is less compared to that of new businesses. For a franchise they would offer to fund up to seventy percent of the capital (2010, para. 5). Since a franchise with Pinkberry will cost up to five hundred thousand US dollars, it means that a bank would be willing to fund it up to a tune of $350,000. This should be in terms of a short loan of about 3-5 yrs. The cash flow for most Pinkberry has been estimated to be around 250,000 US Dollars in any given month and this would be enough to cater for the loan repayment as well finance other aspects of the businesses such as advertising.

Getting business partners is also another way in which a Pinkberry franchise can be financed. The partners can raise capital to the best of their ability and share profits depending on the capital invested into the business. The benefit of business partners does not only come in terms of their financial contribution, but because they are also able to bring in their own experience into the business and help in running its daily operations.

Retained Profits and Personal Savings: In most cases a franchisee already runs an established business and as such retained earnings from such a business may be used to fund the franchising agreement. This is the preferred method of funding as it does not come with the risks that are associated with borrowing loans from financial institutions. The franchisee can also use personal savings to fund the franchise agreement with Pinkberry.

It is important to note that the franchisee company can also use a combination of these sources to fund its agreement as this minimizes the risk associated with using only one source of funding as the risk is spread over a number of sources. For example, if 70% of the starts up costs are gotten from the bank, 30% can come from personal savings or from partnerships, which amounts to about $150,000. All agreements regarding funding should be put down in legal documents to avoid future problems when it comes to repayment.

The finances to be sourced can be allocated as follows:

Financing for the Company

Marketing, Sales and Growth

In order to ensure the success of the Pinkberry’s products in the Market and continued growth in sales, it is necessary for the franchise to engage in constant marketing and advertising strategies. In the case of a Marketing Strategy, the franchisee should come up with one marketing strategy that takes into account one concept and uses it in selling Pinkberry’s products. Every other activity engaged in should center on the marketing strategy at hand.

A marketing strategy involves other aspects such as the pricing of the product, how the products promotions will be carried out and the distribution of the products in the market in line with the targets and goals of the franchisee and the franchisor. Normally a lot of resources are required for this kind of marketing operation and as such the franchisee should allocate adequate resources to this effect. On average, a Pinkberry franchise’s introductory marketing cost is required to be $2,000 and another $2,000 every month after starting business. The strategies mentioned above can be described as follows:

Pricing: Consumers normally demand lower prices for products and as such the franchisee and the franchisor should come up with prices that are affordable to potential consumers. These prices should be competitive compared to those offered by competitors but not in a way that will lead to losses on the part of the franchisee and franchisor. The goal of the franchisee is to sell the product at prices that will enable it to make profits even when the operational costs are deducted from the revenues collected because it is from these revenues and profits that the franchisee company will be able to pay for the costs associated with the franchisee agreement.

The franchisee should thus sell the franchisors products at a price that offers value to customers and potential customers. According to Daszknowski, a normal sized Pinkberry frozen dessert costs 5.5 US Dollars, while a large one costs close to $10 (2010, para. 1). For an introductory price, this would prove too high and as such a lower but reasonable price of between $4 and $8.5 should be considered. Once the customer base becomes stable, then a higher but reasonable price can be introduced.

Distribution: The franchisee should make Pinkberry’s products available to consumers and potential consumers. The stores from which the consumers can purchase Pinkberry’s products should be strategically located in a way that makes them easily accessible to consumers. For example, shops located in a mall are easily accessible and located in an area that has a lot of potential customers. The store should also have signage to notify customers that they are offering Pinkberry frozen desserts.

Advertising: The franchisee should advertise to consumers and potential consumers on a regular basis so that they can be constantly reminded of the existence of Pinkberry frozen desserts in the market. This will enable them to have a competitive advantage over other competitors in the frozen desserts market. Different media should be used to advertise these products depending on the target market as different target markets can be reached through different channels of communication. Online and television advertising can be used as this will reach a larger target audience compared to print advertising channels such as newspapers.

Sales Promotions: Once the franchise agreement is in position the franchisee should carry out sales promotion activities for Pinkberry’s products so as to encourage consumers to buy it. These activities include offering the product at discounted prices, rewarding loyal customers for example by giving them special cards with which they can accumulate points and redeem them after specified time intervals, offering the consumer more of the products based on the quantity purchased, for example if one purchases two frozen desserts, he gets one for free. Offering coupons to customers also encourages the growth of sales as they will be encouraged to purchase more so that they can get more coupons which they can use to get cheaper products. Sweepstake games also encourage consumers to purchase more of a product especially since they will offer to give the consumer a certain prize if he or she wins after purchasing the products.

All these marketing and promotion strategies are aimed at introducing the Pinkberry’s products into the Al Khobar market, increasing the level of sales for the products immediately after the franchisee starts selling the products and maintaining the sales over the foreseeable future.

Sustainable growth in sales is necessary and even though some of the marketing strategies such as price reductions cannot be carried out over prolonged periods, they need to be used from time to time to ensure continued sale increases. The message passed on to consumers about Pinkberry’s products should be consistent as this creates confidence on their part and encourages customer loyalty on their part. Customer loyalty guarantees a specific level of sales to the franchisee and as such a specific amount of revenues which contribute to the level of profits both the franchisor and the franchisee will achieve over the term of their agreement.

With 1,500 customers expected in any single day, the sales should amount to about $250,000 (BlobalBX, 2009, para. 2). In the long run, this should be enough to furnish the payments of the franchise agreement as well as other business costs, leaving enough for the franchisee company as profits.

Conclusion

From the information gathered above it can be fairly concluded that Al Khobar offers a good environment for the development of a franchise for Pinkberry as it has an established franchising industry. In order for the franchisee company to be able to carry on a successful franchising agreement with Pinkberyy Frozen Yoghurt Company, it is necessary for it to adhere to the frozen desserts company’s rules as well as to have the relevant amount of funding for the project. The franchisee should consult widely on the best source of funding for its project and learn about the pros and cons of investing the sourced funds on a franchise so as to make an informed decision on the matter.

Reference List

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O’Connell, J. (1999). The Blackwell Encyclopedic Dictionary of International Management. Volume 7. Massachusetts: Blackwell Publishers Limited.

Pinkberry. (2010). “The Leading, Enduring, Frozen Yogurt Brand for Franchising”. Pinkberry, Inc. Web.

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Price Water House Coopers. “Franchise Business Economic Outlook”. 2009. Web.

Pride, M. W., Hughes, J. R. & Kapoor, J. R. (2008). Business. 10th Ed. Ohio: South Western Cengage Learning Publishers.

Franchise Saudi Arabia. “Saudi Arabia Franchise Statistics”. 2010. Web.

Spinelli, S., Rosenberg, R., & Birley, S. (2004). Franchising: Pathway to Wealth Creation. New Jersey: Prentice Hall Publishers.

The Saudi Network. (2009). “Al Khobar”. Web.

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