Letter of Transmittal
Letter of Transmittal
As per the request you made, I am writing this report to point out problem areas that Pinkberry will have to carefully consider as it attempts to expand its presence internationally, and particularly into the Kuwaiti market. For five years now, Pinkberry has established a solid reputation as the finest purveyor of frozen yogurts in the US, rising to gain the market leadership position in this category. This has largely been made possible through our unique product offering, which makes use of the highest quality, real, non-fat milk.
With our success in the US market, time is ripe for the company to expand internationally and capture the global market by leveraging on this strength, which is also the source of the company’s competitive advantage. One of the prime investment destinations that we have identified is Kuwait. With a real GDP growth rate of 8. 5% in 2008, a relatively open economy, high rates of growth in the services sector driven by a boon in oil prices in recent times, opportunities for growth in this market abound for Pinkberry.
Additionally, US products enjoy very favorable attitudes in the country, with the two countries having pre-existing trade relationships where the US is Kuwait’s largest import partner accounting for about 13% % of all its imports. Notwithstanding these factors, Pinkberry’s entry and subsequent success in the Kuwaiti market is likely to be tempered with various challenges. These include cultural differences between the Kuwaiti and US markets, political-legal forces, and the unavailability of local sources of raw materials.
By going through this report, I believe that you will get an exhaustive appreciation of these factors, which will enable us come up with strategies that will help us effectively conquer the Kuwaiti market. I remain greatly thankful for the opportunity to prepare this report and will remain freely available for any clarifications arising. Yours faithfully, Business Development Manager, Pinkberry.
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 23 October 2016
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