Group Project

Internationalizing Big Rock Brewery Inc.

(Due: December 05, 2012)


International Business Policy
MGPO 383
(Fall 2012)
Professor: N. Matziorinis






Gary Fuller #260070659
Lucas Ghiglione #260460555
Aly Gohar #260464764
Anahi Hennetier-Modiano #260471557
Thibault Trancart #260452782



Table of Contents

A. Company Background ............................................................................................................................... 3
B. Product ...................................................................................................................................................... 4
C. Market Analysis ......................................................................................................................................... 5
D. Consumers & Target Population .............................................................................................................. 6
E. Competitors: ............................................................................................................................................. 8
F. Other Marketing/Business relevant variables .......................................................................................... 9
I. Government Regulations: ...................................................................................................................... 9
II. State Regulations ................................................................................................................................ 10
III. Demographic Changes ....................................................................................................................... 10
G. Entry Strategy ......................................................................................................................................... 11
H. Product Strategy ..................................................................................................................................... 12
I. Promotion strategy .................................................................................................................................. 14
J. Pricing Strategy ........................................................................................................................................ 15
K. Distribution channels .............................................................................................................................. 16
L. Projections and Future Plans ................................................................................................................... 17

Appendix A: Shipments of Malt Beverages and Per Capita Consumption by State 2011 .......................... 19
Appendix B: Choosing between Mergers and Acquisition:......................................................................... 19


A. Company Background

Big Rock Brewery Inc. is a Canadian company that specializes in producing, marketing,
and distributing specialty, craft beers. It was founded in 1985 by Ed E. McNally as a private
family company, and later made its initial public offering on the Toronto stock exchange and
became a public company in 1996.
The company is headquartered in Calgary, as it is its only production facility. The
company has only two sales and distribution facilities, one in Edmonton and one in Calgary, and
therefore exports its product to provinces across Canada, where sales representatives take care of
commercial and marketing activities. Although its products can be found all over Canada, the
company is geographically focused on western Canada.
Much of the companys early success can be attributed to the brewery strike of 1986,
where breweries of major competitors, Molson and Labatt, where shut down for the summer.
Although Big Rock had only been in business for a year, this proved a great opportunity for them
to establish their presence in the Canadian Brewery industry. It was during the summer of 86
that the company really made its presence known in the market.
Since its commencement, the company has grown to be the nations leading craft beer
maker, and the second largest Canadian owned brewery, as most of its major competitors are
foreign owned. In 2010, the company achieved revenues of C$45.1 million dollars, which was a
2.3% decrease from the previous years revenues of C$46.2 million. Management believes
unfavorable weather conditions that year, especially in western Canada, combined with the loss
of key retail distribution points in Alberta, particularly during the third quarter, adversely
affected sales volumes and consequently the companys financial performance
1
. On the other
hand, the company has proven to perform well under stagnating economic conditions, having
accomplished 22% and 49.9% increases in revenues and net profit, respectively, in 09 after the
08 recession. Currently, Big Rock Brewery Inc. holds a share of 0.6% of the Canadian market
2
,
which, when taking into account the companys small size relative to its most prominent
competitors, is an incredible achievement.
In terms of international presence, Big Rock has not had much in the past. It has only
exported its products to South Koreas and various Canadian embassies around the world. The
aim of this report is to analyze Big Rocks potential entry into the US beer market, and more
specifically the upper Midwest.
B. The Product

How we make beer and ingredient and the importance of the brewmaster
As previously mentioned, Big Rock specializes in producing craft beers. It takes great pride in
serving beer made with local ingredients with no additives, preservatives or pasteurization that is
targeted at a health conscious psychographic. Many tourists are surprised with the unique flavor
Traditional Ale offers and many describe a visit to Big Rocks brewery as an extraordinary
experience that everyone should try at least once
3
.
Originally, the first three beers Big Rock produced were traditional ale, bitter, and
porter
4
. Now, the company offers twelve ales and lagers under the brands: Traditional Ale,
Grasshopper Wheat Ale, Warthog Ale, McNallys Extra Ale, Jack Rabbit Light Lager, India Pale
Ale, McNallys Reserve, XO Lager, Honey Brown Lager, Black Amber Ale, Alberta Genuine
Draft, Alta Light Lager, Gopher Lager, Rock Creek Cider, Alberta Genuine Draft, Jack Rabbit
Light Lager, Alta Light, Gopher Lager, and Honey Brown.
C. Market Analysis

Since the deregulation of the beer industry in 1979, smaller craft beer manufacturers have
been steadily growing versus the major mass market brewers (appendix 1). Today, craft beer
brands continue to be the quickest growing segment of the beer industry, both within Canada and
throughout North America
5
; although 2009 figures showed an overall decline in beer
consumption from previous years, only craft beer sales rose at a rate of 710%, earning 4.3% of
sales by volume in the US
6
. It is for this main reason that we suggest that Big Rock expand their
operations to the US, so that they may capitalize on the rapid growth of the market, and
minimize potential opportunity costs of not expanding to the states.
In 2010, craft brewers represented 4.97% of the volume of the total US beer market, and
in 2011, that number climbed further to 5.68%. The US craft beer industry has been forecasted to
grow at an annual rate of 5% through 2017 to reach a market value of $4.1 billion
7
. Particularly,
craft beer is gaining a firm foothold across all of the Upper Midwest of the United States, where
craft beer sales have rose 16% last year
8
. This information, therefore, depicts the sheer amount of
untapped and increasing potential in the US market that Big Rock can capitalize on and benefit
from, in terms of expanding its consumer base and increasing its presence in North America.
In terms of competitive landscape, the US craft beer industry is fairly fragmented, with
over 1,500 microbreweries in the nation. However, studies have shown that if current market
trends prevail, there is a great possibility that the craft beer market will become more
concentrated. Therefore, now is the time to compete over market share in the US, so as to avoid
being pushed out of the market when the concentration of the market does increase.
Finally, the states in which we intend to export: Idaho, Montana and Washington, have
relatively high per capita consumption levels28.3, 40.6 and 25.1 gallons per capita (21+ years
old) respectivelywhich, along with the market trends that we have described, increase our
chances of success (Appendix A).
D. Consumers & Target Population

We plan to export our products in the Western States of the United States, and more
precisely, Idaho, Montana and Washington. Thus, we will focus on describing U.S beer
consumers and our target market within the states mentioned above.
Consumers of beer cannot be easily defined, as they are a large and heterogeneous group.
From baby boomers to generation Y-ers (also known as Millennials), beer is an alcoholic
beverage that appeals to very different age classes, social classes and origins. Still, the most
recurrent profile for the typical craft beer consumer is that of a white male, aged between 21 and
44 years old for more than half of craft beer consumers, earning at least $50,000 per year (for
about 75% of consumers of that market). The biggest challenge within this target market
segment will be to raise brand awareness and create brand loyalty and re-purchase behaviors
after the consumers first try out of our product(s)
9
.
On the other hand, recent studies have shown that generation Y-ers (born in between
1980-1995) are less inclined to drink beer than their predecessors, generation X (1960s-1980s).
Only 37% of Millennials say beer is their drink of choice, as wine is becoming increasingly
popular. This age group can be defined as one segment of the beer market. They have been
described as more adventurous and less inclined to high levels of brand loyalty than their elders,
which is to our advantage being a new and innovative brand entering the market. Furthermore,
46% of new craft beer consumers are Millennials. The Millennial beer consumer is looking for
adventure, innovation, and large product lines that will offer him a wide variety of choices
10
.
They are increasingly looking for variety packs and seasonal beers, all the while remaining price-
sensitive. Our promotion strategy will partly aim at gaining market share from this growing
consumer segment. (Cf. sections H and I).
Because of the recent economic downturn, US consumers have turned towards cheaper
products, buying less premium goods. Despite beer consumers high price-sensitivity, the
segments we aim to target are those looking for quality and innovation and thus more inclined to
pay an above-average price (meaning above the standard lager beer prices). Though in 2011 US
volume sales of total beer declined by 2%, there is proof of rising popularity and interest for craft
beers as opposed to standard lagers
11
craft beer volume share of the total beer market in the US
reached 5.68% in 2011
12
. Consumers are leaving mainstream brands, as they want to try new
beers and differentiate themselves from the mass-consumer group. Big Rock Brewery thus has
an opportunity to capitalize on those favorable market trends while maintaining a price that
reflects its superior quality and higher-end craft beer positioning.

Another important point to consider when studying US beer consumers is the answer to
the question Why people love beer?. This leads us to study the characteristics that they
associate to beer consumption. Recurrent adjectives are: liveliness, sense of community,
calming, celebration, broad (in tastes and products), spanning across cultures, generations etc. to
name but a few. Though we have given a profile of the largest segment of the market, those are
not the only potential consumers of beer. In general, consumers will seek for a beer to which
they can relate. Our main objective will be to effectively communicate our brand image to our
target market, in order to build on self-actualization and belonging needs of our prospect
customers. Our target population is one that looks for creativity, spontaneity, innovation, quality
and taste in the brand they intend to purchase
13
.
E. Competitors:

The substitute products for beer in the American market are other alcoholic beverages, such as
wine, ciders, ales and spirits. In some cases, substitute products can also include functional
drinks. these are considered substitute products only for low or no alcohol beer.

The United States beer market is highly concentrated with the three main player holding 81.5%
of total market volume. The leading beer producer is Anheuser-Busch ImBev, which generates
52.1% shares of the market volume. The next two top players are SABMiller and Molson Coors
brewing company respectively holding 18.7% and 10.8% of the market share. However, as they
do not produce craft beers these would not be Big Rock's direct competitors. One clear
opportunity for Big Rock to gain market shares in the U.S. beer market is the high quality
premium beer it distributes. So far, even top players in the beer industry focus on mass market
products, not so much on the production of premium beer. This gives a possible advantage to Big
Rock as it will only import premium beers into the United States.

Instead, the Canadian brewers main competitors are much smaller companies; the American
craft beer producers being only one part of the remaining 18.5% of the U.S. market. The biggest
competitor in the production of craft beer is the Samuel Adams Brewery, essentially because of
its size and its presence over the entire country. Samuel Adams company headquarters are
located in Boston the company's current production is 293.4 million liters and Its revenue is
$513.0 million. Examples of their most successful craft beers are Sam Adams Light, Sam Adams
Boston Ale and Sam Adams Pale Ale.
F. Other Marketing/Business relevant variables
I. Government Regulations:

Before going any further with our internationalization plan , we need to consider the
federal and state regulations on the importation of alcoholic beverages into the American
territory. It is important to note that the federal government imposes the regulations at a country
scale, but that state have some degree of independence in the way they implement their own laws
and regulations.

The first essential step to import alcoholic beverages into the US for commercial
purposes is to obtain a an importers basic permit from the Alcohol and Tobacco Tax and Trade
Bureau, the TTB because of the Federal Alcohol administration Act (FAA)
14
. The importer
applies to the government and to each state it wishes to import to. It then takes up to three
months for the Tax and Trade Bureau to consider the demand. There is no charge for applying to
obtain this permit. In the case where a business headquarters are located in a foreign location, it
is possible to conduct operations in the United States if the business maintains and staffs a
business office in the US. We must also add that the federal government imposes taxes once the
product crosses the border, that the labeling has to be approved by the government beforehand
and that the minimum purchase age for alcoholic beverage is 21 years old
15
.

For Big Rock, none of this should cause any problems as we plan to produce the
beverage in Calgary, export it in the US, and them employ workers to bottle and distribute the
final product. In case that the company was unable to conduct operations in the US, it could look
for a commercial agreement with an existing licensed importer: removing the need to obtain a
permit.
II. State Regulations

In order to sell beer in Idaho, a company needs a beer tax permit and to file monthly beer
tax returns. Beer containing more than 4% of alcohol per weight is considered "strong beer" and
is taxed as wine. If the company sells strong beer, it must obtain a wine tax permit
16
. In Montana
the regulations are weaker for imports, as as long as the importers obtain the federal permit to
conduct business in the United States, the state will not interfere. Finally in Washington, the
importer needs to obtain a liquor license issued by the Washington state department of revenue
and the state has a strong control over the sales of alcoholic beverages
17
.
III. Demographic Changes

The US population has doubled over the past 60 years, increased from 152.3 million in
1950, to 308.7 million today, accounting for 4.5% of the world's population. Because of an
increase in immigration, the country is becoming more racially and ethnically diverse. The US
also faces a rapid aging of its population reflected by an increasing proportion of persons aged 65
or more, and an increasing median age in the population
18
. Idaho has a population of 1.6 million
people
19
, Montana has one of just fewer than one million
20
and Washington has one of 6.8
million people
21
making it the largest target state for Big Rock even if all three states are
experiencing positive growth.

G. Entry Strategy

We must now examine what type of entry strategy to use in order to maximize the
probability of success of our international expansion. Using Franklin Roots approach we realize
that we should enter the US market by an acquisition because of the high competition, the high
amount of redundant resources, the medium value of our resources and the reciprocal synergies
that we would have partnering with another brewery
22
, these specificities are presented in
Appendix B.

Nonetheless we have decided to enter the US market through a different investment that
is the purchase of a bottling company because the numerous benefits it offers. We would
continue to produce our beer in the existing Calgary brewery, and then export it by truck to the
bottling company where we would then bottle and package the product. The first benefit this
strategy gives is that it allows us to be in accord with the previously mentioned government
regulations as we would have an existing production center and would employ American
workers. Second bottling the product in the US we would be allowed to label it as bottled in the
US, reducing the risk of being seen as an invading foreign product. The third advantage would be
that owning the bottling company would simplify transportation costs as we would only have to
transport the final product once they are bottled in the US, reducing the size and the weight of
the merchandise as it crosses the border. We would also gain from lesser taxes because the
product would be considered as an unfinished good as it crosses the border. Finally is it a more
financially sound option than to purchase a brewery directly and would greatly minimize the loss
of an early withdrawal from the market because of bad results.

Keeping all the above reasons in mind, we have decided to purchase the Peak Bottling
Company bottling facility. The company was located in Dillon, Montana before going bankrupt
in 2012
23
. Because of Peak Bottlings misfortunes Big Rock has the possibility of purchasing the
now abandoned plant for a lesser price from the state. This opportunity would allow us financial
flexibility as it comes at a much lesser cost than opening a new bottling facility and come with
less constrains than having the beer bottled by a third party.

Institutional restructuring
H. Product Strategy

We plan on rolling out our various brands to the US customer in stages. Since our
intention is to differentiate our products as premium beers with high quality and high value, we
will start with our four most popular and traditional brews: Wheat Ale, Traditional Ale, Warthog
and Honey Brown. These products are the more popular Canadian brands and we expect that
due to the similarities between our two cultures, these brands should do well. Other brands will
be rolled out as consumption warrants new arrivals in a timely fashion, eventually offering our
entire product line to all our customers.
Our research shows us that the population segment aged thirty five and older make up a
significant portion of the beer drinking market however, potential customers who attained the
age of majority after the year 2000, classified as Millenials, are our main target market. A 2011
study by Harris Poll indicates that 37% of Millenials say beer is their drink of choice.
24
This
generation may be less inclined to drink beer than the generations before however there are
greater numbers of them. This generation is more adventurous and willing to try different
brands and do not maintain brand loyalty like their older counterparts. This is significant as we
can appeal to their sense of adventure and willingness to try premium craft beers over regular
everyday offerings from the major mass manufacturers.
Our product packaging and label design will be incredibly important. We believe that the
quality of our product line as well as the design and packaging of our products will appeal to the
millennial generation. Emphasis will be on the bottled in the USA inscription as well as the
freshness and premium ingredients used to make this great product. Packaging improvements
will continue based on market feedback.
Another way we intend to differentiate our product is through our increased commitment
to customer service and our ability to relate to customers needs and wants and reach them
through social media. With social media our customer base will become more informed about
our products and their benefits over other brands. We will also be able to reach our customers
immediately in order to announce new offerings and promotions. We intend to develop through
this a competitive advantage over the other craft beer offerings.
I. Promotion strategy

Because of the very horizontally differentiated positioning that comes with craft beers
and thus the need for differentiation, it is critical that Big Rock does not hold back on its
promotional strategy. Not only is this a crucial element in order to capture a consumer base, it is
also primordial that they have a distinguishable strategy in order to get and maintain shelf space.
The promotional strategy that we will use will combine the existing one that they apply in
Canada, namely adding on to the self-promotion of the brand through the creation of fan
challenges, and one to make themselves more well-known by sponsoring events. Because of the
low switching costs that come with craft beer, Big Rock will aim to become the new trendy craft-
beer by sponsoring music festivals and events that are characteristic of the region they are
entering. Some of these possible sponsoring could be of beer festivals, the Whitefish Oktoberfest
in Montana
25
, the Leavenwood Oktoberfest in Washington
26
or the Rocktoberfest in Idaho
27

being great ways to promote their products or through tradeshows that gather beer aficionados.
Another way to increase brand awareness is by offering variety packs that allow the
customer the customer to try multiple beer in one purchase. Our intention is to focus our
marketing dollars on the company and not a particular product. We intend to make our company
name known along with the benefits of our quality and freshness. We will ensure customer
satisfaction with ample opportunity for customers to give us feedback and follow up with points
of sales to ensure their satisfaction as well and build long-term relationships.
Big Rock Breweries owes much of its success to product labeling and packaging. We
have been stimulating the attention of potential customers through floor displays at point-of-
purchase locations as well as eye catching labels on individual bottles. These floor displays,
usually the first thing a customer sees on their way into the cooler or beer fridge, augment the
potential for opportunity purchases and introduce shoppers to our beers. Point-of-sale
advertising materials such as door and window decals as well as banners and giveaways will help
build continuous sales. These displays must be professionally made and sufficiently attractive
that the retail outlet will want to display them. Our website will list all Big Rock points of sale
including the brands carried per outlet in order to assist the retail outlet with continued sales.
Since we are in the introductory phase of market development, we expect the promotional
expenses to be very high in the short term in order to acquire a customer following.
The promotion must also be timely as we want to have a promotional strategy consistent
with the time of the year. In this sense we will introduce Big Rock Lime beer in the summer to
go along with the trend of lime beers in the summer and we will release and promote our Saaz
Republic Pilz beer right before and during the previously mentioned beer festivals.
We must in the end keep on increasing awareness to new product releases and offerings
through press releases and use our existing internet strategy, namely the fan challenge: Big
Rock Eddies where every year consumers create their own Big Rock add, to go viral. These
press releases will include information concerning the locations that sell our products and
newspaper articles will be submitted to local and regional newspapers promoting our
products. Beer cases and visual ads will contain references to our blog, twitter feed, Facebook
group, website and fan challenge, allowing the brand to hopefully go viral.
J. Pricing Strategy

Before we talk about the pricing strategy, it is important to remember that the craft beer
industry is very horizontally differentiated, meaning that there are a great amount of alternatives
and that the uniqueness of every beer is promoted. The consumers of craft beer seek an
experience in their product and are thus less sensitive to pricing than the consumer of
commercial beer. This aspect allows for a good amount of pricing flexibility and keeps Big Rock
from having to enter the North-West of the US as a price leader.
Because we believe and have already received feedback on the quantity of our products
but nonetheless want to first gain awareness in the new US market, we will align ourselves with
the pricing of competing craft beers. Although we will allow some flexibility for the following
prices because of the different regulations in each state we will price the beers in the following
manner: $8.99 per 6 pack, and $15.99 per 12 pack. We will also increase the prices of our
superpremium beers (the brewmaster and Alchemist editions) by a little more than $1 compared
to our other beers. This alignment with the competitors prices should become an advantage for
Big Rock as we believe our unique packaging, promotion and product quality will lead the
customer to understand that the product is better than our competitors.
K. Distribution channels

In order to decide what type of distribution channel to use we must first recognize that
most distribution channels in the market are currently utilized by direct competitors (craft beers)
or indirect competitors (major commercial beer companies). Supermarkets and hypermarkets are
the leading distributer in the U.S. beer market, accounting for 57.9% share of total market
volume
Because of the interest of the different actors already involved with these distribution
channels and the possibility that they lobby our access to them we will try using the same
strategy as Goose Island Beer Company use years ago
28
. By having exclusivity agreements with
a distributor of, for say, wine products with a good distribution network but that does not
promote beer products; we will be able to have a distributor that can focus on the Big Rock
products without compromising its other clients in the wine market.
Because of the abundance of craft beers producers and the limited amount of distribution
channels in this industry we believe that entering through the distribution of a distributor that is
not yet committed to the beer industry is the best alternative we have. We will end up with a
distribution channel that can give us access to locations that might not have been possible
otherwise and make sure that there is no possible internal conflict within the distributors clients.
We also must provide sufficient incentives to our distributors to have us as a
client. Volume bonuses and discounts should be awarded to individuals placing the most of our
products into retail locations. This competitive environment will encourage the distributor to
negotiate with retail outlets to carry our products as well as encourage the building of
relationships between Big Rock, the distributor and the retail locations. Distributors prefer to
sell the types of product that turnover quickly and will continue to emphasise the importance of
these products to their bottom line. We must provide the tools required to help our distributors
make sales.
L. Projections and Future Plans

We realistically believe that Big Rock will thrive in the international expansion because
of the uniqueness and quality of their beers. Without having a precise timeframe, we would want
to as time goes on, continue to introduce beers that are for the moment exclusively sold in
Canada into the US market until we have almost matching product lines.
If the entry is as successful as suspected, we would want to open a new US subsidiary
that would be financially independent of the Canadian one. This separation will mitigate the risk
of the company failing and would allow for even better and more specialized country strategy.
As the generated US revenues increases, Big Rock US would then expand its operations from
state to state. Because of the success in the original launch states, we hope to then have the
neighboring states, whom having heard about or tasted our product, demand our expansion into
their states. We will conservatively wait until we are financially strong enough before
considering another international expansion in booming beer consuming country that are South
American countries.
All in all we are confident that this is the first of many successful international
expansions for Big Rock and that we will be able to continue growing while maintaining the
quality and values that are inherent to our company.

Appendix A: Shipments of Malt Beverages and Per Capita Consumption
by State 2011
(31 gallon barrels and gallons per person 21 years and older)
29


State 2011
Shipments
2011
Rank
2011
21+ population
Per Capita
Consumption
2011
Rank
Idaho 989,408 41 1,084,672 28.3 30
Montana 956,133 43 730,259 40.6 3
Washington 3,989,470 17 4,920,782 25.1 45

Appendix B: Choosing between Mergers and Acquisition:
30



1
Big Rock 2010 annual financial report
2
Euromonitor (Beer in Canada)
3
"Big Rock Marketing" StudyMode.com. 12 2011. 12 2011 <http://www.studymode.com/course-notes/Big-Rock-
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5
Datamonitor, Big Rock Brewery company report
6
Sealover, Ed. Craft beer sales up 10.3%, despite overall beer decline. Denver Business Journal.
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7
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billion/NI4919
8
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9
Who Is the New Beer Consumer?, Jim Clarke, May 1st 2012, http://www.beveragemedia.com
10
Who Is the New Beer Consumer?, Jim Clarke, May 1st 2012, http://www.beveragemedia.com
11
Beer In The US, Passport, pages 1-7, Euromonitor International, February 2012
12
2011 U.S. Craft Beer Grows 13%, The Brewers Association, March 27th 2012, < http://montanabrewers.org/>
13
Why we love beer?, Monday Night Brewing, February 24
th
2010,
http://mondaynightbrewing.com/2010/02/24/why-we-love-beer/
14
tax and trade bureau, TT: http://www.ttb.gov/itd/impreq.shtml
15
Acohol Policy: http://alcoholpolicy.niaaa.nih.gov/about_alcohol_policy.html
16
Beer Tax Idaho state Tax Commission: http://tax.idaho.gov/i-1021.cfm
17
Liquor License Washington State: http://www.liq.wa.gov/licensing/apply-liquor-license
18
Laura B. Shrestha, 31.03.2011, The Change in the Demographic Profile of the United-States.
19
Idaho, quick facts, U.S. Census Bureau: http://quickfacts.census.gov/qfd/states/16000.html
20
Montana, quick facts, U.S. census bureau: http://quickfacts.census.gov/qfd/states/30000.html
21
Washington, quick facts, U.S. census bureau: http://quickfacts.census.gov/qfd/states/53000.html
22
Franklin Root "Designing entry strategies for international markets," Entry Strategies for
Foreign Markets, Lexington, MA: Lexington Books, 1994, pp. 22-44.
23
http://www.bevnet.com/companies/listing/Peak_Bottling_Of_Montana_LLC
24
http://www.beveragemedia.com/index.php/2012/05/who-is-the-new-beer-consumer-brewers-ready-to-say-
ihola-and-more-to-expand-reach/
25
http://www.whitefishoktoberfest.com/
26
http://www.leavenworthoktoberfest.com/
27
http://www.78productions.net/oktoberfest-2012-idaho-falls.html
28
http://www.stumptown.com/articles/mgmtbeer.html#1.0.0
29
State Per Capita Consumption from 2003 to 2011 Report, Beer Institute, < http://www.beerinstitute.org>
30
Franklin Root "Designing entry strategies for international markets," Entry Strategies for
Foreign Markets, Lexington, MA: Lexington Books, 1994, pp. 22-44.