CHAPTER IV RESULTS Aligned with the CoO theory, the findings indicate that Company X has employed various strategies to leverage its country of origin. In some cases, following the resource-based view perspective, the company also had to rely on firm-specific resources and turn them into competitive advantage in order to compete successfully in the local market. How these aspects contribute to the restaurant's operations and success will be explored in greater detail in the following section. 4.1 Strategic Insights Due to declining demand for their Chinese cuisine business, Company X relied on existing capabilities to develop strategic insights that addressed the issue. These include the CEO's experience and values, trend recognition, and analytical skills, which were key in developing a new business model. Trend recognition Consumer preferences have been significantly influenced by the global popularity of Korean culture, often referred to as the "Korean Wave" (South Korea's cultural exports, including pop culture, entertainment, music, TV dramas, and films). As a result, Korean cuisine and cultural elements have gained increasing popularity worldwide. In 2023, between January and November, the Netherlands imported $6.14 million worth of kimchi, ranking third globally, and $48.64 million worth of Korean ramen, ranking fourth worldwide (Herald, 2023). These figures highlight the growing prevalence of Korean culture in the Netherlands. Recognizing the early signs of the growing trend, Company X quickly identified it as an opportunity and strategically capitalized on it by integrating Korean-inspired themes into its offerings, leveraging the country-of-origin concept through Korean cuisine and culture. About 10 years ago, Chinese food was basically the go-to option for anyone looking for dishes like rice or noodles (...) the food scene has changed since then (......) At the time the Korean wave trend was becoming popular - (Alex) 17 until now company x continues to recognize the evolving trend and always try to adapt. One way they have been able to tap into this trend is by “offering seasonal unique drinks, like our soju cocktails, which have become a big hit. (....) On social media, cocktails mix are also trending” - (Ji Tae) CEO experience and values Education and prior business experience are critical success factors, with substantial industry expertise increasing the likelihood of leading successful firms (Wijewardena & Cooray, 1996; Cragg & King, 1988). Additionally, a family background in business provides relevant experience that can contribute to success (Bosma et al., 2000; Rose et al., 2006). The CEO exemplifies this principle through his background in the food and beverage industry, shaped by a family legacy rooted in this sector. As he stated, “My family has always worked in this industry” This has equipped him with the skills necessary to shape the restaurant’s new business model. With experience in serving both Asian and Dutch cuisines, the CEO possesses a deep understanding of diverse customer expectations and how to effectively transition from Chinese to Korean cuisine. In addition to his prior experience and background, the CEO demonstrates a strong willingness to take risks and innovate, which has enabled the business to remain competitive and consistently develop new menus. Scholars have highlighted that innovation has a strong positive influence on competitive advantage and firm financial performance (Yayan Hendayana et al., 2019; Srinivasan, Pauwels, Silva-Risso, & Hanssens, 2009). As Anju mentioned, “Alex always tries to think of new menus; he keeps on innovating new drinks.” Market entry and operational assessment The company assessed multiple factors to develop its current concept: an all-you-can-eat Korean BBQ and Asian cuisine.