Question.2136 - Overview In this course, you have explored the elements of a market profile, including cultural, political, and economic aspects, and looked at th milestone, you will complete the next part of your course project by creating a market profile for your chosen country and creating le Scenario You are a business analyst working at a small, domestic organization that produces high-quality cell phone cases. Your organization h While the organization is not losing money, leadership would like to explore options to continue to grow. One option that leadership international markets. You have been asked to examine the benefits, drawbacks, and key considerations for your organization to enter one of the global mar for leadership. Continue to use your selected market from Milestone One. As a reminder, the options for international markets are: Argentina Brazil China India Indonesia Japan Nigeria Russia South Africa If you would like to use another country for your final project please reach out to your instructor. Prompt In this milestone, you will continue to use the Business Brief Template (located in the Guidelines for Submission section of this docum well as the INT 220 Library Guide to support your responses. Specifically, you must address the following rubric criteria: Market Profile: Explore and explain the cultural, political, and economic environment of your selected market to help inform future b market. A. Cultural Profile: Compare and contrast important cultural elements of your selected market against those in the domestic mar attitudes, common business etiquette and practices, and at least five other important aspects of culture. B. Political and Economic Profile: Compare and contrast important political and economic factors for your selected market agains and ideologies, current leaders, economic measures or characteristics used in classification, and government intervention on tr C. Legal and Regulatory Profile: Compare and contrast important legal and regulatory requirements of your selected market agai restrictions, regulations of products or services, legal processes for business transactions, and import restrictions or document What to Submit Template: Business Brief Submit the template as a 500- to 650-word Microsoft Word document. Based on your milestones, you should have Sections One and style.
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Section One: Drivers for Global Entry Country Selection Japan has been chosen as the worldwide expansion target market. Purpose of Global Expansion Promoting expansion outside of the home market is the main purpose of entering the Japanese market from a global perspective. The objectives of this growth are to strengthen ties with foreign countries, increase revenue diversity, and cultivate possible partnerships with companies across the globe. Business Impacts of Global Business Positive effects of the organization's globalization include enhanced partner companies' quality of life and a diversity of revenue streams. It does, however, require careful study and calculated planning to minimize any possible drawbacks. The subtleties of the Japanese market require adjustments in supply-chain management, marketing, human resources, and strategic planning (Górecka & Sza?ucka, 2013). Societal Impacts of Global Business Impacts on society are anticipated, both inside and outside. In a foreign nation, stakeholders and employees are required to follow customary business practices. The external consequences of making phone cases on the environment need to be taken into account, with a focus on sustainability. Expanding internationally fosters cultural interchange, diversity, and process improvement while providing new insights and opportunities for innovation (Jorgenson & Nomura, 2007). Cultural Considerations for Global Business Comprehending and honoring the formal and courteous business culture of Japan is essential. Following formalities, such as using appropriate titles when speaking to possible partners and showing respect with bows or handshakes, is crucial. Complying with cultural standards cultivates a favorable commercial rapport and places the company in a successful position inside Japan's unique business environment (Macy & Sato, 2002). Section Two: Market Profile Cultural Profile Comparing the cultural profiles of the home market and Japan reveals some interesting distinctions. Japan takes a more formal and respectful attitude to communicating than the United States, which is more informal. Cultural differences are reflected in values and attitudes; for example, Japan places more emphasis on collectivism than the United States does on individualism. Japan's higher power distance score, when examining cultural factors, indicates a more hierarchical organization. Comprehending these subtleties is imperative for proficient cross-cultural communication and seamless product integration, guaranteeing conformity with the inclinations and customs of the Japanese consumer base (Calder, 2009). Category United States Japan Commonly Spoken Languages English Japanese Commonly Practiced Religions Various Shinto, Buddhism Power Distance Index (PDI) Lower Higher Individualism Versus Collectivism (IDV) Individualistic Collectivistic Masculinity Versus Femininity (MAS) Masculine Masculine Uncertainty Avoidance Index (UAI) Lower Higher Long-Term Orientation Versus Short-Term Normative Orientation (LTO) Short-Term Long-Term Indulgence Versus Restraint (IVR) Indulgent Restraint Political and Economic Profile There are notable differences when comparing the political and economic features of Japan and the home market. In contrast to the federal republic structure in place domestically, Japan is governed by a constitutional monarchy. There are differences between the political ideas and current leaders of the United States and Japan, President Joe Biden and Emperor Naruhito. Even though both markets are developed, they differ in terms of GDP and buying power parity. Making strategic decisions during the process of international expansion requires an understanding of these political and economic aspects, including government intervention in trade (Górecka & Sza?ucka, 2013). Category United States Japan Political System Federal Republic Constitutional Monarchy Current Leaders President Joe Biden Emperor Naruhito Economic Classification Developed Developed Economic Blocs Impacting Trade NAFTA, WTO ASEAN, WTO Gross Domestic Product $26,854 billion (2023) $4.23 trillion (2023) Purchasing Power Parity $20,000,000,000,000 (2023) $52,120 (2023) Gross Domestic Product Per Capita $26,238 (2023) $36,573 (2023) Legal and Regulatory Profile There are several significant distinctions and parallels between the legal and regulatory frameworks in Japan and the home market. Because of its distinct legal structure and emphasis on contractual agreements, commercial transactions in Japan must be carefully navigated. Trade restrictions need to be taken seriously, particularly in certain industries. In contrast to the local market, successful company operations in Japan involve an understanding of rules related to products and services, compliance with paperwork requirements, and an understanding of legal intricacies (Jorgenson & Nomura, 2007). Section Three: Market Considerations Monetary Considerations When entering the Japanese market, monetary concerns are essential. With 1 USD being worth 147.025 JPY at the moment, the company needs to be extremely cautious while managing currency swings. To manage the influence on expenses and revenue, exchange-rate management becomes essential in financial planning and pricing strategies. Category The U.S. Dollar Japan Exchange Rate 1USD 147.025 JPY Management and Logistics Considerations To effectively navigate human resource considerations in the Japanese market, one must employ effective management and logistical practices. Organizational success in this culturally diverse setting can be enhanced by enacting policies that are in line with Japanese practices, comprehending labor regulations, and adapting management approaches to accord with local work culture (Calder, 2009). Mode of Entry Considerations While access to local talent can be gained through traditional routes like exporting or joint ventures, doing so may come with higher upfront costs and cultural obstacles. For the best market entry, careful consideration is required. References Górecka, D., & Sza?ucka, M. (2013). Country market selection in international expansion using multicriteria decision-aiding methods. Multiple criteria decision making, (8), 32-55. Country Market Selection in International Expansion Using Multicriteria Decision Aiding Methods (info no. pl) Jorgenson, D. W., & Nomura, K. (2007). The industry origins of the US–Japan productivity gap. Economic Systems Research, 19(3), 315-341. https://doi.org/10.1080/09535310701572024 Calder, K. E. (2009). Pacific Alliance: Reviving US-Japan Relations. Yale University Press. Pacific Alliance: Reviving U. S. -Japan Relations - Kent E. Calder - Google Books Macy, M. W., & Sato, Y. (2002). Trust, cooperation, and market formation in the US and Japan. Proceedings of the National Academy of Sciences, 99(suppl_3), 7214-7220. https://doi.org/10.1073/pnas.082097399More Articles From Business Management
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