MKT303 International Marketing: Assessment Answer

Overview of Japan

• Japan is an East Asian Island nation situated in northwest of Pacific Ocean. It shares borders with East China Sea and Taiwan in north and south.
• Tokyo is the capital of Japan.
• The total population of Japan is 125681593 (The World Bank 2023).
• Official language of Japan is Japanese
• The nominal GDP of Japan is 4.94 trillion dollars and it is 3rd largest with rate of growth of 1.4% (The World Bank 2023).
• It follows constitutional monarchy with nationwide diet comprising of 2 legislative houses – One is house of representatives and house of councilors.

Japan’s GDP

Pestle Analysis

• Political factors – Japan is constitutional monarchy and follows unitary parliamentary system of administration and government. It is making constant efforts to build excellent relationships with Australia, Germany, India and UK. These play substantial role in trade policies and FDI (Biswas et al. 2021).
• Economic factors – Japan is a member country of G20, G7, ASEAN and APEC (Armstrong and Drysdale 2022). It constitutes to have mixed economic system, albeit the government closely operates with all sectors. The foreign corporation only have to pay tax on income generated by them within Japan.
• Social factors – Japan is an advanced nation with highest per capita income in world. Living in culture with higher living standard, Japanese customers set exceptionally higher benchmarks for durability, usability, reliability and quality.
• Technological factors – Japan act as the leader in manufacturing technology that indicates protruding science and technology policy scientists all across the world now pay higher consideration to Japan. Government has routed R&D efforts, directed funding and safeguarded market for corporations (Ranis 2019).
• Legal factors – Japanese individuals perform distinct working roles such as independent directors, contractors, employees, workers and several more, Corporations must register them to offer unemployment insurance, health and accident insurance and pension insurance. Its legal system offer employment rights sch as holidays, maternity leave, work breaks and maximum working hours.
• Environmental factors – Japan is relatively clean and environmentally responsible country. However, management of waste is serious environmental issue and Japan is under immense pressure to reduce waste and control pollution (Yang et al. 2023).

Opportunities of Doing Business in Japan

• Higher level of disposable income – Japan is featured by customers having higher disposable earnings and corporations with robust global positioning and readiness to participate in long term and sustainable products.
• Evolving markets – Japan is an evolving market for global customer goods. It can act as huge opportunity for Bunyip Toys to tap such customers and grow its economy (Nam and Kannan 2020).
• Raising e-commerce – The advent of e-commerce in the nation also depicts exclusive prospect to new age businesspersons to discover and practice this for overall growth of business and economy.

Challenges of Doing Business in Japan

• Potential fiscal collapse – The length of downturns have been bit lengthy in Japan. The nation is inclined to to longer duration recessions that always is probable threat to fiscal downturn.
• Higher rate of tax – The tax charges in Japan are higher directing to either lower viability or advanced cost of goods (Kim and Yasuda 2021).
• Trade limitations – The simplicity of performing business is not stress-free in Japan. There are stringent rules in relation to global trade opportunities in the nation.

References

• The World Bank. 2023. Japan population. [Online]. Available at: https://data.worldbank.org/indicator/SP.POP.TOTL?locations=JP [Accessed on: 22nd April, 2023].
• The World Bank. 2023. Japan GDP. [Online]. Available at: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=JP [Accessed on: 22nd April, 2023].
• Biswas, B., Arefin, M.S., Roy, S.K. and Ullah, M.N., 2021. Legislature and Governance: A Comparative Study between Bangladesh and Japan. Journal of Governance, 6(1), pp.85-103.
• Armstrong, S.P. and Drysdale, P., 2022. The Economic Cooperation Potential of East Asia's RCEP Agreement. East Asian Economic Review, 26(1), pp.3-25.
• Ranis, G., 2019. Science and technology policy: Lessons from Japan and the East Asian NICs. In Science and Technology(pp. 157-178). Routledge.
• Yang, M., Chen, L., Wang, J., Msigwa, G., Osman, A.I., Fawzy, S., Rooney, D.W. and Yap, P.S., 2023. Circular economy strategies for combating climate change and other environmental issues. Environmental Chemistry Letters, 21(1), pp.55-80.
• Nam, H. and Kannan, P.K., 2020. Digital environment in global markets: cross-cultural implications for evolving customer journeys. Journal of International Marketing, 28(1), pp.28-47.
• Kim, H. and Yasuda, Y., 2021. Economic policy uncertainty and earnings management: evidence from Japan. Journal of Financial Stability, 56, p.100925.

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