Business Report of Country Analysis and Foreign Market Entry Mode Choice - Japan - Case Study Example

Business Report of Country Analysis and Foreign Market entry Mode Choice: Japan Name Course Name and Code Instructor’s Name Date Executive summary This report seeks to provide a country analysis and foreign market entry mode choice. The report focuses on the market of pet care products internationally of a company that has been expanding rapidly but has now saturated in the domestic market with the same products. The pet care market consists of the sale of cat care, dog care, other pet care and pet health care products. In this case, the chosen market in which the company will market its pet care products is Japan. The report has discussed the market analysis of the country whereby such issues as legal considerations that are meant to govern the welfare of the animals have been outlined as well as the penalties that accompany any breach of the set regulations. Moreover, socio-cultural considerations that show how people in Japan are choosing to keep pets, especially dogs and cats at home are evident in the report. Other issues outlined in the report include competitive nature of the pet industry in Japan. An analysis of the facts gathered as well as the assessment and selection of entry strategies have also been outlined. In conclusion, the overall exercise of expansion is an important performance that the company needs to take into consideration. It is recommended that the company derive effective strategies that will enable them to market their products successfully in the new market environment. Besides, the company has to budget for the expansion exercise funds as without the funds it will be very difficult to carry out the exercise. Table of Contents Executive summary 2 Table of Contents 3 Introduction 5 Country and market information gathering 5 The Japan pet care market 5 The product 7 Target market 8 Legal consideration 9 Socio cultural consideration 11 Competition 11 Financial considerations 12 Analysis of facts gathered 13 Market analysis 13 Market segmentation 13 Psychological segmentation 14 Geographical segmentation 14 Demographic segmentation 15 Behavioural segmentation 15 Marketing mix elements 15 Product 16 Price 16 Promotion 17 Place 18 Positioning strategies 18 Advantages and disadvantages of the product 19 Assessment and selection of entry strategies 19 Market entry strategies 19 Export based entry mode 20 Relationship based entry mode 20 Recommendation 21 Conclusion 21 References 23 Introduction This paper presents a business report of a country analysis and foreign market entry mode choice. The report focuses on the market of pet care products internationally of a company that has been expanding rapidly but has now saturated in the domestic market with the same products. The pet care market consists of the sale of cat care, dog care, other pet care and pet health care products. In this case, the products will be marketed in Japan, and the report will offer a detailed macro environment of the country and a broad market evaluation. In addition, the report will include an assessment of various entry modes available to the company and present the best entry mode based on market research. The purpose of this report is to assist the senior manager of the company to assess which entry strategy is most suitable for the firm. Country and market information gathering The Japan pet care market Latest statistics, which have been provided by the Japan Pet Food Association (JPFA), indicates that the Japanese have 22 million cats and dogs and this outnumbers children below 15 years of age by approximately 30 percent (Petfoodindustry.com, 2011). In Japan, the pet industry is believed to be a real growth industry. This is evidenced by the fact that there is a marked social trend of an amplifying number of Japanese individuals choosing to rear pets at their homes, especially cats and dogs (Petfoodindustry.com, 2011). Furthermore, it is true that the Japanese pay abundant attention to their pets, their health, nutrition and comfort and as a result, they only purchase the most quality care products. The entire Japanese pet industry, which consists of care products, food, live animal sales, accessories, salon, clinic, animal medical devices and pet insurance, was valued at 15.6 billion U.S dollars in 2010. In the same year, the total sale of accessory products, pet care products and pet food was 5.1 billion U.S dollars. However, compared to 2009, there was a drop of 0.8 percent and this was linked to economic downturn and the reduction in the sale of live animals (Petfoodindustry.com, 2011). The table below shows the sale of pet care products in 2009 and 2010. It is true from the table that the sale of pet care products in Japan has been on the increase meaning that there is a likelihood of the company emerging successful in its new market (Petfoodindustry.com, 2011). Sales 2009 % change 2010 Sales value of pet care products 904.3 2.1 (increase) 923.7 Sales value of pet food 3,720.7 1.3 (decrease) 3, 673 Pet accessory products 507.7 2.1 (increase) 518.6 Some of the pet care products, which have marked an increase in sales volume, include premium food, weight-specific products supplements, and age-specific products. This increase is because of amplification in the number of persons who keep pets, treat them as part of family members, and pay adequate attention to the health of their pets (Puotinen, 2000). The snack market attained sales volumes of $564.3 million in 2010, growing by ten percent compared to 2008. This growth has been linked with increased demands especially for cat snacks. Furthermore, the market for indoor training instruments and techniques to divert pets from specific behaviours, particularly employed for indoor training is gradually expanding (Puotinen, 2000). This is because of boosted number of indoor pets, which has seen to it the significance of animal indoor training. In addition, the sale of other pet care products such as ear cleaning and dental care have also increased due to the increase in pet owners who pay attention to ear and mouth hygiene of their pets (Petfoodindustry.com, 2011). In 2011, the sale of pet products was projected to increase by 5 percent to ¥163 billion compared to 2010. Research indicates that this growth is because of other pet care products, which were expected to boost by 6 percent to ¥135 billion (Puotinen, 2000). The increase in number of indoor pets has called for improved hygiene and comfort thus; products, which reduce bad odour, are greatly surfacing. This market analysis proves that pet care products are in high demand in the Japan market and this implies that using best strategies and provision of high quality pet products, the company can compete effectively in the new market and emerge successful (Zaidan, 1999). Considering quality products is very beneficial because pet owners in Japan are very attached to their pets, pays attention to their comfort, health and nutrition thus will only purchase best quality products. The product The company deals in pet care products, which consist of cat care products, dog care products, other pet care and pet healthcare products (Kotler and Kevin, 2006). Nonetheless, these products have been trading in the domestic market and have been deemed to saturate in the domestic market. As a result, there is need to expand and market the products in a chosen international market. In this case, the company will enter into the Japan market and choose a target market, which will consist both of the low, and high-income earners considering that the company’s prices for the pet care products will be affordable (Kotler and Kevin, 2006). Furthermore, ensuring that the company’s pet care products are of high quality, there is high probability that the firm will be able to compete with other pet care products in Japan and besides, emerge successful in its new market (Kotler and Kevin, 2006). Target market Target market encompasses dividing the potential clienteles into different categories, which will make it easy for the firm to reach such groups (Shimp, 2008). Besides, it is a very efficient marketing technique, as it will allow the company to reach all its target customers and the correct groups of persons. A company can divide its customers through various ways and these are based on market segmentation (Shimp, 2008). In our assessment, the target customers will be grouped based on psychological and demographic segmentation. According to Kotler and Kevin (2006), demographic segmentation encompasses grouping the target customers based on gender, income, needs, social standing and age. The company pet care products will target any person with a substantial amount of income to afford to keep a pet and afford to purchase high quality products for its care. These persons will include both men and women and especially the retired couples who are not tied up in other works (Shimp, 2008). In fact research has proven that the majority of the pets are kept by the average aged retired persons as these people have adequate time to spend with their pets, take care of them in terms of paying attention to their nutrition, comfort and health, something that the working classes cannot afford to provide. The marketing strategy that will be employed by the company will be based mainly on making the pet care products available to the correct groups of persons (Hoover and Hoover’s Incorporated, 2005). Furthermore, in order to be competitive in the new market, the pet care products should be of high quality and well priced in order to consider the budgets of the customers, and adequate information regarding these products and where they can be attained will be offered. The marketing will reveal segment strategy and a sense of quality in various aspects including promotion and publication (Shimp, 2008). The firm will also choose to compete in low competition markets, and channel locations that match its core strengths. With an aim of supporting the business, the firm’s strategy necessitates good linkages with the retailers, suppliers and distributors (Hoover and Hoover’s Incorporated, 2005). Besides the company, management should ensure that regular visits are made to the chosen location, as this will guarantee that the company is meeting the needs and expectations of the target groups of individuals. Legal consideration It is evident that the animal welfare law in Japan is contemporary in its concept. In its self, this is very pleasing to witness. According to (Abegglen and Stalk, 1985), the law takes into consideration the need to maintain a healthy relationship between the people and the animals. Due to this, the legislation changes the behaviour of people towards the domestic animals. From past researches, it is apparent that the aim of the aim of the Act on Welfare and Management of Animals is more than just protecting the animals. It also seeks to create spiritually richer society that values life generally, (Abegglen and Stalk, 1985). In Japan, animal welfare became an issue of concern after the Second World War. It is apparent that there a lot of stray dogs in Japan and due to this reason, in 1948, The Japanese Society for Protection of Cruelty to Animals (JSPCA) was founded, (Abegglen and Stalk, 1985). Later in the year 1973, the legislation was enacted: the Law for Protection and Management of Animals. The legislation covered particular aspects of the animal welfare, which include laboratory animals, standards for proper feeding as well as the custody of cats and dogs, animals for exhibition as well as producing animals (Abegglen and Stalk, 1985). In particular, the purpose of the act was to ensure that there is: Proper keeping as well as care of animals Prevention of cruelty towards the animals Prevention of harm caused by animals and that The Act respects the animals reared by people. The Act requires that the animals should not be killed unnecessarily. In addition, no one is allowed to be cruel to the animals (Ascione, 2010). It is the fundamental principle of the law that the animals be taken good care of while putting into consideration that they are living beings. The law subdivides the animals into four categories, which are the animals at home, the animals for exhibition, industrial animals as well as laboratory animals (Abegglen and Stalk, 1985). The law also necessitates that a person who owns an animal be responsible for it. These responsibilities cover such aspects as maintaining a proper and decent environment that is free from noise and bed smell, taking care of the animal throughout its life cycle in an appropriate manner taking into consideration the needs as well as the health issues and ensuring that any animal handling business is registered(Ascione, 2010). Failure to comply with the regulations on animals in Japan is an offence that is punishable (Ascione, 2010. For abandonment or neglect, a fine of over 50, 0000 yen is imposed. Injuring and killing the animal unnecessarily calls for a fine of not more than 1,000,000 yen or a one-year imprisonment with work. Other breaches of the Act are subject to fine, imprisonment with work or other punishment (Ascione, 2010). Therefore, the company needs to ensure that they take into consideration the above considerations in order for them to maintain a healthy relationship with the country’s pet industry authorities. Socio cultural consideration It is evident that the social trend about pets in Japan has a significant role to play in the formulation of policies. Studies indicate that most people in Japan are choosing to keep pets, especially dogs and cats at home (Ikegami and Campbell, 1996). Japan is a country that is known for its high value of its pets. In addition, they are known for the good care they accord their pets by buying high quality products for these animals. Besides, they pay substantial attention to the health and nutrition of this animals as well as their comfort. Moreover, there has been a remarkable increase in the sales of pet food (Keizai, 2011). Evidently, this is because more people are now treating pets as part of their family and the attention is higher than ever. Pet owners in Japan have also increased the number of indoor pets and as a result, the house training of the pets has also increased (Keizai, 2011). The company therefore will have to do a research into this country in order to familiarize its self with the lifestyle of this people. This will ensure that the company does not violate the social and cultural rights held by this people and their pet animals. Competition The industry of pet in Japan is characterized a very strong competition between the foreign and the domestic brands (Keizai, 2011). In order for a company to be in a position to compete within this industry, its brand as well as products must be unique to distinguish clearly themselves from other brands. Apparently, in 2009, Japan is believed to have imported 347, 107 tonnes of cat and dog food for sale in the retail worth 1,023 million US Dollars (Keizai, 2011). As the total volume imported indicated a decrease from 380,604 tonnes in the year 2007 to around 347, 107 tonnes in the year 2009, it is evident that the value increased in 2008 from 1,018 million US Dollars to 1,023 US Dollars (Keizai, 2011). Cheaper products are still seen to sell perfectly well in Japan. However, the statistics indicate that the market emphasizes more on quality products than on the price of the products. It has therefore become a common phenomenon for the sellers to word on products with such words as such as healthy, natural, premium as well as balanced, as end users of the products prefer high quality products (Keizai, 2011). The competitive nature of the Japanese pet industry is a big challenge to the company. For the company to be successful, it needs to acquire a good understanding of particular issues for instance packaging, distribution options as well a pricing (Keizai, 2011). In addition, the company needs to identify the most effective strategy for them to enter into this market. Moreover, they also need to conduct a research in order for them to identify the preferences of the target customers so that they produce the products, which match with the tastes of its customers (Keizai, 2011). Financial considerations The company needs to the set aside some funds to the expansion programme in order for them to be successful. The money set aside should be used in a number of areas, which include the promotion of the produced products, delivery and the distribution of the products and for the labour that will perform the operation (Hoover and Hoover's Incorporated, 2005). Moreover, the company needs to set aside some funds for the purchase of more raw materials. This is because the company needs to increase the volume of its production in order to be able to supply sufficient products to the new market. However, it is very vital that the company be careful with how it will use the allocated funds (Hoover and Hoover's Incorporated, 2005). This is because the company can face deficits due to inappropriate usage of the funds. It is therefore of paramount that the company gets the assistance of an effective financial manager who will oversee that the operation is successful. The funds allocations that the company will have to take into consideration during its expansion exercise are clearly shown in the table below. Funds allocation Amount in Yen Purchase additional raw materials 10 million Promotion 20 million Labour 7 million Distribution and delivery of the of products 14 million Analysis of facts gathered Market analysis Market segmentation Basically, market segmentation is the method of dividing the targeted market into addressable segments (David, 2010). Evidently, there are four categories of segmenting the market. These segments include the psychological, geographical, demographic as well as the behavioural segmentation (David, 2010). According to past research, majority of companies group their target markets using these segments as it enables them attain their set objectives by better understanding their customers. Moreover, a company that uses these segments stands an opportunity to drive a complete unified products measure, which is seen to be in line with the outreach of the customer, messaging as well as marketing strategies and client support (David, 2010). For the company to be successful in the pet product industry of Japan, it is of paramount the company not to practice the mass marketing strategies but instead applies target marketing strategies which include, Psychological segmentation This type of segmentation takes into consideration the overall customers habits as well as the lifestyles. The company will be no an exception as similar to other markets, the sale of its products will be more over the holidays (Kotler and Kevin, 2006). This is because disposable income is usually more during this season. For the company to meet the needs of the increased demand, it is important that they employ effective advertising strategies to market their products. Besides, more sales people should be employed to ensure that the customers are served in time. Furthermore, the company should use such techniques as offering discounts in order to attract more customers. As a result, the company will benefit from increased sales (Kotler and Kevin, 2006) Geographical segmentation Apparently, geographical entails the subdivision of the market concerning the city size, density, metropolitan size as well as region (Kotler and Kevin, 2006). According to experts, the buying power of customers is usually dependent on locations. Therefore, the company should make sure it divides its targeted customers based on their locations. For are instance the company should target the high-income earners who are mainly in the urban areas. Nevertheless, it is of paramount that the company sells its products at a lower price to the low-income earners who mainly reside in the rural areas (Kotler and Kevin, 2006). By so doing they will have allowed these customers to have the opportunity to enjoy their products. Demographic segmentation Demographic segmentation entails subdividing the customers about age, income, needs, gender as well as social status (David, 2010). Evidently, the products of the company will target those who value pets since they are living things as well as those who wish to give the pets a good quality lifestyle. This group will mainly be the highly paid in the society (Kotler and Kevin, 2006). However, the company will also have in mind the lowly paid in the society as they also have a passion in the keeping of pets. The company will ensure that cheap pet products are in the market to allow the lowly paid in the society to enjoy taking care of their pets (David, 2010). Behavioural segmentation Basically, behavioural segmentation takes into consideration the overall behaviours of the customers (David, 2010). Consumer behaviour changes from place to place. In addition, majority of customers prefer high quality products (Kotler and Kevin, 2006). Therefore, the company has to make certain that it produces high quality products as compared to those of its rivals in the market in order for them to maintain customer loyalty within the pet market industry in Japan (David, 2010). Marketing mix elements Marketing mix is delineated as the combination of marketing instruments that are employed with an aim of satisfying the customers and meet the goals and objectives of the company (Kotler and Kevin, 2006). Marketing mix is referred to by customers as offering and they are normally controlled by the four P’s of marketing mix framework: product, price, promotion and place. According to Hoover and Hoover’s Incorporated (2005), a company making use of these elements has the capacity of reaching an array of customers within its chosen target market and besides, a good combination of these elements is deemed very efficient. Product The company deals in pet care products, which consist of cat care products, dog care products, other pet care and pet healthcare products (David, 2010). Nonetheless, these products have been trading in the domestic market and have been deemed to saturate in the domestic market. As a result, there is need to expand and market the products in a chosen international market. In this case, the company will enter into the Japan market and choose a target market, which will consist both of the low and high-income earners considering that the company’s prices for the pet care products will be affordable (David, 2010). Furthermore, ensuring that the company’s pet care products are of high quality, there is high probability that the firm will be able to compete with other pet care products in Japan and besides, emerge successful in its new market (David, 2010). Price Certainly, efficient marketing considers the pricing strategies to be employed by the company (Shimp, 2008). Generally, pricing decisions considers various aspects including profit margins, company expenses and prices of the main competitors. It is true that in order to attract and retain it customers, the firm should manufacture high quality products and quote slightly lower prices for the products compared to its rivals (David, 2010). Quoting low prices is deemed very beneficial especially while introducing a product into a new market; prices can be increased to match with those of the competitors after the company has attained a good number of loyal customers. Furthermore, research has confirmed that customers prefer high quality products irrespective of the prices quoted meaning that producing high quality products is one of the factors, which will give the company a competitive advantage to its rivals (Shimp, 2008). Promotion With the increased competition in the modern market, promotion strategies are believed to be the most imperative. Companies develop promotion strategies with an aim of making their clienteles aware of the subsistence of their products or services. Examples of promotional strategies as put forth by David (2010) which can be employed by the company encompass sales promotions, personal selling, public relations and advertising. In addition, the company can also make use of social websites, which includes Twitter, You Tube, Flicker and Facebook. Advertising will make customers aware of the availability of the products and where they can obtain them (Shimp, 2008). Furthermore, through promotion, the company’s products will be able to reach a wider target market in a large geographical area and this will as a result boost the company’s sales and market share (Shimp, 2008). Some of the costs that will be incurred by the company in its promotion activities are outlined in the table below. Promotion medium Costs incurred (in million US dollars) Television 3.1 Print Press 1.6 Campaign and advertising 3.6 Radio 2.3 Social networks 1.4 Approximate total costs 12.0 Place Place represents the location in which the company’s products can be obtained. Normally, place encompasses virtual stores on the internet amongst other physical stores (Shimp, 2008). The company may distribute its products through various channels such as resellers, retailers and wholesalers. In addition, the company may sell it products directly to its clienteles, which necessitates an establishment of pet care products branch in Japan. Moreover, making direct contacts with the clients is considered to be an efficient technique, which can also be employed by the company (Shimp, 2008). Positioning strategies Product positioning is considered a very significant process in any company. This is triggered by the amplified worldwide competition in business and as a result, target customers necessitate a reason to purchase a company’s products (Satō, 2010). Through the use of positioning strategies, the company will be able to explain to the potential customers what sets its products apart from those of its rivals. Keller (2009) puts froth that this information is what sustains loyal clienteles and makes them purchase a firm’s product compared to those of the competitors. Keller (2009) defines product positioning as an approach in which a company differentiates its products from those of the competitors and positions itself in the market. The company may position its products based on various factors including: • Sales promotions, which encompasses campaign practices and advertising. • Quality, which is then accompanied by price variations. Advantages and disadvantages of the product Basically, the company deals with pet care products and one of the advantages is that the Japanese people value their pets considerably, pays attention to their health, hygiene, nutrition and comfort meaning that the pet care products are in high demand in the Japan market (Shinkōkai, N. B., 2005). Furthermore, pet owners consider quality of products and this is an advantage of companies offering quality pet care products. Research has also proven that with the advancements of veterinary care, Japanese pets are currently living longer compared to the past. This has increased the lifespan of pets therefore, creating a new market in the pet care industry with high demand of pets care products ranging from walking aids, animal diapers, and pet tissue engineering, which is currently under research (Shinkōkai, N. B., 2005). One of the disadvantages is legal requirement. It is apparent that before establishing itself in the Japan market, the company has to consider various legal factors liked with the pet care products (Jason, 2010). For instance, a license is required for the manufacture and sale of pet care products in Japan, thus, this may be deemed to present a lower opportunity to the company to establish itself in its new market. Assessment and selection of entry strategies Market entry strategies A market entry strategy is a term used to refer to the extension or distribution of products and services into the chosen international market (Verlag, 2010). Market entry strategies require the establishment as well as the management of contracts within the global market (Anderson and Coughlan, 1987). Most companies as revealed by studies aim to enlarge their businesses through increasing sales, ensuring business stability as well as brand awareness by expanding into a new chosen market, (Anderson and Coughlan, 1987). Apparently, such companies employ effective market strategies that have been built upon the business economic theories. Export based entry mode This mode is based on the inspiration of either selling a product, service or technology in the international market with minimal usage of the resources of the company (Lymbersky, 2008). This kind of entry mode is regarded as the simplest. It entails the use of use of an agent and a counter trade, licensing as well as franchising and the establishment of sales people in the international market (Lymbersky, 2008). The use of this kind of entry mode will allow the company to have direct control of its resources. Besides, indirect exporting requires a home agent while the products will be sold through cooperatives. This means that the products will not be sold directly to the end users but rather, will pass through intermediaries who later sell the products to the target customers. In the recent times, franchising has increased in significance as a method of growing businesses both locally and internationally (Lymbersky, 2008). Companies, which have employed franchising as an entry mode, have evidenced great success. Relationship based entry mode Relationship based entry mode mostly focuses on the development of relationships. It mainly occurs where remarkable cooperation is a necessity of success (Lymbersky, 2008). The entry mode comprises of off shoring, strategic alliances, contract manufacturing as well as counter trade. Therefore, as all the stakeholders can profit from the operation, comprehensive planning should be undertaken. On the other hand, contract manufacturing comprises contracting product contraction to the foreign manufacturers (Lymbersky, 2008). Countertrade involves the joining of an import and export transaction in a conditional manner. Recommendation It is apparent that before entering the pet industry of the Japanese market, it is of importance that the company first acquires an understanding of particular issues such as the distribution options, packaging as well as pricing. For the company to be successful, local collaborating is the key to market entry. The company should ensure that they appoint local agents, partners as well as importers (Lamb et al, 2011). For the reason that there is a high cost and maintenance of the business within the Japan industry, setting up own channels is not recommended. In addition, taking into consideration that the Japanese people like locally produced products, the company should enter into a joint venture with the local companies for them to successfully make an entry into this market (Pederson, 2004). Conclusion The above report has encompassed a report of expanding the domestic market of the pet care products to Japan. The report has started by explaining the market structure of Japan. The market analysis of the country has also been discussed whereby such issues as legal considerations that are meant to govern the welfare of the animals have been outlined as well as the penalties that accompany any breach of the set regulations. Moreover, socio-cultural considerations that show how people in Japan are choosing to keep pets, especially dogs and cats at home are evident in the report. Other issues outlined in the report include competitive nature of the pet industry in Japan. An analysis of the facts gathered as well as the assessment and selection of entry strategies have also been outlined. In conclusion, the overall exercise of expansion is an important performance that the company needs to take into consideration. It is recommended that the company derive effective strategies that will enable them to market their products successfully in the new market environment. Besides, the company has to budget for the expansion exercise funds as without the funds it will be very difficult to carry out the exercise. References Abegglen, J. C., and Stalk, G. 1985. Kaisha, the Japanese corporation. London: Basic Books Anderson, E. and Coughlan, A.T. 1987. International Market Entry and Expansion via Independent or Integrated Channels of Distribution. Journal of Marketing, vol. 51, pp. 71-82. Ascione, F. 2010. The International Handbook of Animal Abuse and Cruelty: Theory, Research, and Application. Purdue: Purdue University Press David, R 2010 Strategic management: concepts and cases, Upper Saddle River, Pearson Prentice-Hall. Hoover, G. and Hoover's Incorporated. 2005. Hoover's handbook of world business, 12th Ed. California: University of California. Ikegami, N., and Campbell, J. C. 1996. Containing health care costs in Japan. New York: University of Michigan Press. Jason, D. 2010. 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