INT 220 Business Brief Template Thao Dinh (1)

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INT 220 Business Brief Template Course Project Directions (This section can be removed prior to submitting this as your final project in Module Seven): Complete this template by replacing the bracketed text with the relevant information. Use evidence from course and outside resources to support your explanations. Be sure to use complete sentences to address each section of the template. You will be working on this template throughout the course, progressing toward the submission of the completed template as your final project in Module Seven. For Milestone One, you will complete Section One of the template; for Milestone Two, you will complete Section Two of the template; and in Modules Six and Seven, you will work to incorporate any feedback received on your prior milestone submissions, as well as work to complete Section Three of the template, before submitting the finalized template for your final project submission. Section One: Drivers for Global Entry Country Selection The country that I have selected is Japan to focus my Global Entry Project. Purpose of Global Expansion The key benefit of global expansion is to help a domestic business to grow their business and expand into a new market. This will allow the domestic business to grow in terms of profitability, performance, productivity, and their assets. Entering a new global market gives domestic business new opportunities and access to top talent, improvement in cost efficiency and creating a new customer base. On top of that, it provides a visibility of the product and services that businesses offer. “ Many businesses expand internationally to diversify their assets, an action that can protect a company’s bottom line against unforeseen events. For instance, companies with international operations can offset negative growth in one market by operating successfully in another.” (Rossum, J. 2017) Business Impacts of Global Business Expanding globally can have a huge impact on domestic business’s operation and their performance. When it comes to strategic planning of expansion, the first thing that must be considered is the cost, risk, the economic outcome, political, and the international culture. The business must tailor how they go about targeting the consumer in that market, comply with the law and regulations that come with expansion. The other thing that needs to be focused on is the infrastructure. Business needs to consider communication, the utilities and the transportation in areas that need to be. “ While communications, utilities, and efficient transportation can still be spotty in areas, it is much improved over what one would have experienced even a decade ago” (Mike Myatt. 2006) Societal Impacts of Global Business The social impacts of global expansion can have an impact on society through the culture, infrastructure, transportation, the surrounding environment and employment. Culturally, it reflects on how the organization goes about their way of business. Focusing their product and services to fall under the cultural norms and values of the country that they expand into. An example of that is Starbucks, Starbucks has expanded worldwide but when they enter a specific country, they offer certain products
and services that fall under those cultural norms. In country of my selection, Japan prefers their drinks less sugary, so Starbucks change their recipe to fit the needs of Japanese people. Growth in global trade has increased over time which has led to the high demand for transportation of products. Businesses across the globe have ship their products through ocean shipping, air transportation and ground transportation. This helps them to reduce costs but also allow access to new markets. “Transportation is a key component of an economy, as it is a critical tool in development. It has increased the possibility of economic opportunities. It has aided the mobility of people and goods, as well as communication and information technologies.” (Balsdon, L. 2020) Global expansion of organization led to increase of new opportunities for employment. Seeking out high skill talents in different parts of the world. It also creates new jobs in that specific job market. However, it can lead to a decrease in jobs in the domestic market and expand into a new developing economy that will offer cheaper labor. Infrastructure expansion can lead to how well the organization is doing globally. If the organization is doing well then, they can seek to increase their size to produce more products. The negative impact of that is it leads to displacement of the people in the community. The people will have to look else for housing. Environmentally, it can lead to an increase of pollution and waste. It can have an impact on climate change, deforestation and can harm the animal that lives in certain area. Cultural Considerations for Global Business The importance of doing research prior to entering a new global market is to ensure the profitability of the organization and whether it can fit the cultural social norms. They must learn how to build new relationships and communicate with the people of the country. Understanding the laws and regulations before entering, understanding who the competition is, mitigating any risk that could be involved, etc. This will give you a basic understanding of how to strategically plan before pursuing global expansion. “Often, the reasons for this difficulty are the exact same reasons why you need to do the research in the first place — you need to learn as much as possible about a region and culture that may be entirely unlike your own. “(Shaw, J. 2020) Section Two: Market Profile Cultural Profile When it comes to expanding a business into the Japanese market, it is very important to understand the aspect of the Japanese cultural. In comparison to the U.S, the Japanese culture, values, and their business etiquette are very different compared to each other. Differences between United States and Japan is how diverse our languages in the U.S compared to Japan. In Japan, the native language is Japanese. While United States speaks a variety of languages like English, Spanish, Chinese, Tagalong, Vietnamese, etc. The common religious practice in Japan is Buddhism and Shinto. While for the United States, it is a wide a spread of Christianity, Catholic, etc. The U.S is more comfortable with the short-term business outlook and the uncertainty of it. While in Japan, when it comes to conducting business, they will evaluate every risk associated with the new business venture. Category United States Japan Commonly Spoken Languages English, Spanish, Chinese, Tagalong, Vietnamese, etc. Japanese and different dialect of the Japanese language Commonly Practiced Religions Christianity, Catholics, Mormons Shinto and Buddhism Power Distance Index (PDI) 40 54
Category United States Japan Individualism Versus Collectivism (IDV) 60 62 Masculinity Versus Femininity (MAS) 62 95 Uncertainty Avoidance Index (UAI) 46 92 Long-Term Orientation Versus Short-Term Normative Orientation (LTO) 50 100 Indulgence Versus Restraint (IVR) 68 42 Political and Economic Profile The political and economic profile systems of both United States and Japan are very similar in a sense. Both countries’ economies are very well advanced in technology. They both have trade agreements with multiple countries. U.S has a higher GDP and higher per capital income while in Japan, it is a lot smaller. Both countries are governed by their own constitution, but the only difference is Japan has civil law rules and U.S is practice by common law. Category United States Japan Political System Federation, Presidential System, Constitutional republic, and Federal republic. Democracy, Parliamentary system, Unitary state, Constitutional monarchy Current Leaders President Joe Biden Prime Minister Fumio Kishida Economic Classification Mixed Economy Mixed Economy Economic Blocs Impacting Trade NAFTA, GATT, WTO, and APEC WTO, APEC Gross Domestic Product 23.32 trillion 4.941 trillion Purchasing Power Parity 66,062.00 42,266.00 Gross Domestic Product Per Capita 70,248.63 33,950 Legal and Regulatory Profile When it comes to starting a new business in Japan it is not without a doubt that there will be obstacles to get over. In Japan you are required to go through various of different departments of government offices to understand the rules and regulations that is put in place by the government. The process is time consuming and can be costly. Another obstacle to overcome is Japan’s taxes. The Japanese’s corporate taxes are much higher than the U.S. “Japan has relatively few restrictions on inbound foreign direct investment. However, some sectors of the economy, including broadcasting, are subject to tighter regulation of foreign investment than others.” (Asialinkbusiness. 2023) Overall Japan is a great country to expand a business into due to the international scale of their business culture and environment. Section Three: Market Considerations Monetary Considerations
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[Explain how monetary considerations, such as currency, exchange rates, and exchange-rate management, would impact the organization’s decision to expand into your selected market, using current exchange rates between your selected country and the United States to support your explanations. Complete the table below to support your explanations using current exchange rates.] Category The U.S. Dollar [Insert Country Selection From Course Project’s Currency] Exchange Rate [Insert information.] [Insert information.] Management and Logistics Considerations [Explain management and logistics practices that best address human-resource considerations for your selected market, such as management approaches or staff and labor laws, and their impact on policies and procedures.] Mode of Entry Considerations [Describe advantages and disadvantages for traditional modes of entry that would be most appropriate for entering into your selected market.] References Balsdon, L. (2020, April 30). How has transportation affected globalization? Relocation . Nationwide’s Blog - Nationwide Auto Transportation Blog. https://nationwideautotransportation.com/blog/transportation-affected-globalization/ Shaw, J. (2021, November 22). 8 Reasons Why Companies Need to Research Their International Markets . Kadence. https://kadence.com/8-reasons-why-companies-need-to-research-their-international- markets/#:~:text=Often%2C%20the%20reasons%20for%20this Myatt, M. (2006, May 22). The Impact of Globalization on Business - N2Growth . N2Growth. https://www.n2growth.com/the-impact-of-globalization-on-business/ Van Rossum, J.-E. (2017). 5 Benefits of International Expansion . Bizjournals.com. https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2017/12/5-benefits-of- international-expansion.html
AsialinkBusiness. (n.d.). Understanding business laws in Japan. Asialink Business. Retrieved November 25, 2023, from https://asialinkbusiness.com.au/japan/business-practicalities-in-japan/understanding- business-laws-in-japan?doNothing=1#:~:text=Japan%20has%20relatively%20few%20restrictions O’Neill, A. (2023, April 21). Japan - Gross Domestic Product (GDP) per Capita 2024. Statista. https://www.statista.com/statistics/263596/gross-domestic-product-gdp-per-capita-in-japan/

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