The target market company that will be discussed in this paper is Japan, Tokyo as identified in the readings. Factors that will be taken to consideration for this study include economic, socio-cultural, political, legal, ethical and regulatory environments. By analysing these factors stated above, one intends to find out how the product will be affected once it enters the market.
Tokyo is ranked as the second largest market in the world. Ranked among cities such as London and New York, Tokyo holds key sectors of the economy such as broadcasting, transportation, service industries manufacturing, and publishing industries. These sectors are considered the bloodline of the country. Among other things, Tokyo is home to Japan largest stock exchange, the Tokyo stock exchange, and houses the main offices to key government sectors. The city's economic stability has seen a steady rise of the population that lives within the city. In 2013, the population within the city stood at 37 million people and was rising by about eighty thousand people yearly. The steady economy of the city and the rising population will play a big part in helping to market the product. Most of the population in Tokyo is made up of the middle class and superior class working in the offices or the government. Because of this, one, will be able to target a specific market range based on the product’s pricing.
Social culture
Tokyo city is home to more than one hundred universities and colleges that mean there are many students willing to spend money. In addition, the city is home to almost two hundred parks and zoos. The city also has a record number of hundreds of museums. All this social amities help in attracting tourist from all over the world. These factors will play a crucial role in influencing the marketing of the product. With so many entertainment spots in the city, the number of people who eat in restaurants is higher than those who eat at home. That means that the social culture will play a crucial role in marketing the product.
Political environment
The tax policy in Tokyo is calculated annually based on the net profit of the business. Tokyo’s labour laws are in favour of the business, in that, the policies do not undermine the integrity of the product. Tokyo does not have any trade restriction on the product in question. However, the environmental policies will have a minimal effect on how the product is marketed and sold to the public. Tokyo also hosts a stable political environment, which is good for business. Its political environment, attract more tourist, which will help in marketing the product.
Legal environment
According to the strict laws in Tokyo, it is illegal to serve food that is not fresh. The recent burn on bowl fish has also opened an opportunity to the product in the market. Food fraud in also of big concern in Tokyo, and might have the product burned if suspected of having an effect on the public’s health. It will be important to check the health safety of the product.
Ethical and regulatory factors
Tokyo is a city that prides its self of being well-connected to its country’s culture. Culture influences its ethical background in business. For a product to succeed in the market, it must meet the ethical standards set by the Japanese culture. There are no bylaws passed by Tokyo’s government that hinder entry of a new product to the market. However, there are strict complies such as safety and environmental concerns that govern new product.
