This proposal emphasizes the importance of understanding potential markets as an advantage in starting the export process. It focuses on exporting the company’s products to four additional countries and briefly addresses financial, economic, and cultural factors specific to these suggested countries. The success of an organization is heavily influenced by competition in domestic and international markets, as well as environmental factors and advancements.
Having a comprehensive understanding of the current state of the impulsive market is advantageous for effective strategizing and making informed choices. The countries we are targeting for export include South Korea, Japan, Italy, and Spain.
South Korea is distinguished as a developed country with a robust economy characterized by high per-capita income. It is acknowledged as one of the most industrialized member nations within the COED. Although it has witnessed rapid growth and development over an extended period, recent setbacks have posed challenges. South Korea heavily depends on international trade to sustain its economy.
In 2010, South Korea was ranked as the tenth largest global importer and is known for its impressive economic success, like Japan and Taiwan. What sets South Korea apart is its remarkable ability to sustain over five percent economic growth for five decades in a row. This outstanding achievement can be credited to strategic government initiatives, diligent population efforts, and efficient business practices. Economists also highlight the importance of overcoming an extended period of stagflation.
Japan and South Korea are projected to have comparable levels of prosperity in the near future. The trade organizations of New Zealand and South Korea have successfully concluded negotiations for a free trade agreement, encompassing the exchange of goods and services between the two nations. This agreement will reinforce their already established political and economic connections. Consequently, by the end of the PTA phasing period, approximately 98% of New Zealand’s exports will enter South Korea without any duties or tariffs.
(Source: http://www.horticulturalists.com, 2013; http://www.mafia.opt.nz, 2014)
In Korea, the hotel industry is currently experiencing a surge in demand because of the vibrant, health-conscious, and sociable nature of Korean individuals. Our company can take advantage of this demand while also catering to households across the country. We offer a diverse range of products that are anticipated to have a high demand in South Korea. Our target market encompasses both customers from the hospitality industry as well as those utilizing our products at home, enabling us to tap into the tourism sector as well. With its advanced status, Korea provides its residents with a high-quality lifestyle and access to a variety of facilities and DOD products.
Our products are of high quality and suitable for both personal and commercial use. Japan is a rising nation with the third largest economy in the world. It is ranked as the second largest developed economy globally based on nominal GDP and purchasing power. The Japanese have the fourth highest purchasing power among all countries, allowing them to afford luxury expenses and obtain a wide range of top-quality products with advanced technology.
In recent years, easier communication possibilities and a larger English-speaking workforce have facilitated direct entry into Japan. This has been supported by the Japanese government’s announcement of an overall surplus budget of 29.1 billion dollars to boost the economy. The trade union of Japan is actively implementing both domestic and external policies, with a focus on establishing a free trade system and creating a business environment that fosters sustainable economic growth in the country.
Importing goods into Japan has become relatively simple, with high valued goods not needing an import license or identification. These goods can freely enter the country. Moreover, Japanese customs and tariffs are among the lowest globally, at less than 2%. The Japanese government places great emphasis on importing products to foster growth, development, and create exports to offset import costs. Additionally, the Japanese people are highly sociable and continuously seek out restaurant delicacies.
Our target audience for signed products encompasses hotels, the general public, and restaurants. We acknowledge the significance of offering exceptional products for the hospitality industry and home cooking segment, and our specialized products cater to these specific needs. Taking into account economic, social, and financial factors, Japan proves to be an optimal country for exporting our company’s products. By implementing a suitable strategy, we have a tremendous chance to penetrate the Japanese markets and create substantial demand for our products.
Italy’s economy is characterized by a division between the industrialized north, where privately owned businesses dominate, and the underdeveloped agricultural south with high unemployment and welfare needs. The country’s economic strength lies in small and medium-sized enterprises that are often family-owned and primarily engaged in producing consumer goods. In addition, Italy has a substantial underground economy that accounts for approximately 15% of its GDP.
Commonly found in the farming, development, and administration sectors, these exercises are not widely implemented in Italy. The country has been slow to make essential structural changes which include union reform, excessive qualification program revamp, and increasing job opportunities for young professionals – particularly women (source: http://internationalization.com, 2013). Despite being the seventh largest global economy and the nineteenth largest market for international exporters, there are numerous benefits to conducting business activities in Italy.
Italy is an attractive business destination due to various factors. These include the enthusiasm for the Euro, the aging population, the influx of migrants, Italy’s design and innovation expertise, and the focus on renewable energy. With a GDP of $1.7 trillion in 2010, Italy plays a significant role in the European Union. Being an EU member necessitates that Italian businesses keep abreast of and adhere to EU technical and regulatory standards.
Italy boasts a straightforward and steadfast administrative and legal setting, with the government consistently implementing fresh measures to foster investments and development. The nation furnishes a dependable and protected business atmosphere, complete with a contemporary business culture and robust financial markets. Being an advanced country, Italy possesses a substantial customer pool that appreciates top-notch goods and possesses refined preferences.
The thriving hospitality sector in the nation, attracting a large number of tourists, is benefiting from our products. Our range caters to both the hospitality industry and individual consumers, making them ideal for tourists. Furthermore, our items can also function as souvenirs for friends, family, or personal use. With the tourist population on the rise, we have an excellent chance to promote our products and increase sales.
Spain is renowned for its thirteenth-largest economy globally in terms of normal GAP and the sixteenth-largest based on purchasing power authority. It also holds the fifth-largest economy within the European Union and the fourth-largest in the Eurozone, according to nominal GAP statistics. In 2012, Spain ranked eighteenth in exports and sixteenth in imports. According to http://en.wikipedia.org as of 2015, Spain takes pride in its rich cultural history. The country witnessed the emergence of Francisco De Soya, a prominent artist during its Golden era in the eighteenth century. De Soya was known for creating remarkably unflattering portrayals of his contemporaries.
The early twentieth century witnessed a significant presence of Spanish artists in the world of craftsmanship. Pablo Picasso, Juan Grid, Joan Mir¶, and Salvador Dali emerged as influential ambassadors of Spain’s artistic culture. Spain’s architectural heritage is diverse, ranging from ancient landmarks in Minorca and the Baldric Islands to Roman ruins in Merriam and Tarragon. The ornate Leona in Seville, Mud©jar buildings, Gothic cathedrals, magnificent castles, colonial landmarks, and Gaudies intricate sculptures in Barcelona all exemplify the richness of Spanish culture.
The Spanish government has embraced the European Union’s free trade policy, eliminating tariffs and taxes for trade within the union. Given that Spain heavily relies on tourism, our company will concentrate on the capitalist sector for business opportunities. Our products are ideal for this market since they cater to tourists from all around the world seeking world-class cuisine. The Spanish population is known for being lively and has contributed significant culinary techniques to the global community. These factors are why our company has selected Spain as our preferred destination, as they value traditional products.
In conclusion, the developed nations being considered offer a profitable opportunity for our business. This is apparent from multiple factors, including figures, economic situation, exchange regulations, monetary condition, and individuals’ purchasing power. It is evident that these individuals have access to high-quality products and are willing to spend money on them. Our technologically advanced products of superior quality perfectly satisfy their needs and desires.
People are usually very particular about the items they keep in their homes and workplaces, seeing it as a means of preserving their self-esteem by purchasing high-quality products that will improve their social standing. Our company’s products represent progress, sophistication, elegance, creativity, and visual appeal. We possess all the favorable qualities that our products signify. Adhering to the suggestions outlined in this report can benefit our worldwide product presence.
