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The Japanese work hard to identify attractive global markets. They look for industries that require high skills and high labor intensity but few natural resources. 1_______. They like markets where consumers around the world would be willing to buy the same product design. 2_______.
Japanese study teams spend several months evaluating the target market, searching for market niches that are not being satisfied. Sometimes they start with a product that is as good as the competitor’s but priced lower, sometimes with a product with higher quality or new features. The Japanese provide quick service to their customers. 3_______. Their entry strategy is to build market share rather than early profits.
4_______. They spot new opportunities through market segmentation, develop markets in new countries, and work to build a network of world markets and production locations.
These industries include consumer electronics, cameras and pharmaceuticals
They also look for industries where the market leaders are weak or complacent
They use advertising to bring their products to the customer’s attention
Once Japanese firms gain a market foothold, they begin to expand their market share and pour money into product improvements and new models