BUSI 128 Cuyamaca College Business and Virtual Reality Presentation
Question Description
Hi again! Remember when you had done the research paper about the VR. I would like you to make a PowerPoint about the research paper. I want you to also include notes about the presentation at the bottom of the PowerPoint. Here is the research paper that you had written.
Running head: SELLING OVERSEAS AND MARKETING IN ANOTHER COUNTRY
Selling Overseas and Marketing in Another Country
Name
Institution
Selling Overseas and Marketing in Another Country
MEMORANDUM
TO: Devin Dubois, COO.
FROM: Kimberly Mitchell, Marketing Department Head.
DATE: 18-11-2020
SUBJECT: FEASIBILITY OF VR MARKET IN JAPAN.
Here is the report you requested regarding the possibility of sales of our Virtual Reality merchandise to the Asian market on 08-11-2020. The representative nation I chose is Japan as it has the best potential as per my research.
The report describes in detail the supporting market of Japan and why it deserves our attention. The gross income accrued and growth potential of the VR business is also outlined. The companies supporting VR in Japan have been briefly mentioned as well a prospective marketing scheme, reasons supporting the endeavor and recommendations that might improve on sales in Japan.
Information gathered from various surveys and financial reports has been included in the report as well to provide a basic overview.
The report was completed with plenty of help from the financial department of our company as well the rest of the marketing department in collusion with myself.
Table of Contents
In recent years, technology has been on the up and up, including virtual reality (VR) equipment. However, despite such growth, VR still remains a somewhat isolated market with lots of potential awaiting exploitation. This report will be based on the Asian country Japan since its development should be able to support such technological aspirations as well providing a suitable market and environment for its growth. It will also provide a few recommendations that mightincrease VR penetration into the Japanese markets.
Virtual reality refers to a computer-generated simulation in which a person can interact with an artificial three-dimensional environment using electronic devices. VR is a simulated experience that can be similar or completely different from the real world. Via the use of technology, the immersive world can seem quite real. VR systems use either virtual reality headsets or multi-projected environments to generate realistic sounds, images and other sensations to simulate a users physical presence in a virtual environment.
Immersive virtual reality tricks the brain into thinking that the body is actually in the virtual environment by appealing to the senses of sight and hearing, movement, balance and body awareness. All these sensory cues heighten the emotional link with the experience. As a consequence, memory of the experience is also heightened.
VR equipment consists of the headset- a device like a thick pair of goggles that goes over your eyes, a quality pair of headphones and sometimes included in the VR kit will be hand controllers to treadmills designed to enhance the simulated experience. The VR devices, similar to smartphone app stores, have their own app stores.
VR equipment can be used in a variety of ways.
In the military, it is applied to training in a number of simulated experiences such as battlefield simulations, medical training, vehicle training, and virtual boot camp. It can safely replicate dangerous training situations to prepare soldiers without putting them at risk until they are ready for combat. It can also be used to teach soldiers softer skills like dealing with civilians or international counterparts.
In sports, certain situations can be repeatedly experienced while also being used as a training guide to measure athletic performance and analyzing technique. It can also be used to improve athletes cognitive abilities allowing them to experience gameplay scenarios virtually. The viewers experience is also enhanced.
In mental health, it is used for treating post-traumatic stress, anxiety, phobias, depression providing a safe environment for patients to experience their fears whilst remaining in a controlled space.
In education, it is involved in taking virtual trips to places like museums, tours of the solar system, going back in time to various eras and helping children practice social skills within a three-dimensional environment. It also benefits the learning of children within the Autism Spectrum Disorders (ASD).
In the medical field, medical and dental students use VR to practice surgeries and procedures allowing for a consequence free learning environment and provides a great opportunity to optimize costs.
Amidst the COVID-19 pandemic, theater companies are finding new ways to provide entertainment and live shows by turning to virtual reality.
Japan is a prime country for VR development with its growing economical capacity, young tech-savvy workforce and international exploits. The Japanese culture is one that praises gamers and geeks with legacies of arcade and console games evident all over Tokyo.
In 2016, the size of the global VR market stood at 732 billion yen and is projected to exceed 17.196 trillion yen by 2020. In 2016, the size of Japans VR market was around 14.1 billion yen, and is estimated to grow to 211.1 billion yen by 2020.
Up until now, VR has largely been used in Japan for entertainment purposes. However, in the coming years, it is expected that the technologies will be applied in a wide variety of industries, such as medicine, tourism, retail, and manufacturing. Many players, including Japanese electronics manufacturers, have been providing VR technologies for industrial solutions. Foreign companies are also aiming for opportunities to commercialize VR technologies. Research in VR technologies and human responses has been making progress at universities and research institutions.
Microsoft collaborated with Tokyo VR Startups (an incubation program that specializes in virtual reality) to provide Microsoft BizSpark, a program providing support to startups through free cloud services and development tools. Leading US animation studio, DreamWorks, entered into a partnership with Honda. With the spread of self-driving vehicles in mind, the partnership plans to work on utilizing VR in new forms of in-car entertainment.
There exist companies in Japan that can help further the growth of VR such as Huáshuò Diànn?o (ASUS), KoeiTecmo, JDI, Nokia, Accessories 4 Technology and Elcom. Major players include Fujitsu, NEC, Honda, Koei Tecmo, Alps Electric in hardware front, GrapeCity, InstaVR in software front, Bandai, Namco Entertainment, Avex, Universal Studios Japan, JSports in the content front.
In Japan, several factors support the growth of VR such as culture where manga comics and the gaming lifestyle of the young is highly encouraged. According to a survey done in March 2019, approximately 90% of respondents aged 10-19 years old in Japan were aware of VR. More than 29% in this age group stated that they had already made personal experiences in this regard. This goes to show that the young people are the prime target groups for VR. To such a target group, the promise of bleeding edge technology attracts them just as much as the enriching experience itself.
Most Japanese are not proficient in English so it is imperative that VR games sold in Japan be well localized. Different from Western interests, surveys show that Japanese prefer VR games to have a unique and well-developed worldview with captivating characters extending and supporting reality rather than a complete creation of virtualized reality. Therefore, the unique culture of manga, anime and games should be included in order to boost sales in Japan.
The government of Japan can attract more foreign tourists and several indigenous bodies to create smartphone apps that feature virtual reality videos. The government can attract them by providing a stable political environment, a highly skilled workforce and a rock-solid economy. It also offers reduced tax rates, guarantees on loans and lowered rates on loans. This naturally leads to increased investment in Japan by VR-related companies.
Recently, the forefront of marketing in leading businesses have taken up store walk-throughs in which a 3D model of the product is taken and the customer gets to go through the inventory firsthand. This has led to increased sales as well as brand popularity. By providing such an immersive experience and drowning out the competition in such creative and innovative ways, VR technology is continuing to grow as it is incorporated in all manner of business activities. Therefore, this will lead to increased usage of VR and its increased market demand by businesses.
VR has quite a lot of uses that make life easier, business more profitable, learning more immersive and entertainment more memorable.
Japan has shown that its markets, its government and its people are all in favor of the VR industry and will contribute towards its growth.
While marketing and initial costs may prove to be problematic at first, the profits will by far outweigh the costs as shown by the expected growth rates.
With the stable political environment, highly competent workforce, increased government support, cultural encouragement and large population of the target groups, VR can grow rather thoroughly in Japan. With the estimated growth of VR market, popularizing VR especially in tech-savvy Japan will prove to be a great business decision with benefits exceeding costs many times over. Its increased inclusion in a wide variety of industries such as medicine, tourism, retail and manufacturing will ensure increased demand for VR hereby reassuring the investment in Japan markets.
To the millennials, since the experience is just as or even more alluring than the product itself, companies dealing with the virtual reality should pay prime focus on enhancing the sensory impacts and design it to stimulate memory to a higher degree. The design of the content is clearly just as important as the product itself. With more immersive sensory impacts, the experience is more memorable hence more attractive hereby increasing demand for VR.
Similarly, the VR companies shouldnt be thinking as ads per se but should be creating content that serves a real purpose be it educating, entertaining or inspiring. On a more practical level, they could offer a try before you buy experience.
To popularize VR, easy-to-use apps should be made more available. For instance, Android Photo Sphere captures a 360-degree panoramic view allowing one to create a live photo. InstaVR allows the user to edit their own videos and photos into VR experiences in a matter of minutes. Such apps in abundance would prove beneficial to VR popularity among the masses.
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