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Say: This is Asia’s Century. Why. And explain figures. http://www.telegraph.co.uk/finance/personalfinance/expat-money/8831225/Asian-economy-set-to-beat-US-says-report.html http://thediplomat.com/pacific-money/2013/01/03/a-better-year-2013-forecast-for-asian-economies/
RESEARCHERS CAN HELP MAKE SENSE OF RAPID CHANGE AND CHALLENGE. Today’s China Market is evolving to . Tier 3 cities Local competitors challenging global companies. Growth expanding to tier 3 cities, midsized cities & beyond Clusters of cities Each cluster represents an economic area Companies are facing an increasingly complex global economy, with Asia taking on an increasingly commanding role. MS Note: Define middle class by income
Emphasize South Korea and Hong KOng
Market research can help companies to Sources: Bloomberg, [Euromonitor], Bain, McKinsey 18% figure “ As the world’s top consumers of luxury goods of spending on high end goods last year
Market Research can help provide advantages. http://offbeatchina.com/infographic-chinas-internet-is-a-giant-shopping-mall
https://www.mckinseyquarterly.com/Whats_next_for_China_3054 (image and info) https://www.mckinseyquarterly.com/Whats_in_store_for_China_in_2013_3050 http://www.academia.edu/890249/Reinventing_Rebellion_Alternative_Youth_Subcultures_In_Post-Tiananmen_China
Meeting the Needs of a Rising Asia
Meeting the Needs of a Rising AsiaOPPORTUNITIES AND CHALLENGES AS THE BUSINESS WORLD SHIFTS EAST BY MICHAEL STANAT, GLOBAL RESEARCH EXECUTIVE, MARCH 8 2013, AIMRI BARCELONA CONFERENCE
Asia’s Century IMF predicts Asia will “remain the global growth leader,” growing 2% more than world average in 2013 Asia recently overtook Europe by having more millionaires. By 2020, “Asia 10” will likely add 290 mn people. Asia 10 is expected to surpass US by 2016 & be 17% larger by 2020. China estimated to deliver most of this growth (64%) vs India’s 17% Other Sources: Capgemini, RBC, DBS Bank Singapore
Today’s China Market World’s 2nd largest economy Emerging middle class Local competitors Rising labor costs Reduced growth Yuan opening to the world Region becoming innovation hub New emphasis on consumption Chinese spending on property, companies and tourism Economic activity in tier 2-5 citiesSource: McKinsey Quarterly A need for insight amid change
Rising Affluent Consumers China is the world’s top consumer of Luxury Goods Tend to be younger Considered a reward Luxury market expected to grow 18% Champagne sales +33% each year for past 3 years Growth despite high import fees and markups Chinese traveling abroad Conspicuous consumption
Technology boom World’s biggest smartphone market, overtaking U.S. China aiming to build world’s largest 4G LTE network Plan to increase the country’s online population to 800 mn by 2015 Cloud computing, ecommerce & mobile payments Photo: nextbigfuture.com
What’s next?• Asia becoming the center of economic gravity • Opportunities • Challenges• Different approaches for insight• New business & cultural norms• New expectations & skill set needs• Sources of competitive advantage • As an innovation center • Serving low-income consumers in the developing world • Cost advantages All of this = Change!
Corporate Culture Changes Relationships vs transactions “Guanxi” Group orientation Hierarchy Communication styles Face-to-Face Negotiation
Research Topics Branding & marketing mix Brand China Competitive Intelligence Innovation Operational efficiency Social Media Consumer loyalty New Product Development R&D M&A Due Diligence
SIS Global Growthtm Marketing & Communications Emerging markets consulting Strategic consulting Expert procurement Strategic planning support www.sisglobalgrowth.com
ConclusionsChina’s economy is in transition, amidst a major shift east.With increased development in China’s economy, new opportunities & challenges exist for businesses.Researchers have an opportunity to help clients create value & be more competitive.
Quotations about growth “Growth means change and change involves risk, stepping from the known to the unknown.” ---George Schinn “When youre finished changing, youre finished.” ----Ben Franklin “Be not afraid of growing slowly; be afraid only of standing still.” ----Chinese proverbs “It is only the very wisest and the very stupidest who cannot change.” ----Confucius “Change and growth take place when a person has risked himself and dares to become involved with experimenting with his own life.” -----Herbert Otto