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Meeting the Needs of a Rising Asia

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Michael Stanat, Global Research Executive at SIS International Market Research discusses some of the economic transformations and trends impacting the market research industry

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Meeting the Needs of a Rising Asia

  1. 1. 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
  2. 2. 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
  3. 3. 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
  4. 4. Countries Depending on China
  5. 5. 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
  6. 6. eCommerce
  7. 7. 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
  8. 8. 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!
  9. 9. Corporate Culture Changes Relationships vs transactions  “Guanxi”  Group orientation  Hierarchy Communication styles  Face-to-Face Negotiation
  10. 10. 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
  11. 11. SIS Global Growthtm Marketing & Communications Emerging markets consulting Strategic consulting Expert procurement Strategic planning support www.sisglobalgrowth.com
  12. 12. ConclusionsChina’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.
  13. 13. 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

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