Research & Survey Reports
KEY ELEMENTS OF SUCCESSFUL BUSINESS STRATEGY
One of the key elements of a successful business strategy in China is the acknowledgment that your potential Chinese customers will fall into particular groups or segments, characterised by their 'needs'. The steps include:
- Identify the customers’ needs through market studies and surveys
- Create business strategies on strengths that match with customers’ needs
- Develop a feasible marketing plan and constantly gain feedback from customers
- Engage market research services and firm up the sales and marketing strategy
- Through various industry reports, market/industry studies, strategic and market entry analysis, competitive intelligence analysis, business research, and due diligence investigation, you will be on your way to success in China
UNDERSTANDING YOUR STRENGTHS AND WEAKNESSES
Begin your strategy with an honest and rigorous SWOT analysis, looking at your strengths, weaknesses, opportunities and threats. It is also a must to conduct thorough market research on your existing customers at this point, as it will help you build a more comprehensive view of your reputation in the marketplace.
Strengths
- Personal and flexible customer service
- Special features or benefits that your product offers
- Specialist knowledge or skills
Weaknesses
- Limited financial resources
- Lack of an established reputation
- Inefficient accounting systems
Opportunities
- Increased demand from a particular market sector
- Using the internet to reach new markets
- New technologies that allow you to improve product quality
Threats
- The emergence of a new competitor
- More sophisticated, attractive or cheaper versions of your product or service
- New legislation increasing your costs
- A downturn in the economy, reducing overall demand
