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International Business Plan
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In the process of planning, the essential element is the understanding of the business operation and environment. It allows to determine opportunities and threats related to a specific area of business. Internal and external analysis of an organization look at the factors that are affecting the business such as environmental factors, strengths, and weaknesses. It is notable to mention that the internal and external analysis provides an organization the complete picture of the prevailing situation. There is a rapid growth of the infants product industry in the recent decade, which has caught the attention of global players. In particular, there is an increasing growth of the economies in the Asian region, due to which Biotech is interested to expand its business in these regions. After analysis, steps can be determined to plan effective marketing exploration. Evaluation of economic, political, legal, social, and cultural consideration of Chinese market provide effective insight into the potential for infant formula products.
Biotech products are remarkably effective and are attributable to the change in lifestyles. People tend to use new and innovative products for infants due to their significant efficiency. Biotech Health and Life Products, Inc. is a global, family-owned American company which become a product of household in the United States, Europe, Canada and some parts of Asia. Headquarter of the company is in Yonkers, New York and it has specialization in natural products for maximum health and beauty. This Biotech industry seeks to market its new infant products in the major regions of Asia. For that purpose, there is a need for a comprehensive analysis of the market as well as the company itself to develop an effective strategy for launching its products in the Asian region. The company has interests to enter the Chinese market due to the increasing growth of economies in the region. Based on this view, the focus of this paper is to provide a comprehensive overview of the external and internal factors that are affecting both the market and the company. This report will help in developing a comprehensive business strategy for Biotech Health and Life Products Inc. in order to enter the fast-growing industry.
Size of Market
The size of the baby care products industry in China is growing steadily at a rate of 15 as of 2018. There is a consistent growth in the baby care market of China due to the recent One Child Policy in 2016. In accordance with this policy, both online and offline distribution channels are showing consistent growth accompanied by the growing household income of Chinese families. China has shifted from a centrally planned to a market-based economy due to the rapid growth in social and economic development (Fogel, 2010). China is experiencing the fastest sustained expansion as its GDP growth has averaged nearly 10 percent per year which is a significant achievement. It is noteworthy to mention that Chinese manufacturing is a practice that the United States and other international businesses have acknowledged in the recent few years. China has become an indispensable to prosperous manufacturing as its utilized by some of the prominent brands. The need for economical overseas manufacturing rises due to the increase in domestic prices. Since the inception of China manufacturing, their manufacturing capabilities have continued to grow. China has more than 100 million total employees in the manufacturing sector. Whereas, the United States has only 17 million manufacturing employees. The cost variance among manufacturing in China and manufacturing domestically is momentous. It is obvious that shipping and duties along with costs of manufacturing domestically is a real challenge. Manufacturing in China is cheaper as compared to most of the nations. Labor minimum wages are less as compared to most of the countries which give Biotech an edge to prosper in China. There is a higher overhead for domestic manufacturers with high turnover and steep training costs. Overseas manufacturing has become ideal in China as it provides affordability in real estate.
China is one of the most exciting places to be for an entrepreneur. It has a huge reserve of highly trained labor. Therefore, China has the right pool of labor for Biotech to place its manufacturing and distribution plants. In order to increase the number of skilled labors, China has pledged to improve their vocational education. Outsourcing to China will give Biotech an opportunity to access the factorys cheap labor. Minimum wages are lower in China as compared to other nations which attract many businessmen to establish their work in that country. Hence, businesses such as Biotech can easily avail these cheap labors and prosper in that country with a significant profit margin. China also has higher production capabilities as it produces goods for the global economy. Due to this, the manufacturing capabilities of China has increased beyond anyones expectation. Biotech will get an advantage while outsourcing to China because China has the capability to produce quality products. China is an eco-friendly country and it welcomes those businesses, whose products are manufactured without any hazard to the environment (Fogel, 2010). Strict rules and regulations regarding the environment will not affect the business of Biotech. It will be a great location for Biotech as its infant formula products are green products. China is also a suitable place for Biotech due to rising Chinese consumers. Biotechs infant formula products will get maximum consumers due to the large population of China. Chinese are more concerned about the health of their infants due to which they are willing to buy those products that have no side effects and are pure. The urbanization in China accelerates due to which consumer spending increases. China has a well-organized road infrastructure that will help Biotech to distribute its products from the manufacturing field.
Social acceptance of Product
The cultural and social aspect of China has a vital role as the demographics are changing consistently. Biotech should understand the fluctuation in the age distribution and population growth, which can modify both cultural and social values. Based on Geert Hofstedes value dimensions, China is a collectivistic culture, and social factors that can impact a business in China include religion, education, lifestyles, family size, social behaviors, and immigration. Biotech is willing to enter the Chinese market, so it should clearly consider these social factors due to their remarkable importance for the market segmentation. There are more than 420 million internet users in China who often shop online. Regardless of a large number of internet users, there is still a group who prefer physical shopping in order to dodge the risk related to online shopping. People are willing to spend on the infant formula products as health care has become a concern to many people. People concentrate on the health of their newborn babies due to which the economies and human income level are increasing in China. The above-mentioned trend proves that there is a real opportunity for infant formula products to excel in the Chinese market. China is a large market whose economy has been increasing in the last decade. Therefore, Biotech has a great opportunity to prevail its business in that market.
China has become an attractive market for foreign investors due to the globalization of the business world. Hence, Biotech is interested to launch its infant formula products in the Chinese market. It must need to understand the cultural differences between Chinese and western world. It is critical for an organization to make progress in other countrys market, by keeping in view the cultural aspects. Undoubtedly, Biotech is willing to hire local personnel in the Chinese market in order to understand the current market of infant formula product in Chinese industry. To be successful, it is crucial for Biotech to respect the cultural values and rituals of Chinese people. It is significant for them to respect Chinas long history and culture. It is noteworthy to mention that China is a relationship oriented society. Interaction among people is essential and important for the business. The risks can easily be minimized in the Chinese market by building network and interactive (Nawaz et al., 2007). It also helps in combating failures and setbacks as build-up network will help in keeping things as normal. In China, consumers mostly tend to deal with companies they trust. Therefore, it is utmost important for Biotech to establish an interpersonal relationship to prosper in the Chinese market.
Chinese are concerned about the health of their infants, so by effective advertisement Biotech can build its trust among people. It is notable to mention that Confucianism affects business practice a lot. Biotech needs to understand the value of each person in the Chinese society. Chinese tend to develop a relationship with those, who show respect to age. Consequently, Biotech need to show respect to age, educational background, and seniority to reflect Confucian. Confucianism does not mean that questioning or raising concern on superiors decision is disrespectful. It means that people will ethically respect each other (Nawaz et al., 2007). Use of abusive language is against Confucianism which can destroy the relationship of a company in the area. Therefore, Biotech needs to respect and value the seniority, age, and education background in China to avoid the deteriorating relationship between management and staff.
The concept of Face is critical for the purpose of business interaction in the Chinese market. It comprises of pride, dignity, and public reputation. Biotech should understand public reputation and pride. Choices must be clear and effective to avoid any slight mistake. Biotech needs to welcome everyone and appreciate their efforts and work in the company. Insulting someone is an easy way to lose face which can damage the public reputation. Insulting a junior in the organization, just because of high official status is considered as ethically wrong in Chinese society (Nawaz et al., 2007). If someone is at fault, then management must consult with them in utmost sincerity and honor. Another significant aspect of Chinese culture is its collectivist orientation. People are willing to honor the whole group, instead of an individual which promotes the appreciation and helps in maintaining efficiency in the working process. It is a significant paradigm of tighter teamwork as it promotes obedience, decision making, and spread information sharing. Biotechs management needs to involve employees in the decision making the process in order to promote obedience and ownership. If staff feel the ownership to any working process, then they will definitely adopt that process without any hesitation and will work with full efficiency. The biotech also needs to share rewards equally among all members of the team to follow the Chinese culture of collectivist orientation.
Biotech Life and Health Products Inc. is likely to affect from the Labor laws as it enters the Chinese market. Although, China does not have strict laws on employment, but it dictates the level of the minimum wage for employees in different sectors (Fogel, 2010). Chinas overall employment laws are not strict therefore, Biotech has a great opportunity to enter in this country. Labor minimum wages are fixed, but these wages are relatively less than other countries, so Biotech will be able to gain maximum profit from China. The analysis of the legal factors shows that Biotech should establish sales outlets and manufacturing units in China.
Competition in Market
Biotech is a global, family-owned American company which has built a strong and influential profile in the United States, Europe, and Brazil. Biotech has become a successful player in these regions. Its fame and status will help it to attract a large number of consumers in order to compete with local competitors in China (Hossain, et al., 2017). Biotech will use its innovativeness and professionalism to influence and convince more customers. Companys reputation in Europe and the United States is mainly attributable to these characteristics. Due to the rapidly developing economies in China, there is a great opportunity for Biotech to sustain in the Chinese market. Infant formula products offer complete nutrition. The infants, who are allergic to cows milk or lactose, can frequently use soy protein-based formulas. Biotech contains high-quality infant formula products, which can definitely increase their demand in China. There has been an increase in consciousness of people regarding the health and nutrition of their infant. Due to the high tech products, Biotech can easily thrive its business. Its obvious that Biotech is new in the Asian region. Therefore, it will need some aggressive strategies in order to compete with its competitors. There are many industries that have established their strong household in China, which will make it difficult for Biotech to establish itself. It is obvious that costumers will stick clearly to brands that they are familiar with and different people have different behavior towards infant formula products as the population in the target market are highly diversified (Shi, 2016). There is a diverse culture in China, so it is difficult for new entrants such as Biotech to effectively understand the Chinese market.
There are a lot of opportunities for Biotech Health and Life Products Inc. to establish itself in the Chinese market. These strong opportunities for Biotech are due to the ever-growing economies in this market. China has shown an abrupt growth in various sectors, which provide a ready market for manufactured services and goods. The biotech also has a great opportunity to flourish in China because of its long history of developing natural products which are exported to many Asian regions. Other competitors have mixed product profile in the Chinese market, while Biotechs profile shows its specialization in natural products. Above mentioned factors show that the company has an incredible chance to establish and flourish as an exclusively the brand developer. Additionally, the increase in income per person has given people the power to purchase different products regardless of any financial issue. It gives Biotech a chance to inaugurate itself as a modest provider of infant formula products.
It is significant to mention that the major threat for Biotech is to enter in the competition in the Chinese market. Biotech is a multinational company, which can be affected by the change in laws and politics of China. Changing the political situation is always a real threat to multinational brands. If the diplomatic relations between the United States and China changes, then the market of Biotech may have to go through a critical crisis. In the past, China and the US have had stressful trade relations which are more likely to affect Biotech. In addition, having a long history of providing natural products is not worthy of Biotech in China as people are less likely to understand its profile. Many competitors in the market could prove to be problematic for Biotech. The framework of Porter five forces is referred to as a significant tool to critically assess the feature of business competition. It is helpful to model for business entities to recognize the preceding competition to prevail in the corporate world. Following are the major prospects of the porter five force analysis in the particular context of the organization of Biotech.
It is worthy to observe that potential Asian market recognized as the growing business world having an immense form of opportunities for the new entrants. Many stakeholders in the market involve infant products. China is one of the major business markets which has the potential to grow by offering business paradigms to new companies (Mathooko and Ogutu, 2015). Referring to the growing domain of this market, it is essential to consider the phenomenon of high competition. The company needs to develop business strategies concerning the risk factor of competition in the market. The market of China is ranked as a chief corporate region to offer business chances to the new business organizations. The company of Biotech needs to develop a comprehensive business plan to attain a strong position in the market. Products with natural ingredients are the new interest in the market of China, so many business corporations want to invest in this paradigm. A thorough analysis of the market of China indicates that there are many potential suppliers of the natural products which are relevant to the infant product industry. The company should focus on the alternative means of raw material and make the most suitable decisions. The power of customers can also never be ignored as it critically explains the potential demands of the products introduced by the company in the market. A keen analysis of the market in China shows that the buying power of customers is high. It is important for the company to target the major portion of the market. The threat of substitute products is relatively low as it seems difficult for customers to switch to other products when it comes to finding alternatives against natural commodities. Substitution of the infant formula product is not an easy task for the buyers.
Over the past few years, China has experienced a remarkable GDP and growth rate. It has potential urban growth, abundant and skilled labor as well. Due to the cheap labor cost, many brands and companies are boosting to establish their business in China. Biotech can hire cheap labor in China to increase their profit. It is obvious that the GDP rate is increasing in China, which adds more values to society. Thats the reason behind the increase in the purchasing power of the consumer (Fogel, 2010). However, Biotech should keep it in mind that the inflation, interest, and exchange rate of China can impact its business as well. The inflation rates in China tend to be dynamic, and interest rates are lower than most of the other countries in the Asian region. According to the decreased interest rate, people have money at their disposal for spending in China. It is a recognized fact that companies are willing to invest in countries where interest and growth rates are lowered. Despite the impressive growth rate, Biotech should keep in mind a few potential trends that can significantly impact their business in China. In China, there are high property prices and high inflation rate, but there is a low-interest rate. Consequently, it is a preferable country for Biotech as it will attract more sales due to low interest rates.
There are many political factors that influence the economy such as employment, environmental, trade, consumer protection, tax, regulations on labors and standards. Nations are more likely to affect trade and diplomatic relationships. Both China and Malaysia are among the most attractive locations in the world. This rise boosted the international business and both formal and informal rules effect China as these rules must be obligated. It is a well-known fact that the political force is the most unsettled force that can impact the business of any industry. Despite the fact that China is the largest market in Asia, certain political factors are more likely to affect the potential to support the proliferation and growth of foreign industries. China is increasingly focused on bringing capital and technology in order to support their local labor (Fogel, 2010). China has some trade issues with the United States in the past which can affect their business and trade. In this regard, the United States and China have imposed certain taxes on imported products from each other. It is obvious that Biotech will establish its manufacturing plants in China as it has increased importation tax on the infant formula products in the recent time and these taxes may hinder the profit margin for Biotech. In order to avoid tax regimes, it is better to establish manufacturing plants in China.
Methods for Marketing and Distribution
Biotechs business unit strategy should look to attain some critical goals according to the business analysis in China. Biotech should need to develop an aggressive marketing strategy before starting its venture. For this purpose, Biotech needs to create awareness among people regarding the importance of their infant formula products. Here, the main objective is to make sure that the market is well studied. In addition, a company needs a well-developed entering strategy in order to gain an initial competitive edge (Serbin and Serbin, 2018). An aggressive start will help Biotech to get a competitive edge. A company should need to maintain its sustainable approach in the Chinese market. By doing so, the company can retain a competitive advantage over its rivals. The objective behind this is to consolidate its market after entry. Moreover, the business should need to meet the existing goals along with the demand and needs of the market. For this purpose, the company needs to provide pertinent information about the constituents that are used for making infant formula products. Social and internet media should be used as an effective strategy to create awareness among people so that they can understand their needs.
A B2B International survey provides an insight that how Chinese business owners and senior purchasers would like to be contacted by potential suppliers. It is notable to mention that majority of the respondents preferred to learn about various offers from their suppliers at an event or conference. In order to contact customers, Biotech needs to establish conferences and exhibits to move a relationship forward. Conferences and exhibitions give customers opportunities to ask questions and share their concerns about the new product. The face to face connection with the Chinese buyers is important and of great value for Chinese. Conferences and exhibitions help to demonstrate that Biotech is interesting to serve in the Chinese market by spending time and money. Among Chinese businesses, email is a potential means of communication as it aware customers about the products and services. Biotech needs to avail email service as buyers tend to react positively to a personalized email. It is also a potential option for Biotech to make a telephone call to create a positive relationship with employees. Additionally, the use of the website is the most favored way of learning about various aspects of suppliers and their products.
Biotech needs to promote an effective and attractive website to convey a companys offering to potential customers in China. The biotech also needs to develop a well-designed Chinese-language website as it will help to communicate with a wide target audience. It will also demonstrate the commitment of Biotech to the Chinese market. After the identification of suitable marketing methods, Biotech needs to determine potential distributors in the Chinese market. Biotech can use the tools such as service of the US and Chinese consulting companies and internet research to determine effective distribution method. Establishing a local sales team will help to achieve sales in the Chinese market. The sales team needs to comprise of both American and Chinese candidates as it will help in the negotiation process in unique Chinese business culture. The effectiveness of local staff will help to access key decisions makers to make a sale. It is also essential for Biotech to visit potential distributors in-person to see their operations as it will provide an opportunity to learn their business model.
Managerial and Labor Climate
Detailed and critical analysis of the entire market structure of the foreign country is important to ensure the successful form of business at the global level. It is vital for the business company to figure out the important aspects of the emerging corporation market of China and how this business environment can be better utilized to achieve actual objectives of the foreign country market plan. Comprehensive analysis of the market of China reveals that there are some potential and specific aspects links with the potential to international business. It is important for the management of the company to critically check the overall potential of the Chinese market when it comes to introducing biotech infant formula products in this region.
It is utmost important to figure out the existing situation of Chinese market specifically in the context of managerial and labor climate of this particular market. This form of exploration is necessary to differentiate the market structure of the potential market of China and America. Exploration of two crucial domains of management and labor climate eventually helps to determine the potential challenges and opportunities of this market specifically in case of biotech infant formula product. Examination of key trends of China is essential before the practical execution of launching consumer product of biotech infant formula product in the country. Growing competition is one of the keys and prominent features of the business world of China. People working at managerial positions strive to attain and sustain high managerial positions to ensure their strong position. It is important to observe specific managerial trends and styles adopted by managers that might differ from the working perspective of local managers. The prospect of work culture and managerial trends are the unique domain of consideration in case of China. It is interesting to explore managerial strategies adopted by Chinese managers to attain their organizational goals.
Close assessment of the managerial style of China shows that it is different from the management perspective of western countries. Exploration of Chinese management style is essential to indicate better perspectives about the objective of globalization. The cultural values and specific business norms of China also reflect in the form of overall managerial and labor climate prevails in the country. Mutualism is one prominent aspect of the managerial perspective of the Chinese business market. Chinese people come up with the opinion that self-discipline needs to be properly aligned with the mutual line of action. The main characteristic of the managerial approach prevails in China is that it is a people-centric domain. When it comes to the overall idea of the managerial position of the business in China than humanistic management style is a common prospect adopted by managers to achieve all the outcomes of organizational management. The business corporation originally belongs to America needs to consider this piece of knowledge that managerial style is different in the case of China. Common goal orientation is another major perspective of the entire managerial form of Chinese business organizations. Actions are effectively aligned with the approach of logic and proper reasoning.
It is also vital that how the management of Chinese organizations reacts when it comes to successfully adopt the objective of change. Various aligned strategies are considered by the management to positively react to the phenomenon of change. The strategy of response change is adopted to solve problems of performance and other managerial concerns. The Chinese management system is closely linked with the feature of perception. Failure of any organizational policy is recognized as personal failures and adopt significant measures to minimize the adverse impacts of ineffective decisions. Internal factors are characterized as the basic elements of success or failure of the project.
Managerial trends of the potential business market of China can better understand through the four main aspects of its civilization, cultures, language, and the entire perspective of management. All these features eventually play a critical role in the case of general managerial styles exist in the business market of China. At the first stage, it is important to get some necessary knowledge about the Chinese culture and its language to properly figure out the actual managerial and labor climate exists in the country. Proper involvement with the business perspective of the host country is only possible when it is linked with the consideration of working behaviors of Chinese people. Exploration of deep insights into the culture of China is critical to determine the consumer trends in the market. This form of knowledge further helps to propose possible effective managerial measures to meet the expectations of consumers.
Examination of labor trends of the Chinese market is also crucial to increase the understanding overall business perspective. It is vital to examine market conditions for labors and relevant policies. Low-cost labor is a prominent feature of the business world of China due to the higher population of the country. This specific dimension can be effective for global business organizations to hire cheap labor in the region of China to meet all the business objectives for both short-run and long-run. Detailed scrutiny of the labor climate of Chinese market also helps to identify the potential issues that prevail in case of operations of labors in different sectors. The strategy of low-cost labor ultimately come up with some forms of concerns relevant to the perspective of management. It is essential for the management of the business organizations to never exploit the situation in the form of long working hours for workers and pay less to them. A global business organization needs to be focus to address all the concerns relevant to the main idea of the labor climate. Ample range of labor can be one positive aspect of consideration for the global business organization. Local labor can be hired for different levels of organizational operations.
Financial Viability of Chinese Business Market
It is essential for the business organization to critically evaluate the financial positioning of the Chinese market to make better anticipations about the margin of profitability from the global business. It is utmost important to overview the markets trends of the Chinese market in case of product of biotech infant formula. It is essential to assess how much the decision of offering consumer product of biotech infant formula product can be viable in case of the market of China. The overall financial range of the Chinese market is essential to determine the potential opportunities for success as an international organization working in the market. Market entry in the case of China is only effectively execute considering all the relevant form of information. Financial viability of China helps to determine the potential business trend of the market. This form of knowledge further assists to adopt effective business measures when it comes to launching a new consumer product of biotech infant formula product in China. Consideration of the financial scope of the product is a key aspect to ensure the successful form of business in the region of China. Statistics and ground realities of the Chinese market indicate that there are high chances of offering new products in the market ass it is enjoying booming time-period. It is one vital chance for international organizations to focus on the Chinese market as the potential market and attain better outcomes.
The Chinese market is large in number that reflects plenty of chances of foreign investment. It is crucial for a foreign investor to consider it as the opportunity and avail maximum outcomes from the growing positioning of the market. Consumer segmentation is another critical aspect to determine the better ideas of a business functioning in the market of China. Initial cost and benefit analysis of the Chinese market is important to formulate a practical strategy of entering in the market by introducing a new product of biotech infant formula product. The analysis of cost and benefit helps to determine the actual opportunities and risk factors that involve in the scenario of business specifically for the market of China. Economic development is one prominent feature associated with the overall perspective of the Chinese business market. There are vital chances of success for the foreign companies that open new ways of investment for the global business. Consideration of relevant challenges is also essential to attain better outcomes from the business objective of initiating new product for Chinese consumers. Lower labor cost is one major financial objective for the business organizations that can lead to achieving the desired level of profitability.
Conclusion and Recommendations
The internal and external analysis provided an overview of the Chinese market situation and the chances of Biotech to prosper. Analysis suggests that Biotech has a great opportunity to enter the new market. China is a well-known market due to low-interest rate. Labor minimum wages are also less as compared to most of the countries, which give Biotech an edge to prosper in China. The analysis proves that Biotech can establish itself as a worthy competitor in the Chinese market. Strong and increasing GDPs along with growing purchasing parity of people show that it is a reasonable opportunity to establish a new business. The analysis shows that the strengths exceed the weaknesses in the Chinese market which provides an edge for Biotech. The political, social, environmental, economic, and technological factors can affect the industry, so Biotech need to design a customized and aggressive entry strategy. An effective strategy will help Biotech to maintain a strong position in the market as the buyer power is quite strong in the Chinese market.
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Serbin, S., Serbin, A. (2018). Bromic Heating Co business exposure project to the Chile market. Economics, Management, and Sustainability, 3(1), 79-93.
Shi, X. (2016). The future of ASEAN energy mix A SWOT analysis.Renewable and sustainable energy reviews,53, 672-680.Appendix
Marke size of baby care industry in China
International Relations PAGE MERGEFORMAT 2
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