SWOT: An Exhibition in China
Business owners are always looking to enter new markets and achieve more success. But to do that, they need effective strategies for domination of local markets. An analysis that can help businesses in the development of such strategies is a SWOT analysis.
What is SWOT?
SWOT stands for Strength, Weaknesses, Opportunities and Threats. It is an analytical tool which can help companies identify their own and the market’s strengths and build on them to grow their business. It can help them recognize any weaknesses in their procedures so they can weed them out in time. It can help them locate business opportunities in both local and foreign markets so they can take advantage of them. And finally, it can them point out threats to their business so they can neutralize them and achieve success.
SWOT Analysis China
A country that has been the focus of many international brands is China. China is the proud owner of world’s biggest population and its economy is also booming. It has recently become the 2nd largest economy in the world, trailing only the American economy.
Shrewd business owners see this is an opportunity to bring their business to China and promote their brands to over a billion people. All they require is a good localization and translation service to launch their brand in China and gain many advantages of this huge market.
A recent SWOT analysis of the Chinese market presented the following results:
Chinese market has a number of strengths; there are hundreds if not thousands of international trading companies physically present in China, many of whom have their manufacturing plants in Chinese localities. The business capital of China in Hong Kong, it has an excellent infrastructure in place which can be very convenient for businesses entering a new market.
China is effectively the financial capital of Asia and has also been dubbed the trade capital of the continent. It hosts many exhibitions and trade shows. Travelling in and out of China is simple and they have an excellent visa policy for businesses operating in the country.
As far as weaknesses go, there aren’t very many of them in China’s business market. There is a high living cost in bigger cities of China, which can be a burden if you are bringing your workforce with you. Local marketing needs to be in the native language or else the messages will be disregarded.
China’s ever growing economy and hugely untapped market presents businesses with all kinds of opportunities. If you can localize your products and services effectively, you can attract a huge number of new customers.
The only threat in the Chinese market is from local businesses. But with an impactful marketing strategy and the right localization service, you can give yourself an edge over regional businesses.
The most important thing to remember after taking in all the information provided above is that, Chinese people prefer their local language over any other popular international language. So to be successful in China, it is essential that you hire a good localization and Chinese translation service.