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With the government’s encour- agement, the growth strategy for many Chinese companies now revolves around going abroad.
Unsurprisingly, many of these attempts at globalization are still works in progress despite the government’s encouragement and the companies’ strong push. As Professor John Quelch, Vice President & Dean of China Europe International Business School (CEIBS), told CBF, globalization efforts by companies – such as Volvo/Geely and IBM/Lenovo – that receive a lot of publicity are still to prove themselves.
“The more successful Chinese companies are B2B enterprises that are making strategic acquisitions of poorly performing foreign companies in the same sector, as in automobile parts, and others that have differentiated technology such as Huawei and ZTE,” Prof. Quelch added.
Many Chinese companies are not truly global brands, though they have plants or branches in foreign countries. In Prof. Quelch’s opinion, a real global brand or company must have its sales“dispersed globally” as well as brand awareness in the relevant industry. “Lenovo is the only one that comes close today,” he said.
For those Chinese companies that are struggling with the process of globalization, Prof. Quelch had this advice: “Do not assume that what works in China will work overseas. Be prepared to adapt to meet varying customer preferences and regulations in each local market.”
In fact, many companies attach great importance to “localization” and it is a problem that haunts not only Chinese companies, but also well-established foreign ones. As Prof. Quelch and his All Business is Local co-author Ms. Katherine Jocz pointed out in a recent article, “Today’s business leaders are so obsessed with global coverage that they risk neglecting the importance of local excellence.”
The best global brands are also the best local brands.
In the book, Prof. Quelch cited McDonald’s and HSBC as good examples of “best global and local brands”. The former recruits local suppliers, franchisees, employees, celebrities and adapts its menu and seating configurations to local tastes. The latter, whose slogan is “The World’s Local Bank”, is devoting itself to enabling both local and global clients to benefit from its services.
Prof. Quelch believes that the unstable and uncertain international economic environment is not a problem for Chinese companies eyeing the global market. “The European debt crisis gives Chinese enterprises and sovereign funds the opportunity to take important stakes in good-performing European enterprises,” he told CBF. “For example, one of the sovereign funds recently took an almost 10 percent stake in Thames Water, the utility that supplies water to London…. a very stable long-term investment.”
As the Vice President & Dean of CEIBS, Prof. Quelch thinks it is necessary for Chinese enterprises to know how to do business not only in China, but globally. China Depth, Global Breadth, that’s the focus of Prof. Quelch and his colleagues at CEIBS.
Unsurprisingly, many of these attempts at globalization are still works in progress despite the government’s encouragement and the companies’ strong push. As Professor John Quelch, Vice President & Dean of China Europe International Business School (CEIBS), told CBF, globalization efforts by companies – such as Volvo/Geely and IBM/Lenovo – that receive a lot of publicity are still to prove themselves.
“The more successful Chinese companies are B2B enterprises that are making strategic acquisitions of poorly performing foreign companies in the same sector, as in automobile parts, and others that have differentiated technology such as Huawei and ZTE,” Prof. Quelch added.
Many Chinese companies are not truly global brands, though they have plants or branches in foreign countries. In Prof. Quelch’s opinion, a real global brand or company must have its sales“dispersed globally” as well as brand awareness in the relevant industry. “Lenovo is the only one that comes close today,” he said.
For those Chinese companies that are struggling with the process of globalization, Prof. Quelch had this advice: “Do not assume that what works in China will work overseas. Be prepared to adapt to meet varying customer preferences and regulations in each local market.”
In fact, many companies attach great importance to “localization” and it is a problem that haunts not only Chinese companies, but also well-established foreign ones. As Prof. Quelch and his All Business is Local co-author Ms. Katherine Jocz pointed out in a recent article, “Today’s business leaders are so obsessed with global coverage that they risk neglecting the importance of local excellence.”
The best global brands are also the best local brands.
In the book, Prof. Quelch cited McDonald’s and HSBC as good examples of “best global and local brands”. The former recruits local suppliers, franchisees, employees, celebrities and adapts its menu and seating configurations to local tastes. The latter, whose slogan is “The World’s Local Bank”, is devoting itself to enabling both local and global clients to benefit from its services.
Prof. Quelch believes that the unstable and uncertain international economic environment is not a problem for Chinese companies eyeing the global market. “The European debt crisis gives Chinese enterprises and sovereign funds the opportunity to take important stakes in good-performing European enterprises,” he told CBF. “For example, one of the sovereign funds recently took an almost 10 percent stake in Thames Water, the utility that supplies water to London…. a very stable long-term investment.”
As the Vice President & Dean of CEIBS, Prof. Quelch thinks it is necessary for Chinese enterprises to know how to do business not only in China, but globally. China Depth, Global Breadth, that’s the focus of Prof. Quelch and his colleagues at CEIBS.