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• W103694993 abstract "For many companies, destructive cycles reverse early successes Strong sales, distribution, and organizational capabilities are key Your goal: $1 billion in sales by the year 2000 China's market for mass consumer goods has exploded over the past decade and will continue to grow with breathtaking speed, outpacing overall economic growth. By 2000, some 260 million people will be able to afford packaged consumer products [ILLUSTRATION FOR EXHIBIT 1 OMITTED], making China the world's largest market in many categories such as beer and biscuits. Winning in China has therefore become a top priority for multinational corporations, many of which see the Chinese market as a once-in-a-lifetime opportunity to catapult themselves into position for global leadership. But winning won't be easy. China's vast area and weak distribution infrastructure, as well as increasingly intense competition, will make market leadership an elusive prize. Many companies are already having to reconsider their approach to doing business in China, failing to translate their ambitious aspirations into clear growth trajectories, in all too many cases, early gains have turned into a serious drain on resources. It seems clear that approaches followed so far aren't the formulas for success in the Chinese consumer market of the 21st century. Something quite different is needed. What One thing is certain: in coming years the market leaders of the next century will dramatically increase the breadth and depth of their China operations. By 2000, leaders will need to have category market shares of at least 20 to 25 percent nationwide, probably more to be considered clear winners. For mass market categories such as food, beverages, or personal care, this implies achieving annual sales in excess of $1 billion. Yet in a survey of 13 leading multinationals, we found that most had China sales in 1995 of less than $100 million. Leaders will also need far wider geographic coverage. Each of the surveyed companies typically had salespeople in only about 15 cities. But with millions more consumers set to cross the $800 annual income threshold the level at which consumerism takes off winning companies will need sales offices and established supply lines in well over 100 cities by the year 2000. Nor will it suffice to continue focusing on higher-end department stores and large chain supermarkets, as most multinationals currently do. Although specific coverage requirements will vary by category, winners will generally need much deeper outlet coverage than they have today. For real market impact, multinationals will have to supply the small local groceries and corner stores that command over three-quarters of the volume of mass products in large Chinese cities. That means penetrating more than 250,000 outlets, versus today's 20,000. Leaders in China also will need to deal with an increasing number of joint venture partners, as JVs will remain the principal means of expansion. The average multinational in our survey had just four JVs; the winners in 2000 could easily have a dozen or more. Finally, the organizations needed to support all these activities will be much larger and much more capable. The companies in our survey still are relatively small with 200 or so employees working within sales in China, for example and have only nascent organizational capabilities. Winners in 2000 will easily employ ten times as many people as they do today, and they will have world-class sales and marketing skills underpinning their success. A number of consumer goods companies are rapidly increasing their presence in China. Procter & Gamble, Coca-Cola, Unilever, and Nestle look set to reach a popular goal: one by two, that is, $1 billion in annual sales by the year 2000. Many others, however, are struggling to achieve the necessary growth and market coverage. They face five formidable obstacles. …" @default.
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• W103694993 modified "2023-09-23" @default.
• W103694993 title "China's Consumer Market: A Huge Opportunity to Fail?" @default.
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