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Lesson 1 Market Strategy Project
The country selected is home to large multinational companies such as Electric car maker NIO, Lenovo, Datang Telecom, Huawei, Haier, and DJI innovations. The increasing globalization in the country influences the availability of jobs and wages paid to workers. For instance, with most countries establishing their operations in China, there is high competition for employment opportunities (Fan et al., 2018). However, the wages are not attractive since workers are paid as low as $348.02 per month, while in Shanghai, workers are paid as low as $3.02 per hour (Fan et al., 2018). There is a wide income inequality, where people of the race are exploited and they are overwork on top of poor pay. Confucianism largely influences the Chinese business culture. This means that the business relationship is based on the values of courtesy, modesty, loyalty, and solidarity (Wasserstrom, 2014). China is governed by an established government which means the country is sovereign and the physical environment is appropriate with established transport network such as roads, sea porta and airports.
In terms of the degree of globalization, China is becoming one of the champions of the economic corporation trade and globalization (Fang & Bessler, 2018). Small, medium, and large businesses have realized their potential in trade and expand around Asia (Fang & Bessler, 2018). The country ranks 3rd in terms of globalization. For a business looking to expand their new market and product base, the country offers a diverse and wide market based; it provides cheap labor to a business looking to reduce the cost of operations (Kamensky, 2020). The country offers a wider market base for a company looking to increase its revenues through sales. However, the business should be ready to comply with the established government regulation and the political climate in China, such as safety standards and tax compliance (Kamensky, 2020).
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