Now I will discuss about the market in China. Why do big companies still glancing china as a country of destination marketing their products? And what business is growing and has an attractive business opportunity in china? I will describe the following answers to these two questions.
The simple mention of China is enough to get any business person agitated and excited. China has one of the fastest-growing economies in the world and offers a large number of consumers ready to buy any number of a variety of goods because China has the largest population in the world. In addition, a significant portion of the world’s products are made in China. Many part of products from other big company also produce in China, such as automobile, electronics, etc. All this points to one thing—the Asian country appears to be the next economic superpower.
Few years ago, China has become the target marketing of sports products such as Nike. Nike puts its marketing strategy to build brand awareness and recognition. Target customers are young customers. Nike be a sponsor at the event basketball when it was booming in 2004. Nike take Michael Jordan and basketball athletes known in China as a strategy for the introduction of the product to the consumer.
Compared to a few years ago, a growing business in China today is beauty products. According to a recent article in Fortune magazine, Access Asia reports that the beauty industry in China is growing at amazing speed, “doubling since 1998 into a $7.9 billion market that is expected to climb to $9.6 billion by 2009.” The same report indicates the makeup category was forecast to register sales of $524 million in 2005, increasing to $705 million by 2009. This industry was the fastest growing in China.
Not surprisingly, skin care remains the dominant sector in China’s beauty market, with strong growth attributed to increasing concern among consumers over their appearance and their rising income levels. The increased number of product launches, especially at mass, is now providing Chinese consumers with a wider array of more sophisticated, technologically-enhanced skin care product at accessible price points, sold in hypermarkets and other retail formats that have penetrated into less affluent cities and provinces. The higher disposable income has also influenced Chinese consumers past the basic skin care regimen of cleanse and moisturize, to now include growing interest in toners, anti-aging products and facial masks.
Based on the latest available data, 3 February 2013 (http://statistik.ptkpt.net), China has a number of women as much as 651.701.570 inhabitants. This large number makes the beauty business in China has mushroomed to follow beauty trends from other countries like Japan and Korea.
So, in addition to the automobile business, electronics and fast food in China, there are other opportunities to develop business in China, it is the beauty business. New challenge for the businessman in the world.