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Operating in Asia: the evidencefrom case studies

By Christina A. Stringer and Nigel Haworth

hile Asia offers many opportunities forNew Zealand companies, new entrants must beadequately prepared to take advantage of Asia’sdeveloping and maturing markets. Thesemarkets have developed rapidly as a result ofthree decades or more of rapid industrialisation.Income levels have risen in tandem with growthand consumption patterns have developedsimilarly. In many cases, markets have becomemore demanding and place great importance onproduct or service quality, cost, timeliness andpresentation. Importantly, Asian marketsusually function in complex social networks, ofwhich an understanding of and access to areessential for business success. Cultural identity,

recognition of client status, traditions of giftexchange and other distinctive regionalpractices are often intertwined with “Western”business behaviours. Successful entry into Asianmarkets requires an effective understanding ofthese market characteristics. Many NewZealand companies have achieved thatunderstanding and have carved out a significantpresence in the region. Others have not,sometimes despite multiple attempts.

In 2001, the authors undertook a project inconjunction with Asia 2000 and Trade NewZealand, to investigate the key success andfailure factors for New Zealand and Australiancompanies operating in Asian markets. This

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investigation focused on an interpretation ofpublished case study materials and an assessmentof the Asian experience of selected companies. Itincluded a comprehensive survey of New Zealandand Australian source material relating to marketentry into Asia. About 1200 references werereviewed, of which only a small percentage wererelevant, and even then, the relevance variedsignificantly. In order to supplement the case studymaterial and provide further insight, an assessmentof the actual experience of selected New Zealandcompanies was also undertaken. The identificationof success factors and the problems that NewZealand and Australian companies encounter inAsian markets has immediate relevance for NewZealand corporate strategy. This article presents abrief summary of our findings, emphasisingparticularly the importance of cultural factors inmarket entry.

PREPARATION: THE INITIALBUSINESS PLAN

range of contingent factors needs to beconsidered carefully before entering Asian

markets. These include political stability,government regulation, market opportunities, modeof entry and culture. Analysis of market intelligenceand research will allow decisions to be made aboutmode of entry. Entry options exist across a widespectrum, for example, from the establishment of atrading agency to the construction of a green-fieldplant. For many New Zealand operations, entry intoregional markets initially tends to be by means of asales strategy, perhaps using agents, or by a jointventure arrangement. A joint venture arrangementis often considered to be one of the most importantcomponents of success within Asian markets andmay be a legal requirement within the host country.Selecting the right local venture partner is critical,as it can help reduce political risk and provide in-depth, country-specific knowledge. Importantly, ajoint venture arrangement opens up social andcommercial networks, supplier and subcontractorrelationships, and provides access to marketing anddistribution channels.

What each partner brings to the joint venturearrangement needs to be carefully considered:capital, executives, buildings, equipment, workers,raw materials, network of personal contacts, andskills and expertise in different areas (for example,sales/marketing and engineering). Companies mustunderstand which of their assets are crucial at anygiven stage of the joint venture arrangement. Forexample, at some stages in joint ventures, labourforce development in terms of training and qualityproduction may be paramount. At other stages indifferent operations, correct choice of technologieshas been foremost in management thinking. At stillother stages, market understanding may be centralto successful market access.

Also, joint ventures will usually involve at leastthree active parties: two (at least) businesspartners and an often-unconsidered third party,the management team within the joint ventureoperation. Involvement in a joint venturerequires a clear understanding of the roles andexpectation of all three parties and, importantly,a clear sense of how these roles and expectationsshift over time.

Three companies operating in Asian marketsprovide the following insights into the preparationof market entry.

First, the John Holland Group, operating in Asiasince 1972, outlines the following reconnaissanceas essential before entering the Asian market:“Firstly, senior management should immersethemselves in the target area to obtain a totalunderstanding of the target market and its culture.Secondly, business plans and strategies for enteringthe market should be undertaken only after this hasbeen done. Third, in order to take into account thereal difficulties of the Asian market, all budgetedtimeframes and cash requirements should bemultiplied by a factor of two. Fourthly, theappropriate financial commitments should then besought from the company’s bankers” (McKeon andDias, 1995: 13).

A second case study examines the strategies ofLeighton Asia Ltd, a subsidiary of Leighton Holdings

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A joint venture arrangement is often considered to be one of

the most important components of success within Asian

markets ... selecting the right local venture partner is critical

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of Australia, in entering Asian markets and offersthe following insight:

1 “Enter the market on soft-dollar/low-riskcontracts that allow necessary knowledge andexpertise to be acquired before progressing tohard-dollar/high-risk contracts.

2 Localise the business by assimilating local culture,people and organisational identity. Combine thiswith significant company autonomy to targetopportunities unique to each market.

3 Ensure that the overseas operations areadequately resourced and capitalised. Thisincludes reinvesting profits from Asian operationsback into the business to support theestablishment of new markets.

4 Ensure ongoing communication, liaison andreporting controls are maintained betweenAustralia and Asia including frequent travel forsenior managers between operations.

5 Proactively look for opportunities including thosethat could be achieved by the formation of jointventures for larger, more complex projects”(Knightley and Holt, 1997: 32).

One interviewee (interviewee No.2) in a NewZealand-domiciled company experienced in theJapanese market, advises: “It is absolutely essentialthat you spend a lot of time preparing yourself.Second issue, credibility. A person who goes to Japanhas to have their own credibility as an individual.The company needs credibility and your productneeds credibility and underlying that are long-termobjectives and commitment. Homework is one bigword in Japan. The other is commitment and thatmeans with personnel and money, and it isexpensive. It’s homework, it’s commitment and timewithin the country that is really important. I havecertainly seen a difference between Australia andNew Zealand in one aspect. Australians are prepared

to send in people and they will surround an issue.They will go in and say I don’t just want to go inand see what the distribution and productacceptance is like. I need to surround it and thatmeans related industries, what governmentdepartments are involved … give me a jigsaw andput it together. And that is one thing Australians dobetter than New Zealanders.”

These examples show that the preparation formarket entry must take into account a range of new,often challenging circumstances that may not applyin the same way in the business environment of thehome economy. There are some key genericelements in such preparation – an excellent graspof local culture, the establishment of credibility inthe networks of the target markets, properresourcing of market entry (including the choice ofappropriate personnel), and clear channels ofcommunication between the home base and targetmarket.

RELATIONSHIPS ANDBUSINESS PRACTICES

ew Zealand companies operating in Asiancountries face many intangible cultural barriers

that limit understanding of, and access to, Asianbusiness networks. Central to doing business in Asiais the importance of building interpersonalrelationships that extend beyond the exchange oftransactions and involve trust and confidence. Whyrelationships play such a significant role in successfulbusiness practice in Asia is complex. Oneexplanation suggests that social structures and,hence, social attitudes and expectations still owemuch to pre-capitalist social relations, now broughtinto contact with a “modern” industrial world.Religious traditions, such as Confucianism, are alsoinvoked. The family and its trust relationships arethought to sustain these traditions. Clearly, they are

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Central to doing business in Asia is the importance of building

interpersonal relationships that extend beyond the exchange

of transactions and involve trust and confidence

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traditions that permeate behaviours beyond theworld of business and, as such, require new entrantsinto the local business world to reflect not only oncore business relationships, but also on the widersocial interaction in which business practice islocated.

Two important characteristics of theserelationships are a demonstration of a long-termcommitment to the market, company andindividuals, and recognition of the importance ofpersonal involvement and reciprocity.

In order to demonstrate a long-term commitmentand gain a comparative advantage, companies needto build and nurture a strong relationship network.The example of guanxi in Chinese communitiesprovides an excellent example of the importancegiven to relationships in the wider region. Guanxiis a Chinese term referring to “personal andinterpersonal relationships or connections amongpeople and places high value on network, trust,commitment, favour, mutuality, reciprocity andlong-term benefits” (Chadee and Zhang, 2000:130). Guanxi is transferable from one person toanother and can ultimately lead to a network ofrelationships. Therefore, a single gatekeeper mayprovide multiple contacts within government andbusiness organisations. Successful guanxi are usuallybuilt over time and depend on complex feelings ofmutual trust, respect and commitment. Once strong,they are resilient, but they are also fragile whenunder construction.

Establishing firm relationships of reciprocity isan all-important factor when operating in therelationship-based system. This can occur as a resultof gift giving (and owing) and the receiving ofobligations and favours. Within many Asiansocieties, the rituals of gift giving and entertainingare central to building relationships. They are seenby many as a source of comparative advantage forcompanies operating in these markets (Martin andLarsen, 1999). Foreign companies are divided overthe idea of giving gifts. Some view the custom as aform of bribery and refuse to participate; othersover-emphasise the gift giving and wining and

dining elements of the guanxi relationship. Arepresentative of one New Zealand companycautions against the moral obligations of over-commitment to reciprocity: “You have to be awarethat there are gifts, special weekends … and thatone day your chips are going to be called in andyou are going to be morally obliged to dosomething” (interviewee No.2).

BUSINESS NETWORKS

etwork identification, establishment andmaintenance, in both political and business

circles, are usually vital components of success. Inmost Asian countries, formal and informal networksprovide vital access and intelligence. They operateon the basis of trust and reciprocity, and in manycountries constitute a formidable barrier to marketsuccess if business networks are not well understood.To be used to advantage, they must be sustained.

Networks in Asia can take years to build up andmany foreign firms find it “difficult to operateeffectively without the insider status which comesfrom links with government, leading businessfamilies and heads of large company groups”(White, 1993: 34). Establishing networks is not aneasy process and “some New Zealand companieshad returned to Asia for four or five years on endwithout much success” (Thomson, 1995: 47).

Networks are fragile when developing. Take, forexample, the case of a US firm that had placedsignificant effort in building networks with apowerful Asian business partner. Well down thetrack and nearing success in terms of high mutualregard, the presidents of the two companies met toseal contacts at the highest level. During thatmeeting, the president of the US company absent-mindedly began to pick at his teeth with the businesscard of his opposite number. On that one action,construed as the height of rudeness, turned thefuture of the relationship. The relationship was notsufficient to overcome the perceived insult and wassubsequently terminated (interviewee No.3).

Companies need to develop networks in the Asiancountry (in addition to taking advantage of their

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“You have to be aware that there are gifts, special weekends …

and that one day your chips are going to be called in and you

are going to be morally obliged to do something”

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own networks) because quite often “you can have acommon problem and as a foreign company youmight be the last to know. Credit is an example.Who is credit-worthy and who is not? In Japan, ifyou do a credit check and just use the publicdocuments, everyone is credible. But are they? Howdo you find out? You have to develop a businessnetwork” (interviewee No.2).

Networks open to firms include specialistagencies such as New Zealand Trade and Enterprise(formerly Trade New Zealand), which will carry outresearch, often including “on-site” assessment ofnetworks and opportunities. Business associationssuch as New Zealand-China and Chamber ofCommerce and Industry offer similar opportunities.On occasions, the Asian immigrant community inNew Zealand has provided an initial point of accessto the region. “People should not be backward intalking to their own country’s government becausethey have diplomatic standing and that means youmay get to see people you may otherwise not beable to. Use them. Use them wisely. They are not todo your footwork. They are there to step in on anissue” (interviewee No.2).

CULTURAL AWARENESS WITHIN THEBUSINESS MANAGEMENT ENVIRONMENT

he single greatest barrier to business success inAsia is often defined as the one erected by

culture and this was evident in a number of casestudies. Knightley and Holt (1996: 38) suggest that“success in cross-cultural management cannot beassumed unless one learns, or at least is aware of,the hidden unwritten rules and assumptions of thecultures one is interacting with”. Companies mustrecognise that business practice in Asia isfundamentally different from New Zealand andAustralia and that an understanding of culture isessential to business success. Such an understanding

should encompass, but is not limited to,management strategies, employee recruitment andstaffing, an understanding of communication andlanguage, and sensitivity toward local culture.

Management strategies

Depending on the entry mode, appropriatehuman, technical, financial and informationresources will be mobilised. The main areas ofdecision-making will be the choice and make-up ofthe management team, appropriate technologicalsophistication (if production is a factor), financialprovisions, and market and risk assessment.Evidence suggests that many firms fail to recognisethe need for sufficient dedicated resources to meetthe demands made by entry into regional markets.Companies should realise the importance of sendingsenior members of staff not only to negotiatebusiness, but also to staff the overseas operation.This is due to the importance of status and hierarchywithin the Asian culture. To ignore status or showdisregard for appropriate titles may causeconsiderable affront.

Employee recruitment and staffing

The balance of expatriate and indigenous staffwill be a challenging strategic issue. The potentiallycomplex implications of sending employees offshoreshould also be noted. Human resource strategiesfor complex, often alien labour markets will berequired. For example, in contrast to the Westernpractice of careful monitoring of employment levels,Chinese partners (often under pressure from localgovernment agencies) will often push for seeminglyexcessive staff levels and include redundant orunqualified people. Fletcher Building described itsexperience of managing a joint venture entity inChina (Datong Steel) as a “nightmare, an absolutenightmare. We had 3000 staff there at one stage;

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“People should not be backward in talking to their own country’s

government because they have diplomatic standing and that means

you may get to see people you may otherwise not be able to”

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similar mills elsewhere in the world had 1200”. Thejoint venture partner was the city government whichwas ultimately responsible for the city ’sunemployed. City officials threatened to enforceenvironmental issues if the workers were dismissed(interviewee No.1). In contrast, Singapore isgenerally more in tune with Western employmentexpectations.

While some foreign companies in Asia advocateemploying host-country nationals educated outsideof Asia, this may not always work to the company’sadvantage.

“Your belief by employing them [nationalseducated overseas] is that you get both the Westerneducation understanding and the local knowledge.Our marketing manager was a young lady educatedin Australia who went back with all the so-calledWestern theory. That was even worse. They aretrapped in a no man’s land. They had knowledge ofthe West, knowledge of China, but couldn’t actuallylive in both worlds” (interviewee No.1).

When recruiting staff in an overseas country, Luo(1988: 158) offers the following advice:� Avoid taking too many employees from a single

source, as this can heighten the risk of hiring alot of people who will reinforce similar badhabits.

� Practice patience and flexibility when looking forhigh-quality personnel.

� Resist pressures by Chinese authorities tooverhire.

� Find a local confidante among the local managerswho has experience in dealing with bureaucracyand is trustworthy.

� Mold the right individual according to the needsof the company.

Understanding of communication

Expatriates need to learn the nuances ofcommunication. “General communication isexpressed more indirectly than what they are usedto, requiring the need to read between the lines,decipher the subtleties and understand theirmeaning” (Callaghan and Holt, 1996: 56).

For an Asian to admit that he or she cannotunderstand what is being said may involve a loss offace. No indication may be given that the Asiancounterpart doesn’t understand what is being saidand instructions can consequently be ignored simplybecause they were misunderstood. In order to allowfor this, the speaker must make sure s/he speakswith great clarity and precision. Misunderstandingcan also occur because of different culturalassumptions. “For example, when facing someperformance or operational problems or mistakes,Thai verbal communication is at times bordered bya smile or laugh” (Knightley and Holt, 1997: 38).It is generally important for Asians to retain “face”and expatriates may often need to ensure this.“Indeed … it is advisable to help Chinese colleaguesout of an embarrassing situation that they themselveshave caused, in order to avoid them losing face withyou” (Atkins, 1996: 508).

The role of translators is important. When thediscussion involves an interpreter, there is the addedfactor of the interpreter’s perception of both thequestion and answer and the translation of each.Successful business communication comes down to:1) communication skills; 2) personal relationships;and 3) an understanding of when to usestraightforward speech. Candour may be consideredrespectful in some cultures, but insulting in others.Its acceptability may also vary with the depth andresilience of a relationship.

Sensitivity toward local culture

Companies and individuals should develop anawareness of, and display sensitivity toward, thelocal culture. Leighton Asia has strategically usedvisible signs of culture such as feng shui symbols(red roses, lion ornaments, etc) in offshore offices.Colours used for office decoration sometimes reflectthe local culture: green and red in Hong Kong, whitein Bangkok and pastel blue in Australia. A seniormanager notes: “The use of these objects in thisoffice shows my respect for Chinese beliefs andtraditions. Far from being decorations, these itemsreflect a willingness to accept the significance oflocal custom and culture. I believe a good leader is

While some foreign companies in Asia advocate employing

host-country nationals educated outside of Asia, this may

not always work to the company’s advantage

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one who shows respect for the values and beliefs ofhis staff and the wider business community”(Knightley and Holt, 1996: 30). In addition,consultation with a feng shui master contributed tothe design of a new corporate logo.

One interviewee cautions expatriates againstmaking the mistake of trying to be Asian. Herecognises that while one needs to assimilate, one isnot Asian and that within Asia there is an appreciationof other cultures. “Be courteous, recognise pointsof sensitivity. They will recognise yours in turn, butin the end they are people who want to do businessand that is what will draw you together. You have acommon purpose” (interviewee No.2).

Business infrastructure

There are many complexities associated withoperating in Asia’s business environment. Book-keeping traditions illustrate these complexities.Typically, debtor ledgers in New Zealand haveone-, two- or three-month columns. In China, NewZealand companies have encountered a one-, two-or five-year debtor system. Problems arise because“paying debtors is irrelevant when everybody oweseverybody. The principal shareholders in most ofthe businesses are, of course, the cities and the reasonfor being in business is not to make money, but issocial, to ensure people are working and there isenough money in the community to pay for food.A very different rationale” (interviewee No.1).Bartering, still very much part of some Asiansocieties, adds a layer of complexity to businessoperations. “How do you value barter? How doyou record barter? How do you actually hold theproduct you don’t need until you locate the oneyou do? A logistical nightmare” (interviewee No.1).

While one New Zealand company’s policy inChina was that as a corporation it would not beinvolved in gift giving (aside from some very small

gifts), bribery was still occurring in the corporationwithout it being aware of it. A delivery boy whoowned an expensive condo was receiving moneyfor notifying the bank manager when money wasgoing to be deposited. The bank manager himselfreceived goods and money from the creditors bypromising them they would be paid first as soon asthe money was deposited (interviewee No.1).

Cultural identity, recognition of client status,traditions of gift exchange and other distinctiveregional practices are intertwined with Westernbusiness behaviours. Successful entry into Asianmarkets requires an effective understanding of thesemarket characteristics.

BUSINESS NEGOTIATIONSIN A CULTURAL CONTEXT

redentials must be established before enteringinto the negotiation process. This can be done

through relationship networks or formalintroductions by embassy and New Zealand Tradeand Enterprise staff.

Companies must be well prepared and know theirposition before entering into negotiations. Attentionto detail is a must, as is knowing your counterpartsand their social standing (interviewee No.1). Beprepared for negotiations to take days – even“simple” negotiations over price can prove to be atime-consuming process. Asian negotiators are farless concerned with the pressure of deadlines thantheir Western counterparts (Clarke and Davies,1992). “It is important to remember that the Chinesepartner’s managers will have to be able todemonstrate to their supervisors that they havemanaged to move the foreigners from their startingpoint to another position closer to that of theChinese position” (Atkins, 1996: 508) and, hence,it is important to always leave room to move whennegotiating.

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“How do you value barter? How do you record barter?

How do you actually hold the product you don’t need

until you locate the one you do? A logistical nightmare”

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A team approach to negotiation is stronglyrecommended. Different members of the team canbe assigned different roles so the authority ofindividual members (and the appearance of teamcohesion) is not undermined. It is important thatwhen complications arise, team organisation doesnot break down, with members attempting to out-argue their negotiators. In particular, the Japanesecan feel threatened by an aggressive approach(Clarke and Davies, 1992). During the negotiationprocess, continuity of contact is essential in orderto develop and nurture the relationship. Avoidpublicly embarrassing anyone and causing a loss offace. In the negotiation situation, it is important torealise that the top man is often concealed andappears to be on the sideline of discussions untilfinal approval is needed.

In the case of China, for example, ethnic Chineseexperienced in negotiations can provide a valuableinsight into the process. “The ability of the overseasChinese to bridge the gap between Western andChinese business cultures is demonstrated in thegrowing numbers being chosen by Westerncompanies as members of their negotiating teamsand as managers of their China business activities”(Blackman, 1997: 97).

Non-verbal behaviour is frequently important.Under the team approach, an individual may wellbe assigned to analyse non-verbal language: “They[Australians] ‘do their shirts’ because they do notunderstand the way in which the Chinese make useof silence during negotiations. The Australians,uneasy with silence, think that they have upset orannoyed the Chinese because the Chinese are notresponding to their (counter-) offer, when in realitythey are thinking about what has just been said. Thenthe Australians forget whatever game plan they had,and stumble in, giving away a negotiable item fartoo early in the negotiations” (Atkins, 1996: 509).

SUMMARY

he literature search and interview programmeidentified a number of key success and failure

factors for companies entering Asian markets. Some

of the key factors common to successful companiesinclude:� Identification of correct market entry strategy.� Identification of a target market segment before

entering the market.� Communication with other companies that are

successfully operating in the market before, andduring, the initial stages of market entry.

� Ensure that exit rules are written at the same timeas the joint venture is being established.

� Adaptation to, and respect for, the culture.� Flexibility in accommodating one’s business

partners.� Employment of local indigenous staff.� Employment of staff with linguistic skills.� Utilisation of Asian people located in the home

country.� Recognition that investments are for a long term

and that a company will not make a profit quickly.� Companies must have an Asian focus and become

domiciled there.� Obtain insider status.

These factors are essential to establishingsuccessful business operations and the inability toachieve success in these areas can contribute tofailure. Business failure is often attributed tocompanies seeking to implement arbitrarily aWestern style of business operation.

Key problems include:� Failing to put into place effective management

structures.� Poor labour productivity.� Miscalculation of reserves.� Unavailability of raw materials.� Battles over, and differences in, managerial

control.� Mutual mistrust and cultural misunderstandings.� Operational problems (difficulties in

communicating, slow bureaucratic decision-making, unsuitable staff).

In the negotiation situation, it is important to realise that

the top man is often concealed and appears to be on the

sideline of discussions until final approval is needed

T

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� Trying to rush into the market too quickly withoutdoing appropriate research or paying duediligence.

� The belief that the market is there for the takingbecause you have a product that is good enough.This is not necessarily the case.

� Failure to acknowledge soon enough that thecompany is not succeeding in the Asian marketand should exit the market.

One striking conclusion of the project was thatthere is relatively little useful case study materialreadily available on the performance of either NewZealand or Australian companies in Asia. Anotherobvious conclusion from this project is that entryinto Asian markets is challenging. But careful,properly resourced strategies, patiently introducedand, importantly, properly monitored, do succeed.

REFERENCES

Atkins, G. (1996). Corporate Management, Australian Company Secretary,48(11): pp 507-510.

Blackman, C. (1997). Negotiating China, Case Studies and Strategies, NewSouth Wales: Allen & Unwin.

Callaghan, C., & Holt, J. (1997). Sinar Meadow International Indonesia, Cross-Cultural Management: Case Studies Development and Delivery, Report andCase Studies, CCM Research Team, Research Institute for Asia and thePacific, Asia-Pacific Economic Co-operation, University of Sydney, Sydney.

Chadee, D., & Zhang, B. (2000) The Impact of Guanxi on Export Performance:A Study of New Zealand Firms Exporting to China, Journal of Global Marketing,14(1,2): pp 129-149.

Clarke, G., & Davies, I. (1992). Negotiating with the Japanese, QueenslandLaw Society Journal, Apr, pp 131-139.

Knightley, S., & Holt, J. (1997). Leighton Asia: Success Across Cultures in theConstruction Industry: A Study of Leighton Holdings’ Operations in Hong Kongand Thailand, Cross-Cultural Management: Case Studies Development andDelivery, Report and Case Studies, CCM Research Team, Research Institutefor Asia and the Pacific, Asia-Pacific Economic Co-operation, University ofSydney, Sydney.

Luo, Y. (1998). Joint Venture Success in China: How Should We Select a GoodPartner? Journal of World Business, 33(2): pp 145-166.

Martin, B., & Larsen, G. (1999). Taming the tiger: key success factors fortrade with China, Marketing Intelligence and Planning, 17(4): pp 202-208.

McKeon, G., & Dias, R.P. (1995). Strategies and Case Studies of WesternAustralian Companies Doing Business in Southeast Asia, Working PaperNo.50, Asia Research Centre, Murdoch University, Perth.

Thomson, L. (1995). Would-be investors must learn to do business the Asianway, The National Business Review, 17 Feb. pp 47.

White, D. (1993). Capturing Opportunities in Asian Food Markets, AgriculturalScience, Mar/Apr, 6(2): pp 32-36.

Nigel HaworthPROFESSOR

Department of Management and Employment Relations

The University of Auckland

E-mail: n.haworth@auckland.ac.nz

Christina A. StringerLECTURER

Department of International Business

The University of Auckland

E-mail: c.stringer@auckland.ac.nz

This is an important message from the case studiescaptured by this project. Tired “war stories” aboutfailed entry attempts must be tempered by a morebalanced account, which embraces success followingcarefully prepared entry. The Asian market ischallenging, but offers tremendous opportunities forthe well-prepared new entrant.

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