MKT 310 Lecture Notes - Lecture 2: Guanxi, Quality Control
Document Summary
Successful people were not respected throughout chinese history: money was used to buy titles instead of expand business. Saving face (mian: concept of upholding one"s reputation, idea refers to one"s reputation and prestige. Doing business in china is very complicated and has 13 steps compared to singapore who has 3 steps. Deadlines are very loose: the chines take their time, they are normally very busy, they don"t see risks as natural so they don"t like to take them. If chinese says maybe , don"t count on approval of that contract. In chinese society, sometimes people rush a counter rather than forming an orderly line, this relates to polychromic time. Barriers and challenges: china can be a difficult country for foreign companies to penetrate and carries risk, determining if market is open for your business, setting up business in china, corruption, quality control, intellectual property risk. 1 in 4 u. s. companies are exiting china.
