When China opened its doors to foreign investment in the early 1990s, companies around the world could not contain their excitement at the possibility of entering the world’s largest market. With a population north of 1 billion people, China seemed to present endless opportunities in almost every sector imaginable.
Boardrooms across the globe became fixated on entering the market. Companies hastily started looking for office space and set out to find local partners so that they could somehow start doing business in the Middle Kingdom. In all this haste and excitement, however, many companies failed to consider carefully whether their businesses really were suitable candidates for market entry.
That same sort of hysteria is happening again, this time in Myanmar, a country opening after years of military dictatorship and isolation.
Myanmar is considered one of the world’s last economic frontiers and companies are clamoring to get their products and services into its market, encouraged by economists and analysts touting the country’s potential. Once again, however, many companies are failing to ask themselves some very basic questions about their own businesses before deciding to enter the Myanmar market.
Great Expectations and Sunk Costs
Just because your competitors open up offices in new markets does not mean you have to as well. During China’s opening many companies followed the market instead of making decisions that were best for their company. Many others were obsessed with becoming the first mover into the Chinese market. Establishing a first-mover advantage can be a huge benefit to a company during market entry, but only if it is done well. If the wrong relationships are established it can completely eliminate any advantage and possibly impact your sustainability in the market.
Read the Complete story here :
Digital Revolution and Repression in Myanmar and Thailand
Activists have also proactively published social media content in multiple languages using the hashtags #WhatsHappeningInMyanmar and #WhatsHappeningInThailand to boost coverage of events on the ground.
Will Myanmar’s coup help China influence ASEAN?
The Myanmar crisis is becoming increasingly tragic, with the military’s use of lethal force now killing over 60 protestors.
Can border reopening revive tourism in South-East Asia?
In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19...
Thailand dropped from UK’s tough covid-19 travel ‘red list’
Earlier, Thailand was listed among countries with high infection levels that were put on a ‘red list’, requiring arrivals to...
The ASEAN-Russia Trade and Investment Cooperation Work Program
ASEAN and Russia recently agreed to enhance and widen economic cooperation at the 10th ASEAN Economic Ministers (AEM)-Russia Consultations held...
Flexible Workspace Startup Worklounge Debuts with 20+ Luxury Member Lounges in Thailand
Worklounge launches a premium membership granting remote professionals and executives access to exclusive hotel lounges across Thailand. Their platform is...
5 insights to guide ASEAN’s digital generation in a post-pandemic world
We surveyed 86,000 people from six ASEAN countries about their views for a post-pandemic world. The ASEAN Digital Generation Report...