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Dalian, Sept 10, 2009 - (ACN Newswire) - Multinational corporations based in China, India, Japan and South Korea have unprecedented opportunity to succeed in the current global business environment, according to a study released today by international communications and public affairs consultancy Fleishman-Hillard.
The study, titled The New Asian Champions, was conducted among an elite group of high-ranking business executives and opinion leaders, and its findings were released in Dalian, China, where the World Economic Forum is holding a major conference.
Among the highlights:
- 40 percent of respondents see "a great deal of opportunity" in the current economic environment;
- 67 percent believe that a "great deal of opportunity" exists five years from now, given global economic trends;
- 70 percent agree that "by the year 2020, a China-dominated Asia will be the most influential region in the global economy."
The survey also revealed a number of challenges Asian multinationals must overcome in order to capitalize on opportunities outside of their home markets. While most respondents (72 percent) still view a low cost base and access to inexpensive labor as the number-one advantage of Asian companies, 35 percent saw a lack of profile and branding as their single greatest weakness. And a collective 48 percent of participants expressed concern about the impact of the global economic downturn and a range of other issues that includes lack of familiarity with foreign markets, cultural and linguistic barriers and global availability of international distribution channels.
"Clearly, the New Asian Champions have unprecedented opportunities to succeed globally," said Dave Senay, president and chief executive officer of Fleishman-Hillard. "However, there is no room for complacency among Asia's top companies. The leaders we surveyed by no means view Asia's global leadership as automatic. Now is the time for Asian MNCs with global ambitions to invest in their brands and in differentiating their products, services and competitive advantages in business and consumer markets around the world."
The survey results also indicate that, while such Asian brands as Lenovo, Tata Group, Hyundai, Daewoo and NEC are widely recognized, many others are not. Respondents largely attributed this to a relative lack of communications and branding expertise on the part of some Asian players. For example, 72 percent agree with the statement, "An investment in communications will be necessary for Asian multinational corporations to compete in the global marketplace," while only 15 percent believe that these companies have all the marketing and branding expertise they need to compete globally.
The study revealed other communications-related challenges, as well, with 58 percent of respondents agreeing that "Asian multinational corporations need more visibility to compete with companies in the U.S. and Europe." Only 11 percent of respondents say that companies from the region have the public affairs expertise to succeed in the global arena.
"This survey's findings mirror my own experiences advising companies in Asia," commented Patrick Chovanec, assistant professor, School of Economics and Management, Tsinghua University. "Asian multinationals have demonstrated their mastery of the production process, advanced technologies, and succeeding at home. Many agree that these companies produce the best quality for the lowest prices worldwide. It is the 'soft skills' - the ability to communicate value, to build strong emotional bonds with customers, to navigate unfamiliar cultures and political systems - that often present Asia's top firms with their greatest challenge."
"The fast-growing economies of India and North Asia have provided unprecedented opportunities for today's Asian MNCs," Senay added. "As they continue to grow and take on new markets, the next few years will test their ability to reinvent themselves into global success stories."
The study was conducted in the month of August among 130 high-ranking business executives, members of the financial community, academics, think tank leaders, government officials and regulators. Participants were identified through a variety of resources and included several members of Fleishman-Hillard's International Advisory Board (a client resource that brings together an array of distinguished thought leaders from the private and public sectors), as well as subject-matter experts identified by two independent research and service companies that partnered with Fleishman-Hillard on the study.
The sample was drawn from these resources to obtain the opinions and insights of a geographically and demographically diverse, yet specifically targeted, mix of high-ranking and influential individuals, as opposed to a randomly selected sample. Thus, sampling error is not applicable.
Contact:
Joanne Wong
Tel: +852 9427 1249
Email: joanne.wong@fleishman.com
Carmen Tse
Tel: +852 9642 8723
Email: carmen.tse@fleishman.com
Topic: Research / Industry Report
Source: FleishmanHillard
Sectors: Daily Finance, IT Individual, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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