How to rethink the market strategy of international specialty chemical manufacturer
How to rethink the market strategy of international specialty chemical manufacturer
International specialty chemical manufacturer operating in China can learn from past mistakes, formulate strategies and redesign their business to prosper in China for a long time. In the next decade, it is very important for specialty chemical manufacturers to correctly position themselves in the market. Experts list the following steps that companies must consider as part of their strategy.
Building market and sector level insight
Specialty chemical manufacturer must takes into account China's growth trajectory when assessing the growth potential of specific areas in China. Experts suggest that specialty chemical manufacturers should consider adopting a fine-grained approach and taking regional differences into account when evaluating various specialty chemical businesses. A careful assessment of the second and third tier cities may also show signs of higher growth potential in the coming years.
Develop products suitable for Chinese market
In the long run, designing products to meet the needs of Chinese customers at competitive prices is the key to the success of international specialty chemical manufacturers. As Chinese local competitors increasingly use western technology to develop new and improved products, it will be crucial to provide more advanced products to Chinese customers. Specialty chemical manufacturers must provide maximum resource support and operational authority for their local teams in China to launch products tailored for Chinese consumers.
Learn from past investment mistakes
Making the Chinese market a core part of your company's long-term development strategy and investment plan is crucial to the success of your business operations in China. Focusing on the long-term goal, this paper analyzes the development process of international specialty chemical manufacturers in China, and draws lessons from them.
