2.5 Culture
China is renowned for its cultural traditions and symbols such as dragons, colourful celebrations and cuisine. China’s culture consists of 55 ethnic groups (China Highlights, 2016). The largest group is the Han Chinese made of 90% of China 's population (China Highlights, 2016). Other groups include the Tibetans, the Mongols, the Manchus, the Naxi, and the Hezhen.
Mandarin is the official language based on the Beijing dialect and is spoken by the majority of the population, mainly taught in schools and maintained by the government (Australian Business Consulting & Solutions, 2016).
There are five official religions in the country and any other than Buddhism, Taoism, Islam, Catholicism and Protestantism are illegal (Zimmermann, …show more content…
• Research LinkedIn profiles,
• Meet people through friends, Aim for half to 1 hr. per week $40/hr. =
13 to 24 June 2016 3.3 Personal Development
• Research business dealing in China and understand guanxi. • Gathered information from websites such as www.entrepreneur.com, Harvard Business Review, The Australia China Business Council, www.austrade.gov.au
• Meet with other entrepreneurs
• Consult with agency Research $40/hr. x 4 = $160
27 June to 5 September 2016 • Enroll in basic Mandarin language lessons • Classes will run at University of Sydney
• 10 sessions, 20 hours total $295 Inc. GST
4 Challenges
To thrive in the global economy, it is essential to understand the different international business cultures, how they work, market trends, competition and regulations. Otherwise businesses will face unexpected challenges.
4.1 Understanding Business …show more content…
Further more, social media channels will also be explored to complement both strategies and help guide consumers towards the new business.
4.3 Local approach to Corporate Social Responsibility
Chinese consumers know Australia for its fresh and “green environment with quality products and brands” (Australian Trade and Investment Commission, 2016). However, as stated previously CSR is not the main focus for China yet. The challenges for improving CSR include “strong competitive pressure, insufficient support from the government and/or nongovernmental organizations and high costs of CSR implementation” (Graafland & Zhang, 2014, p. 34). These challenges could become a barrier as Opal Masters has a very high CSR policy as part of its brand, which may not be regarded as important by the potential business partners. Which in turn may tarnish the Opal Masters image or seem too foreign for the Chinese market.
4.4 Industry Competition
As the trend above showed an increase in opportunities in the jewellery industry, it is only a matter of time before the market becomes even more competitive. China is already a large area to cover with billions of people to cater for and business are heavily competing to get their
China is renowned for its cultural traditions and symbols such as dragons, colourful celebrations and cuisine. China’s culture consists of 55 ethnic groups (China Highlights, 2016). The largest group is the Han Chinese made of 90% of China 's population (China Highlights, 2016). Other groups include the Tibetans, the Mongols, the Manchus, the Naxi, and the Hezhen.
Mandarin is the official language based on the Beijing dialect and is spoken by the majority of the population, mainly taught in schools and maintained by the government (Australian Business Consulting & Solutions, 2016).
There are five official religions in the country and any other than Buddhism, Taoism, Islam, Catholicism and Protestantism are illegal (Zimmermann, …show more content…
• Research LinkedIn profiles,
• Meet people through friends, Aim for half to 1 hr. per week $40/hr. =
13 to 24 June 2016 3.3 Personal Development
• Research business dealing in China and understand guanxi. • Gathered information from websites such as www.entrepreneur.com, Harvard Business Review, The Australia China Business Council, www.austrade.gov.au
• Meet with other entrepreneurs
• Consult with agency Research $40/hr. x 4 = $160
27 June to 5 September 2016 • Enroll in basic Mandarin language lessons • Classes will run at University of Sydney
• 10 sessions, 20 hours total $295 Inc. GST
4 Challenges
To thrive in the global economy, it is essential to understand the different international business cultures, how they work, market trends, competition and regulations. Otherwise businesses will face unexpected challenges.
4.1 Understanding Business …show more content…
Further more, social media channels will also be explored to complement both strategies and help guide consumers towards the new business.
4.3 Local approach to Corporate Social Responsibility
Chinese consumers know Australia for its fresh and “green environment with quality products and brands” (Australian Trade and Investment Commission, 2016). However, as stated previously CSR is not the main focus for China yet. The challenges for improving CSR include “strong competitive pressure, insufficient support from the government and/or nongovernmental organizations and high costs of CSR implementation” (Graafland & Zhang, 2014, p. 34). These challenges could become a barrier as Opal Masters has a very high CSR policy as part of its brand, which may not be regarded as important by the potential business partners. Which in turn may tarnish the Opal Masters image or seem too foreign for the Chinese market.
4.4 Industry Competition
As the trend above showed an increase in opportunities in the jewellery industry, it is only a matter of time before the market becomes even more competitive. China is already a large area to cover with billions of people to cater for and business are heavily competing to get their