Thus various factors including following will be studied in the matrix form as above:
(Wikipedia)

Economic Factor: One has monitor the economic trends like GDP trends, Interest rates, Money supply, Inflation rates, Unemployment levels, Disposable income.

? Technological Forces: Impact of following factors:

Ø Efficiency of infrastructure, including roads, ports airports, rolling stock, hospitals, education, healthcare, communication, etc.
Ø industrial productivity

? Political Legal regulations: One should also be aware of foreign trade regulations, attitude towards foreign companies as Pfizer wants to aspire to be a multinational company. It has to consider following factors:
* Political climate - amount of government activity
* Political stability and risk
* Government debt
* Budget deficit or surplus
* Corporate and personal tax laws
* Other economic laws

? Societal Trends:
Demographic factors such as:
o population size and distribution
o age distribution
o education levels
o income levels
o ethnic origins
o religious affiliations
* Attitudes towards:
o materialism, capitalism, free enterprise
o individualism, role of family, role of government, collectivism
o role of church and religion
o consumerism
(Wikipedia)
Overview of Business environment of China

China is becoming one of the most prestigious countries of the world. Industry is largely based on state and joint ownership, noticeable by growing technological advancements and productivity. Major industrial centers are located in Beijing-Tianjin- Tangshan area, Liaoning Province, Wuhan and Shanghai. Chinese currency is called Renminbi or Yuan. Agriculture dominates in this huge area, usually favored by a mild or sub-tropical climate. The culture is one of the world's oldest and most complex civilizations. China has a history with over 5,000 years of artistic, philosophical, and political advancement. Even though regions differ, they still provide a sense of diversity, but similarities in language and religion that is notable of common important contributions as Confucianism. Confucianism is known for shaping much of Chinese thought and was the official philosophy throughout most of China's history. The elements of the environment are as follows:
Political
? The People's Republic of China is a socialist country under the leadership of the Communist Party of China.
? Major national organizations: the All-China Federation of Trade Unions, the Communist Youth League of China, the All-China Women's Federation, and the All-China Federation of Industry and Commerce, etc.

Social, health, and environmental
Climates consist of equatorial, tropical, subtropical, desert, and grassland. Insights on cultural concerns that need to be considered:
Cultural
? Religion consist of Daoist (Taoist), Buddhist, Christian 3%-4%, Muslim 1%-2%
note: officially atheist
? The culture of China is based on the art of opera singing, painting, calligraphy, and the famous acrobatic arts.
? The most widespread form of Chinese is Mandarin.
One has to be aware of the local Chinese culture. It encourages a more distant managing style than American. It is having high context cultures managers prefer slow negotiations and trust building meetings, which tend to frustrate low context Americans who prefer to get right down to business.
Culture affects teams through three interrelated but distinct mechanisms. They operate at different organizational levels but all contain both cognitive and motivational elements. The three mechanisms are, cultural norms or values, work group cultural composition, and relative cultural distance. In addition, the nature of the task in which the team is engaged and the structure of the work group interact with diversity to moderate its effect. The challenge for today's high-performance teams is how cultural diversity can be turned to advantage (Thomas, D., 1999)

Economic Factors:

China is having high GDP growth and it is increasing as you see below in the table in the recent years the growth is very high. In the 25 years since China initiated reforms (1990), it has grown at an average 9.4% a year, compared with average growth of 5.8% in the 25 years prior to reforms.

China : GDP Statistics
1990 2003

Nominal (US$ Bn) 388 1410
PPP Basis (US$ Bn) 1495 6345
Growth (10 yrs CAGR, %)
--Nominal 2.5 8.9
--PPP Basis 13.9 10.7
Share in World GDP (%)
--Nominal 1.7 3.9
--PPP 5.7 12.6
(Source Morgan Stanley Report)

Other Key trends:

? China among top 3 Asian investment destinations in "The 2005 World Investment Report" - UNCTAD
? China's exports of goods and services in the first 12 years post reforms (Since,1990) expanded at a CAGR of 16.3%
? Faster Economic Reforms

Some concerns

The People's Republic of China is a socialist country under the leadership of the Communist Party of China. Thus the Chinese political system lacks democracy which leads to non transparency, corruption, partial judiciary system.

Thus Potentials for our Product in China are
? High GDP Growth Projection
? Growing Prosperity
? Demand
? Disposable Incomes
? Old Age growing which is good for our product
? Growing exports
? Liberalized economy
? Increasing consumerism
? Happening of Olympics
? Emerging of global life

Thus China will be very attractive business destination because of huge growth as it is in the transition phase.
Operating Adjustments:
? Adjusting to the local cultural factors: It has to market products according to the society's core and secondary values and addresses the needs of the different sub cultures within the society
? Adjustment to the political and legal environment: Chinese government entry requirements and bureaucracy.

Our marketing campaign should first be concentrated on the main cities of China and the promotion strategy should be based on the above cultural factors of the China. Moreover it should adhere to the political and legal laws of the China. Thus one has to be aware of these factors accordingly to develop the mutually rewarding relationship with them and effective marketing campaign for the product.

Reference

? Mindtools (2005).Decision Tree Analysis. Choosing Between Options by Projecting
? Organization behaviour by Archana Gupta
? Corporate Strategy by G Hamel

? My past papers
? Morgan Stanley report
? en.wikipedia.org

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