target in china

7/28/2019 Target in China

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TARGETExpansion into South China

Zhijie Deng, Ching Man Liang, Margaret

Pesikov



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Table of ContentsPart I. Target’s Expansion into ChinaOverview of Target……………………………………………………………………………………………………………………….2Overview of China………………………………………………………………………………………………………………………..3EconomicFactors…………………………………………………………………………………………………………………………3BusinessCulture…………………………………………………………………………………………………………………………..4Foreign Investment and BusinessAdvantages………………………………………………………………………………5

Part II. International Operations Target’s Mission andGoals……………………………………………………………………………………………………..……5CoreCompetencies………………………………………………………………………………………………………………………5ValueChain……………………………………………………………………………………………………………………………….…5Marketing……………………………………………………………………………………………………………………………….……6

Part III. Entry Mode JointVenture…………………………………………………………………………………………………………………………….…7

Part IV. International Organizational StructureDecisionMaking………………………………………………………………………………………………………………………..…7OrganizationalStructure…………………………………………………………………………………………

……………………7

Part V. Business ResourcesStaffing…………………………………………………………………………………………………………………………………………8Staff Recruitment andSelection……………………………………………………………………………………………..……9



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HiringProcess………………………………………………………………………………………………………………………………9Benefits &Compensation…………………………………………………………………………………………………………..10

Part VI. Managing the BusinessLeadershipApproach…………………………………………………………………………………………………………….……10Motivation………………………………………………………………………………………………………………………………….10ControlIssues……………………………………………………………………………………………………………….……………11Ethical

Issues………………………………………………………………………………………………………………………………11

APPENDIX…………………………………………………………………………………………………………………………………..12WORKSCONSULTED………………………………………………………………………………………………………………..…15

Part I. Target’s Expansion into China

Overview of Target Target Corporation is a retailing company that is currently

headquartered in Minneapolis, Minnesota. It is a large discount retailer withthousands of locations throughout the United States and has most recentlybegun expanding into Canada in 2011. Currently there are 1,778 retaillocations within the United States and 20 in Canada. Target’s goal is to open124 stores in Canada during this year. In addition, Target has over 361,000team members. Within the United States, Target has an enormous scope of



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global trade. China is located in South Asia and is the currently the mostpopulous country in the world with over 1.3 billion habitants. The capital of China is Beijing and the official language is Mandarin, but other languages, such asCantonese, are spoken. This can be a disadvantage for Target because it may beharder for the Chinese managers to communicate with the executives in the UnitedStates’ headquarters and there is possibility for misunderstandings.

China has a single party government and is a socialist government. This is another advantage for businesses because Target will not have toadjust their operations to elections, candidates, and the changes of government every several years. Business wise, China has two systems,capitalism and communism, and both can be difficult to balancesimultaneously. Slowly, China shows signs of moving further away from itscommunist past, however, communism is still seen in certain aspects of society, specifically “in the form of limiting individual political freedom”(Hodgetts 129). This balance may be difficult for Target to adjust to. TheChinese government realizes the importance of foreign investment andencourages foreigners to invest in China by providing incentives inconstruction, property, and taxes.

Out of the twenty-seven provinces, Target should begin its operationsin the province of Guangdong, which is one of the most important economicprovinces in the country. Most citizens in this province speak Cantonese butin school they learn Mandarin as their first language. This province is alsoknown as Cantor and the capital is called Guangzhou. Guangdong is locatedin South China and is one of the most prosperous provinces in China. In2005, Guangdong became the most populous province as well as the largestexporter and importer.

Pearl River Delta, an area located in Guangdong and includes Hong

Kong, is one of the strongest economic hubs in the world. Due to thecloseness of Guangdong, Macau and Hong Kong, this region has developedtremendously fast and continues to grow as an economic force, not only forlocal businesses but for foreign investment as well. This region is known forthe large amount of manufacturing and commercial trades that take placethroughout the year.

One example that proves the areas a great place for business is thatthe most important and largest export and import fair takes place inGuangzhou, Guangdong. The fair is known as Cantor Fair and happens twiceevery year, once in April and again in October. Guangzhou has a populationof about 8.9 million people and is the main manufacturing hub of the Pearl

River Delta.

Economic Factors: The Chinese currency is the Renminbi or Chinese Yuan. 1 USD is

equivalent to 6.17 Chinese Yuan as of April 30, 2013. In 2011, China’s GDPwas $7.32 trillion USD and Guangdong contributed 12% of the GDP. The GDPvalue of China represents 11.77% of the world economy. Historically, from1960 until 2011, China’s GDP averaged &963.6 Billion USD reaching an all-



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time high in December of 2011 and a record low of 46.5 USD Billion inDecember of 1962. All of these statistics demonstrate the economic strengthof China and, more specifically, Guangdong. Guangdong was an agriculturalbased economy, but for the past thirty years it has transformed into amanufacturing based economy. This occurred because of the government’s

strong presence and incentives in the region. One major incentive they putforth was the SEZ’s (Special Economic Zones). These zones gave specialeconomic policies such as low tax rates. Three out of the six of these zonesare located in Guangdong: Shenzhen, Zhuhai and Shantou.

Business CultureAn important part of the Chinese business culture is the concept of

‘Guanxi’. ‘Guanxi’ is a term used in China that means “good connections”which result in “a number of potential benefits, including increased business,higher sales revenue, more sources of information, greater prospectingopportunities, and facilitation of future transactions” (Hodgetts 154). For

foreigners wishing to do business in China, ‘Guanxi’ is still one of the mostcritical recipes for their success. A key aspect of Guanxi is hospitality and isexemplified during business dinners. The Chinese like to have businessdinner meetings instead of office meetings in order to provide a comfortableand open environment for the client during the business discussion. Duringthe business dinner, the guest always respects the host and the Chineseserves the guests with kindness and respect. At the end of the dinner, theChinese always insist to pay the bills for the kindness.

Another example of Chinese hospitality is a tradition of presentinggifts, which is also considered a way to maintain the Guanxi connection. There are several items that are considered inappropriate to present as a gift

because they imply a negative message, according to the Chinese tradition.For instance, ‘to give a clock’ has another meaning of ‘death’ in Chineselanguage; ‘to give a pair of shoes’ implies a message of someone to ‘goaway’; the phrase ‘to give a green hat’ means someone’s wife is unfaithful.Indeed, one or two bottles of wine or couple cartons of cigarette are alwaysappreciated by the Chinese because drinking and smoking are the populartradition in China. There are also certain gifts that are only given or receivedfor one festival of a year, such as moon cakes, which are given for the mid-autumn festival, and Zongzi dumplings which are for the Chongyang festival.Overall, managing hospitality well in China helps develop and maintain theGuanxi network in the local business environment in China.

Unlike in many Western countries, kisses and hugs are inappropriategreetings in China. A handshake is the most common form of greetings thatis suitable for any occasion. One distinguishing feature of the Chinesehandshake is that it usually takes longer in comparison to Westernhandshakes. The purpose of this is that the Chinese believe that a longerhandshake shows more kindness.

The Chinese take serious note of first impressions and choosewhether the person is worth building a network with or not. Thus it is



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important to know how to give and receive the business cards properly forthe first time meeting in China. Normally, the business cards are exchangedupon the business meeting, one by one, with both hands holding the contactside so that the clients can read it. A business card represents someone’sidentity and status, so the business cards must be treated with respect.

Putting a business card in a back pocket casually after received one fromsomeone is regarded as being disrespectful. Putting it nicely in a card holderor wallet is a right thing to do instead.

This business culture and ‘rules’ of hospitality is critical for Target totake into consideration when entering China. When holding businessmeetings with local distributors and/or forming alliances, it is very importantfor Target’s executives and managers to know how to behave properly.Behaving inappropriately may cost Target both revenue and reputation. These cultural differences and their impacts will be further discussed in thehuman resource portion of this feasibility analysis.

Foreign Investment and Business Advantages:For centuries, China has been involved with foreign trade. Only

recently, in the last 50 years or so, has foreign interest in China increaseddramatically (ever since China re-opened its borders in the mid 1900’s), andbrought China's economy to the top spot of the world’s countries. In 1979,there were only 100 foreign owned enterprises in the country. By 1998 therewere already 280,000 foreign owned enterprises and the number of foreigncompanies has been steadily increasing ever since.

One factor that explains why China has become such a great placefor foreign investment is its high rate of return on capital. With such a largepopulation, growing middle class, and large disposable incomes, companies

are able to take advantage and make a large amount of money in the area.Also, the totalitarian style government allows several tax breaks, and willoffer low costs for imports, property and construction. These are allincentives used by China to attract companies to come into the region anddo business. Another benefit that comes from this form of government is thatthere are very few labor unions. There are very few unions in China andmany workers are not even aware of their own rights. This is a greatadvantage for Target because unions are very prevalent in America andmake business much more difficult for employers. Target, however, shouldstill strive to provide their employees with a safe and productive workenvironment because any ethical issues arising as a result of negligence may

result in consequences for the perception of the Target brand.Another advantage of doing business in China is their stable economy

and labor market, both being large in size and high in quality. There is amassive availability of inexpensive labor in the country. China’s extremelylarge population provides a large selection of employees for foreigncompanies to choose from. China also requires that English to be taught tochildren in all schools. This is beneficial for Target and will help in their hiringprocess.



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Part II. International Operations

Target’s Mission and Goals Target’s mission is to bring value to their consumers at a low price.

Their slogan “Expect More. Pay Less.” clearly states the company’s visionand goals. With the current goal of expanding internationally, Target mustsuccessfully carry out this same mission overseas.

Core CompetenciesIn the United States, Target’s core competencies are marketing and

value. In America, Target is extraordinary at maintaining their “upscale-discount-retailer” brand and providing a good value to their customerswithout cheapening the perception of their store. In China, Target mustcontinue to have these core competencies and this requires successfullybranding itself as an upscale-discount-retailer in South China. This will bedone by modifying their current marketing strategies to those that will be

received well by Chinese consumers.Value Chain

Target’s value chain follows the Porter’s Value Chain model andincludes the following activities: Inbound Logistics, Operations, OutboundLogistics, Marketing and Sales, and Customer Service. Inbound logisticsincludes receiving shipments on time and scheduling shipments andinventory management effectively. This is managed effectively by Target andit uses a JIT inventory management system. This should be continued whenoperating in South China. This will not be an issue because Target’smerchandise will be produced by local suppliers with which they will formpartnerships. Target will be forming partnerships with thousands of Chinesesuppliers with a goal of having nearly 100% of the products in Target storessourced locally. This will eliminate costly importing and tariffs. The issuesmay arise when it comes to negotiating with suppliers, forming, andenforcing contracts. The problem arises when contracts are not written indetail. When these contracts are broken, the Chinese court is unable toenforce it. Target must be careful and write detailed contracts for each of itssuppliers.

Another primary activity of Target’s value chain is operations. Thisincludes manufacturing and ensuring that items are created without defects. This involves implementing quality management programs and incentives.

This may pose an issue for Target as well because quality standards in Chinaare significantly lower than those in the United States. Many of these poorquality standards lead to hazards and health problems. A recent example of such quality issues involved food. China has experienced a lot of food beingsold to people that was not good for consumption. This results in sicknessand occasionally death. This is a concern for Target because if their localsuppliers manufacture inadequate products and food items, consequences



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resulting from this poor quality may lead to Target’s brand image gettingtarnished in the United States as well.

Outbound logistics and customer service should not pose an issue for Target. As will be mentioned later, employees will be selected from locals andtherefore this will remove any cultural barriers and biases that would be

present if employees were Western. Marketing and Sales, however, may be alittle bit difficult because the marketing that is effective in the US may notnecessarily be effective in China.

Marketing Target must realize that China cannot be treated as a single entity.

Similar to Europe, each of the 29 provinces in China has its own culture andmust be investigated individually. In China, internet marketing is veryprominent and Target must place a lot of emphasis in developing a websitespecifically for its China retail locations. In China, there is a great focus onbuying items that have high visibility and high quality in order to “climb the

social ladder”. Therefore, the Chinese prefer to spend very little on itemssuch as appliances that can only be used within the house and therefore notseen by others. This mentality should be considered by Target and perhaps itshould even change its slogan to something such as “Luxury, for a LowPrice”. This would give customers the perception that they are purchasingsomething that can be shown off; despite the low price they paid for it.

As mentioned, the website will be an important part of the Targetbrand in China. Unfortunately, China still has a lot of censorship of theinternet which may hinder website success. In order to prevent any issueswith censorship, Target should remove the customer review feature on thewebsite in order to hedge against the risk of customers engaging in

conversations that may put the company in jeopardy. Also, it would bebeneficial for Target to hire an agency that specializes in Chinese marketingto develop a website as well as marketing materials because information isabsorbed differently by Chinese consumers than it is by Western consumers.What sells in the United States, will not sell the same way in China.

Part III. Entry Mode

Joint VentureConsidering Target’s operation and China’s business environment, a

joint venture alliance is strongly suggested for Target to enter Guangdong. A

joint venture is a specific type of alliance agreement between two or morepartners for business controlling (Hodgetts 310). More specifically, Target willselect and equity joint venture strategy. Due to China’s political environment, Target is suggested to partner with the local Guangdong provincegovernment to effectively manage and control their division in China as wellas minimizing the business risks and possible political corruptions. Withgovernmental assistance, the risks are relatively decreased as the local



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government accounts for the joint venture, improved efficiency, and accessto knowledge for local business operation.

In order to successfully operate the China location, Target needs tocarefully and strategically select the most suitable organizational structurethat satisfies the government and Target’s basic operational

functions. Traditional organization structures are not among the suggestedoptions. As a result of globalization and fierce competition, differentapproaches and structures are developed in order to adapt to the constantlychanging international business environment.

Joint venture is the most desirable entry strategy for Target’s Chinaoperation. As joint venture gives both partners a large scale of flexibility, Target should first establish its initiatives before negotiating andcommunicating with its partner for identifying both parties’ responsibilitiesand authorities for meeting specific goals. By performing assessments andcareful communication with its partners, a formulated structure can bedesigned to utilize each partner’s core competencies and obtain effective

coordination. A successful joint venture between Western and Asian partnersrequires both parties to meld their different values, management styles,action orientation, and organization preferences. (Hodgetts 325) In thesections of “Overview of China,” and “Business Culture” refer to Chinesevalues, management styles, action, and organization preferences.

Part IV. International Organizational Structure

Decision MakingUpon entering China, Target should use a centralized structure.

Centralized structures rely on an individual to make decisions and determinea vision for a company and its operations. Decentralized, on the other hand,involves teams of people at different levels working together to createdecisions. In China, a decentralized structure would result in chaos as theChinese are very beaurocratic and value top-down management. This kind of structure results in greater efficiency in achieving organizational goals.Unfortunately, this system often results in slowed down operations since themanagers are responsible for every single decision.

Organizational Structure Target’s organizational structure will be critical in determining task

compositions and the structure of reporting within their China locations. Thisis important because organizational structure is what allows goals to be

achieved.

Part V. Business Resources



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Staffing Policy Target

should utilize apolycentricstaffing strategywhen determiningthe structure of itshuman resources.Polycentricstaffing places“local nationals inkey positions andallows thesemanagers toappoint anddevelop their own

people” (Hodgetts523). This willallow Target to employ people who are already familiar and comfortable withthe Chinese culture and how business is conducted in that region. This will befar more effective and less expensive than training United States nationals. Apolycentric staffing approach believes that local people know what is best forthem and it is better to allow them to manage in the way that they believe iscorrect and leave them alone provided they make consistent profit. There areseveral advantages to this approach. For one, it removes the problem of alanguage barrier and removes the exorbitant cost of training Americanmanagers on appropriate behavior and leadership in a Chinese businessenvironment. Unfortunately, in addition to advantages, this strategy comes

with several disadvantages. For example, there may arise a conflict of national loyalties. Locals hired by Target may act in ways that benefit Chinarather than thinking in the sense of “what is best for Target”.

Staff Recruitment and Selection The Chinese Labor Law of 1994 states in Article 15 that “no employing

units shall be allowed to recruit juveniles under the age of 16”. Furthermore,the typical work time in China is eight hours per day, or forty hours per week.For instance, if Target would like to exceed its work time, they are allowed todo so as long as these companies consult a union trade, informing them thattheir working shifts will be extended, and also, informing them that they will

pay the overtime to the employees. Continuing on that spectrum, accordingto the newest figures, the minimum wage is 1,470 RPM per month or $233per month, while the average wage is 4,904 RPM per month or $776 permonth. Another important hiring standard in the People’s Republic of China isthe statement from Article 12 of the labor law, asserting that “laborers shallnot be discriminated against in employment, regardless of their ethniccommunity, race, sex, or religious belief”. However, we did encounter anambiguous fact about this specific article, as it states that “employers are



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prohibited from discriminating against female workers, unless the type of work is unsuitable for women”. Thus, this declaration is a precise form of discrimination, so female workers really have to pay close attention whentrying to apply for a new job position. In addition to Article 12, localgovernments in China really put forward that companies should also look into

hiring disabled people, minorities, and military veterans who are getting outof service. That way, the local governments want to ensure that the entirepopulation is active on the workforce. Last but not least, in this section, isemphasized that indeed there are labor unions in China existing withincorporations, but these labor unions are extremely unpopular, and are onlyuseful to the most favored employees, belonging to the lowest social classes.In a broader perspective, there is only one big labor union that belongs to thegovernment.

Hiring Process:As for the hiring process, most of the big corporations like to focus

more on their future employees’ personality traits rather than job skills,because the former allows corporations to know exactly with what kind of people they will be dealing with, and also they want to ensure that theiremployees are suitable to allude to their customers. In general, corporationslook for such personality traits because they want to have employees whoare compatible with the companies’ corporate culture. Another aspect that isvery well looked at when hiring future employees is the language skills,especially skills in English. Corporations want to hire locals who can speakanother language than any of the Chinese language as a means to becomeinternationally competent, or even as a means to compete with any otherforeign company in China. On the other hand, when it comes to our specific

region, which is Guangdong, local companies prefer having an egocentricapproach when it comes to hiring people. Why, because in that region thereare already two spoken languages, which are Cantonese and Mandarin.Cantonese accounts for the local language of Guangdong, spoken byeverybody, while Mandarin accounts for the national language, as it is taughtin schools and other institutions. Therefore, local companies believe thathiring foreigners would be a burden because they would not know how toadapt to the double language issue, and thus, companies prefer exercisingan egocentric hiring approach. Another reason why this particular approachis favored in Guangdong is because there is also what is called a big networkof companies in China. Meaning, local/regional companies would rather

consult other big companies from other Chinese regions when facing issues,instead of consulting expatriates from around the world in order to fix certainissues in companies.

Benefits & Compensation:Benefits that Target will provide to their employees are paid holidays,

which are usually eleven days of official national holiday, as stated by theArticle 52 of the Labor Law. Furthermore, Target is also encouraged to



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provide its employees other paid holidays dealing with certain statutoryissues such as marriages, or funerals. Also, Target will provide retirementplans and pensions to their employees, as well as social insurance programs.

In addition, not only must employees be covered for work-relatedinjuries, they are also required to be covered for any other type of injuries or

illnesses. In 2012, there has been a reform in the Labor Law that extendedmaternity leaves from 95 days to 98 days with the provision of allowancesthat would be calculated using the employee’s prior year’s average salary. This new reform also allows fathers to leave for ten days only if they respectthe one-child policy. Fathers who take holidays for paternity leave will also beprovided with allowances that will be calculated in the same way as thesalaries for mothers.

As far as bonuses, there are several different kinds that are customaryin China. Performance based bonuses are fairly new concept in China, but ithas been received with excitement and enthusiasm. Therefore, Target mustconsider implementing incentives for job excellence, such as bonuses for

those employees who sell the most per month in a specific department. Inaddition, annual bonuses are typically given and do not typically exceed onemonth’s salary. Though labor is considered to be cheaper in China, this holdstrue only to an extent. In the South China locations that Target is choosing toexpand to, it is not unusual for some managers to earn as much as amanager in a Western country would. Lower level employees, however, arecheaper to employ than in America but still not as cheap as one wouldassume.

Part VI: Managing the Business

Leadership ApproachSuccessful Chinese leaders lead by example and are able to gainloyalty from their subordinates. In China, there is a need to provide directiveleadership training because many local managers rely heavily on rules,procedures, and orders from superiors to guide their behaviors. As a result,training programs must explain how to effectively use this approach. Localmanagers are not used to taking the initiative and are rarely provided withperformance feedback in their Chinese enterprises and subsequently, theytend to be risk-averse and unwilling to innovate. Some of the most valuedqualities in Chinese managers include persistence and determination, abilityto win respect and confidence, preparation and planning skill, product

knowledge, and intelligence (Hodgetts 226).

Motivation There are many factors that influence job commitment and motivation

in China. Chinese workers are influenced by clear communication, high jobsatisfaction and effective management. Also, being a new company in China, Target must be able to successfully retain employees and reduce turnoverwhich may impact their stability. To do this, Target must realize that in Chinapeople are not necessarily motivated by large paychecks or monetary



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incentives. These salaries must be competitive, of course, because there areplenty of opportunities for Chinese locals to find high paid jobs (if they areskilled), however, high paychecks are not necessarily the best motivationalstrategy in China. On the contrary, the job benefits that have shown to bethe best at keeping employees committed have been training anddevelopment programs. These include foreign language training, businessskills, and job specific training such as sales and IT skills. These opportunitiesfor learning are highly valued and Target should offer them to their new hiresin order to promote job commitment. For example, Target should offer an ITprogram to their employees that work in the technology section. Chinesecustomers highly value technical knowledge and expect employees to knowhow items work, how to install them, and how to repair them. This ITprogram would benefit both sales of technology as well as employeeretention.

Also, it is important for Target to realize that Maslow’s Hierarchy of Needs does not apply to all cultures. For example, as mentioned in previoussections, Chinese workers tend to focus more on “social needs and esteem

needs over self-needs and self-actualization needs” Geren 3). The Chineseare very focused on a collective effort and stress the importance of “obeyingauthority and the harmony of relationships” (Geren 7). The culture andtraditions in China affected its people. Because of their lifestyles, Chineseworkers tend to be very goal driven, strive to be successful in everythingthey do, and want what is best for the company, rather than themselves. They also show a strong sense of commitment, have a wide array of professional skills, are highly educated and talented, and are interested inbuilding strong and stable relationships. They are loyal and great teammembers, looking out for the future of the company instead of the future of themselves. This collectivist outlook in China is far more preferred than the

individualistic view many people in Western countries have when it comes tohiring employees for a company. These characteristics are the reasonthousands of companies are looking to invest into the China and the regionof Guangdong.

Control IssuesOne major issue facing firms that decide to expand internationally is

the crippling effect of distance. The further the country into which acompany expands, the more affected it will be by distance and loss of controlas a result. Though Wal-Mart, one of Target’s primary competitors, has beenextremely successful in China, it has seen much lower profitability from its

operations abroad. Gravity Models state that there is an inverse relationshipbetween trade and distance. For each 1 percent increase in the distancebetween the capitals of two countries, trade between them is predicted todecrease by approximately 1 percent (Ghemawat 5). There are many aspectsto distance that create a difficulty in doing business abroad and have alreadybeen discussed in detail: Cultural Distance, Administrative Distance,Geographic Distance, and Economic Distance. Geographic distance, or thephysical distance, makes it more difficult for Target to have efficient



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distribution systems and to have control from headquarters. Target will bemitigating this loss of control by granting the Chinese managers a largeamount of autonomy and performance will be evaluated through financialdocuments.

Ethical IssuesAn ethical issue that may pose a large problem for Target iscounterfeiting. In China, counterfeiting is tolerated and unlike in the UnitedStates, where unique ideas are prized and rewarded, in China it is a sign of respect to copy and “learn from” something that has already been created. This stems from a “Confucian principle that encourages replication of theresults of past intellectual endeavors” (Ghemawat 10). This may become aproblem especially for Target’s own brands. Many of the clothing andaccessory items that are sold in Target stores have been designedexclusively for Target by contracted designers. This means that many of theitems are unique to Target and their value may be threatened by Chinesecounterfeiters.

Another issue that Target may face employee depression and drug use.“Performance is evaluated from the angle of results instead of effort [and]this performance orientation has increased stress and contributed to growingincidence of burnout, depression, substance abuse, etc.” (Hodgetts 155). Toreduce this, Target should host seminars on the horrors of drug abuse andalso provide “stress relieving” programs.

APPENDIX

Appendix A: Target Yearly Revenues



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These revenues indicate consistent growth and demonstrate Target’s focuson expanding and the company’s operations.

Appendix B: Sales by Product Category – Target

Appendix C: China GDP

Appendix D: GDP by Province



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Appendix E: Pearl River Delta

Appendix F: Collectivism vs. Individualism

COLLECTIVISM - CHINA INDIVIDUALISM – WESTERNCOUNTRIES



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Strong HarmonyIndividualism is not

supportedCoopertative

Following Leaders

Loyalty

Personal SuccessSelf-CenteredCompetitive

CreativeStraight Forward

Appendix G: Porter’s Value Chain

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http://www.forbes.com/sites/kenrapoza/2011/06/20/where-rich-chinese-are-buying-real-estate/


http://www.china-briefing.com/news/








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