Moving forward

Over the years, many companies have grown, while expansion by some businesses has increased pressure on others in the same sectors. Some firms have also built brands around large amounts of data to make an impact in the markets.

Many years ago, the author and colleagues began organizing an important annual event for different parts of the economy. They started with the automobile industry and later added food, healthcare and luxury. New vehicles have appeared at these meetings, including electric cars. After speaking with senior executives, the author says electric vehicles will not eliminate combustion-engine cars, because manufacturers are testing both paths and their future worldwide.

Prestigious fragrance brands are also taking their success beyond Europe and the United States. The author argues that strong products and well-known brands can appeal to consumers in China just as they do in Europe or the United States. Managers who have entered these sectors in China are helping raise the standing of their companies.

The author presents globalization as a necessary part of business management. Companies are becoming global, whether they are international firms investing in China or Chinese companies hiring executives who can help them expand abroad. At the author’s school in China, students study these issues. The master’s program includes young Europeans and Americans who have learned Chinese and later find jobs at Chinese, European or American companies interested in international expansion and a stronger position in China.

When the author began working in China, advice received during doctoral studies at Harvard was to visit shopping centers in another country and examine brands, variety, prices, commercial space and competition. Over time, these features have become more international and more similar around the world. The author says the same pattern applies to prestigious brands and to everyday equipment such as televisions, mobile phones and computers, all of which continue evolving toward greater uniformity.

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In another country, visit shopping centers and examine brands, variety, prices, commercial space and levels of competition.