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Write a 1 page essay on Resume a article.83) “Good Enough” products offer decent quality goods for a rapidly expanding group of value-seeking consumers with mid-level incomes. Any market producer
Write a 1 page essay on Resume a article.
83) “Good Enough” products offer decent quality goods for a rapidly expanding group of value-seeking consumers with mid-level incomes. Any market producer that wishes to enter the Chinese market place must consider the evolving middle class demographic as the battle ground for the future of emerging markets not only in China but across the globe.
According to the authors, the Chineses market is divided into three different segments: the premium segment, the low-end segment, and the exponentially expanding middle market or “Good-Enough” segment. The Chinese middle market has a thirst for gadgets and utility products such as LCD Televisions, DVD Players and MP3 players.(Gadiesh et.al. 2007, p. 83) The Chinese consumer is seeking product function without all the features that can be purchased for a rock bottom price. The key point for start-up companies in the Chinese market is an understanding that the Consumer in these markets is not driven by the products esthetics. Market producers do not need to deliver perfect products to engage the market. they need to deliver good products at a reasonable price.
For international companies to establish, sustain or expand their presence in Chineses market, they must focus all efforts on their products’ value. There are three approaches to entering the “Good –Enough” market which are: attacking from above, burrowing up from below and mergers and acquisitions into the “Good-Enough” space.(Gadiesh et.al. 2007, p. 83) Burrowing-up is most often over-looked by multi-national corporations. The method is most commonly employed by local market producers who over the course of decades upscale their products from low-end regional products to “Good-Enough” national brands. Attacking from above is a not so inviting multinational tactic that can sometimes backfire and result in their premium product and market share being cannibalized by their marketing push into the “Good Enough”
