Below is a list of some failed ventures in China.
- Best Buy closed 9 branded stores
- Home Depot closed stores
- Mattel shuttered its six-storey flagship Barbie store in Shanghai
All plainly failed to meet Peter Drucker’s requirement for “true marketing” which starts “with the customer, his demographics, his realities, his needs, his values. It does not ask, What do we want to sell? It asks, What does the customer want to buy? If does not say, This is what our product or service does. It says, These are the satisfactions the customer looks for, values and needs”.
What lessons should those who follow in failed companies footsteps learn?
- Use local knowledge and relevant prior experience
- Start small
- Work on several fronts
- Be different
- Stay humble