Introduction
Emerging markets by definition are developing economies that exhibit sustained economic reform and growth, no doubt China has experienced both. In fact China, with more than 1.3 billion people, is the world’s most populous country and has a rapidly growing economy (Doh & Luthans, 2012). One would think that their dual status as it pertains to both communism and capitalism would be a deterrent to doing business in the People’s Republic of China, and in many cases cease long term global integration into China’s market, this has not occurred and probably won’t because the results of expanding in the Chinese market out weighs the challenges that are met. Continued forecast and optimistic projections still make doing business in China favorable and the most viable option to remain competitive in today’s global economy. The key to success or failure when entering a foreign market consist of careful examination, and identification of all potential problems regarding an organization’s culture, economic environment, political risks and social climate. Additionally, a comprehensive strategy has to be in place to overcome objections and make adjustments. Understanding the differences from a political, economical, social and cultural aspect as well as the ability to respond to different national standards and regulations are key factors.
The Chinese Culture
Culture is defined as the sum total of beliefs, rules, techniques, institutions, and artifices that characterize human populations. Actually, there are multiple ways in which culture is defined because culture has so many different and inter-related meanings. The most common definition of culture is the shared attitudes, values, goals, and practices that characterize an institution, organization, or group. “For the purposes of the study of international management, culture is defined as the acquired technology that people use to interpret, experience and generate social behavior ” (Doh & Luthans, 2012). In return this knowledge is reinforced and passed down from one generation to the next. In essence, culture represents how countrymen classify their expressions, experiences and actions. No wonder it’s not easily defined in terms of its’ complexity because it’s far reaching and distinct, contingent upon the country, region, and/or nation. Nevertheless, culture is synonymously connected to our biology and environment and is also a distinct part of the human existence. Additionally, it is embedded from past experiences and observations however the ability to cultivate new experiences is key as well especially as it pertains to international management and market entry strategies. In order to establish and manage contracts in a foreign market thorough examination and consideration has to be given to multiple facets including the business, political, social, and cultural climate of the host county. The ability to identify, examine, and evaluate the current climate and implement key strategies to overcoming them and uniting, in spite of them, is the difference between successfully capitalizing in a foreign market, or not. As a result, special consideration is given to not only the value differences and similarities across cultures but also to the cultural dimensions, variations, and subparts, as well. In fact, the knowledge of varying cultural perspectives in a foreign market plays a key role in effective business interaction, negotiation, and business processes. Although globalization, at least to some extent, diminishes and/or chips away at some areas of a person’s cultural identity-as it takes the focus off a country’s local issues or products (Alexander, N. 2011). It’s also a phenomenon that enhances business integration and enables countrymen who once connected with their home country’s cultural identity to look instead to ideas and styles of other countries. Moreover, although they are able to retain their core cultural views, elements of their traditions that spanned over generations often undergo a reduction and/or are integrated with other cultural connections (Alexander, N. 2011). Case in point: McDonald’s and other American establishments in China as well as restaurants and other Chinese establishments and cultural elements in the United States. No doubt, the Westerners, including the American cultural views are vastly different than those of other countries, most especially China. In fact, since the beginning of time there have been stark and profound distinctions where these countries are concerned. Distinctions that contrast along the lines of Individualism v/s Collectivism, Democracy v/s Communism, Liberalism v/s Conservatism and a host of other ideological perspectives. Although we learn from each other and strive to live, work, and play together most especially from a global perspective, critical aspects of success or failure in a foreign market stem from the ability to appeal to the host country whether it be by branding, or other cultural connections. Technology and social media are other outlets that connect us culturally with one another as well as international travel. As people engage in more international travel and become more familiar with other countries via the Internet, and social media, more and more cultural connections are made. (Doh & et al., 2012). As a result, Chinese people have become more intrigued by Mickey Mouse, Toy Story, and the like. In fact “Harry Potter and the Goblet of Fire” was China’s biggest box office hit in 2005 after reaping more than 80 million yuan which translates to about 9.8 million US dollars. This is a testament to both the earning potential as well the huge influence American films have in the world’s most populous country, China. The world’s wizardly boy has created millions of Potter fans not only in the United States but also in China as well. Other American box office hits that have also connected with the Chinese people are Star Wars, and Mr. & Mrs. Smith. After more than two decades of isolation, China began seeking more awareness of American culture through American films. This is substantial for not only American film but also for the entry of Universal Studios into China. The Xinhua news agency in connection with People Daily Online acknowledged in an article that China imported almost 4,332 films, 40-50 percent of which were made in America. Of the 88 foreign movies China enjoyed, 70% of them were from the United States. The article was titled, “Hollywood Movies Dominate Chinese Movie Market as China Increasingly Opens” (Xinhua, 2005). As a result, the Chinese people’s fascination with American film and culture are met with both acceptance and reluctance on the Chinese government’s part, as they still exclude and restrict some of the Westerner’s culture, most especially as it pertains to the film industry. Other differences between the east and the west are the issue of time, and guanxi which means good connections. Careful consideration must be given to how we do business in America v/s how they do business in China to ensure that we embrace elements of their culture to forge successful business alliances in the process. The Chinese place values and principles above money and expediency which means business deals and relationships are forged over the long term. As a result business meetings typically start with pleasantries such as tea and general conversation about the guest’s trip to the country, local accommodations, and family (Doh & et al., 2012). China’s communist nature and its censorship efforts most especially as it pertain to the film industry and recent theme park ventures definitely create potential risk factors. However, it’s growing middle class’ fixation on America’s culture and film industry points to successful entry as well. Especially with popular themes and characters like Hollywood, New York, Ancient Egypt (with an ancestry theme) and already famous boxed office hits. These American themes and characters in many ways have already made a cultural connection and incredible impact on many of the Chinese people, young and old alike.
China Economic Environment
As the global economy worsens, many large multinational corporations are looking to China to help drive double-digit growth, and are exploring business opportunities in lower tier cities (Hsiao, 2012). Doors to tier-one and two cities have been opening up to ambitious corporations for over 10 years now, but as competition intensifies and saturation points are reached, marketers have to seek alternative business opportunities (Hsiao, 2012). Nearly half the population of China lives in cities today. Eight Chinese cities have more than 10 million people, while more than five million people live in 90 cities, most of which are emerging lower-tier (Hsiao, 2012). Obviously, the economic potential and business opportunities can't be underestimated. Take IT manufacturing as a case in point. It is not a top-ranked industry in Kunshan, however more than half the laptops in the world are produced there (Hsiao, 2012). In another major IT manufacturing city, Suzhou's per capita GDP is 70 per cent higher than Beijing's (Hsiao, 2012). This shows that getting to know more about lower tier cities can only serve to help marketers quickly gauge future trends (Hsiao, 2012). It is not uncommon for people to assume that today's tier-one and two cities will be tomorrow's lower-tier cities (Hsiao, 2012). However, the reality is that the rapid growth of the internet and its corresponding penetration rates has speeded up the circulation of information and the movement of goods. This has helped to narrow the gap between upper and lower tier cities (Hsiao, 2012). China’s economy has been growing rapidly for the past three decades. Beijing itself assumes that maintaining 10%+ economic growth is no longer feasible or desirable; Premier Wen Jiabao unveiled a target of 7.5% GDP growth for 2012 at the National People’s Congress on 5 March 2012, while 7% is the target for the current Twelfth Five Year Plan (2011-15) (Erickson & Collins, 2012). But increasing numbers of economists and policymakers are beginning to question whether even this growth trajectory can be maintained in the face of clear and substantial structural challenges that include pollution, corruption, chronic diseases, water shortages, growing internal security spending, and a rapidly aging yet under-supported population, all mutually-reinforcing factors that impose mounting costs on the Chinese state and economy (Erickson et al., 2012). Indeed, Premier Wen himself noted that China faces “significantly higher costs of factors of production at home” and acknowledged that “China’s economy is encountering new problems. There is downward pressure on economic growth” (Erickson et al., 2012).
At very least, to maintain rapid economic growth, China needs to “rebalance” and reform its economy by embracing a new development model that is less reliant on infrastructure investment to prop up growth rates (Erickson et al., 2012). This is the conclusion of the recent “China 2030” study co-produced by the World Bank and the Chinese government, which states: “China should complete its transition to a market economy through enterprise, land, labor, and financial sector reforms strengthen its private sector, open its markets to greater competition and innovation, and ensure equality of opportunity to help achieve its goal of a new structure for economic growth” (Erickson et al., 2012). Unfortunately, there is widespread skepticism that this is likely to happen expeditiously, for three reasons (Erickson et al., 2012). First, because of bureaucratic politics, dramatic policy changes are unlikely before or immediately following Beijing’s political power transition in October 2012 (Erickson et al., 2012). Second, a major difference between the last time sweeping economic reforms was undertaken in the late 1970s and today is that three decades of prosperity have created entrenched “vested interests,” particularly in key state-owned enterprises, whose close connections to political elites make it difficult to pursue reforms that could harm their parochial concerns (Erickson et al., 2012). China’s national oil companies and coal industry, which have thwarted the establishment of a robust Energy Ministry, are prime examples of this phenomenon, which is prevalent across the board (Erickson et al., 2012). Such sclerosis worries some wealthy Chinese, who are rapidly acquiring foreign passports, sending assets overseas, and even emigrating (Erickson et al., 2012). Third, even if these challenges can be overcome, Chinese policymakers face a genuine dilemma in achieving a “soft landing” with regard to real estate, and opening financial markets and liberalizing capital flows, which often increases the risk of financial instability and hence the potential for political turmoil (Erickson et al., 2012).
One prominent China-based economist believes that the country’s growth will need to slow to 3-4% per year less than half the current rate for it to address structural imbalances in its economy (Erickson et al., 2012). China has the world second largest population and emerging quickly as an economy power house. Multi-national corporations have been investing heavily in this country despite the political risk that is associated with doing business in China. It is a risk that Universal Studio will have to take as it aims to set up shop in China. The approval process for setting up shop in China is no walk in the park. China has a complex approval system sometimes involving the central government in Beijing, which ensures that there is no political agenda in the sponsorship program (Nair, 2012). Once the project is approved at the top, there is more work before implementation. The corporate communications team must invest considerable time to locate officials across the 'approval chain' - from street authorities (which exist in large cities) to village heads, town councilors, city mayors, district secretaries, and provincial mayors (Nair, 2012). Companies operating in the Chinese market should be aware that despite its rapid urbanization and economic growth, China has its share of social problems, including problems of governance in both the official and corporate sectors (Nair, 2012). For instance, corruption is rampant, as in many countries where the rule of law is not strong. In recent years, there have been several corporate scandals (Nair, 2012). The classic case is the contaminated milk scandal of 2008. In this case, a total of nearly 300,000 children were affected by tainted milk, which led to several criminal prosecutions (Nair, 2012).
Intellectual property rights are another problematic area, which has also led to friction between Beijing and the West, especially the United States. Gilheney razors, N-Mart Super Center, Future Cola and Starsbuck are Chinese brands that echo some of the best-known US brands like Gillette, Wal-Mart, Coca-Cola and Starbucks (Nair, 2012). China has the necessary regulations on its books, given its membership in the WTO (World Trade Organization). But what it lacks is unified supervision and control, and perhaps until lately, the will to impose penalties. These are all risks that companies need to factor in (Nair, 2012).
The Political Risk Universal Studio faces in China
Any company looking to do business with or in other countries has a host of risks that need to be assessed before the decision is made to venture into a foreign market. One of the biggest risks that need to be evaluated and managed is political risk. The assessment of political risk plays an even larger role when a business is considering venturing into an emerging market. “Although emerging markets hold vast potential, realizing this potential is incredibly challenging. Foreign companies often find that the institutional […] environment are such that costs involved in navigating these markets exceed even their most conservative estimates (Luthans, Doh, & Hodgetts, 2012). A multinational corporation needs to identify and quantify many different aspects of political risk including the stability of the host government and economy, the business laws of the host country, property rights, and potential alliances as well as protective and defensive techniques to help mitigate risk. Especially in countries with a socialist, communist or totalitarian government, a company must consider the risk of the government “freezing the movement of assets out of the country, placing limits on profits and capital, devaluing the currency, appropriating assets and refusing to abide by the contractual terms of agreements” (Luthans, et al, 2012). With Universal Studios considering entry in China, evaluating China’s political history and recent changes of ideology will help build a foundation on which to quantify the risk associated with venturing into the country. China has been a communist country since 1949 when the country’s banking system and a majority of commerce and industry were nationalized (How China is Ruled, n.d.). Beginning in 1978, several economic reforms were introduced that represented a move towards a more free market economy; small family owned shops were allowed, farmers could sell their surplus after meeting their government quota and most importantly, foreign direct investment was permitted in some areas (Brandt & Rowski, 2008). “Before 1978, China's economic policies were mainly aimed at self-reliance. As a result, the country was virtually shut off from world economic developments” (Doing Business). In the 1980’s, the Chinese government started to relax the regulatory environment even more and introduced over 400 laws concerning market reform and foreign investment (Gross, 1995) In 1997, China announced a move towards more private ownership; a majority of the State-owned Enterprises would be closed, sold or merged. Then in 2003, Chinese legislators approved an amendment to the constitution providing private property rights (China, 2011). In more recent years, China was even admitted into the World Trade Organization, an organization whose primary mission is to “open trade for the benefit of all” (WTO, n.d.) Political risk can be evaluated in two general categories: macro political risk and micro political risk. Macro political risk involves major political decisions that in all likelihood will affect every business in the country (Luthans, et al, 2012). Some important macro political aspects to consider are government rules and regulations, the level of government corruption, policies towards the US, and attitude towards the private sector in general.
China’s political history would lead one to believe that doing business with the Chinese government would pose to be a difficult task. In many cases, this can be true. According to a survey done in 2012 by the International Finance Corporation and The World Bank, out of 183 countries assessed, China fell right in the middle at 91 overall. The lowest ranked topics contributing to the overall score were dealing with construction permits, ranked 179, starting a business, ranked 151 and paying taxes, ranked 122. China, however, was ranked in the top 25% in enforcing contracts and registering property. A political threat does still exist, however, in dealing with corruption and bribery. According to Transparency International, the 2011 Corruptions Perceptions Index showed alarming results in China. On a scale of 1 to 10, 1 representing highly corrupt and ten representing very clean, China was rated a 3.5 overall (Nanayakkara 2011). Additionally, the prevalence of bribery, according to the Bribe Payers Index conducted in 2011, is also extremely high; of the 28 countries assess, China finished second to last only to Russia. Attitude towards the private sector in general has certainly improved. China has made drastic changes over the past three decades to its political and economic ideology. Joining the WTO in 2001 was paramount to the movement towards a more capitalistic market approach, however even more recent changes to economic controls seem to show a retraction in economic thought. “The government of China for years was very anxious to see the country admitted to the World Trade Organization. Yet even after its entry into the WTO, China made decisions that were in its own best short-run interests but that created new political risks for MNC’s doing business there. One analyst noted: ‘A series of recent moves by Chinese authorities – price controls, currency restrictions, limits on sale of state-owned companies – seem to reflect a slowdown in the nation’s effort to shift form a planned to a market economy.’” (Luthans, et al, 2012) Additionally, while is hasn’t been done since 1949, a MNC needs to consider the possibility of complete nationalization (Political Risk, n.d.).
When measuring micro political risk, the 2,500 theme parks currently in existence in China (Coonan, 2011) would seem to be proof that the Chinese government, in general, has been friendly towards this sector of the entertainment industry. However, concerned with runaway real estate prices and the possibility that local governments have been overspending, China’s central government has decided to step in to halt the building of new theme parks. In fact, in August of 2011, the National Development and Reform Commission decided to place a ban on the construction of any new theme parks that have a total investment of more than $78 million. According to Chris Yoshi, a global director of economics at Aecom, a consulting business that specialized in the theme park industry, this ban is not likely to affect international projects (Hunt, 2011). In fact most recently, Disney broke “ground on a $3.6 billion dollar outpost in Shanghai; Legoland plans to open a park in Johor, Malaysia, next year; and Sanrio will open a theme park dedicated to the cute white cat with no mouth in eastern China in 2014” (Coonan, 2011).
In helping to manage political risk, Universal should take an integrative technique approach. The country of China has been comparatively slow in allowing foreign investment and the less “foreign” the company is perceived, the less likely the company is to be a target of government action. It is extremely important that Universal immediately establish a good relationship with the government, attempt to make the product as domestic as possible by using local suppliers and subcontractors and establish a joint venture by hiring local people to run the operations and manage the business (Luthans, et al, 2012).
The two most prevalent options for the structure of the enterprise are a wholly owned subsidiary and an equity joint venture. In almost every industry in China, however, the benefits of using a joint venture far outweigh those of having a wholly owned subsidiary. Over the past thirty years, the Chinese government have made legislative decisions that have made joint ventures even more attractive, including an amendment in 1990 that more clearly defines the issue of nationalization of joint ventures and regulations that provide a relatively complete structure of rules and procedures for establishing and operating a joint venture (Gross 1995). Establishing a joint venture can significantly improve the success of a company entering into a foreign market, especially in emerging economics (Luthans, et al, 2012). In China, these alliances could yield the benefit of being included in the “annual plans for raw material allocations and may procure goods at subsidized prices (Gross, 1995). Additionally, having Chinese partners allows the MNC to tap into a trained workforce as well as sourcing and distribution networks (China: Corporate 2012). Moreover, the tax laws in China favor EJV’s over WFOE’s; joint ventures of more than ten years receive an exemption for the first two profit making years and a 50% reduction for the following three profit making years and the corporate tax rate is also higher for WFOE;s than EJV’s (China: Corporate, 2012). The Walt Disney Company is using the EJV structure in its entry into China, with about 60% of the up and coming Shanghai resort owned by a consortium of state-linked Chinese companies (INSEAD, 2009)
Overall, it is transparent that should Universal Studios decide that the potential of China’s 1.3 billion populations outweigh the political risks, that the structure of a joint venture should be used. Universal will definitely face adverse conditions in obtaining construction permits to build a several acre business, however allowing the Chinese government some control, using as many Chinese vendors as possible and forming alliances with Chinese business would surely stop some of the unnecessary bureaucratic red tape.
Social Aspects of Universal Studios’ Entry Strategy into China It is so important to evaluate the political and economic climate of a foreign market before deciding to enter it. You have to be sure that you have a safe environment for your investment, and determine if the conditions will be able to support it. But something else that is so important to consider, that many times gets overlooked, are the cultural and social factors of that market. Will your product mesh with the society’s culture? If not, are you able and willing to adapt your company and product? And then most importantly, what are those changes that need to be made and how will you implement those changes? As we are looking at the possibility of Universal Studios constructing a theme park in China, we must take a look at how the people of China will respond to a theme park and the characteristics that define Universal Studios as an organization. What aspects will the Chinese acclimate well to, and what parts may need a little tweaking to better suit their social culture. Let’s take a look at the approach that Starbucks took when they moved into China. First, they adjusted their product. Instead of only offering the sugary, whipped cream topped creations that are so popular here in the US, they designed new drinks that offered more of a tea-flavored variety that fit better into this country’s lifestyle, where tea is more of their drink of choice. In the United States, drive-thru’s have become a staple in Americans’ rushed and hectic lifestyle, but in China, take out and drive-thru’s are not as big of a priority. So instead, they turned the Chinese Starbucks locations into more of a “watering hole” where, friends and business executives alike would be able to come enjoy a hot drink and conversation together. In fact, Starbucks was so successful in their entry into China, that Rein reported that “Starbucks, announced that China will soon become its largest market outside the United States. It has opened over 500 outlets in the country, which are more profitable per outlet than in the US” (2012, para. 2). Universal can only hope to be as successful as Starbucks has been thus far. One good indication for Universal is that the Chinese people as a culture have begun spending more time on leisure activities, “mostly because of the rapid economic growth in China” (“Chinese Leisure”, n.d., para. 6). It is reported that “Less than a generation ago, leisure activities… were very uncommon. When a Chinese worker had a day off …it was much more common to spend the day doing housework and resting. The two-day weekend emerged in China in 1995. More of the Chinese people have begun participating in sports, travel and many other activities since this occurred” (“Chinese Leisure”, n.d., para. 3). This is an important factor in the success of this organization since the product that it has to offer is based solely on entertainment and leisure. As the Chinese begins to change their views on social activities and time off of work, it makes it an opportune time for Universal Studios to begin to move into this new market. It is interesting to find that Disney must have also decided that this change in the social culture is causing a favorable shift in the entry climate seeing as they just broke ground in Shanghai, China to create Shanghai Disneyland. This will create some competition for Universal to build a theme park, but it also creates a great opportunity. Disney is taking a bit of a risk being the first to enter this market, and Universal will be able to compare and adjust their strategy after they see some of the mistakes and successes that Disney will experience. This will be helpful, because there is no one-size-fits-all approach to doing business in China. As Petrowski points out, you “have to look at China more like a mosaic of cultures…there is no single consumer profile” (para. 3, 2011). They have already mentioned some of the changes that Shanghai Disneyland will adopt to cater to this social culture; one aspect reported from their opening ceremony was that “Mickey Mouse and Donald Duck were dressed in a red Tang suit” (Travel China Guide, n.d., para. 4). Along with these changes, they are planning to implement other subtle adaptations to the look and feel of the park to better integrate into this country (Travel China Guide, n.d. para. 4). There are mixed opinions regarding the move of Disney into China, and Universal Studios should begin to take note. It has been mentioned that “its settlement in Shanghai is a form of ‘cultural aggression’” (Travel China Guide, n.d., para. 6). Due to this fact, Universal should proceed slowly and cautiously, being sure to develop strong ties with the government and begin to create a strong relationship of trust with those liaisons from China that will be involved in the project. In fact, Perkowski advises not only to develop friendships, but he also suggests that the “art of building a solid foundation in China is building a strong local management team that is empowered to make decisions by the home office” (2011, para. 8). In an article in Forbes, Witt describes China’s school of thought when it comes to trust. “There are two opposite ways of extending trust. One is to trust until given reason not to; the other is not to trust until there is enough evidence of trustworthiness. China takes the latter approach” (2012, para. 6). In knowing this, Universal needs to be honest, forthcoming and be prepared to work very carefully and diligently on this project, being cautious not to step on any toes. Giving this type of respect upfront will preface the entire relationship that Universal Studios and China will have. As the textbook emphasized, “negotiations should be viewed with a long-term perspective. Those who will do best are the ones who realize; they are investing in a long-term relationship” (textbook). To establish this relationship, they should develop messaging early on that will reassure the local citizens and government that they are ready to work closely with them, and create a unique “Universal Studios experience” while still preserving their culture and offering features that are unique to Chinese culture.

Conclusion
Although emerging markets like China hold vast potential, realizing this potential is incredibly challenging for Multinational Companies. Foreign companies often find that the institutional (cultural, political, and economic) environments are such that the costs involved in navigating these markets exceed even their most conservative estimates. For this reason, companies from developed countries often struggle to achieve their desired returns when they enter emerging markets.

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