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Fortune 500 Companies Nose-Dive in the Chinese Market

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Submitted By candice2006
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Fortune 500 Companies Nose-Dive in the Chinese Market
Candice Tabb
International Business MGMT 338
5 December 2014
Duane A. Beaudoin

Abstract
Fortune 500 companies Home Depot, BestBuy, and Mantel have all failed in the Chinese market. External forces such as competitors and sociocultural effect the companies’ ability to overturn a profit resulting in a complete withdraw. The ideal profitability of China’s market has shown resistance to standardized companies. The unwillingness to adapt and conform to consumers and the lack of preparation on all three companies serves as a lessons learned and displays the true setback of standardizing a product vs. adapt or formulate a new.

Fortune 500 Companies Nose-Dive in the Chinese Market
China’s Foreign Direct Investment (FDI) and its economy have changed dramatically since the 1980’s. Revolution was widely due to the reform era lead by Deng Xiaoping. During the early 1980’s FDI was restricted to a small number of markets in certain regions. FDI policies evolved with time in the mid 1990’s and in the millennium, government policies relaxed and unified with domestic companies. Foreign companies are enticed into the Chinese market by its rising gross domestic product (GDP), favorable foreign exchange regulations, licensing requirements, tariffs, and taxes (Hale & Long, 2012, p. 2) Many U.S born businesses hop on the bandwagon in globalizing in economically stable countries. Hamlin & Li (2010) stated, “In 2010, China surpassed Japan and became the second- largest economy in the world “(as cited in Gio, 2013, p. 174). Torres (2011) further states, “China is projected to surpass the U.S economy and become the largest economy by 2030” (as cited in Gio, 2013, p. 174). China has many motives for foreign investors to tap into its markets, and with the prediction of surpassing the United States only further entices

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