China's Culture and Business of Global Sourcing
From an economic standpoint China, with two digit growth, a huge market and with 1.5 billion populations is viewed as a promising country of century. China's soaring economic explosion has given a new meaning to global sourcing and multinational purchasing. With the constant development of China's industrialization, international companies are emerging from China which are competing the European and American companies in the global market. There are world wide customers for wholesale products from China through the promising online market.
-Understanding Tradition & Culture
The modern world, in order to do business, should first understand China as a traditional country with deep roots anchored in ancient culture. Business with China can be build only by developing enduring relationships, with proper introduction. The managers in the field of multinational purchasing and global sourcing cannot adopt the business practices of market driven economies of Europe and America while buying wholesale products from China. Seniority dominates the hierarchical Chinese society, with the oldest person getting highest rank in a company. Even the opinion of a sales agent who is above 40 years old is well respected well in business relations. The companies should first adopt Chinese culture for purchasing wholesale products from China. However, in the recent past, there is a boom in the online market which has increase the scope of multinational purchasing.
-Finding a Local Sales Agent
Business with China can be built by finding an experienced local sales agent, who identifies connections to introduce the company to business prospects. The local agent can advise by tracking down a vast array of wholesale products from China which helps the professionals of global sourcing and multinational purchasing so that orders could be placed quickly to increase the profit margins.
-Precautionary Steps
Before importing wholesale products from China some precautionary steps should be followed as in global sourcing and multinational purchasing. First and foremost, drawings and graphics of full products with packing and presentation should be analyzed. Detailed information about the products is available in the online market. Information on branding requirements, certifications, safety standards and date product are required. Information on minimum order of quantities for the products is also required. Only after the requirements are considered, selection of qualified suppliers is made and details are sent to best prospects. After this, at least three resulting replies are sent invitations for quotes. The Agent usually discusses quotes with manufacturers and after confirming experiences, checks production capabilities.
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