Asia Pacific Case Study - Global Economic Growth - Economics Assignment Help

Assignment Task:

The Asia Pacific is the new centre for global economic growth.

The country such as China, India, Japan, South Korea is becoming some of the most successful players in the world. Not only their businesses have recovered from the global crisis but concomitantly have seen huge growth. What are the reasons that these developing economies are setting examples that even developed countries are trying to emulate?

Can it be the willingness to implement new ideas, can it be the business practice that they are implementing or can it be the change they brought the way the business functions?

In any of the scenario above, the leaders play a vital role whether it is to implement a new idea, the best business practice they bring to the table.

Openness to new ideas and ways of thinking is definitely one aspect of the leadership however, the understanding of the wide variety of cultures also plays a significant role.  

Let’s see why culture is very important through an example:

During my visit to Paris, I went to eat vegetarian Burger in Mc Donald’s because from my experience in India, Mc Donald’s mostly sell veg Burger and so it was my obvious choice in Paris. But I was surprised that none of the burgers was vegetarian over there. Later, I realized that it’s all about culture. In India, most of the people are vegetarian but in Paris most of the people are non-vegetarian. That is why Mc Donald’s are such a successful food chain in India. On the contrary, KFC failed to understand this thing and it struggled to set itself as a successful food chain during initial years and later it also had to shift its business strategy.  

It is very essential for the Global leaders to understand all the aspect of its business especially in Asia Pacific Region. 

Leaders should know that the ASIA Pacific is still growing and many sectors are untapped 

So, they should have a long term vision instead of looking at short term benefits. Additionally, the ASIA Pacific market unlike the USA or Europe is mainly driven by customer’s demand as it contributes to the 60 percent of the world’s population, so the leaders should understand and learn about the population and its composition and thus their respective demands.

Leaders should also develop a broader suite of skills so that they are ready to implement new strategies when needed. They should accept new ideas and best practices with alacrity.

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