MeanEconomies in Asia are more than ever characterized by large populations, high growth, and development because Asia is dynamically diverse in its religious and cultural outlook and there are over 1,500 languages spoken in the region. Markets differ dramatically from country to country. Likewise, rapid economic development has changed consumer needs and tastes for many consumer segments.
Opportunities in Asia
Sizable pools of talented human capital assets and corporate Research and Development (R&D) centers are popping up across Asia. With such rapid change and growth, managers face strategic questions on Asia. Market Research in Asia can provide marketers an insight to understand the biggest market of the world by population with numerous opportunities due to its still developing countries.
With approximately 30% of the world’s land, Asia is home to nearly 60% of the world’s population which tends to be growing at a rapid rate. Asia is the second-largest continent according to its nominal GDP and consists of 48 completely diverse countries. Nearly Five of the top 10 highest populated countries are in Asia; they are China, India, Pakistan, Bangladesh, and Japan.
Another major trend in these markets is the rapid urbanization taking place. Out of the world’s ten largest populated cities, eight are situated in Asia. Asia has a wide pool of skilled and educated individuals and the numbers are still growing fast. Consequently, all Asian countries witnessed rapid brain-drain processes in recent years to European or American countries.
Asia ranks the highest among the diverse continents with almost all its countries having differences in their ethnicities, cultures, religions, economies, historical and political backgrounds, and Government systems. Moreover, while some of the Asian countries have fast emerged as developed countries in the world, some are still in the transition stage.
Japan, South Korea, Brunei, and Singapore are amongst the most developed countries in Asia. Meanwhile, China and India are growing at an astounding growth rate and are expected to be considered developed countries in a few years. Pakistan, Indonesia, Malaysia, Sri Lanka, and Thailand are still considered to be in their development stages but are growing fast. All these countries, with their different development levels, present a great challenge to marketers to find niche opportunities for their products.
However, doing business in these markets commonly requires businesses to understand the many differences that exist in these markets. Those who fail to understand these countries’ religious and cultural dynamics and traditions face the biggest challenges. Globally, Asia is one of the most spiritual, traditional, and orthodox continents. The largest religions followed in Asia include Islam, Hinduism, Jainism, Christianity, Judaism, Zoroastrianism, Sikhism, Buddhism, Confucianism, Lingayatism, and several other religions.
The Importance of Culture
The culture of Asian countries also varies widely, even among the countries that sometimes follow similar religions. South Asian countries are much more traditionalist in their approach to religious and cultural outlook. As a result, the laws and regulations of doing business in these countries and general business ethics vary widely.
Myanmar, one of the newest rising Asian markets, recently opened to world trade. The country lacks most of the basic infrastructure and has a potential market growth in construction and consumer goods production industries. The country may show promise in terms of development, investment, and growth.
About Market Research in Asia
Rapidly changing economies in Asia drive new tastes, appetites, and purchasing habits. Marketing Research in Asia can develop insight into a variety of areas, such as untapped customer needs, customer satisfaction, competitive dynamics, innovative ideas, and beyond.
SIS International Research conducts Qualitative, Quantitative, and Strategy Research in Asia. Our Qualitative Research methods include Customer Interviews, Focus Groups, Online Communities, and new Online Qualitative Methods. Our Quantitative Methods include Telephone, Online, and Face-to-Face Surveys. We provide Strategy Research including Competitive Analysis and Market Opportunity Research.