Keywords: Work, Attitudes, Compensation, Economic conditions, Thailand, Singapore

This paper begins by describing the trends and drivers of privatisation, as well as the benefits derived from privatisation programmes. It then considers the ownership debate, i.e. whether superior performance of state-owned enterprises (SOEs) can be achieved under state ownership. While empirical work shows that private ownership is associated with superior performance, the experience of Singapore is a clear example to the contrary. Singapore Telecom is described as a case where state ownership combined with several contextual factors has led to sustained world-class performance, in spite of global trends such as deregulation and technological advancement which create turmoil and reduce profitability in the telecommunications industry. These contextual factors include a clear corporate strategy combined with an efficiency focus by Singapore Telecom, a long-term national policy of infrastructure improvement as a strategic resource for national economic development, and a robust economic and regulatory environment. The implications of the Singapore experience are then discussed.

In order to address the recent demands for innovation in international marketing segmentation, evaluates a set of six commonly-derived measures for objective quality of life (QoL) - or material conditions of living - across 165 countries of the world. Using clustering analysis, 12 segments of countries based on objective QoL are identified. These segments can be used by policy makers to discern strategic rivals or alliance partners. Alternatively, international marketing practitioners can use these macro-level clusters as the first stage in hybrid segmentation schemes to find micro groups of consumers dispersed across a number of countries. In addition, an exchange phenomenon between a country and its citizens is suggested by the results of confirmatory factor analysis in which two dimensions of objective QoL - a "benefits" dimension and a "costs" dimension - were identified.

It has been forecast that before the turn of the millennium air travel in Asia will account for 40 percent of global travel rising to 50 percent by 2010. The International Air Transport Association also forecast world international scheduled passenger numbers to grow by an average of 7.1 percent annually to 2000, to reach 522 million. Air wars over Asia are hotting up, with some of the world's biggest airlines engaged in intense competition over Asian skies - potentially the richest and most lucrative air travel market on Planet Earth, notwithstanding the 1997 currency turmoil. This article looks at how competition in the Asia Pacific air travel industry was played out in the 1990s. A glimpse of what is to come can be drawn from the several tough skirmishes seen thus far in the 1990s.

Conjoining the SWOT matrix with the balanced scorecard (BSC) makes a systematic and holistic strategic management system. The SWOT matrix clearly identifies the critical success factors that can be implemented into the identification of the different aspects toward the balanced scorecard. It is, therefore, a more structural approach in setting up the foundation of the balanced scorecard; instead of simply identifying the “key performance indicators” (KPI) via gut feeling or by brainstorming. The next step of the whole process is to make use of the quality function deployment (QFD) methodology with the balanced scorecard (BSC) attributes identified as the “Whats” on the vertical axis, and the major strategies of “The Art of Business Management” Sun Tzu’s as the horizontal “Hows” axis. The relationships are then studied in the body of the QFD matrix. Consideration is then given as to how the model presented can be customised to allow companies using this approach to develop and implement their corporate business strategic plan.

Keywords: SWOT analysis, balanced scorecard, Quality function deployment, Strategy, Strategic planning, Total Quality Management
Article Type: Wholly Theoretical Content Indicators: Readability**, Practice Implications**, Originality**, Research Implications**

This article suggests that the currency crisis in South East Asia triggered off the present banking crisis. However, the banking crisis would not have happened if it had not been preceded by a deregulatory banking industry trend in the region during the previous decade. This trend allowed banks to invest in risky illiquid assets. Moreover, such investments were subsidised by deposit insurance funds. The IMF and BIS proposals to cure the banking instability in South East Asia are shown to be inadequate because they rely too much upon depositor and government monitoring rather than the need to constrain bank risk-taking behaviour ex ante. This paper proposes a return to comprehensive banking regulation to prevent a reoccurrence of similar crises in the future.

Keywords: Banking, Deregulation, IMF, South East Asia
Article Type: Wholly Theoretical Content Indicators: Research Implication- **, Practice Implication- **, Originality- **, Readability- **

During the post-bubble bust of the 1990s, many eating establishments closed down. Yet McDonald's was determined to stay. However, management recognised the importance of slashing prices. This case is an opportunity to learn about price elasticity of demand.

Keywords: Japan, Prices, Franchises, Fast food, Market share, Standardisation

Explores how easy (or otherwise) it is for small businesses to take advantage of the huge markets opening up in the People's Republic of China. Profiles a Hong Kong-based office furniture manufacturer and distributor (Logic Office Supplies) as an example of successful market penetration. Outlines the research methodology used - field research conducted in 1992 and 1993, which looked at the historical development of the market, the industry size and profile, the growth of private enterprise, government relations, the legal environment and an analysis of the competition. Explains why the company chose to follow a four-pronged entry strategy and how they implemented that strategy. Infers that the company's success was largely due to a careful choice of partners. Points out that sales increased from HK$40 million in 1989 to HK$400 million in 1994. Applies this successful approach to drawing up a conceptual framework for smaller businesses wishing to expand into China. Talks about stage of entry, mode of entry, and whether to opt for permanent representation or joint ventures. Provides a model showing five stages in the process of expanding into China. Concludes that it is not easy to expand into China and that the best route for small businesses to follow is to sell through trading houses and distributorships.

Keywords: Market research, Small-to-medium-sized enterprises
Article Type: Case study
Quality Indicators: Research Implication *, Practice Implication **, Originality *, Readability **

Use of traditional cosmetics and toiletries manufactured from herbs and plant extracts has been popular in many Asian countries. However, green marketing of these products is rather recent. Encouraged by the growing environmental consciousness on the part of citizens and a growing market for cosmetics and toiletries, several global and local companies have entered Thailand. An international company, The Body Shop, and a local company, Oriental Princess, have employed green marketing strategies to build their customer base in the Thai market. Using case research method and questionnaire-based surveys, an attempt has been made in this paper to analyze the green marketing strategies of these companies and their impact on consumer attitudes and brand loyalty. The research shows that that the two companies have made honest attempts to adopt green marketing strategies. However, Thai customers consider non-green attributes more important in making their purchase decisions. The two case companies have been able to create favorable attitudes and enjoy a high degree of brand loyalty.

The economic boom and liberalization make China a new focus of international investments by multinational corporations (MNCs). How to enter this huge market and what entry mode should be taken, remain inconclusive. This paper is a study of the entry modes of MNCs into China from socioeconomic perspectives. It provides a theoretical discussion and also an empirical investigation of MNCs' entry modes in the Chinese particular institutional and business environments. It examines the impact of sociocultural differences, the technology intensity of investment projects and regional factors on MNCs' entry mode choice.

Considers the interest shown by European retailers in the markets of South East Asia and places this interest within the wider context of East Asian markets. European retailers' interest in the region has been a feature of recent developments in international retailing. Charts the growing interest in the region and the relative attractions of different markets and critically evaluates the assumptions that are made about East Asian markets and suggests that a far more rigorous set of criteria should be employed when evaluating markets in the region. Evaluates the implications of the recent financial and economic crises on European retail investment in the region.

Transition from a centrally planned to a free market economy has its social costs. These range from loss or diminution of a social welfare net to widespread unemployment. This is true of Asian countries adopting a gradualist approach to the free market, African countries forced by the IMF into structural adjustment, and Eastern European countries opting for abrupt transition. The paper explores the relative merits of two contrasting policies, paying particular attention to the gradualism of China and Vietnam on the one hand, and on the other the shock therapy of Eastern Europe, the newly independent States, and Mongolia.

Japanese corporate product development strategies are examined. Product development Japanese style is the dynamic and continuous process of adaptation to change in the environment. A background to the methods currently used, including the strategic role played by top management, self-organizing project teams, overlapping development phases and multi-learning, is provided. Strengths and weaknesses of Japanese industrial product development practices are related to the Japanese cultural heritage and the rationale for such practices explained in terms of the Japanese culture. Comments on future implications are made.

In recent years there has been a growing interest in Asian business practices, in particular the use of social networks in China for business purposes. Because of its relational nature, some have identified guanxi with a traditional form of relationship marketing. We use the recent developments in relationship marketing theory to analyse guanxi. We find that understanding and managing guanxi is useful in the development of partnerships under the current economic situation in China, but does not support the other two basic strategic essentials of relationship marketing: service and process management. Additionally, we detect relevant changes in the structural conditions of China that make guanxi necessary in the access to the Chinese market.

Presents an investigation of how host country national subordinates perceive the leadership behaviour of their expatriate bosses in foreign assignments. From a sample of 240 middle managers in Hong Kong with experience of both local Chinese bosses and expatriate bosses from a broad spectrum of Western and Asian countries, finds that the subordinate managers assessed the leadership behaviour of their expatriate bosses to be significantly different from that of their Hong Kong Chinese bosses. US bosses were perceived as the most different and Japanese bosses, as well as bosses from other Asian countries, were seen as the least different, while British bosses and bosses from other Western countries constituted a middle group. Discusses the implications of these findings for international business and future academic research.

Examines three forms of business networking that have been identified within South East Asia: Japanese business networking, Korean business networking and Chinese family business networking. These demonstrate distinct characteristics. The Japanese system is the most well known and is exhibited mainly through the formation of industrial networks. Korean business networking differs in terms of ownership and control with a familial type relationship existing within networks. The Chinese family business network exhibits close links between enterprises that are owned by a single family with foundations of the network based on family, race, religion or profession. Examines these Japanese, Korean and Chinese business networking approaches from the perspective of small to medium-sized enterprises and highlights some issues relevant to managers

How does one learn in an understructured environment? What should one learn in such an environment? There is no obvious answer to these questions; nevertheless this is a challenge confronting business development managers in the energy sector. In recent years huge markets have opened up in much of Asia; however, the art of developing or tapping these markets is as yet not well understood. This is exemplified in the slow progress that has been made in bringing projects to a final closure. The Asian market is fundamentally an understructured environment and it is this characteristic which has slowed down the development of projects. Institutions, be they political, regulatory, or social, function ever so imperfectly. Although the countries are in the midst of developing a stable institutional framework for conducting transactions, this is a long-term process where progress is likely to be slow and volatile. Poses a central dilemma for business development managers; How should they operate in markets where institutions are still in the process of evolution? Addresses the issue of learning in understructured environments, using the development of the power sector in Asia as the core example.

Emphasizes that tourism forms the largest industry in the world and the Vietnamese Government has targeted it for strategic foreign direct investment (FDI). Notes although researchers and policy makers comprehend particular aspects of tourism, they often misperceive how the variables interact within economic and political systems. Elaborates on experiences in similar and related Asian markets that indicate policies necessary to develop a sustainable, socially and ecologically-desirable tourism industry through appropriate balancing of key stakeholders’ goals. First, defines sustainable development in the context of tourism and indicates its relevance for Vietnam. Next, analyses some economic and social costs and benefits associated with tourism; also interprets recent governmental policies’ influences. Finally, provides policy recommendations for the future of sustainable and economically-viable national tourism development in Vietnam.

Focuses on business firms in Singapore, identifying the industries in which the Internet is being used for business. These firms are early adopters in the local environment where use of the Internet for business is a new phenomenon still, and they provide information about their Internet experience in terms of their use, perceptions, and the problems encoun-tered. Finds that companies in seven major industries lead in the business use of the Internet in Singapore: computer and information technology; hospitality manufacturing; travel; retail; publications; and banking and finance. Most of the survey respondents use the Internet for marketing and advertising, customer service and support, information gathering, and, to a lesser degree, electronic transactions. The respondents’ perception of the attributes of the Internet are largely positive. The problems encountered by the respondents include difficulty in locating information, rising costs of Internet use, and security.

States that much of the existing management literature was written entirely from a Western perspective without any reference to practices in the East. Explains that, in the booming East Asian market, project managers from the West would need to pay special attention to Oriental beliefs, cultures and philosophies. Attempts, for the purpose of integration, to put together the managerial grid framework from the West and with an ancient Chinese strategic treatise written by Zhuge Liang 1,600 years ago. Suggests that there are many similarities between the "Managerial grid" and Zhung Liang's "Art of management" when used to resolve problems related to project management.

Uses a metaphor of Singapore Incorporated to explain Singapore's government-led growth and development and reviews this development from the 1960s up to the creation of knowledge-intensive firms in the '90s. Examines the economic, political and social environments in Singapore and discusses the implications of the city state's self-image as a corporation in terms of the way in which its reputation is guarded, its intangible assets have been promoted, its companies have been encouraged to invest abroad and virtual Singapores have been created overseas. Looks at structural implications of the 'corporation', e.g. its limited R&D and artificiality, but suggests that Singapore offers an almost textbook application of corporate behaviour theories and that it is an example of almost obsessive competitiveness.

Compares the leadership styles of Chinese-Japanese joint ventures, Chinese-other country joint ventures and Chinese state-owned companies, and assesses the impact this has on their organizational effectiveness. Finds that Chinese-Japanese joint ventures scored well in terms of organizational performance and argues that this is explained by the congruence in leadership style between their senior and middle managers; draws out lessons for the management of international joint ventures in general.

Discusses the aspects of the Chinese and Hong Kong Chinese education and culture which inhibit creativity and innovation. Focusing on Hong Kong, describes the teaching methods being used in the general management courses in the universities to teach creativity. Describes the techniques in detail, reviewing how these techniques adapt as the students work through the teaching material and become more confident and innovative in their thinking. Presents the results of the evaluation of this particular course and finds general student satisfaction with the approach, although 10-15 percent had disliked it . Acknowledges that no measurement could be taken of whether the course had influenced the students' creativity or flexibility, and suggests that this needs futher research.

Proposes that most managers and researchers acknowledge that emerging and newly industrialized markets do not have the same quantity of secondary data as the long-industrialized economies of North America and Western Europe. Presents the results of a search of available, business-related, secondary data on South-East Asia's rapidly growing economies; highlights how this dearth of data has resulted in an informational void that affects the practice of strategic management in the region. Also delineates how regional managers cope with and adapt to the informational void, and to the region's fast-changing business, cultural and competitive environments, by developing their unique, highly-intuitive style of strategic management. Finally, provides some suggestions to bridge this informational void for management practice and for future research.