The opening of China, the rise of India and the resurgence of the Asian Tigers make Asia the most vibrant business playground in the world. There is a steady shift in the Asian business mindset. Gone are the days when low cost and manufacturing companies’ prowess alone served as competitive advantages for Asian companies. Asian Companies are realizing the value of moving up the value chain. One of the main ways to achieve this is to create strong brands. This will not only create as the main competitive advantage for these brands, but also enhance the shareholder value in the medium and long term. As more Asian countries open their doors to global companies and attract foreign investments, building strong brands becomes not only an important strategy but also a matter of survival for many Asian Companies.
The fast moving consumer goods (FMCG) industry is one of the most competitive, yet exciting industry to be in. Here, brands not only fly off the shelves in a blink, but new entrants – both domestic and international brands – regularly push their way through to make themselves visible and saleable. A lot of money gets spent on promotions, brand activations and sponsorships to maintain the top of the mind recall in the consumers’ inner space. Asia is huge not only in terms of size, but also in terms of the consumer base it provides to world’s leading FMCG brands. Asian brands are no minnows themselves. Many of these brands have made their global presence felt challenging the biggest of European and US MNCs.
The manufacturing industry is the backbone of a country’s economy. The manufacturing sectors across industries compete amongst themselves to deliver some of the best products. Asian industry in modern times differs significantly from its tradition of cultivation and pastoral activity. In the post-war era, manufacturing and high-tech industries have transformed Asia industry and employment forever. ADB emphasizes that manufacturing is essential to a high productivity service sector, technological innovation, and modernizing agriculture.