The Economist Intelligence Unit has recently downgraded their global economic forecast because of a great deal of turmoil in the world.  Although the forecast for Australasia and Asia has been downgraded slightly, the GDP growth in this part of the world is expected to be close to twice that of the global growth.  This is largely because China is still the powerhouse of the region and is estimated to have a GDP growth of 8.2 % for 2012.

-       The companies that I have seen succeed in this region in spite of economic downturns and increased competition have all had two very important characteristics says Peter Karlsson.  They are innovative and they adapt their product development & marketing strategies to the specific local markets that they target.  Companies with me-too products that are not unique in any way tend to fail very early on in this tough market place, asserts Peter Karlsson.  

 Although some market segments are similar with similar products as in Europe others might very different.  Proper segmentation and a deep analysis of each segment is therefore necessary to help reduce the risk of any new projects in the region explains Peter Karlsson.  The problem is that companies are often too optimistic and fail to identify key competitors and other potential risks before they commence their projects.

 Peter Karlsson is the Managing Director of consulting firm Profits And People and has worked with business growth, market expansion and risk management strategies in the Asian Pacific region for 23 years.  Web: http://profitsandpeople.com.au

e-mail: pkarlsson@profitsandpeople.com.au

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