AnalysisofDanoneinChina GuilleneTeboulRibiere ExecutiveMBAIAEAix 22March2014 ThisanalysiswilldescribeinafirstparttheDanonecompany.Inasecondpart,itwill explainwhyDanonehadtoconquertheChinesemarket,thenthestepsittooktoexecute thisobjective.Inathirdpart,theelementofinterculturalmanagement,howtheywerenot anticipatedandhowtheyshouldhavebeenanticipatedarethengoingtobepresented. PartI:WhatisDanone? GeneralDescription GroupeDanoneSA,foundedin1972,isaFrenchfoodcompanywithmultiple internationaljointventures[29].In2008,itsglobalstandingincluded:worldno.1infresh dairyproducts,worldno.2inbottledwaters,worldno.2inbabynutrition,worldno.3in medicalnutrition.With20%oftheglobalmarket(35%insomecountries)andapresence insome40countries,Danoneleadstheglobalfreshdairyproductmarket.

Withaturnoverof20.9billionin2012andemployingmorethan102,000employees, Danoneisaworldleaderinfood.Thegroup'sactivityisdividedintofourareas: FreshDairyProducts(55.9%ofsales):Activia,Danacol,Taillefine,Danette, Densia,Savia,etc.. InfantNutrition(20.4%):Bldina,Dumex,etc.. Water(17.5%):Evian,Volvic,Badoit,Mizone,etc.. MedicalNutrition(6.2%):NutriciaNeocate,Milupa,Fortimeletc.. In2012,despiteaneconomicandsocialclimatedecline,Danonehasmademorethanhalf ofitsactivityinEurope(includingRussia,othermembersoftheCISandTurkey).Key marketsintheareainwhichthegroupoperatesareFrance,Russia,SpainandtheUnited Kingdom.However,inrecentyears,Danoneseekstostrengthenitsmarketposition emerginghighgrowthpotential.ItismainlyinAsia,particularlyChinaandIndonesiaand CentralandLatinAmerica,mainlyMexico,ArgentinaandBrazil. Maincompetitors ThemaincompetitorsofDanoneare:
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COCACOLA, LACTALIS, NESTLE, PEPSICO, SODIAALUNION.

Historyofthegroup:Majorevents 1966 1970 1973 19791981 1997 CreationofBoussoisNeuveselSouchon(BSN) Entryinthefoodsector MergerwithGervaisDanone Strategicrefocusingonfood Refocusingof3segments: Freshdairyproducts Drinks,biscuits Grainproducts. Focusonhealthyeating:Numicoacquisitionandsaleofthe Biscuits(LU) FusionactivitiesFreshdairyproductswiththoseofRussian companyUnimilk

2007

2010

Keyfigures2012 ConsolidatedTurnover NetProfit Turnoverperproductsegment Freshdairyproducts Infantnutrition Water Medicalfood 11,7B 4,3B 3,6B 1,3B
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20,9B 1,7B

Turnoverpergeographicalarea Europe Asia Restoftheworld 10,8B 3,6B 6,4B

Unevengrowthofthebusinessbydivisions Theturnoverofthefourdivisionsgrewthroughout2012,butunevenly: TheFreshDairyProductsindustrygrew3.9%.ThedynamicLatinAmerica,the MiddleEastandAfrica,helpedoffsetthenegativepricemixeffectofSouthern Europeasaresultofeconomicandsocialdegradation(tensionsonpurchasing power,risingunemployment,etc..).ThestronggrowthontheRussianmarketand Americanmarketcontinued,drivenrespectivelybyProstokvashinoandOikos brands SalesoftheWatersdivisionincreasedby13%.Thisperformanceisduetoa particularlystronggrowthinemergingmarkets,includingIndonesia(brandAqua), Mexico(Bonafont)andChina(Mizone).TheactivitydeclinedslightlyinWestern Europe.Theaquadrinks,flavoredwaterorvitaminenriched,haveaccountedfor nearlytwothirdsofthegrowthin2012 SalesofinfantNutritiondivisionincreasedby15.9%duetothegoodperformance ofsalesinthesegmentofmilks,andpriceraises.SouthAsia,NorthAfricaand WestAfricahavebeenthemostdynamicareasdrivenbyeconomicgrowthanda highbirthrate.InEurope,theactivitywasstrongintheUnitedKingdom,the NetherlandsandGermany,butdeclinedinSouthernEurope,\asaresultoffalling birthratesandadeclineinpurchasingpower SalesoftheMedicalNutritionbusinessincreasedby9.1%.Theyprogressedonall productcategories,particularlyinthePediatricssegment.ThedynamismofChina, TurkeyandBrazilhelpedoffsettheslowdownintheUnitedStatesandWestern Europe,followingthedisparitionofcertainproductsonthesematuremarkets. Offensivepolicyinnovationinalldivisions Todifferentiatethemselvesfromthecompetitionandstrengthenitspositions,Danone launchedmultipleproductsineachofitssegmentsin2012.Inaddition,ithasnumerous referencesalreadysoldinnewmarkets.TheWatersdivisionhasfocuseditseffortson improvingtheformatofthebottle,inordertoadaptittotheneedsofconsumers.The2.5 litersbottleofFontvellawaslaunchedinSpain,forconsumptionduringmeals.The
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innovationsoftheFreshDairyProductsdivisionconcernedmainlythedifferentiationof yoghurts,withthegeneralizationofpot"Kiss"("Keepitsimpleandsafe",moreslender shape,roundedbottom,etc).StudiesconductedbytheNutritionbusinesschildhave, meanwhile,focusedonfoodduringthefirstthreeyearschildren,aswellasthespecific needsofconsumersaccordingtogeographicalareas.Finally,theMedicalNutrition divisionprimarilyfocusedhisresearchontheproblemsofaging,includingAlzheimer's disease.Inatotalof12clinicalstudiescarriedoutbyteamsofResearch&Development group,19productsweredevelopedorimprovedduring2012. Emergingmarketsasgrowthdrivers In2012,Danonehascontinueditsstrategyofdevelopmentincountrieswithhighgrowth potential,primarilywithinallcalled"MICRUB"Mexico,Indonesia,China,Russia,United StatesandBrazil.Facedwiththematurityoftraditionalmarkets,andeconomicalcrisis affectingEurope,newgrowthdriversarerequired.Russiaisthusbecomingthemain marketofthegroup,withFranceintermsofturnover,resultingbytheendof2010with Unimilkmerger.In2012,emergingeconomiescharacterizedbyaneteconomicand demographicdevelopmentandtheemergenceofamiddleclasshaveaccountedfor60% oftheturnover.ThisdynamicwasparticularlysupportedbythegrowthoftheDairyProducts segmentinBrazil(ActiviabrandsandDanoninho),aswellastheWatersdivisionin Indonesia(AquaandbrandsMizone).Danonehasconductednumerousoperationsof externalgrowthmarketswithstrongpotential.IthasstrengtheneditspositionintheUnited Statesbyacquiring,inMay2013,thecompanyHappyFamily,fourthplayerinthesegment ofthebabyfood,andYoCrunch,theleadingyogurtwith"Toppings(toppings)"(August 2013).InChina,DanonehaspartneredwithMengniu,inordertocreateajointventure.In Turkey,havingalreadyacquiredthecompanyHayat,DanoneacquiredSirma,another leaderinthewatermarket.InJune2012,theGroupalsoconductedamajoritytakeoverof theCentralDairyMorocco,leadingDairyproductsmanufacturerinNorthAfrica.

PartII:DanoneinChina InordertoenterChinaDanonehadtoassesstheMacroandMicroeconomicfactors,as wellastheculturalandpsychologicaldistancetodevelopanappropriatemanagementand marketingstrategy. ThedifficultyofdoingbusinessinChinawashighlightedintheDoingBusinessreport (2012)[8]whereChinaisranked91outof183economies.Additionallythepsychological distanceofaFrenchcompanyenteringaChinesemarketisrated90/100accordingto HakansonandAmbos(2010)[18],aparticularlyhighratingimplyingcarefulresearchupon

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entry.APestleanalysismainlypointsoutthepoliticalandlegaldifficultiesinvolvedwith investmentinChinaintermsoffacilitatingbusiness,wherecompaniesstrugglewithlocal counterfeitproducts,littlegovernmentsupportinlegalbattlesandparticularlyathriving doublebookkeepingmentalityiftoolittlecontrolispresent.(Kan,2008)[20]. Intermsofmarketentrymotivation(accordingtoDunningseclectictheory,1988,[15]) Danonesinternationalisationrequireslocalproductionduetothelargelyperishablenature ofdairyproducts.Theyrequireonsiteproductiontherebyalsoallowingbetteradaptationto localneedsandwants.ThismovetotheChinesemarketwaslargelymotivatedbyalow levelofgrowthinEuropeinthe90s,spawninginterestinhighpotentialdeveloping countries.ChinaGDPgrowthreached14.2%intheearly90swithaminimumgrowthrate of7.6%inthelate90s(IMF,[2012][21]).

Figure:UppsalaModel(JohansonandVahlne1977) AccordingtoKogutandSingh(1988)[22]themethodofJointVenturesisonethatis favouredbycompanieswithFrenchheadquarterssuchasDanone,andsupportsan Uppsalamodel(FigureUppsalamodel)ofpartialknowledgeandcommitmenttothe market. DanoneinvestedinJointVenturestotakeadvantageoflocalexperienceandknowhow. Thegoalwastogetproductrecognitionandadoption(Euromonitor,2010)[23],aswellas

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toaligntolocalregulatoryknowledge(TheEconomist,2007)[24]. ArguablytheBrandawarenessinChinacanlargelybeattributedtoitsjointventure selectionwiththetop3largestYogurtbrandsinChina(Wahaha,Mengniu,andBrightDairy andFoodCo:14,12and11%MarketSharerespectivelyEuromonitor,2011)[23].

Figure:DanoneLogoinChina ThedifferenceinyogurtconsumptionbetweenwesternpopulationandChinesepopulation isahugebarrierforDanone.TheaverageyearlyconsumptioninChinaisof7kgper personcomparedwith20kginWesternEurope(Danone,2012c)[12].Howeverthe companyhasmanagedtotakeadvantageofarecentstudymentioningadeficiencyin calciumandvitamins(Wangetal.2010)[28]whichspawnedgovernmentinitiativesto encouragecalciumconsumption(KPMG,2008). WithfewexpatriateemployeespresentonthegroundDanonehasfavouredalocal approachandcustomisedproductofferinginChina(Giorgini,2009)[17].Themainissue howeverhasbeenthatcontrolwaslowandthereforeopenedupthedangerof mismanagement. OneofthemainchallengeswhichplaguedDanoneandotherEuropeanentriesinChinais competitionfromlocalfirmsofferingsimilarproductsatlowerprices(Poiroux,2006)[25]. AsaresultDanonehaschangeditspricingstrategyfrommiddlerangetoaluxury productranges(LeFigaro,2011)[14].ThiswassupportedbyastudylinkingDanoneBio yogurtwithpositiveeffectspreventingconstipation(Danone,2009)whichincreasedthe luxuryandhealthproductbrandimage.Danonehasshowntheabilitytoadaptitsproducts tothelocalculturebylinkingitsproductstohealthbenefits,animportantaspectofthe Chineseculture. ThischangeditspricingstrategyfromaMarketpenetrationtoaMarketSkimming marketingstrategy.GreyMarketsfromcompetitionremainastrongissueinChina.To respondtothisthreatDanonehaseitherseekedcollaborationwithcounterfeitproduct
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sites,orhadtoresorttolegalactions,thoughmostgovernmentcontrolgenerallyhadlittle impactonthisissue(Poiroux,2006)[25]. ThesituationinChinaisastruggleandasourceofconcernforDanone. Whilegreatgrowthprospectscouldyieldgreatresultsanddiversifyaportfoliothatisoverly reliantonHomecountryresults,atthesametimeDanonehasfacedgreatdifficultiesinits JointVentures.Arelativelyhighpowerdistancecoupledwithahighuncertaintyavoidance rateisculturallyhighinFrance(Hofstede,1980)[19]whichjustifiestheuseofhighcontrol entrymodels.HoweverinthecaseoftheJVwiththeWahahagroupitactuallyofferedlittle controlwithDanoneofficershavingneverparticipatedinthedaytodayactivities (Giorgini,2009)[17].In2009itendeditsJointVenturewiththeWahahagroupduetothe developmentofcamouflagedparallelcompaniesrunbyitsbusinesspartnerandJVCEO ZongQinghou(NewYorkTimes,2009)[26].Thispublicscandalfurtherharmedthegroup asDanonewasbrandedarascalandimperialist,whicharenegativelylinkedtothe CountryofOrigineffect(Schooler,1965)[27],seeanalysisofthisinPartIIIofthis document. OntheotherhandduetorecentfoodscaresinvolvingMengniuinparticularthenegative countryoforigineffectmaybecounteractedbyassociationwithhighersafetystandards, asthiswouldfitinwellwiththenewhigherqualitypriceandpositioningstrategy. ArecentpressreleasehasclarifiedDanonesaiminChinaistoremainpresentandbuild onitsbabyfoodstrengthstodevelopfinancialreturnsandbeabletoattackandgrowin chinainthenext1015years.(Bouckley,2012)[2].ThisisatroublingthoughtasDanone appearstobereducingitspresenceandproductioncapabilitiesinmainlandChina. Itretainsasteady16%marketshareinshanghaiwithitsBIOproductwhichgivesita stablefootholdintheChinesemarketuntilitdecidestoredevelopitsactivitiesthere. Thebarrierstoentryonthechinesemarketarethefollowing: Ethnocentric:thechinescultureisveryfocusedonitself,itisacontinentalmajor countrywhichisnotusedtoimportingcultureorfoods, Lackofrefrigerators, Chopssticksusedwithmealconsumption, Lactoseintolerant, YogurttoocostlyforaverageChinesehousehold. TheseelementshavenotbeencoveredbeforehandbytheDanonemanagement. JointVentureWahahaDanone InouranalysisoftheinterculturalmanagementofDanoneinChina,wewillfocusontheJV betweenWahahaandDanone.TheepisodesoftheJVarethefollowing:
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 NegotiationstoGainaShareoftheNonJVs: Dec.9,2006FranckRiboud,DanoneschairmansignedalegalagreementwithZong. ItprovidedfortheintegrationofthenonJVsintotheJV.i.e.Danonewouldacquirea51% stakeinthenonJVsforRMB4billion($544million). However,Zongrejectedtheofferlateron. ThePublicSaga April3,2007anarticleentitledWahahaVictimofLowballBuyoutby DanonewaspublishedonthewebsiteofXinhuawhichgeneratesheated publicdebate. April5,2007DanoneheldapressconferenceinShanghaisayingthatits proposedacquisitionof51%ofthenonJVswasincompliancewithrelevant lawsandregulationsinChina. April8,2007Zongsaidthatbecauseofhisignoranceoftheimportanceof trademarkandbrand,thedevelopmentofWahahafellintoatrapdesigned byDanone.InChina,DanonesJVpartnersarenotonlyWahaha.For instance,DanoneisalsothebiggeststockholderinthemilkbrandMengniu andthejuicebrandHuiyuan. April9,2007DanonesendaformallettertotheChairmanofthe DanoneWahahaJVrequestinglegalactionagainstWahahaforillegal competitionandunlawfuluseoftheWahahatrademark,withagraceperiod of30days. May92007DanonefiledacaseforarbitrationagainstZongandWahahain Stockholm. June4,2007DanonefiledsuitinLosAngelessuperiorcourtagainstEver MapleandHongsheng,aswellasZongswifeanddaughterwhoranthetwo companies. June5,2007ZongresignedaschairmanoftheJVs.November10, 2007HabgzhouArbitrationCommitteeruledthatDanonehadfailedtofilea lawsuitwithinareasonabletimetosettlethedisputeofthetrademark transfer.TheWahahalabourunionaccusedDanoneofholdingsharesin companiesthatcompetedwiththe39DanoneWahahaJVs.
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 December18,2007Danoneannouncedtheautomaticterminationofits agreedJVwithMengliuDairyGroupbecausesomeoftheconditionsand prerequisiteshadnotbeenmetwithintheagreedtimeframe. December21,2007underpoliticalpressurefromtheirrespective governement,DanoneandWahahaagreedtosuspendtheirlegalbattleand resumenegotiations. PartIII:Interculturalmanagement Inthispartnership/JVepisodes,wenoticeseveraldifferentissues.Inthischapter,the issuesaregoingtobedescribedandasolutiontoaddressthemwillbeproposed. Weobservethattherearedifferentattitudestowardskeyissuesintheformationand operationofthejointventure.Therearemajordifferencesinbusinesscultureand expectationsastohowbusinessshouldandisbeingconducted. DanonecouldhaveassumedzeroknowledgeofhowthingsworkinChinaandatemptedto adjusttoworkinginChinatheChinesewayratherthanfollowingwhattheyusuallypractice elsewhere. ItseemsthattheChineseWahahaexpectationswerethattheir49%oftheJVmeantfull control,astheother51%weresplithalfhalfbetweenDanoneandPeregrinethroughthe SingaporeregisteredJinjia.DanonelatertookoverPeregrinespartgaining51%ofthe JV. Thetwocompanieslackedcommunications.Itwouldhavebeenamajorplustodiscuss andensurethatallpartiesunderstoodthestructureandthepossiblechangesincontrol overtheJV. Fromachangemanagementandinterculturalmanagementperspective,thefocusshould havebeenonbuildingasenseoftrustandofmutualrespectbetweenpartnersthatgo beyondthelegalbond.BothpartiescontibutesandgainsfromtheJV.ThroughthisJV, bothcompaniesgotmarried,yettheyneverwentonahoneymoontosealthebond. Trademarkcontrol:Wahaha,initiallybeingastateownedcompany,refusedthetransfer oftrademarkrightstothenewJValthoughthiswasinitiallythebasisforwhichtheJVwas formedupon. ConstantattemptbyDanonetoadheretheChinesetowesternuseoflegalmaneuvers andethicswasamistake.Itonlygrewthemistrustbetweenbothcompanies.Itwent
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againstamainculturalbarrier:ethnocentrism.Itservedtofuelthepublicdebatewhich designatedDanoneasaforeigndragon. OnesolutioncouldbetoensureasolidlocallegalfoundationtotheJVandtrytoclarifyall possiblemisunderstandingregardinginterpretationandusageofJVassets. ItisnecessarytoreachamutualunderstandingbetweenJVpartnersandgainsupportto theagreementwiththelocalauthorities. Managementstructure:EffectivecontrolofdailyoperationswashandedtoZongand Wahaha,asthelocalChinaexperts,whiletheonlyinvolvementofDanonehadwasthrough theboardofdirectors.Danonewasattemptingtoempowerthelocalpartnerandwasnot fullyawareofthepotentialimplications. InsteadallpartiesshouldbeinvolvedintheJVdailyoperationsthroughextensivemutual collaborations.HavingaChinesepartnershouldnotserveasanexcuseforstaying passive. Wahahautilizedthedealers,employeeunion,andmediainChina[28]toaffect Danonesacquisition.DealersandemployeeunionthreatenedtoboycottDanone.The founderandchairmanofWahaha,Mr.Zong,claimedthatDanoneknewallalongaboutthe parallelcompanies,grewjealousattheirprofitability.ChinesemediadescribedWahaha astheaggrievedpartyinordertoprotectoneofthebiggestChinesebeveragecompanies beingacquiredbyforeigncompaniesandputtremendouspressuretoDanone. DanonedidnotexpectsuchastronggregariousandsolidaritybehaviourinChina.The ChineseculturefavoursthegroupbeforetheindividualwhichisnotthecaseoftheFrench culture.Danonecouldhaveinvestigatedthisaspect.ItwaspossibleforDanoneto establishcommunicationwiththeChineseunionsandtoshowthemthatFrancealsohada unionculture.TheFrenchmanagementteamisusedtohandlediscussionwithunions,yet theydidnotleveragethisstrengthinapproachingthechinesemarket.Therewasalsothe possibilityofestablishingacommunicationcampaigntowardsthechinesepopulationin ordertodepictDanoneasapositiveplayerinthechineseeconomy:aninvestorcreating jobs,sharingknowledgeandbringingthisknowhowtoChina. Conclusion DanonehasapproachedtheChinesemarketthesamewayitapproachedalltheother foreignmarketsbycreatingajointventure,takingthecontroloftheboardandlettingthe localsrunthefirm.Theyhavenottakenintoaccountthespecificitiesofthechinesemarket withregardtogovernance,ethnocentricprideandnationalsolidarity.Thechinesesociety isacomplexintermixofgovernmentalandprivateinterests.Itencompassesseveral groupsofpower:investors,government,unions,journalist,population.Thiscomplexityhas
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notbeenanticipated,noranalysedorpreparedforbytheDanonemanagementteam. BIBLIOGRAPHY [1]BloombergBusinessweek,2012.Danone(BN:EN)Paris:People:FranckRiboud. [Online]Availableat: http://investing.businessweek.com/research/stocks/people/person.asp?personId=512033 & ticker=BN:FP[Accessedon11March2012] [2]Bouckley,B.,2012.WearequitenothinginAsianDairy,DanoneCEOadmits.Dairy Reporter. [Online]Availableat: http://www.dairyreporter.com/Financial/WearequitenothinginAsiandairyDanoneCEO admits [3]CIA,2012.TheWorldFactbook:China.[Online]Availableat: https://www.cia.gov/library/publications/theworldfactbook/geos/ch.html [4]Coface,2011.China.[Online]Availableat: http://www.cofaceusa.com/CofacePortal/US_en_EN/pages/home/risks_home/country_ris ks/country_file/China?extraUid=572105 [5]Coyle,A.,2011.Whereclearmarketsflow.EuropeanSupermarketMagazine.[Online] Availableat: http://www.esmmagazine.com/index.php?option=com_content&view=article&id=449:wher eclearwatersflow&catid=48:opinions [6]Culliney,K.,2012.MengniufalloutwillnotindefinitelybenefitNestlorDanone.Food NavigatorAsia. [Online]Availableat: http://www.foodnavigatorasia.com/Business/MengniufalloutwillnotindefinitelybenefitN estleorDanone [7]Danone,2011.InterimFinancialReportforthesixmonthperiodendedJune30,2011. [PDF] Availableat:http://media.corporateir.net/media_files/IROL/95/95168/Financial_Report.pdf

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[8]DoingBusiness,2012.EaseofdoingbusinessinChina.[Online]Availableat: http://www.doingbusiness.org/data/exploreeconomies/china#enforcingcontracts [9]Danone,2009.RapportEconomiqueetSocial2009.[Online]Availableat: http://danone09.danone.com/fr/ [10]Danone,2012a.Ourcompany:Introduction:PrincipalBrands[Online]Availableat: http://www.danone.com/en/company/introduction.html [11]Danone,2012b.DanoneintheWorld.[Online]Availableat: http://www.danone.com/en/company/globalpresence.html [12]Danone,2012c.DanoneOurMision.[Online]Availableat: http://www.danone.co.uk/AboutUs/Mission/ [13]Danone,2012d.Danone:OurBrands.[Online]Availableat: http://www.danone.com/en/brands/business/freshdairyproducts.html [14]DelaGueriviere,C.,2012.NestleetDanonecontraintsdefermerdesusinesen Chine.LeFigaro.[Online] http://www.lefigaro.fr/societes/2011/12/13/0401520111213ARTFIG00370nestleetdano necontraintsdefermerdesusinesenchine.php [15]Dunning,J.H.,1988.TheEclecticParadigmofInternationalProduction:A RestatementandSomePossibleExtensions.JournalofInternationalBusinessStudies, 19(1),pp.131 [16]FoodandDrinkBusiness,2010.DanoneandUnimilkfinalisemerger.[Online] Availableat:http://foodanddrinkbusiness.com/?tag=unimilk [17]Giorgini,M.,2009.DanoneVersusWahaha:Nooneislaughing.WorldwideERC. [Online] Availableat: http://www.worldwideerc.org/Blogs/China/Lists/Posts/Post.aspx?List=4216c9f19b914d5 69f0b10060e51c9a1&ID=53 [18]Hakanson,L.,Ambos,B.,2010.Theantecedentsofpsychicdistance.Journalof InternationalManagement16(3)pp.195210
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[19]Hofstede,G.,1980.Culturesconsequences:Internationaldifferencesinworkrelated issues. [20]Kan,Z.,2008,AnticounterfeitinginChina.UnitalemAttorneysatlaw.[Online]Available at: http://www.unitalen.com/html/report/112231.htm [21]IMF,2011.WorldEconomicOutlookrealGDPGrowth.[Online]Availableat: http://www.imf.org/external/datamapper/index.php [22]Kogut,B.,Singh,H.,1988.Theeffectonnationalcultureonthechoiceofentrymode. Journalofinternationalbusinessstudies,19(3),pp.411432 [23]Euromonitor,2011.YogurtandsourmilkdrinksinChina.[Online]Availableat: http://0www.portal.euromonitor.com.pugwash.lib.warwick.ac.uk/Portal/Pages/Search/Sear chResultsList.aspx [24]TheEconomist,2007.WahahaHaha!ThelessonsfromDanoneandHSBC'stroubled partnershipsinChina[Online] Availableat: http://www.economist.com/node/9040416 [25]Poiroux,D.,2006.SearchingforthewayinChina.In:SeminarBusinessLife.Paris: EcoledeParisduManagement [26]NewYorkTimes,2009.DanoneExitsChinaventureafteryearsoffighting.[Online] Availableat: http://dealbook.nytimes.com/2009/10/01/danoneexitschinaventureafteryearsoflegaldi spute/ [27]Schooler,R.D.,1965.ProductbiasintheCentralAmericancommonmarket,Journalof MarketingResearch,Vol2,No4,pp394397 [28]SampleStudentWrittenandPoliticalStrategy(andEthics)Case:GroupeDanoneand itsPartnershipwithWahahainChinabyZhiweiWang [29]XerfireportonDanone,September2013.
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