Hanze UAS

Daniel Goen - 285217

Liza Rietvelt 296664
Serena

Melenhorst

302345
Ayna Rafik - 352345
Karina

Almaguer

352346
Iris

Posthumus

302375
Assessor: Antonia Hein
IBC01 & IBC05
Word Count: 2,998

RESEARCH
PROPOSAL
This document contains the current progress on the research proposal. The
following documents have been attached; The company logo of the consulting
agency, the conceptual model, the research framework, central questions, and
a methodology.

Table of contents
Table of contents.................................................................................................... 2
Organizational Context........................................................................................... 3
The company...................................................................................................... 3
Mission & Vision.................................................................................................. 3
The Product......................................................................................................... 4
Target Group........................................................................................................ 4
Project Context....................................................................................................... 5
Research Framework.............................................................................................. 6
Theoretical Framework........................................................................................... 8
Hofstede, Hall & Kluckhohns theories on Cultural behaviour.............................8
Trompenaars Seven Dimensions of Culture.........................................................9
Hatch & Schultzs theories on Corporate Brand Alignment.................................9
AIDA model on Advertising and Marketing strategies.........................................9
Conceptual Model................................................................................................. 10
Research Questions.............................................................................................. 11
Research Strategy & Methodology.......................................................................11
Limitations............................................................................................................ 13
Reference............................................................................................................. 15
Appendices........................................................................................................... 17
Appendix A Planning....................................................................................... 17
Appendix B Porters five forces..........................................................................18
Appendix C Minutes of intake............................................................................ 20

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Organizational Context
The company
TGY is a young and dynamic start-up company based in Luxembourg. They
aim to build a communication bridge between the Chinese and the
western culture, by providing Internet and financial services to Chinese
businesses that want to enter the European market. The company was
founded in 2014 when two friends, Toby Fischer of German nationality and
Gary (Zhu Xinhua) of Chinese nationality, decided to bring their shared
knowledge and interest in bridging the Chinese culture with the European
culture to the next level. Later on Max (Zhipeng Chen) joined the two as he
specializes in accounting, finance and equity in the Chinese market, so
could therefore play an important role within their dynamic company. See
figure 1.1.

TGY

Max (Zhipeng
Toby Fischer
Chen)
CEO & Founder
Financial
Figure 1.1 Organizational chart
TGY
manager

Gary (Zhu
Xinhua)
Trading manager

Mission & Vision

TGY is still progressing its business plan, which includes a final statement
about the mission and vision of the company. However, they are adding
onto what they already have developed which is as follows: becoming one
of the leading companies in regards to facilitating in the financial field for
Chinese companies that want to enter the European market. At the same
time, TGY wants to focus upon attracting existing European companies
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that want to partner up with TGY to expand their network in order to

establish a bigger brand identity.

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The Product
TGY has worked closely with POST TELECOM in the previous years. POST
TELECOM is an already existing telecom provider in Luxembourg. Together
with POST TELECOM and International Communication students of the
Hanze University, they have created and designed a sim-card that
provides Internet services to Chinese tourists coming to Europe. This
product will be launched in the near future. The next project TGY wants to
bring to the European market includes financial packages for Chinese
businesses that want to enter the European market. Therefore, TGY aims
to be the contact person for companies and investors who are starting
their business in Europe and therefore take on a facilitator role in this
process.

TGYs target group division

Sim-card
Financial
packages

Internet services, Chinese tourists

coming
to Europe
Figure
1.2 TGYs
target group
Chinese businesses coming to Europe and investors,
law firms, accounting and consultancy firms based in
Europe

Target Group
TGYs target group are Chinese businesses coming to Europe and
investors, law firms, accounting and consultancy firms that are already
based in Europe. The financial packages they want to bring to the market
are mainly aimed at potential Chinese companies that want to enter the
European market. However, TGY focuses on existing law, accounting and
consulting firms that already operate in Europe to invest and partner up
with TGY to become a leading financial facilitator in order to bridge the
Chinese and European culture. By becoming a leading financial company,
one must have a suitable online image that will bring across their identity
in order to establish brand awareness among their potential clients and
possible partners.

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Project Context
Taking a more in-depth look into the services provided by TGY it is vitally
important for them that they operate in the financial sector. The world
operates and is connected everyday due to business and how it is
operated in the local and international way; managing welfare accordingly
is one of the main key points to lead a corporation to success (Raynor,
2013). According to the intake interview with TGY, it became clear that
they want to introduce themselves through their financial services. The
company is specifically looking for an appropriate online image to increase
their international network. For this project, the focus lays upon China and
Europe.
TGY would like to utilize their network and relations in order to create a
bridge between China and Europe through Luxembourg, by providing a
financial service package to Chinese businesses that are interested in
entering the European market. TGY will be greatly assisted in this process
by

students

of

the

IBS

(International

Business

School)

and

IBC

(International Business Communication) students.

For this project, New Horizon will take a closer look at the online
appearance of TGY, resulting in recommendations for the content of their
website to increase their online brand image. New Horizon has access to
TGYs first design of their website that will be used as an example concept
to provide TGY with recommendation regarding their online identity. As a
start-up company in this relatively new market it is highly important to
build a trustworthy image for their existing and potential new clients.
The research that was previously conducted by IBC students for TGY will
give New Horizon insights about the internal and external context of TGY
and will be used as preliminary research for this project. This will result in
creating a suitable advice regarding their online appearance.

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Overall, it is highly important to take the Chinese business culture into

account, as this will influence the business relationship with potential new
clients. Moreover, the wishes and demands of both parties, Chinese
businesses and the possible European partners, are also of key value when
creating a suitable corporate website for TGY.
In order to achieve the best possible research results one must formulate
an effective research objective. This can be done according to the
Designing a Research Project written by Verschuren and Doorewaard
(2010). This will help form the backbone of the research.

A research

objective must always be useful, realistic and feasible within the time
given, clear and informative. Therefore, the following research objective
was constructed:
The research objective is to make recommendations to TGY on how to
create an online identity via a corporate website by exploring the opinions
of businesses, partners and experts on corporate brand identity, cultural
differences and online strategies, and by making a comparison on cultural
differences and online corporate strategies.

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Research Framework

In order to determine the objective and gain quality result for the project,
a few theories are going to be applied to better understand the needed
objectives. Theories on Online Strategies, Theories on Chinese Culture,
Theories on Corporate Brand Identity and preliminary research was
thoroughly done to diagnose the main objective of the project.
In Theories on Online Identity, the idea of how organizations take action
and implement their ideas are observed and studied carefully as to see
how they achieve their objectives that they have thought out in the early
stage of building the organization. Thus, the aim is to ensure that enough
information is visible on the website to prevent misunderstandings among
their clients. Moreover, giving ensured and complete information on the
website is vitally important as consumers need to know what they will be
using, and in this case; the financial services provided by TGY.
Next, Theories on Chinese Culture are used in order to understand how
the Chinese build business relations, adapt to new cultures and how they
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will interpret verbal and nonverbal communication. To be able to

understand this, the theory was crucial in the sense that it was important
to understand properly on what kind of cultural background they have. By
conducting research, New Horizon is able to understand that the Chinese
tend to have a collectivistic culture (Hofstede, 1973). Moreover, they are
known to have a high context culture and that the hierarchy in their
culture is very strong. With this input, it will be easier to understand how
the Chinese are in their profession as their cultural background plays an
important role; ergo, it is understood what action should be taken in the
circumstances that one meets a Chinese stakeholder in order to ensure
mutual respect.
The last theories that are going to be applied are Theories on Corporate
Brand Identity, and with these theories, one is able to come up with
different ways to better understand and approach how to create an
attractive brand identity for TGY. In recent discussion, it has been said that
TGY needs help in modifying their logo and website to be more friendly,
informative and efficient. In order to do so, theories are going to be tested
and research is going to be conducted, which will ensure that all the
expectations of TGY in regards to their brand identity was achieved.
The preliminary research for the task are also taken into account as they
had previous projects already. New Horizon collected the necessary data in
order to have a better understanding on what kind of company TGY is and
what they do for clients in China and Europe. With these research findings,
New Horizon is able to fully comprehend on what they are aiming to do in
order to provide a financial service package for Chinese businesses that
want to enter the European market through Luxembourg.
After the findings and usage of all the three theories with the preliminary
research at hand, it is possible to move forward in order to accomplish the
main objective of the project. In regards to creating a brand image and
website for TGY, New Horizon has to be aware of the potential partners
that will be involved in the future. This is because some potential partners
might be interested in being involved in the financial services and the idea
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that TGY has come up with. By using the theories and research findings,
the partners can decide for themselves if they would want to be involved
in order for TGY to become a leading company with their financial
packages.
The three theoretical areas provided will also help to understand how the
experts have adapted themselves to the Chinese way of business. The
reason why experts were chosen to be one of the objects was that with
them, it was easier to understand how the Chinese do business and also
how they communicate in a business setting.
Despite the difference in culture, every institution has a goal and that is to
be able to provide maximum quality to their consumers. In regards to that,
New Horizon will be able to diagnose and understand how to strategize in
order to reach the expectations of TGY. The Chinese and Western cultures
make use of different methods in order to fulfil their customers needs and
with that as an example, New Horizon is able to move along on the
research project.
By having the partners (Atoz a.o.), businesses (China Capital inc.) and
experts; New Horizon is able to gain results on what should be done in
order to help solve the problem. When the research results are acquired, a
suitable recommendation will be constructed for TGY in order to be a top
leading organization that fulfils their customers needs.

Theoretical Framework
The theoretical framework will relate the theories to the research objective
and how it will put the research object in perspective. The following
theories were conducted.

Hofstede, Hall & Kluckhohns theories on Cultural behaviour

Hofstede (1991), Hall (1990) and Kluckhohn (1961) are all communication
professionals that all have models and theories about cultural behaviour.
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During this research it is important to look at the various norms and values
that define both the Western and Asian cultures. To be more specific, the
Chinese culture will be the host country for the target group of TGY.
Therefore, it is important to look at dimensions such as Power Distance,
Fast & Slow Messages, Long and Short-term orientation, and High & Low
context.

Trompenaars Seven Dimensions of Culture

Additionally, Trompenaars (2004) has also defined various dimensions that
are critical to thrive while doing business with different cultures. Therefore,
his theories have been examined to define the focal areas for TGY to
become aware of and improve on if necessary. For example, differences in
Achievement vs. Ascription, Individualism vs. Collectivism, and Sequential
Time vs. Synchronous Time will be important to focus on to ensure
successful business.

Hatch & Schultzs theories on Corporate Brand Alignment

According to Lorenz (n.d.), the value placed on Corporate Brand Alignment
is an important one for success. However, it is incredibly difficult to realize
due to few tools available. In his essay, he focuses on the VCI (Vision,
Culture, and Image) method by Hatch and Schultz (2001). This is also an
important method for TGY to make sure that the cultural transition
happens in the correct, most efficient way. Here, it will become possible to
root out any gaps in Vision, Culture or Image and align them using
discussion, debate, and diagnosis.

AIDA model on Advertising and Marketing strategies

This important theory stands for Attention, Interest, Desire, and Action
(AIDA), which are the four stages that a consumer, or possible partner,
goes through when looking at an advertisement created by the host
company (Lewis, 1800). For TGY it is extremely important to convey the
right message in concordance with the aforementioned theories on
cultural dimensions and the VCI method. Identifying the stages a
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consumer goes through before full attention is given to being vulnerable to

persuasion is of high importance, and thus, will be further explored in this
diagnostic research.

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Conceptual Model
To be able to visualize the right course to take, it is important to establish
what the key variables are. In this case, a formula is being used to shed
some light on the research process and its desired outcomes. With the eye
on the results of the research, recommendations can be made to establish
a strong online identity for TGY. This is not achievable however, until
several barriers have been overcome.

Firstly, a website needs to be established to ground the company within

the online environment. Without 'X', the outcome is not possible to
achieve, hence the accurate formula that guides the process. Secondly, a
website alone will not be successful if cultural differences are ignored as
well as having no unique identity that draws stakeholders in. Therefore,
the need for a strong brand identity is needed to achieve a global
presence both in the physical as well as in the online world. This is
identified as the 'Z' part of the chain. This is the final part in the chain as
having an online presence is an efficient step towards having a memorable
and inspiring brand identity. Additionally, it is important to realize the
differences in cultural values and norms. For example, during a business
deal it is important to keep in mind the value placed on power distance
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and relationship building, as well as a persons age. The same counts for
long term and short-term thinking, which are both different comparing the
West to Asia.

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Research Questions

Research Area 1: Online Corporate Strategies

Central Question:
How does online corporate strategy play a role in improving the company
in the online aspect?
a. What are current recurring elements in corporate websites?
b. What relevant non-online strategies can be used in online corporate
strategies?
c. What

necessary

content

are

appealing

to

online

corporate

strategies?

Research Area 2: Chinese Culture

Central Question:
What are the most important similarities and differences between the
Chinese culture that correlates in the EU and Chinese institutions?
a. On what level does the adaptation to Chinese culture is already
visible in the EU?
b. What interests do the EU companies have in partnering up with
Chinese institutions?
c. What are the effects regarding culture on the way the image of TGY
is perceived?

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Research Area 3: Corporate Brand Identity

Central Question: What kind of strategy does TGY need to follow;
keeping in mind the end goal is to be seen as a trustworthy company with
respect to the brand identity?
a. What kind of corporate brand identity does TGY currently have?
b. How can the corporate brand identity of TGY be relatable for both
the EU and Chinese institutions as clients?

Research Strategy & Methodology

It is chosen to conduct diagnostic opinion research as this suits the

practice-oriented view of the project and the current situation of TGY the
best. (Verschuren & Doorewaard, 2010) Furthermore, it has been decided
to use qualitative data such as conducting interviews with experts on
Chinese

(business)

culture

and

comparing

websites

of

possible

competitors and partners in order to come up with a suiting advice on the

corporate online identity of TGY.
For the execution of this research, New Horizon consultancies choose to do
case studies and interviews to gather data. The interviews are with
experts who will give access to the research objectives and will give a
better

insight

into

the

Chinese

Business

market.

Looking into the already existing partners of TGY, ATOZ and Fintech, it is
crucial for New Horizon to ask their opinions on the matter of doing
business with Chinese companies. In addition, the research strategy will be
an empirical strategy whereby New Horizon will receive opinions from
experts perceptions on doing business with Chinese institutions. Doing
interviews with experts enables one to become aware of differences in
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culture between Western business and Chinese businesses. The in-depth

interviews with European experts who have a Chinese background will
create a better, compared to surveys, a cultural contribution to the
research in doing business with China.
The case study and the interviews allow gathering qualitative data. The
case study compares different websites that are common and relevant for
the TGY website. Another strategy that is being used is benchmarking. By
comparing websites of competitors and possible partners, it is estimated
that one can derive the best content and information for the corporate
website of TGY.
Who
Companies
People
Competitors

Source
Chinese businesses
Experts
Websites of

Assessing
Case study
Interviews
Comparison

competitors

Table 1.1 Research strategy and Methodology

The case study establishes detailed information about the Chinese and
European institutions that will clarify the collected data. Experts will be
questioned via interviews with open questions to gather their perceptions,
attitudes and opinions about the topic.

Business

Who

Why

- Atoz

- Value
-

- Fin Tech
Experts

Professors

of

Hanze

Concrete

information
Professional

University with a Chinese

accessible

background

- Reliable

This method delivers in-depth information and will be used as a tool to

receive information regarding the topic of operating with Chinese
companies. (Saunders, Lewis & Thornhill, 2009) By establishing a detailed
research, the strategy allows to combine sources such as interviews and to
make a cross comparison of cases. (Verschuren, Doorewaard, 2010)
Table 1.2 Businesses and partners

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Results analyzed
In addition, information sources will give the research the opportunity to
present an advice. The results of the interviews will be transcripted and
analyzed. After the research, the conclusion and recommendations will be
implemented. The results of the case study will be analyzed via Microsoft
graphs.

Key message
The key message of the research project is: to improve the corporate
identity via the website of TGY.

Limitations
Due to the international nature of this assignment regarding the Chinese
culture, gathering data might prove to be difficult as most sources will only
converse in Mandarin. This will also count for any scholarly articles on
doing business in China. Furthermore, we have a need for experts whose
schedules could be filled up during the research period and cannot be
accessed; therefore it is recommended that appointments should be made
as soon as possible. In addition, due to cultural differences, translating to
Mandarin might be an option, however, this might cause misinterpretation
of any questions asked, corrupting the validity of results.

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Reference
Primary
Information and data acquired during the research period
Baumgartner, L., Chapple, T., Pesulima, A., Brunsen, J., Chereshniuk, T., &
Flick, T. (2016).
[unpublished report]. Groningen: Hanze Hogeschool.
Fischer, T. & Chen, Z. (2016). Intake meeting, History, Future and Strategy
of TGY. (Intake).
Retrieved February 17th 2016.
Secondary
AIDA Model. (n.d.). Retrieved March 16, 2016, from
http://communicationtheory.org/aida-model/
Hall, E. and Reed Hall, M. (1990). Understanding Cultural Differences.
Yarmouth:
Intercultural Press
Hollensen, S. (2012). Essentials of Global Marketing. P. 76-80. 2nd edition.
Essex: Pearson
Education Limited.
Hofstede, G. (1991). Cultures and organizations. Softeware of the Mind.
New York:McGraw
Hill.
Kluckhohn, F.R. and Strodtbeck, F.L. (1961). Variations in Value Orientation.
Evanston:
Evanston UP
Lorenz, J. G. (n.d.). Corporate Brand Management: Aligning Core Values,
Strategic Vision, Corporate Culture and Image. Corporate Brand Alignment.
Retrieved March 15, 2016, from
http://essay.utwente.nl/60563/1/MSc_Lorenz,_J.G..pdf
Nunez, C., Mahdi, R. N., & Popma, L. (2009). Intercultural sensitivity: From
denial to intercultural comptence. Assen: Royal Van Gorcum.
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Raynor, M. & Ahmed, M. (2013). Three Rules for Making a Company Truly
Great Retrieved
from https://hbr.org/2013/04/three-rules-for-making-a-company-trulygreat/
Saunders, M., Lewis, P. & Thornhill, A. (2009). Research methods for
business students.
5th ed. Pearson Education Limited: Edinburgh Gate
Trompenaars, F and Hampden Turner, C. (1998). Riding the Waves of
Culture. New York:
McGraw Hill, 2nd edition.
Trompenaars, A. (2004). Managing people across corporate cultures.
Oxford: Capstone.
Verschuren, P., Doorewaard, H. (2010). Designing a Research Project. 2de
ed. Eleven
International Publishing: The Hague

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Appendices
Appendix A Planning

Gantt chart made with the support of www.tomsplanner.com

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Appendix B
Porters five forces
In order to describe the competitive forces affecting the industry, the
model of Porters Five Forces is used, as it illustrates the competitiveness
of an industry. This model contains: (1) rivalry amongst competitors (2)
threat of potential entrants, (3) bargaining power of suppliers, (4)
bargaining power of buyers, and (5) threat of substitutes (Porter, 2007 in
Hollensen, 2012). Moreover, in order to simplify the analysis, there will be
looked at the industry in terms of providers of financial services in the EU.

2. Threat
of new
entrants:
High

3. Power
of
Suppliers:
High

1.
Industry
rivalry:
Low

4. Power
of Buyers:
High

5. Threat
of
Substitute
s:
Low

Fig. 1: Adapted from Porter 5 forces framework

The threat of rivalry in the industry is low, as the industry of offering

financial services and facilitation as one package is unique and TGYs USP.
Hence, this industry is relatively new and has not developed any threats of
rivalry yet.
Looking at new entrants, the threat of this force is high. As has been said,
the industry is quite new and has great potential. There is a high

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possibility of growth in the market. Also, it is relatively easy to enter this

new market, as there is no need to develop a tangible product. This means
that there are low to zero production costs and thus meaning that lowers
the threshold of entering the industry. Entering this market is extra
beneficial for new companies, as TGY is one of the first in the industry and
thus is the only competitor they will have to face.
When observing the force: power of suppliers, it can be concluded that this
power is high. TGY currently has only ATOZ, a tax advising company based
in Luxembourg. ATOZ can be a gateway for TGY to other partners and a
bigger network, as ATOZ has already established their own network and
their brand identity, and is one of the founders of Taxand. Since TGY is in
the stage of developing its brand identity and establishing a reliable
partner network in the EU, it is essential to keep ATOZ as its partner. Due
to this importance, ATOZ has quite some power towards TGY.
The power of the potential buyers of the financial services package of TGY
is also relatively high, as the target group of the company is very specific.
The service is aimed towards Chinese investors and companies which are
interested in entering the EU market through Luxembourg. Because of this
specificity, TGY needs to be very careful in how to market their service in
order to be successful with their target group.
However, looking at the threat of substitutes one can conclude that this
threat is low as TGY offers a very specific service. Therefore there are no
actual substitutes for the service TGY provides, mainly also due to the fact
that the market is relatively new and very specific. The facilitation of the
market entry in Luxembourg for Chinese companies by providing a
financial service package by TGY has not been done before and there are
now no substitutes yet.
To conclude, TGYs service is new and thus has great potential, without
having to worry about possible competitors or current substitutes.
However, the market is not very difficult to enter and this increases the
risk of new entrants. Moreover, the power of both suppliers and buyers are

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quite high due to the specificity of the service and target group, and due
to the fact that TGY has not established a corporate brand identity yet.

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Appendix C

Minutes of intake

th

Date: 17 February 2016

Day: Wednesday
Time: 10am
Client: Max and Tobias
Spoke person: Daniel, Alex and Huyen
Priority: Help Chinese financial institutions to enter Europe market and
analyse the EU market into China.
- Greeting from all parties.
- Presentation slides by client:
Toby:
-

start-up in summer 2014, founded by Toby and Gary (EU and

Chinese)
the project now has more expertise from Max, Spring 2016.
Autumn 2015; Target: China and Chinese tourist in Europe to provide
them mobile internet.
Trading is not the focus at the moment.

Max:
-

Financial CEO
ATOZ: major partner in Luxembourg
China and Europe is closely related to each other in the financial
sector, therefore we grab the opportunity.
Reason: investment flows from both directions; China is investing in a
lot of companies in Europe and vice versa.
Offer Chinese institutions to set up business in Luxembourg and also
in Luxembourg offer financial strategies of stock exchange.
Chinese investors are interested in the market.
How to structure tax is involve.
Development: design logos, marketing campaign with valuable
partners to formulate our packages.

Toby:
-

The ICT sector in FINTECH is used: help FINTECH companies in EU and

also find connections in China to help them in the Chinese market.
We can see who can find strategies in the ICT sector in regards of
FINTECH.
Development Overview: We need an image on the website, some kind
of campaign to help, structure the vision and mission and also
business model.

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Daniel:
-

The most important factor in Chinese business is to not think to teach

the Chinese people because we need to be sure and adapt ourselves
because CH has been more developed than the EU.
Company culture of TGY: young and working hard, adjust and trying
to get the most out of EU and CH. In terms of Luxembourg, it seems a
bit unusual because we are not like other start-ups. To run a start-up
is very different because of time difference, late nights and
challenging.
Mission and vision skeleton made up: work together and create an
image in Luxem and CH. Need to develop intensively for the next
week in order to identify ourselves better. Create brand in financial
sector.
Experience in working with previous students: 1 st group was about an
app; that turned out really well. 2 nd group worked on the sim card.
Reports we received were interesting and the final product are useful
to partners (POST Telecom)

Alex:
-

Message to bring across: identify the message as a ChineseEuropean. Therefore, better packages and better services. Find out
more on a clear image on the branches that is able to launch the
website. Needs to be well seen in China. Beneficial that Luxembourg
has no idea about what China is, therefore we need to communicate
everything correctly. Get an overview of China via LinkedIn.
Other services: Financial services are offered currently. We combine
the lawyer, consultancy services in one packages so that it is easier
for the Chinese market to enter the EU market.
What do you want the customers to think when they see the logo: the
logo can be adjusted to the sector. In terms of China, find a logo that
is in both directions.
See TGY in the next 5 years: move quickly and go to the
telecommunication sector. In 5 years, training will already be taken
place. Each sector needs to have a leader to ensure it does not
divide. In 5 years, it will be boosted in each sector.

Huyen:
-

Which aspect of the image do you want to improve more in regards of

the company: we have to consider ourselves a start-up, we need to
find a law firm in order to hire them for the services. How we can
combine as a flexible start-up and also professional provider.
Which channels have proven to be most successful when you reach
your target groups: social media and online communication. Need to
do more research on that area.

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Top competitor and why do you consider them: accounting and law
firms are our biggest competitor. In the other direction, for EU
investors can see us as a way in China. Through the practice of the
sim card, accounting and law firms lack knowledge on the Chinese
market. We want to define ourselves as a firm that has first-hand
knowledge in Chinese market.
Biggest opportunities and challenges: CH and EU are well connected,
especially Luxembourg as it holds a lot of financial institutions as it is
like a gate to enter the Chinese market. There are lot of active firms
in CH, and a lot are investing in start-ups. Realise their value in
Chinese market. A lot of Chinese market wants to buy private banks
in EU because they have a lot of history and more mature and it is
also advantages to us.
Who is the target group in regards of the financial services and also
demographic of the stakeholders: 1st are the bank as 6 of them are
already in Luxembourg. 2nd are the private owned banks in EU. There
are 28 banks in China and they are our potential customers that can
open their bank in Luxembourg. Most banks have their branch in HK
as it is their gate to international market. 3 rd. and 4th. More
advanced technologies, yet not all are skilled enough.

Antonia:
-

Budget: ideal resource and we have strong competitors. We want to

know the prices that other service providers offer.
We need to have focus groups in order to work properly.

New Horizon Consultancy TGY

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