Marketing plan (development of marketing objectives and the relative marketing strategies) of Tencent

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Executive summary

 

Tencent, Inc was set up in the late 1998; with dramatic growth Tencent has established itself as the largest and most used internet service portal in the mainland of China. Base on the internet Tencent provides products and service ranging from online game, search engine, instant messaging platform, email, on-line shopping, and blog and so on. In this marketing plan only the instant messaging platform (QQ) and its relative service and products will be selected as the research target to make the plan more representative and detailed. Besides the choose of the product, this marketing plan will also focus on the development of marketing objectives and the relative marketing strategies after the brief situational audit on Tencent.

 

Figure 1.0 Baidu, Google.cn/Google. Hk, SoSo China traffic ranking………………..9

Figure 2.0 Tencent’s advertising revenue forecasts (quarterly)………………………..9

Figure 3.0 2010 marketing program and budget……………………………………..18

Figure 4.0 2011 marketing program and budget……………………………………..19

Figure 5.0 2012 marketing program and budget……………………………………..19

Figure 6.0 Projected profit and loss statement……………………………………….20

 

 

Content page

Executive summary………………………………………………………………………………………….. 1

1.     Situation analysis………………………………………………………………………………………. 4

1.1      The market………………………………………………………………………………………. 4

1.1.1     Market size…………………………………………………………………………….. 4

1.1.2     Market share…………………………………………………………………………… 4

1.1.3     Market trends…………………………………………………………………………. 5

1.2      Distribution……………………………………………………………………………………. 10

2.     Mission and objectives……………………………………………………………………………… 10

2.1      Corporate objectives……………………………………………………………………….. 11

2.2      Marketing objectives………………………………………………………………………. 11

3.     Strategies………………………………………………………………………………………………… 11

3.1      Segmentation…………………………………………………………………………………. 11

3.2      Positioning…………………………………………………………………………………….. 12

4.     Tactics and operation plan………………………………………………………………………… 13

4.1      Product decisions…………………………………………………………………………… 13

4.1.1     Product width and product length…………………………………………… 13

4.2      Pricing decisions…………………………………………………………………………….. 14

4.3      Distribution decisions……………………………………………………………………… 15

4.4      Promotion decisions……………………………………………………………………….. 16

5.     Budgets and action programs for 2010, 2011 and 2012………………………………… 17

6.     Control and feedback………………………………………………………………………………. 20

6.1      Market share analysis………………………………………………………………………. 20

6.2      Profitability by product…………………………………………………………………… 20

Reference……………………………………………………………………………………………………… 22


1.      Situation analysis

 

1.1    The market

 

1.1.1            Market size

 

With the continual economy growth in the world’s most populous economy, the number of internet users in China experiences even faster speed of increases. The number of interne t user in 2005 was about 11.8, but it increased to 298 million in 2008 (The World Bank 2009) which means the market size had almost expanded by three times just three years from 2005 to 2008 which is astonishing to the world and also attracting to the internet service providers including the industry leader Tencent to be more firmed in investing in the Chinese internet service.

 

1.1.2            Market share

 

In term of market value, according to the latest news Tencent is ranked the first in the Chinese top 5 internet companies with about 39 billion US dollar leading the second, Baidu which is no.1 search engine in China with USD 24.7 billion market value and the third Alibaba which has only 98 million (China Internet Market Guide 2010). And in its core product, the QQ instant messenger, the number of registration has reached 1.057 billion in 2009 and the active users also reached 484.9 million (Tencent official website 2010) and this number according to some other investigations has exceed 500 million which is understandable with QQ’s continual popularity and dominance in the Chinese market. Considering that the number of the internet user at the same period and the commence that many of the QQ user will have more than one QQ account, the conclusion will also be that the QQ has been widely used and even dominated the instant messenger market in China.

 

1.1.3            Market trends

 

1.1.3.1      SLEPT analysis

 

Before forming a business plan, it is important to scan the external environmental factors, and SLEPT provides a comprehensive investigation of the social, legal, economic, political and technological environmental factors that has influence to a company (Unknown 2005).

 

The social factors refer to the shared value and cultural and the relative conventions that have influences to people’s life including the business sector. And in the internet business industry, the Chinese market has more social and cultural convention driven potential growth than many other western countries. Chinese culture is classified as a high cultural context which means that people in China will spend more effort in the communication between people and other social activities. This may explains the fact that the QQ instant messenger has more complicated and detail classified emotion icons than its international competitor MSN. According a recent survey done by McKinsey (2009), citizens in the 60 largest cities in China spend about 70 percent of their leisure time on the internet, and this percentage in the people living in the towns is 50 percent. Taking into the consideration of large population and the high culture context, the market for instant messenger is enormous.

 

The legal system in China is special compared to other legal jurisdictions; the construction of the legal system in China has close relationship with the political forces, ideologies and traditional Confucian culture. The law system of China has been said not to be independent from the political pressure in term of direct intervention of some special case by the governments. But with the economy reform and opening up, the jurisdiction system of China also undergoes rapid changes and development. And the fast changing juridical system has posted uncertainties to the business sector especially in the internet industry where the laws are not yet perfect enough to supervise business behaviors there.

 

In term of economy, Chinese economy has been keeping a fast growth rate of about 10 percent in GDP since the 1990s with the policy to attract amount of foreign investment with its low cost competitiveness. Even in the last year during which the economy of China had been hit by the economy slow down driven by the economy crisis in the western countries from which the major buyers of the Made in China products are from, the GDP growth was still maintaining a sustainable growth of 8.7 percent (National Bureau of Statistics of China 2009) with the government’s effort to stimulate the domestic consumption. The long adopted export oriented growth mode in China has been criticized by many economies as not sustainable especially with the increases of the labor cost in China, but last year’s performance has proved the potential domestic consumption could keep the economy in continual growth.

 

Political environment in China has long been said to be of great uncertainty to the major western opinion in analyzing the investment environment of China. But the last three decade’s performance of the Chinese government which had been dedicated to the economy growth has shown that the political situation in China is very stable and only under such political stability the economy could maintain such fast growth. One special feature of the Chinese political environment is the one party dominance in the politics. But such a relatively less democratic system seems to keep a more stable political status than many western developed countries.

 

In term of technology development, though the total technology level is still much far away from the global leading level, but in some areas breakthroughs have been made through high rate of investment in the research and development activities. The successful story of Haier, one of the most famous Chinese in the world, shows the how the Chinese firms catch up with their foreign counterparts in term of technology. Haier stated its business by buying a German fridge production line about 20 years ago (Unknown 2009), with continual improvement in skills and technology and buying copyrights from the developed countries, Chinese companies manage to narrow up the technological gap between Chinese companies and international competitors.

 

1.1.3.2      SWOT analysis

 

SWOT analysis is a basic and simple framework that offers direction and guidance to prepare the base for the development of a marketing plan (Danca 1999). Though simple, SWOT is a balance analysis of the business environment by analyzing both internal (Strengths and weaknesses) and external (Opportunities and threats) environments of the companies.

 

For the strengths of Tencent, the government preference offers very good protection to the domestic internet companies and Tencent is benefits very much from such protection. With the close relationship with the governments, Tencent enjoys more initiative than the foreign competitors. What is more, in the Chinese market, the dominant market share also provides the major source of the competitiveness of the company. Another strength is that Tencent owns in the domestic internet industry is its patents. According to the “Tencent Patent Statistical Seasonal Report”, by the second season of 2008, Tencent had applied for about 1645 patents of which 86 has been authorized finally and these numbers had exceeded the total number of the applied or approved patents of the rest internet companies (Unknown 2008). These patents not only will provide core competitiveness at present by will create barriers to the entry of potential competitors.

 

For the weaknesses of the Tencent, there are at least two weaknesses that could be easily indentified. Firstly, Tencent tries to cover all the user groups from youth, adults and old people of all the occupations. Also it provides many other services such as online games and with the offer of so many these products and services there seems to be no major focus. In this case, the capacity to install a QQ instance messenger is 4 times more than MSN. By focusing on more various areas, Tencent has lost its focuses in its strategies. In contrast, the software of MSN is simpler and it focuses more in attracting the office employees. It is with less carton feature that QQ has, and it is easier handled by users while QQ has complicated panels that contain everything that people may want to get on the internet. Also, MSN has advantages in the compatibility with the major computer system: Microsoft series such as XP and Win 7. Another disadvantage of QQ is that limit many attracting and useful functions to those who are not willing to pay to use those services. This in the long run will reduce the incentive of users to use QQ because it is not fare to every user. Also by introducing a lot of popup advertisements, QQ has gained very bad reputation in part of the QQ users.

 

Despite the disadvantages that Tencent has now especially in its major product QQ instance messenger, there are still many opportunities in the internet industry for Tencent. One of the most promised opportunities comes from the search SoSo of Tencent has great potential to bring revenue growth point to the company in the near future. According to the analysis and prediction from Credit Suises as shown in the Figure 1.0 below that the users of the SoSo search engine has been increasing and getting close to the domestic search giant Baidu and the global search engine leader Google. And the Figure 2.0 also shows that the revenue that contributed by SoSo in the fourth quarter of 2009 decreased greatly as it separated its search engine from the cooperation with Google from 30 million to 8 million but the revenue will be expected to raise and back to the same level in the end of 2010.

 

Figure 1.0 Baidu, Google.cn/Google. Hk, SoSo China traffic ranking

 

 

Figure 2.0 Tencent’s advertising revenue forecasts (quarterly)

 

For the threats to Tencent, much threat come from its competitors such as Gtalk, Yahoo messenger, MSN, ICQ and the domestic competitor Sina UC and YY and so on. Take the Sina UC and YY from Duowan as examples. These two instant messengers base on the group voice chat and they are both close relate to the online games such as World of Warcraft and Cross Fire which are populous in the mainland of China. But Tencent is slow in reacting to this trend and gave enough of room for growth to its competitors. Another threat is from the Tencent itself because of the integration of many functions into the QQ instant messenger account especially the Q money which is visual money but is very valuable like money; this has caused great incentives for the hackers to steal the QQ account to get access to the Q money. So the safety of the accounts on the internet poses threat to the development of Tencent.

 

1.2    Distribution

 

The distribution of the internet visual products majorly accounts on the users’ download from the official website of Tencent and the other partner or non-partnership website because with the popularity of Tencent’s products and service, many website will provide the download of Tencent’s products to attract visits from Chinese users. What’s more, the software of Tencent could also be accessed through buying the discs in the computer market. Also, the Tencent is the biggest internet community in China, and QQ is the most used platform through which the current users could access to many products that are belong to Tencent and distributions of the products within current users becomes a very important way of distribution of Tencent.

 

2.        Mission and objectives

 

Now the company has already established itself as leading firm in the internet industry covering almost every area that have connections with the internet which together create the largest internet community in China. In the coming 5 years’ term, the company will continue its strategic goal of providing Chinese internet users with “one-stop online life service” with the increasing focus of the value-added wireless services in the mobile phone.

 

 

 

 

2.1    Corporate objectives

 

The mission of Tencent is to become the most respected internet enterprise with good fulfillment of corporate social responsibilities to the society (Unknown 2010).

 

2.2    Marketing objectives

 

As the leader of the internet service in China, considering the fact that QQ instant messenger is losing its market share to MSN, so in term of market share, the next three years’ goal for QQ instant messenger is to regain the users from the hand of MSN of Microsoft to maintain the dominant position in China. To be more specific, the target of the market share is to regain XX percent from the current XX percent with the focus on four major areas: online game, 3g and value added service in the mobile phone, advertisement and search engine (Tencent 2009 Annual report, 2010). And in term of the revenue the company has set the goal of a 30% year on year growth for the next three fiscal years. And in term of the net profit, due to the heavily investment in the Tencent research center which is expected to require continual investment in the next few years which decreases the expected net profit in the next three years from 85.2% in 2009 fiscal year to about 70%

 

3.        Strategies

 

3.1    Segmentation

 

Market segmentation is a kind of strategy that divides the market into different group of consumers by various measurements who share common needs and application for the goods and services (Wedel & Kamakura 2000). In many industries, mass production and marketing has become history with the strengthening of the heterogeneity of the customers’ needs and increasing competitive business environment. One of the most evident benefits of the using of market segmentation is that it can help the marketers to better satisfy the customized needs of the consumers with customized marketing plan and thus gain the core competitiveness to lead in the segment market.

 

As for the internet industry, the internet users can be divided into three major groups by age: the first age group range from 10 to 25 who are in their young age and mostly are students and easily get attracted by new things; the second age group cover the people from 26-50 who are mostly at work and busy with the work and family as the majority of them are married; the last age group are involving people that are more than 50 and most of them are retired and not very familiar in the use of computer and internet.

 

3.2    Positioning

 

While QQ’s major competitor MSN has very clear market positioning which is to provide an internet platform to the white collars that are in their rising period no matter in term of social status or purchasing power, this positioning strategy has been many time restated by the senior management of MSN. And the investigation carried out Iresearch demonstrated that the internet users of MSN age from 25 to 35 with strong purchasing power, this also proved this positioning strategy to be effective and customized designed (Iresearch 2009). This research also shows that Tencent QQ instant messenger has different positioning strategy as the major QQ users are ageing from 14 to 20. With a review of the internet user grouping as mentioned above, obviously MSN has chosen the second user group while the QQ has chosen the first user group. As Tencent’s CEO Ma Hua Teng said in public that QQ will differentiate from MSN in order to avoid in crush with Microsoft.

 

 

4.         Tactics and operation plan

 

4.1    Product decisions

 

4.1.1            Product width and product length

 

In term of product width, as mentioned above Tencent has been doing a lot of business covering various internet products. The products and services can be classified as following: communication, social community, casual small games, online games, intant competitive games, wireless value added services based on mobile phone, online C2C shooping mall, payment channel. With the involvement in various internet products, Tencent has proven its corporate object to build the most comprensive virtual community in China within which people could do everything that could be done on the internet even without visiting other websites.  In term of the length of the major products of Tencent, let’s focus on its core product: the QQ instant messenger as an example.

 

There are five types of QQ with various versions of each type of QQ that have been updating all the time. The first type is the traditional QQ which has been designed to communicate people based on the Microsoft windows system, it is the most functional one among the four kind of QQ, also QQ’s creativity and originality is demonstrated well in this type of QQ by introducing beautiful and wonderful functions that are very popular among the young people such as the carton style look and mass emotional icons and self edited picture function. Through this type of QQ users can accessed almost every product and service that Tencent has offered such as email, QQ music, Paipai which is the second largest online C2C business website and so on, it is a platform of many assessable software that provided by Tencent. In most cases, the QQ account would be needed in order for users to attend to such service which will enhance the usage of the QQ. The second type of QQ is the TM which is short for Tencent Messenger, has different features. It is focusing on the usage in office environment because it is quite, efficient, simplified without pop up advertisement. TM focus on the office personal communication, it is designed for while collars rather than the young attention seekers who are eger to show their personal characters. The third type of QQ is the web QQ which is a simplified version of traditional QQ for those who want or need to chat on the internet browser. The fourth of QQ is the mobile QQ which is widely used in the mobile phone users in China. But take note that only the traditional QQ will have the pop up advertisement which brings large amount of revenue for Tencent.

 

4.2    Pricing decisions

 

In term of pricing decision of the product of QQ instant messenger, Tencent is using a mixed strategy of both premium pricing and psychological pricing. Premium pricing is a pricing strategy to set price of a product or service in a artificially high level in order to persuade premium perceptions within the buyers, based solely on the price (Christopher 2002). And psychological pricing refers to setting the price points such as RM 9.99 and RM 8.8 which is a tactic that is widely used in the business practices in determining the final price of a product or a kind of service. Psychological pricing is base theory that certain price points have certain psychological meanings which are preferable and acceptable to the certain culture groups (Naqle & Holden 2001).

 

As for general instant messengers such as MSN and Fetion, there will be no charges for using the full functions of the messengers. But for QQ, Tencent provides VIP membership with charges since year 2000. Some of the functions are restricted for to VIP usage only such as red name, personal dynamic icons and editing picture in carton style and so on, in order to use the full functions of the QQ, users need to pay on a month basis to become and remain QQ VIP which means if the VIP member stop paying the fees the membership will be stop immediately. Except the VIP membership, QQ also charges the relative QQ service under the title of diamond series. For example, every QQ users can listen to the music using QQ music player but only when those users who have already paid to buy the green diamond could access to the premium connecting to the QQ music user. Also there will be no limitation on the times of sharing music in the QQ instant messenger. Other diamonds include pink diamond, blue diamond, red diamond and yellow diamond and so on, all of them have clear link to certain services. Users who want to become distinct and exceptional will have to buy all these VIP membership and diamonds. Such hierarchical user grouping system suits well to the young users who are eager to show off their characteristics within the peers.

 

Another strategy that Tencent adopts in pricing setting is the psychological pricing strategy. For example, the price for every diamond is RMB 10 per month, but if the buyer is a QQ VIP or making the payment with the China pay or credit card, there will be a 10.2% off discount which make the final price become RMB 8.8. And number 8 means prosperity in China and is welcome among Chinese culture.  The pricing strategy of other Tencent products also reflects the adoption of psychological pricing.

 

4.3    Distribution decisions

 

The distribution of the online service involves the building up of the delivery system through which the customers could access to the products and services offered. As for Tencent, its various software and services could be downloaded on many websites that have cooperative relationships with Tencent. Also the QQ account and money could be traded in many online trade markets such as the biggest online shopping mall Taobao.

 

Even though the internet services are intangible, but they still can not be created and delivered without the servers, technicians, website editors and so on, these are all physical inputs. And management of these physical inputs is also very important to the normal operation of the business. What’s more, in order to reduce the situation of continual overload of the servers, Tencent had changed its online rewards from a every hour basis (24 hours nonstop) to rewards on at least two hours every day to avoid the continual overload of the servers. This reduced the demand of being online for 24 hours a day for the QQ users.

 

4.4    Promotion decisions

 

Promotion is the most known marketing mix elements in the four 4Ps and it refer to the communication link between the sellers and the buyers through influencing, informing and persuading a potential buyer’s purchasing decision (Dave 2010). In other words, the promotion mix aims at repeating the providing information that there are good products which are in reasonable prices to the particular targeted groups of consumers. The promotion strategy is of great importance for two major reasons. Firstly, it persuades potential consumers to try to use the certain products in the first time, and without the first trying the products the quality and functions of the products will not even be known by the target consumers. Secondly, the promotion activities such as routine TV advertisements could keep reminding and reinforcing the brand of the certain products and service to prevent that the regular users of the products will be lost to competitors as every brand is trying to expanding its user base in the competitive market.

 

Elements of the promotion mix usually include: personal selling, sales promotion, public relations, trade fair and exhibitions, advertising, sponsorship and direct mail. And to Tencent, sponsorship and advertising and public relations play important roles in the company’s promotion strategies.

As a domestic and local internet service provider, Tencent has been actively promoting its popularity by sponsoring a lot of events such as CBA (China Basketball Association) teams, F1, Tennis, and a lot of campus activities to increase its brand exposure by local or national media coverage. For example, early in April 2010 Tencent had announced the sole senior internet service provider to the 2010 Shanghai World Expo (Unknown 2008). Tencent will be fully in charge of the building of the official website of the 2010 World Expo and the release of the content and he building of the internet platform. With the large number of people who go to visit the Shanghai Expo inside the country and everyday news report for the event in the major media in China which will last for almost on year, the exposure of its senior sponsor Tencent is also increasing greatly. And what is more, the sponsorship of this world wide famous event will reinforce the impression of Tencent as the Chinese largest and most eminent internet brand.

 

5.        Budgets and action programs for 2010, 2011 and 2012

 

Subject Jan Feb Mar Apr

 

May Jun Jul Aug Sep Oct Nov Dec Budget
Outdoor and internet Advertisement × × × × × × × × ×       100,000
Campus promotional activities                 × × × × 50,000
Online promotional activities × × ×                   20,100
Partnership maintenance with cooperative websites         × × ×           1,250
Public relations     × × × ×             20,500
R&D       × × × × × × ×     200,000
Total                         391,805

In thousands (CNY)

Figure 3.0 2010 marketing program and budget

 

Subject Jan Feb Mar Apr

 

May Jun Jul Aug Sep Oct Nov Dec Budget
Outdoor and internet Advertisement × × × × × ×   × ×       130,000
Campus promotional activities                 × × × × 55,000
Online promotional activities × × ×                   30,100
Partnership maintenance with cooperative websites         × × ×           2,250
Public relations     × × × ×             25,500
R&D           × × × × × × × 280,000
Total                         522,850

In thousands (CNY)

Figure 4.0 2011 marketing program and budget

 

Subject Jan Feb Mar Apr

 

May Jun Jul Aug Sep Oct Nov Dec Budget
Outdoor and internet Advertisement × × × × × × × ×         190,000
Campus promotional activities                 × × × × 65,000
Online promotional activities × × ×                   35,100
Partnership maintenance with cooperative websites         × × ×           4,250
Public relations     × × × ×             35,500
R&D       × × × × × ×       360,000
Total                         689,850

In thousands (CNY)

Figure 5.0 2012 marketing program and budget

 

 

2009 2010 2011 2012
Sale revenue 12,439,960 21,147,932 35,951,484 61,117,523
Cost 3,889,468 7,894,669 15,408,927 29,276,560
Profit 8,550,492 13,253,263 20,542,557 31,840,963

Figure 6.0 Projected profit and loss statement

 

6.        Control and feedback

 

6.1    Market share analysis

 

Marketing share analysis is a critical part of market analysis and market share is one of the most important indicators to Tencent as the number of the user that the company has is directly linked with its market dominance and the revenue in the end. As for Tencent, the market share analysis should be done on a month basis to check the changes of the user number changes compared with its major competitors. And what is more, even though the market action programs have been set for the next three years’ term, adaptations should be applied in accordance with the trend of the market share changes.

 

6.2    Profitability by product

 

As analyzed above, Tencent has been focusing on a lot of products and services from search engine, on line games to blogs and internet browser. The problem is that: not all the products are profitable as the QQ instant messenger which is the core product of the Tencent, and though most of these products and services are making profits, but the fact that they are making money to some extent has close relationship with the QQ instant messenger. For example, the SoSo search engine has a lot of visitations which can be compared with Baidu and Google, but it is common sense that this search engine is not of good use with its competitors. The reason why people still use the SoSo search engine is that it is integrated with the QQ instant messenger. Many online games and other services are operating base on QQ instant messenger. So it is important to evaluate the profitability of these supplementary products and services and cut the products that can not survive the competitive market.

 

 

Reference

 

Christopher, G. 2002, The Advertising Handbook. Routledge, New York

 

China Internet Market Guide 2010, China Top 5 Internet Companies in Market Value, accessed on 7 Jul 2010 [online] available: http://www.2chinable.com/china-internet-market-overview/188-china-top-5-internet-companies-in-market-value

 

Dave, K. 2010, Contemporary Marketing Mason, OH: South-Western Cengage Learning

 

Danca, A. C. 1999, SWOT Analysis, accessed on 7 Jul 2010 [online] available: http://www.stfrancis.edu/content/ba/ghkickul/stuwebs/btopics/works/swot.htm

 

Iresearch 2009, 腾讯QQ与MSN的对比分析(Comparative analysis of MSN and QQ), accessed on 10 July 2010, [online] available: http://www.microvoip.com/IM/news/200906/89642.html

 

McKinsey 2009, China Internet Watch, accessed on 7 Jul 2010 [online] available: http://www.chinainternetwatch.com/590/china-internet-obsession/

 

Naqle, T. & Holden, R. 2001, The Strategy and Tactics of Pricing: A Guide to Profitable Decision Making, 3rd edition, Prentice Hall, New York

 

National Bureau of Statistics of China 2009, GDP Growth in 2009, accessed on 7 Jul 2010 [online] available: http://www.stats.gov.cn/english/

 

The World Bank 2009, Internet Users, accessed on 7 Jul 2010 [online] available: http://data.worldbank.org/indicator/IT.NET.USER

 

Tencent 2009 Annual report, 2010, Annual report, accessed on 21 July 2010 [online] available: www.tencent.com/zh-cn/content/ir/rp/2009/attachments/200902.pdf

 

Tencent official website 2010, About Tencent, accessed on 7 Jul 2010 [online] available: http://www.tencent.com/en-us/at/abouttencent.shtml

 

Unknown 2005, SLEPT Analysis, accessed on 7 Jul 2010 [online] available: http://www.thetimes100.co.uk/theory/theory–slept-analysis–235.php

 

Unknown 2008, 专利季报:腾讯三年内直指千项专利授权 (Patent Seasonal Report: Tencent has nearly a thousand patent authorization in three years), accessed on 7 Jul 2010 [online] available: http://hi.baidu.com/chenchuanfang/blog/item/0545c434c027bb1691ef394e.html

 

Unknown 2008, 腾讯网成2010年世博会互联网服务高级赞助商(Tencent becomes the senior internet service sponsor of 2010 World Expo) accessed on 7 Jul 2010 [online] available:http://tech.qq.com/a/20080403/000382.htm

 

Unknown 2009, Fridge company introduction, accessed on 7 Jul 2010 [online] available: http://www.haier.cn/about/brand_detail_06.shtml

 

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Wedel & Kamakura 2000, Market segmentation: conceptual and methodological foundations, 2nd edition, Kluwer Academic Publishers, Massachusetts