A blog post by Polina Zabugina, Part-time 2025 class

We had the opportunity to participate in the MBA module on Doing Business in Asia, held in Singapore 🇸🇬, a major hub for regional headquarters, R&D centres, and innovation.

We visited companies across diverse industries, including FMCG, manufacturing, banking, and more, in both Singapore and Malaysia. These visits gave us numerous valuable insights into the learnings and challenges businesses face when expanding into and operating in Asian markets.

Here are just a few of them — things that may seem obvious at first glance but are often forgotten, yet are crucial for businesses:

🌏 𝐀𝐬𝐢𝐚 ≠ 𝐂𝐡𝐢𝐧𝐚: This might seem like a given, but when we talk about doing business in Asia, China often takes centre stage. However, Southeast Asia’s population is more than double that of the US! The opportunities are just too big to be ignored. 

🚫 𝐃𝐨𝐧’𝐭 𝐆𝐞𝐧𝐞𝐫𝐚𝐥𝐢𝐳𝐞: Don’t assume that all Asian markets are the same. Singapore isn’t the same as Malaysia, and Malaysia isn’t the same as Indonesia. Each has its own unique culture, challenges, and consumer needs. What works in one market won’t necessarily work in another.

🔍 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐃𝐨𝐧’𝐭 𝐀𝐥𝐰𝐚𝐲𝐬 𝐍𝐞𝐞𝐝 𝐓𝐡𝐞 𝐁𝐞𝐬𝐭 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬: Consumers don’t necessarily look for the most advanced, over-engineered products. Sometimes, they just want a “good enough” solution. It’s crucial to understand what your consumers and customers truly need.

📈 𝐓𝐡𝐞 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥: By 2030, there will be 2.2 billion new middle-class consumers, and 1.7 billion of them will be in Asia-Pacific. The region represents enormous growth opportunities.

Aside from the invaluable lessons, the whole experience was truly unforgettable! Huge thanks to Stefan Morkoetter and the University of St.Gallen MBA for this deep dive into businesses in Asia, and to our amazing cohort for making this experience even more memorable!