Word: market
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Dates: during 1970-1979
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Movie companies, which will get a royalty of between $2 and $3 for every disc sold, have been happy to supply films. "It's a new market we cannot afford to ignore," says Norman Glenn of MCA, the big Los Angeles-based entertainment conglomerate, which is making discs for the Magnavox player. The company has been rummaging movie company libraries for popular films. While recent releases on the MCA discs cost $15.95, older classics like Destry Rides Again and TV movies (Battlestar Galactica, The Bionic Woman) sell for $9.95; how-to features like a Julia Child cooking course...
...combination, the arrangements as-,ure that no defense supplier will suffer out-of-pocket losses as a result of the Ira nian cutbacks. On the other hand, the potential loss of Iran as a market for U.S. arms sales means that weapons makers will have to look elsewhere for business, and that raises the prospect of some potentially explosive competition for customers in the 1980s...
...Japanese, who make all available VTRs, have shown no eagerness to jump into this new market, even though several manufacturers, including Sony and Matsushita, are known to have developed disc machines. Evidently they do not want to begin promoting videodiscs while sales of VTR machines remain strong. A Sony spokesman insists: "We don't think the public is yet ready for the discs." Magnavox and RCA hope to prove him wrong...
...other challenges: preparing reams of technical material for Chinese bureaucrats who will want to debate every minute specification of a widget; staying reasonably sober through Peking banquets that may include as many as ten bottoms-up toasts drunk in 110-proof mao tais; determining just how big the China market really is in the first place...
Still, the China market can be huge for those companies that know how to tap it. Unfortunately, not many Americans have yet acquired expertise in the art, and some of the advice the neophyte China trader will get is conflicting or just plain wrong. Some traders insist that an American should avoid all attempts at humor in dealing with the Chinese; others assert that Chinese negotiators enjoy a hearty laugh. One American advises colleagues not to wear suits and ties, for fear of embarrassing the Chinese, who will almost certainly be dressed to a person in Mao jackets. Nonsense...