Word: marketization
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Dates: during 1990-1999
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...propel China's economy into the next century. Even Asia's debilitating economic crisis didn't seem to faze Zhu. In March he laid out a program for China to make its state-owned firms profitable, restructure its debt-ridden banking system, halve the bureaucracy and privatize the housing market--all by the year...
...continue making "policy loans" to factories showing losses, in order to keep people at work. So much for bank reform. Then it became clear that the removal of state subsidies on rents (the average Chinese family pays $25 a month for housing) would be indefinitely postponed because free-market housing prices were too high...
...billion pizza industry, in which the thickness of tomato sauce and the texture of dough can be all-consuming passions, the truth these days is that Papa John's has been eating everyone else's lunch. The company has nearly doubled its market share in the past two years, to 4.1%--grabbing away business from No. 1 Pizza Hut and No. 3 Little Caesars and battling delivery king Domino's. Papa John's (1997 sales: $868 million) is the only one of the four largest pizza chains whose slice of the pie has grown at double-digit rates over...
Papa John's record is all the more impressive in view of the sluggish growth of the pizza market, which has reached a mature middle age. (Legend traces the modern mass industry to the appetites of Americans after World War II, when G.I.s who had been stationed in Italy returned with enthusiastic tales of open-faced cheese pies.) While Americans consume pizza at the rate of 350 slices a second, the market for restaurant pizzas has been growing just 2% a year. Yet Papa John's customers keep coming back for more. So far this year, Papa John's sales...
Pizza Hut (1997 sales: $4.7 billion), which has a 22% share of the pizza market and four times as many stores as Papa John's, has been busily boosting quality and shutting down poorly performing stores. Under pressure from Papa John's, Pizza Hut spent $50 million last year to roll out what it called Totally New Pizzas, featuring thicker tomato sauce, fresh sliced vegetables and meatier toppings. Meanwhile, Pizza Hut has closed 250 stores since PepsiCo spun it and siblings Taco Bell and KFC into Tricon last year. The new strategy pushed Pizza Hut's same-store sales...