Word: shanghaied
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...Whitman would not be among those people?at least not this summer. If the CEO of eBay, the world's most successful e-commerce company, had to write an essay titled "How I Spent My Summer Vacation,'' it might begin, "I didn't have one. I went to Shanghai instead, trying to figure out the China market, because my company's future may depend...
...February, Whitman said that for eBay, "market leadership in China will be a defining characteristic of leadership globally." Lots of big-time CEOs say things like that these days. Few follow it up by summering in Shanghai. The company cast Whitman's stint in China as business as usual. "She goes there quite a bit [but] it's not too extraordinary," says Matt Bannick, president of eBay's international division. "You know, Meg travels a lot." Whitman, in an e-mail interview with Time, says, "China is unique. It is growing rapidly, and it has a tremendous amount of potential...
...Shanghai sojourn is not business as usual to anyone who is anyone in the booming e-commerce market in China. That includes the CEO of the local company giving eBay fits there, Jack Ma of Alibaba-Taobao. On Aug. 8, the Alibaba-eBay competition ceased being a David vs. Goliath battle. Ma announced he was selling a 40% stake in his company to Yahoo! for $1 billion...
...eBay, it's clear the game has only just begun. The company is sinking an additional $100 million into China this year?much of which is going to marketing. eBay ads are ubiquitous on buses in Shanghai and other metro areas, as are its television commercials and online ads as well as other, quirkier promotions. At many popular karaoke bars in Shanghai, for example, customers get an hour of singing and drinking for free if they register as eBay users. The brash Ma mocks these efforts, claiming he canceled his marketing budget in the first half of this year when...
...lead it has never relinquished. eBay pulled out of the market entirely in 2002, a move Whitman has rued ever since. She is not about to let the Japan debacle be repeated anywhere else, especially China; nor is it probable that she wants to spend another summer in stifling Shanghai...