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Option a: According to the passage, this is not true. The author emphasises that Moutai deliberately avoids targeting the middle class, as the competition in that market is intense, and instead focuses on the super-rich. This suggests that marketing to the middle class is not as lucrative or straightforward as it might appear.
Option b: The passage mentions that the Chinese government is Moutai's largest shareholder and potentially plays a role in controlling the prices of products, which is a key factor for any firm in this market to consider.
Furthermore, the author discusses how the government might further interfere with the operations in this space: [“... in what some see as a travesty of corporate governance, its majority owner has plans to set up its own sales channel ...”]
Option c: The author highlights that the premium market in China is still growing and not overcrowded with luxury brands, indicating a potential opportunity for firms targeting high-end consumers.
Option d: The passage states that many firms have failed in their attempt to cater to the middle class due to fierce competition. This is a valid consideration for any firm looking to enter the market.
Hence, option a is the correct choice.