1. Companies racing for global leadership have to consider competing in emerging markets like China, India, Brazil, Indonesia, and Mexico.
2. Tailoring products for these big emerging markets often involves more than making minor product changes and becoming more familiar with local cultures.
1. Consumers in emerging markets are highly focused on price, in many cases giving local low-cost competitors the edge. Companies wishing to succeed in these markets have to attract buyers with bargain prices as well as better products – an approach that can entail a radical departure from the strategy used in other parts of the world.
CORE CONCEPT: Profitability in emerging country markets rarely comes quickly or easily – new entrants have to be very sensitive to local conditions, be willing to invest in developing the market for their products over the long term, and be patient in earning a profit.
2. Because managing a new venture in an emerging market requires a blend of global knowledge and local sensitivity to the culture and business practices, the management team must usually consist of a mix of expatriates and local managers.
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