Your Guide to Business Strategy & Execution in Emerging Markets

Achieving scale and rapid growth in emerging markets requires moving beyond the comfort zone of addressing the very top segment of the market, and serving the large and growing middle class. Companies with ambitious emerging market growth strategies have no choice but to engage deeply with these economies – but the complex nature of these markets has made success elusive.

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Winning in emerging markets

In Winning in Emerging Markets, Tarun Khanna and Krishna Palepu outline a practical framework for developing emerging market strategies based not on broad categorical definitions like geography, but on a structural understanding of these markets. Their framework describes how “institutional voids” – the absence of intermediaries like market research firms and credit card systems to efficiently connect buyers and sellers – create daunting obstacles for companies trying to operate in emerging markets. Understanding these voids – and learning how to work with them in specific markets – is the key to success.

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On the basis of more than a decade of research and practical experience with foreign multinationals and domestics companies in emerging markets, Tarun Khanna and Krishna Palepu present a simple framework that strategists and investors can use to map the unique institutional context of any emerging market. They offer advice and practical toolkits to help you determine whether to:

  • Replicate or adapt an existing business model in that market
  • Collaborate with domestic partners or go it alone
  • Navigate around that market’s voids – or actively try to fill them
  • Enter the market now or look for opportunities elsewhere
  • Stay in or exit the market if current strategies are not working

Actionable, field-tested, and full of company examples, this book is your must-have guide to tailoring and executing strategy in markets from Brazil to India and beyond.

Tarun Khanna Tarun Khanna: Tarun Khanna is the Jorge Paulo Lemann Professor at Harvard Business School and the author of Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours.Krishna Palepu: Krishna Palepu is the Ross Graham Walker Professor of Business Administration at Harvard Business School and Senior Advisor to the President of Harvard University for Global Strategy. Krishna Palepu
Tarun Khanna Krishna Palepu

Reader’s Speak

The scope of this book’s research is broad and deep, the authors’ thinking is deliberate and well tested, and the result is a compelling must-read for any leader who is seeking sustainable growth in dynamic emerging markets.

, Chairman and CEO, The Coca-Cola Company

Muhtar Kent

Learning to compete in emerging markets is one of the greatest challenges facing global businesses today. In this book, Tarun Khanna and Krishna Palepu show leaders how to navigate the different operating conditions in these markets and how to take advantage of the tremendous growth opportunities they offer in the twenty-first century.

, Worldwide Managing Director, McKinsey & Company

Dominic Barton

Emerging markets have piqued the interest of many business scholars. Much has been written about them, but this book is unique in that it proposes an actionable framework for assessing the challenges and opportunities associated with the institutional voids in such markets.

, founder and Chairman, Infosys

N. R. Narayana Murthy

More Reader Comments

32 Responses to “Home”

  1. Dear mr/Mrs,

    On June 22th 2011, Tarun Khanna is one of the speakers on Agri Vision 2011 ( On behalf of the Nutreco, the organiser, we are producing the Agri Vision Magazine which will be distributed to the participants of the congress. In this Magazine a summary of the speech of Mr. Khanna will be shown and we would like to complete this page with some images, similar to the images used on the front of the book (maps of different countries with a pin).

    Could you please send me these images in high resolution? We will, of course, only use them in this magazine.

    You can send the images to:

    Thank you very much!

    Best regards,

    Koen Schuurmans
    Schuttelaar & Partners

  2. Terrance Barkan CAE says:

    Dear Mr. Khanna and Mr. Palepu,

    I have just recently read your book, “Winning in Emerging Markets” and found it to be very useful and informative.

    For the past 20 years I have worked with professional and trade associations on growing globally through strageic planning and the development of their business plans.

    I found that many of the concepts and structures put forward in your book, although written with large corporations in mind, apply equally well to not-for-profits.

    I believe that there is a real opportunity for corporations to make much better use of trade and professional associations to address the structural voids you so clearly describe in your book. I have written a review of your book for association professionals to highlight these connections.

    The link to the review is:

    My contact details are also listed below:
    Terrance Barkan CAE
    +1 202 294 5563

    I am interested to get feedback and to explore the powerful opportunities for companies and associations to work more effectively together to enter and grow in emerging markets.

  3. Elizabeth Benett says:

    The visit was useful. Content was really very informative. From

  4. CPA says:

    I come back to every single day!!

  5. Jeremiah Diaz says:

    Hah, Italy protesters rally against Berlusconi

  6. domornalm says:

    Der jungste von vier Sohnen die durch

  7. Preapsemygype says:

    Gaillard mochte jedoch nicht

  8. Paulmymn says:

    There are more papers like this at the HBR website.

  9. peewOxype says:

    7,5 Millionen TEU gewesen.

  10. cypeeffible says:

    proximate supplier of almost all of the bank reserves that government would cry down the operation of real world.

  11. Bailey Protchett says:

    Are you currently doing any advising work? Would love to have Krishna Palepu or Tarun Khanna help my company expand.

  12. Bob Gibbons says:

    Research have proven that companies that expand in emerging markets rarely succeed.

  13. Nathan Kahn says:

    I’d be interested to see what Tarun Khanna and Krishna Palepu have to say about investment opportunities in Africa.

  14. Christian Louder says:

    I saw Krishna Palepu speak in Tokyo about this book so I’m please to learn more on this website.

  15. Sherman Uxfor says:

    I’m enjoying your website. When is the sequel by Tarun Khanna and Krishna Palepu coming?

  16. bill Jackson says:

    I a enthusiast of new ideas of all sorts that may be my two cents.

  17. Thomas Sabo says:

    “Ten years back we stated it was not a problem, but now all companies must heed the call to enter emerging markets. Thanks to Tarun Khanna and Krishna Palepu for these insights. I noticed other books at

  18. Louis Vagaand says:

    I heard Krishna Palepu speak recently and would like to hear even more about this book

  19. red Orson says:

    You could possibly have seen how your work affects my thinking. Well done!

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  23. louis damier says:

    It tends to make complicated points but I agree with your overall framework.

  24. como reconquistar says:

    text excellent – very good 2

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    I’m not sure exactly why but this blog is loading extremely slow for me. Is anyone else having this issue or is it a problem on my end? I’ll check back later and see if the problem still exists.

  26. Gary Taylor says:

    I’d be interested in seeing your work applied in the global fashion industry.

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  28. Ferrell Wise says:

    I saw this talk on the web and really enjoyed it. Thanks!

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