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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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, Khanna and 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 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 G. Palepu is the Ross Graham Walker Professor of Business Administration and Senior Associate Dean for International Development at Harvard Business School.
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
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