Emerging markets are generating unprecedented business opportunities. However, they are far more complex and risky than they may seem. Profiting in these markets entails retooling business models, products, and strategies to exploit these differences, instead of falling victim to them.
Although internationalizing to emerging markets has become a priority for American, European and Japanese companies, many organizations operate with a “developed world” mentality. They address developed markets first, and then adapt their strategies to emerging markets. This often leads them to underestimate the difficulties of managing a business in contexts that are radically different from those of developed economies.
Drawing from real-life examples and today’s most valuable research in International Business (IB) and Strategy, this book offers a step-by-step blueprint for improving profitability in emerging markets. It walks you through understanding the true risks and challenges; identifying and investing the necessary resources; developing strategies, products and processes suitable for emerging markets (instead of merely adapting existing ‘developed world’ models); and learning from both the successes and failures that have come before you.
Table of Contents
Map: Emerging Markets, BRICS, N11, and Civets xii
Introduction Emerging Markets and the New International Economy 1
Part I Opening the Black Box of Emerging Markets 13
Chapter 1 What Are Emerging Markets? 15
Chapter 2 Markets and Institutions 49
Chapter 3 A Historical Perspective 69
Part II Operating in Emerging Markets: A Step-by-Step Guide 104
Chapter 4 The Determinants of Attractiveness and the Four Dimensions 106
Chapter 5 Managing Risk 149
Chapter 6 Targeting Emerging Market Clients I: The Rich and the Middle Classes 184
Chapter 7 Targeting Emerging Market Clients II: Strategies for the Base of the Pyramid 213
Part III The Emergence of Emerging Market Multinationals–Implications for Managers and Scholars 239
Chapter 8 Multinationals Based in Emerging Markets: Features and Strategies 242
Chapter 9 The Internationalization of Emerging Market MNEs: A Critical Examination of International Business Theories (Written with Ying Liu* ) 266
Chapter 10 Conclusion 294
Appendix From Third World to Emerging Markets: Definitions, Contexts, and Meanings 305
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$32.99 | ISBN-13: 978-0-13-298350-1