Emerging markets have always attracted world-class companies. However, the complex nature of these markets has stood out as a barrier in their path to success. In their recent book titled Winning in emerging markets - Harvard Professors, Tarun Khanna and Krishna G. Palepu have opened up an entirely new perspective towards emerging markets and strategies to be adopted to win these markets. The book elucidates a practical framework defining the structure of these markets.
A significant amount of growth is expected from emerging markets in the next few decades. These markets bear immense growth potential and scope for entrepreneurs and well-established companies. They have emerged as saviors of the western world from the recent financial crisis.
The developed western markets have so far conceptualized strategies for these markets based on western thoughts and data. But ideas implemented in the developed markets do not always suit the emerging markets, as the scenario is quite different in both markets. The developed markets already have a set structure/platform on which they function but it is not so with emerging markets.
This difference brings about the core idea given in the book to succeed in these markets. The authors strongly emphasize on one mantra that is not to copy the models that already exist. Uniqueness in thoughts and ideas have been categorized as critical success factors in these markets.