Argues that the primary exploitable characteristic of emerging markets is the lack of institutions (credit-card systems, intellectual-property adjudication, data research firms) that facilitate efficient business operations. This book is suitable for the companies seeking to define and execute business strategy in developing economies.
The best way to select emerging markets to exploit is to evaluate their size or growth potential, right? Not according to Krishna Palepu and Tarun Khanna. In Winning in Emerging Markets, these leading scholars on the subject present a decidedly different framework for making this crucial choice. The authors argue that the primary exploitable characteristic of emerging markets is the lack of institutions (credit-card systems, intellectual-property adjudication, data research firms) that facilitate efficient business operations. While such "institutional voids" present challenges, they also provide major opportunities-for multinationals and local contenders. Palepu and Khanna provide a playbook for assessing emerging markets' potential and for crafting strategies for succeeding in those markets. They explain how to: Spot institutional voids in developing economies, including in product, labor, and capital markets, as well as social and political systems. Identify opportunities to fill those voids; for example, by building or improving market institutions yourself. Exploit those opportunities through a rigorous five-phase process, including studying the market over time and acquiring new capabilities. Packed with vivid examples and practical toolkits, Winning in Emerging Markets is a crucial resource for any company seeking to define and execute business strategy in developing economies.
“From the authors: "The crux of this book is to advance a structural framework for thinking about the nature and extent of differences between emerging markets and mature markets on the one hand, and among emerging markets on the other." Praise for Winning in Emerging Markets: "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." --Muhtar Kent, Chairman and CEO, The Coca-Cola Company "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." --Dominic Barton, Worldwide Managing Director, McKinsey & Company "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." --N. R. Narayana Murthy, founder and Chairman, Infosys”
From the authors: "The crux of this book is to advance a structural framework for thinking about the nature and extent of differences between emerging markets and mature markets on the one hand, and among emerging markets on the other." Praise for Winning in Emerging Markets: "The authors provide a road map for assessing the potential of emerging markets and for crafting strategies to succeed in them." - Strategic Finance "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." --Muhtar Kent, Chairman and CEO, The Coca-Cola Company "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." --Dominic Barton, Worldwide Managing Director, McKinsey & Company "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." --N. R. Narayana Murthy, founder and Chairman, Infosys
Krishna G. Palepu is the Ross Graham Walker Professor of Business Administration and Senior Associate Dean for International Development, at the Harvard Business School. Palepu's current research and teaching activities focus on strategy and governance. Palepu has published numerous academic and practitioner-oriented articles and case studies on these issues. In the area of strategy, his recent focus has been on the globalization of emerging markets, particularly India and China, and the resulting opportunities and challenges for western investors and multinationals, and for local companies with global aspirations. Tarun Khanna studies and works with multinational and indigenous companies and investors in emerging markets worldwide. His current research focuses on understanding the drivers of entrepreneurship worldwide. As part of the Emerging Giants project, he seeks to understand how to build world-class companies from emerging markets worldwide. His recent book, Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours, zeros in on China and India, and identifies best practices for local entrepreneurs and multinationals operating in each of these two countries.
Already cited by the Financial Times, Forbes.com, The Economic Times, WSJ/Mint and several other prominent global business publications, Winning in Emerging Markets is quickly becoming the go-to book for mapping a strategy for entering new markets--and then quickly gaining a competitive edge in those high growth regions. Advancing the discussion about emerging markets themselves and how organizations can best leverage the potential of these regions, Tarun Khanna and Krishna Palepu - both well respected thinkers on the subject - argue there is more to sizing up these markets than just evaluating data points related to size, population, and growth potential. In fact, they say the possibility to expand a company's progress in developing economies is to first asses the area's lack of institutional infrastructure--and then to formulate strategies around what the authors call "institutional voids" to the firm's advantage. Khanna and Palepu say the primary exploitable characteristic of an emerging market are such voids, and though they create challenges, they also provide major opportunity both for multinationals and local contenders. Winning in Emerging Markets serves as a playbook for measuring a market's potential and for crafting a strategy to succeed there.
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