Master a complete roadmap for emerging market business success and profitability! Emerging markets are generating unprecedented opportunities, but 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. Too many American, European and Japanese companies continue to operate with a "developed world" mentality that seeks to merely adapt existing products and strategies, while underestimating the unique challenges of managing a business in radically different contexts. Operating in Emerging Markets draws from real-life examples and today's most valuable research to offer a step-by-step blueprint for improving profitability in emerging markets. Pioneering researchers Dr. Luciano Ciravegna and Dr. Robert Fitzgerald walk you through understanding the true risks and challenges; identifying and investing the right resources; developing the right strategies, products, and processes; and learning from both the successes and failures that have come before you. An indispensable resource for all decision-makers in companies that are (or plan to) operating in emerging markets; and for all graduate business students who may do so in the future.
"Publications devoted to rapidly transforming economies are on the rise, but the contribution is often marginal. This new book, Operating in Emerging Markets, authored by Luciano Ciravegna, Robert Fitzgerald, and Sumit Kundu, is an exception. It provides valuable insights into what makes these economies grow and prosper. Most importantly, it responds to the need for practical approaches to tapping emerging markets. Thus it should assist current and future managers in navigating these high-potential but high-risk countries."
--S. Tamer Cavusgil, Callaway Professorial Chair and Executive Director, CIBER, J. Mack Robinson College of Business. Georgia State University
Dr. Luciano Ciravegna is an Associate Professor in International Business at Royal Holloway, University of London and INCAE. His background includes a PhD at the London School of Economics and an MPhil at the University of Oxford, St Antony's College.
His research on emerging markets has been published in several academic journals including the Journal of International Business Studies, Journal of Development Studies and Journal of Business Research. More information on his work is available at www.lucianociravegna.com
Dr. Robert Fitzgerald is a Reader in Business History and International Management at Royal Holloway. He has published widely on global and comparative business and on business history, and has conducted extensive research throughout the UK, United States, Canada, Australia, South Africa, Ireland, Japan, and South Korea.
Dr. Sumit K. Kundu is the James K. Batten Eminent Scholar Chair in International Business and Professor, Department of anagement & International Business, Florida International University. Currently Academic Director of the Masters of International Business program, he has served as Faculty Director of FIU's Executive MBA program and as Ph.D. Coordinator there. A member of the editorial board at several premier journals, he has published his research in highly ranked journals, such as the Journal of International Business Studies, Journal of Management Studies, Management International Review, Journal of World Business, Journal of International Management, Journal of International Marketing, Journal of Business Research, Journal of Business Ethics, Journal of World Business, Journal of International Management, International Business Review, Leadership Quarterly, and Journal of Small Business Economics. He has consulted with major multinational corporations including Novartis, MasterCard International, Ingersoll Rand-Hussmann International, and Boeing.
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