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Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book. Refresh and try again. Open Preview See a Problem? Details if other :. Thanks for telling us about the problem. Return to Book Page. Already cited by the Financial Times, Forbes. Advancing the discussion about emerging markets themse Already cited by the Financial Times, Forbes. 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. 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. Get A Copy. Hardcoverpages. More Details Other Editions 3. Friend Reviews. To see what your friends thought of this book, please sign up. To ask other readers questions about Winning in Emerging Marketsplease sign up. Be the first to ask a question about Winning in Emerging Markets. Lists with This Book. This book is not yet featured on Listopia. Community Reviews. Showing Average rating 3. Rating details. More filters. Sort order. Great toolkits but a little boring at times Some really valuable toolkits for navigating emerging markets. My only criticism is it gets quite boring at times, often reading like a textbook. Jul 23, Ferdinand Sia rated it it was amazing. Winning in Emerging Markets offers valuable insights into private sector development in emerging markets. Professors Krishna G. Palepu and Tarun Khanna did a fantastic job articulating the institutional voids in such markets and how businesses can overcome them to be successful. Sep 08, Marks54 rated it really liked it. This is a book about how firms competing in emerging markets succeed. It is written by two Harvard Business School stars, so you know right away that it will have a unifying framework of some sort, which is then applied to a variety of firms and circumstances. Envisage it as an outline for a semester or quarter class at HBS, which you could supplement by purchasing additional articles or case studies about the specific firms discussed. As these books go, this is a good one and fairly enjoyable. I This is a book about how firms competing in emerging markets succeed. It is particularly noteworthy for two reasons -- the framework employed and the particular variety of firms discussed. The framework focuses on "institutional voids". What are those? Those are the different ways in which emerging markets are different from developed or "emerged", I guess markets. Developed markets are what we have in the US and Europe and Japan, more or less. The economic assumption is that to do well, firms need to be in competitive enough markets, but that if the market is structurally Winning in Emerging Markets: A Road Map for Strategy and Execution, then business cannot be conducted and firms cannot make any money. If the market Winning in Emerging Markets: A Road Map for Strategy and Execution a completely bad structure, then it does not make sense to be there Somalia, for example. However, if the market is only missing some of the factors that make Western markets workable, then the firm can take steps to adjust. The "institutional voids" are what different emerging markets are missing. The book proceeds by providing examples of how specific companies Microsoft to steps to adjust for shortcomings of specific markets China and by successfully adjusting became profitable. The other strength of the book is that it does not just focus on western firms, but also includes firms that are developing out of emerging markets to compete globally -- Tata Industries, for example, or Ayala -- a firm from the Phillipines. The book also Winning in Emerging Markets: A Road Map for Strategy and Execution a wide range of markets, including not just India and China, but also Brazil and Winning in Emerging Markets: A Road Map for Strategy and Execution. The shortcoming of a book like this is that once you get the idea Winning in Emerging Markets: A Road Map for Strategy and Execution the framework, you can see where the country examples are going without too much trouble -- so if you already know something about the markets, the insight-per-page value is used up fairly quickly. There are insights to get, however, and this book is far superior to typical trade approaches to winning in world markets, competing in India, or China, or Russia, or Brazil. The book is easy to read by adds value over straight description or a travel log. Those who wish to adventure further can but cases directly from the hbs publishing website and download them for additional info. Jun 04, Liam rated it it was amazing. Ideally, every economy would provide a range of institutions to facilitate the functioning of markets, but developing countries fall short in a number of ways. These institutional voids mak a market 'emerging' and are a prime source of higher transaction costs and operating challenges in these markets. Apr 18, David rated it it was amazing. A fantastic piece of work for anyone interested in trade and value networks. May 11, Ginger rated it really liked it. I had to read this for a board meeting. Krishna is a brilliant guy and the concepts are "a-ha" kinds of thinking. Very interesting if you are thinking about global expansion of any business. David Wu rated it it was amazing Oct 24, Stockfish rated it it was amazing Mar 17, Cynthia Rennolds rated it it was amazing Mar 25, Peter S rated it liked it Jul 09, Nadiamant rated it it was amazing Aug 29, Ralph rated it it was amazing Jul 06, Pablo Galeano rated it it was amazing Mar 21, Carol Forehand rated it really liked it Sep 16, Juan Camargo rated it liked it Oct 26, Leonid Onyiego rated it it was amazing Apr 24, Damoo rated it liked it Jan 23, Jessica Hatchett rated it really liked it Jun 29, Jamal Abisourour rated it really liked it Mar 14, Kalle Wescott rated it really liked it Oct 01, Ayse Akcal rated it really liked it Dec 14, Jeremy Samuels rated Winning in Emerging Markets: A Road Map for Strategy and Execution really liked it Dec 12, Vikram Falor rated it really liked it Jun 04, Luthfi Ibrahim rated it it was amazing Jun 03, Jeffrey Fill rated it really liked it Jan 16, Aniket Panda rated it liked it Apr 14, G M rated it it was ok May 14, Ignacio rated it really liked it Aug 12, Chris Renneker rated it really liked it Jan 28, There are no discussion topics on this book yet. Readers also enjoyed. About Tarun Khanna. Tarun Khanna. Books by Tarun Khanna. Escape the Present with These 24 Historical Romances. You know the saying: There's no time like the present In that case, we can't Winning in Emerging Markets - Wikipedia

Tarun KhannaKrishna G. PalepuRichard J. About the Winning in Emerging Markets: A Road Map for Strategy and Execution : - The best way to select emerging markets to exploit is to evaluate their size or growth potential, right? Not according to Tarun Khanna and Krishna Palepu. 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 voidspresent challenges, they also provide major opportunities for multinationals and local contenders. Khanna and Palepu 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, labour, 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. Spotting and Responding to Institutional Voids. Exploiting Institutional Voids as Business Opportunities. Multinationals in Emerging Markets. Emerging Giants Competing at Home. Emerging Giants Going Global. The Emerging Arena. About the Authors.

Uh-oh, it looks like your Internet Explorer is out of date. For a better shopping experience, please upgrade now. Javascript is not enabled in your browser. Enabling JavaScript in your browser will allow you to experience all the features of our site. Learn how to enable JavaScript on your browser. Chapter 1 Introduction The world is focused on emerging markets. The liberalization, growth, and globalization of these Winning in Emerging Markets: A Road Map for Strategy and Execution economies have made them tremendous sources of interest, opportunity, and anxiety over the past 20 years. For households, emerging markets are the source of countless cheap consumer goods. For frustrated computer users, they are often the location of outsourced technical support. In the first six months ofthe FTSE emerging markets index was up For companies drowning in the financial crisis, institutions in these markets have offered life preservers of capital. For upstart entrepreneurs and well-established companies alike, emerging markets are testing grounds and incubators for new innovation. For entrepreneurs, business leaders, and citizens in emerging markets, this newfound global standing is a great source of pride. For some workers in the developed world, these markets are a source of job security angst. This anxiety has only increased in the wake of the financial crisis and recession in developed markets. For new university graduates and young professionals in emerging markets, this growth has created tremendous opportunities and recalibrated career aspirations. For politicians and pundits in the developed world, emerging economies are both derided as the destinations of offshored jobs and pitched as prospective customers for vaunted innovative products and green technologies of the future. For national treasuries in the developed world, emerging market savings have helped finance government deficits. For politicians from all over the world, emerging markets are featuring prominently on global trade and multilateral agendas. For environmental and labor rights activists, the rapid industrialization and undeveloped safeguards in these economies are cause for serious concern. In a small but telling sign of a growing perception that emerging markets were both important and distinctive, The Economist began including a page of emerging market economic and financial indicators at the back of each weekly issue in Whether the change was made for substantive reasons or simply to save space, the place of emerging markets in the global economy changed dramatically in that year period. Consider a few items that appeared in that issue of The Economist in which Winning in Emerging Markets: A Road Map for Strategy and Execution emerging market indicators debuted. What is an emerging market? We disagree. But, what, really, is an emerging market? Emerging markets such as Brazil, China, India, and Russia, some will certainly say, are emerging by virtue of their fast recent economic growth. The opening of these large economies to global capital, technology, and talent over the past two decades has fundamentally changed their economic and business environments. Large, low-cost, and increasingly educated labor pools, meanwhile, give these markets tremendous competitive advantage in production, and information technology is enabling Winning in Emerging Markets: A Road Map for Strategy and Execution to exploit labor in these markets in unique ways. Some executives will focus on emerging markets as emerging competitors. Some see the financial crisis of as possibly an inflection point, accelerating the emergence of these markets as dominant Winning in Emerging Markets: A Road Map for Strategy and Execution in the global economy. A deeper discussion might elicit a list of the persistent headaches of doing business in emerging markets. These markets, the executives might say, are prone to financial crises. Intellectual property rights are insecure. Navigating government bureaucracies can be thorny. Product quality is unreliable. Local talent to staff operations is inadequate. Reliably assessing customer credit is difficult. Overcoming impediments to distribution can be frustrating. Sorting through investment opportunities or performing due diligence on potential partners is often a guessing game. Winning in Emerging Markets: A Road Map for Strategy and Execution might throw up their hands and say corruption is so endemic in emerging markets that the risks simply outweigh the potential rewards. Based on many of these signs of emergence, some might say, emerging markets are not distinctly different from other markets; they are simply starting from a lower base and rapidly catching up. Indicators such as the growing numbers of emerging market-based companies listed on the New York Stock Exchange or the growing ranks of billionaires from emerging markets listed annually by Forbes illustrate this catch-up. Behind those indicators, however, is a more complicated story of why firms based in these economies have sought out overseas listings and how those moguls amassed such fortunes in developing countries which are, by many standards, still quite poor. We see these features of emerging markets as symptoms of underlying market structures that share common, important, and persistent differences from developed economies. A fundamental premise of our work is that emerging markets reflect those transactional arenas where buyers and sellers are not easily or efficiently able to come together. Ideally, every economy would provide a range of institutions to facilitate the functioning of markets, but developing countries fall short in a number of ways. By relying on outcome criteria to assess markets, managers often overlook the ways in which emerging markets operate differently than developed economies. Intuitively, managers know that operating a business in an emerging market is different than in a developed economy. It is tempting to chalk up these differences simply to country context. Indeed, market structures are the products of idiosyncratic historical, political, legal, economic, and cultural forces within any country. All emerging markets feature institutional voids, however, though the particular combination and severity of these voids varies from market to market. An Actionable Framework The chapters in this book identify how the uniqueness of emerging markets is shaping the business opportunities and challenges in these economies. We offer a simple and actionable framework to help managers map the institutional context of any emerging market. In part I of this book, we unpack our structural definition of emerging markets by examining the institutional anatomy of these economies. In part II, we apply this framework to the challenges facing different actors managing in these contexts: companies filling voids as intermediaries; multinationals based in developed markets; and domestic companies based in emerging markets, what we call emerging giants. Companies of different stripes face similar strategic choices as they respond to institutional voids in emerging markets: Replicate or adapt? Institutional voids reliably challenge the execution of business models in emerging markets. Businesses need to determine the extent to which business models can be replicated in emerging markets or adapted around institutional voids. Multinationals need to weigh the extent to which they can transfer Winning in Emerging Markets: A Road Map for Strategy and Execution models cultivated in developed markets to emerging economies rife with institutional voids or how they should adapt. Local companies with global Winning in Emerging Markets: A Road Map for Strategy and Execution can learn from the business models of developed market-based multinationals, but can also exploit their local knowledge with models adapted around their intimate understanding of institutional voids in Winning in Emerging Markets: A Road Map for Strategy and Execution home markets. Compete alone or collaborate? Developed market-based multinationals and emerging market-based companies each bring inherent advantages to bear in emerging markets that can serve Winning in Emerging Markets: A Road Map for Strategy and Execution strong sources of competitive advantage, but each could also gain from collaboration with other parties. Multinationals bring brands, capital, talent, and other resources to emerging markets and yet their track records in these economies have been mixed. Local knowledge is a particularly valuable asset for firms to navigate institutional voids, and multinationals need to decide if some form of collaboration with a local player makes sense for their business. Sharing is a two-way street in such collaborations, however, and multinationals need to weigh the benefits of local knowledge against the risk of empowering a partner which could turn into a well-trained and well-informed competitor. Accept or attempt to change market context? Businesses operating in emerging markets can take the institutional contexts of these markets as a given or work actively to change them by filling institutional voids. Multinationals based in developed markets can either avoid voids as best they can or strive to fill them in service of their businesses. Given regulatory constraints and other sensitivities, however, it can be difficult for multinationals to fill some voids in emerging markets. Local companies are in some ways better equipped than multinationals to operate amid institutional voids, but they can also exploit their local knowledge to fill voids and create a barrier to entry and expansion by foreign competitors. As we discuss in Chapter 4, changing market context can be an entrepreneurial opportunity in its own right for intermediary-based businesses that fill institutional voids. Enter, wait, or exit? Based on an assessment of institutional voids, companies need to decide whether to enter and operate in an emerging market, wait and emphasize opportunities elsewhere, or to exit if they are already in the market. The option to wait is relatively easy for multinationals to exercise because they can choose where to compete and have the resources to move to different markets. Though not entering is not an option for local companies based in emerging markets, these firms do have an exit option. This option is difficult for emerging market-based firms to exercise because they often lack the resources needed to go global soon after their founding. Emerging market- based companies operating in different industries might emphasize opportunities elsewhere by waiting to enter a particular industry where institutional voids are more serious obstacles. Overview Part I Chapters 2 and 3 describes the importance of market intermediaries to businesses in all markets and offers a toolkit for companies operating in emerging markets to spot and respond to institutional voids see Figure Part II begins, in Chapter 4, by looking at how companies can see voids as entrepreneurial opportunities and examines the challenges building intermediary-based businesses in emerging markets. Chapters 5 and 6 then discuss how developed market-based multinationals and emerging giants from a wide range of industries, operating in a wide range of contexts, have wrestled with the strategic choices above to compete in emerging markets. Chapter 7 looks at how the institutional contexts of emerging markets shape the globalization journeys of emerging giants. We conclude the book in Chapter 8 by summarizing an agenda for companies to develop and deploy strategies that fit emerging markets. Read an excerpt of this book! Add to Wishlist. Sign in to Purchase Instantly. Temporarily Out of Stock Online Please check back later for updated availability. Overview Already cited by the Financial Times, Forbes. 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. Read an Excerpt Chapter 1 Introduction The world is focused on emerging markets. Show More. Harvard Business Review Press.