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Emerging Markets on the Move How to Seize a $30 Trillion Opportunity Copyright © 2012 Mckinsey & Company

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Emerging Markets on the Move How to Seize a $30 Trillion Opportunity Copyright © 2012 Mckinsey & Company 2012 Number 4 Emerging markets on the move How to seize a $30 trillion opportunity Copyright © 2012 McKinsey & Company. All rights reserved. Published since 1964 by McKinsey & Company, 55 East 52nd Street, New York, New York 10022. ISSN: 0047-5394 ISBN: 978-0-9829260-5-5 Cover photograph © Getty Images/Keren Su McKinsey Quarterly meets the Forest Steward- ship Council (FSC) chain of custody standards. The paper used in the Quarterly is certified as being produced in an environ- mentally responsible, socially beneficial, and economi- cally viable way. Printed in the United States of America. 2012 Number 4 This Quarter For more than a decade, McKinsey Quarterly has focused close attention on emerging markets. The coverage has been deep and broad, including special issues devoted to Africa, China, India, and Latin America, along with a steady stream of perspectives from senior executives, McKinsey experts, and other thought leaders. This issue of the Quarterly reflects our efforts to take stock of a fast-moving competitive arena that can yield rich rewards for those who participate successfully. “Winning the $30 trillion decathlon: Going for gold in emerging markets” distills a set of ten priorities for multinational companies. This essay, which shows that companies (like decathletes) prevail only if they are strong and consistent in every “event,” is an abridged version of the introduction to a new publication on competing in emerging markets (available at mckinsey .com/features/30_trillion_decathlon). You’ll also find in this issue several new articles that focus on specific elements of a successful emerging-market strategy: using cities as a lens for strategy set- ting, designing products that can cost effectively meet consumer needs, building brands, and reaching end consumers through the diverse retail channels that predominate in these markets. Although growth has recently been slowing in China and some other emerging markets, the opportunities are enormous: in 2010, developing economies represented 36 percent of global GDP but just 17 percent of sales for 100 of the world’s largest global companies. Winning will require multinationals and domestic champions alike to display strong leadership skills, a theme developed in an interview with Chanda Kochhar, CEO of India’s ICICI Bank. Kochhar also mentions, encouragingly, the progress that women are making in Indian companies. McKinsey has been conducting its own research on women in senior management since 2007, and in this issue we present, for the first time, a synthesis of our findings in Asia, Europe, and North America. Other highlights include new McKinsey thinking on the business value of social media (including its productivity benefits and new sources of competitive intelli- gence), as well as intriguing new research on Apple’s recent growth trajectory and the implications for other corporate innovators. And don’t miss the thought-provoking summary of recent McKinsey Global Institute research on strains the global labor market will probably experience in the years ahead and on the changing nature of work. Both issues will have profound implications for senior executives, particularly as they marshal their forces to compete more effectively in emerging markets. Heang Chhor Peter N. Child Director, Singapore office Director, London office On the cover 20 Winning the $30 trillion decathlon: Going for gold in emerging markets Yuval Atsmon, Peter Child, Richard Dobbs, and Laxman Narasimhan By 2025, annual consumption in emerging markets will reach $30 trillion—the biggest growth opportunity in the history of capitalism. To compete for the prize, companies must master ten key disciplines. 36 Leading in emerging markets: An interview with ICICI’s Chanda Kochhar The managing director and CEO of India’s second-largest bank explains how she balances the local and the global. 41 Unlocking the 50 Building brands in potential of emerging- emerging markets market cities Yuval Atsmon, Jean-Frederic Kuentz, and Jeongmin Seong Richard Dobbs, Jaana Remes, and Fabian Schaer Companies that harness word-of- mouth effects, emphasize in-store Most companies still take a national execution, and get their brands or regional view when allocating onto shoppers’ short lists for initial resources for global growth. They consideration are more likely to should shift their focus to fast- capture the loyalty of emerging- growing cities. market consumers. 46 Designing products 58 From oxcart to for value in emerging Wal-Mart: Four keys to markets reaching emerging-market consumers Ananth Narayanan, Asutosh Padhi, and Jim Williams Alejandro Diaz, Max Magni, Leading companies combine insights and Felix Poh about customers, competitors, and costs To get products to customers to develop innovative, cost-effective in emerging markets, global products across a wide slice of the price manufacturers need strategies for spectrum. navigating both the traditional and the modern retail landscapes. Features Taking social networks beyond marketing 72 Capturing business value 81 How ‘social intelligence’ with social technologies can guide decisions Jacques Bughin, Michael Chui, Martin Harrysson, Estelle Metayer, and James Manyika and Hugo Sarrazin As these powerful technologies shake By offering decision makers rich real- up productivity and growth time data, social media is giving some across industries, they will create companies fresh strategic insight. new organizational imperatives. The changing world of work 92 Talent tensions 103 Preparing for a new ahead: A CEO briefing era of knowledge work Richard Dobbs, Susan Lund, Susan Lund, James Manyika, and Anu Madgavkar and Sree Ramaswamy Looming imbalances in global labor Global competition, emerging pools could make it harder for some skill shortages, and changing companies to find enough skilled demographics will soon force workers and for some less-skilled companies to use their most highly workers to find jobs. paid talent more effectively. 111 Executive perspective Symantec’s chief human-resources officer, Rebecca Ranninger, describes the security software company’s transition to a virtual workplace while reflecting on the promise—and perils— of new ways of working. 116 The global gender 126 Executive Perspective agenda Terri Kelly, president and CEO of Joanna Barsh, Sandrine Devillard, manufacturing company W. L. Gore & and Jin Wang Associates, reflects on its seven-year push to encourage greater diversity. Women continue to be underrepresented at senior-management levels in Asia, Europe, and North America. McKinsey research suggests some answers. Leading Edge Applied Insight 8 The perils of best 129 Encouraging your people practice: Should you to take the long view emulate Apple? Toby Gibbs, Suzanne Heywood, Marla M. Capozzi, Ari Kellen, and Matthew Pettigrew and Sven Smit Employees and managers should be Outliers are exactly that. Duplicating measured as much on their contribution their performance is harder than we to an organization’s long-term health might wish. as to its performance. 12 Industry focus 134 A yen for global growth: Selected research and analysis from The Japanese experience leading sectors in cross-border M&A Airlines: Sizing the advantages Keiko Honda, Keith Lostaglio, of incumbency and Genki Oka Green products: How much Four distinct approaches to postacquisition will consumers pay to go green? management seem to be paying off—and offer food for thought for all companies facing cultural stumbling blocks. 15 Overcoming a bias against risk 140 Using war games to Tim Koller, Dan Lovallo, prepare for cyberattacks and Zane Williams Tucker Bailey, James Kaplan, Risk-averse midlevel managers making and Allen Weinberg routine investment decisions can shift A poor response can be far more an entire company’s risk profile. An damaging than the attack itself. organization-wide stance toward risk can help. Departments 6 Idea Exchange 144 Extra Point Readers mix it up with authors How Africa will emerge of articles from McKinsey Quarterly 2012 Number 3 68 Picture This Mapping economic change 6 Idea Exchange Readers mix it up with authors of articles from McKinsey Quarterly 2012 Number 3 In our previous issue, Harvard Business School’s Cynthia Montgomery reflected on the unique value that strategic leaders can bring to their companies, and McKinsey’s David Court, Jonathan Gordon, and Jesko Perrey assessed marketing measurement. Here, the authors respond to readers’ comments on mckinseyquarterly.com. How strategists lead Rohit Saxena Associate general manager, GMR Group, India “Defining a strategist as a meaning maker and voice of reason really helps to simplify the complex problems in today’s corporate world. It would be great to hear about some mechanisms that can tap strategists at the bottom of the organizational hierarchy; they often get lost.” The author responds: “Managers throughout an organization’s hierarchy need to understand and embrace strategy. If the strategy is clear, people can align their own activities with that goal in mind, pushing beyond generic best practices and creating tailored solutions. If a strategy isn’t clear, managers have both a right and a duty to press for clarity; when those queries aren’t answered adequately, there is reason to doubt the firm’s prospects. It’s also worth noting that it takes time and practice to develop the skills and sensibilities of a strategist; one shouldn’t wait until he or she is in a leadership role to begin.” Measuring marketing’s worth Adriana Hoppenbrouwer Marketing director, Hunkemöller,
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