(Preloved Wrapped) THE NEW EMERGING MARKET MULTINATIONALS : Four Strategies For Disrupting Markets And Building BrandsAmitava Chattopadhyay, Aysegul Ozsomer, Rajeev Batra
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How The New EMNC Can Trigger Soul-Searching Among MNCs And Achieve Competitive Edge
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★★ ONE OF STRATEGY AND BEST BUSINESS’S BEST OF THE YEAR ★★
LG. HTC. Tata. Haier. Lenovo. Arcelik. Natura.
From smartphones and computers to blue jeans and beer, companies from China, India, Taiwan, Mexico, Turkey, and other emerging markets are now winning leading market shares with their own-branded, high-quality products―rather than with poorly produced products sold under others’ brand names.
These emerging-market multinational companies (EMNCs) are giving the incumbent market leaders of North America, Western Europe, and Japan a run for their money in the areas of innovation, branding, and marketing.
How have these small, under-resourced businesses come so far so quickly? And what can you learn from their strategies and tactics?
Renowned experts in global branding and marketing, the authors of The New Emerging-Market Multinationals conducted an in-depth study of 39 EMNCs to reveal the innovative compete-from-below strategies and tactics fueling these companies’ meteoric rise.
Until the 1990s, multinational companies from the developed world were the ones with all the advantages. They lorded it over markets with their mammoth budgets, their vast reach and capacity to spend on research. Local companies were mostly restricted to either throwing price challenges at these MNCs or offering a local customization the bigger companies did not care to pursue.
But much has changed since. Some erstwhile ‘local companies’ from the emerging markets have themselves turned MNCs. I remember once speaking to Praveen Jaipuriar, Dabur’s Senior General Manager for Marketing, who had this to say: “We know if we do not have a certain capability, we can acquire it or even pay and get the best in the field to do the research for us.” It sums up the approach of the emerging market MNCs. That is not all.
These emerging giants are also swooping down to buy companies in other countries. They are making many strategic moves while competing in a global setting. Most of them, for instance, are aware the advantage in pricing they enjoyed is now getting constrained. Only a combination of initiatives welded seamlessly together will keep them flourishing.
The authors identify four strategies driving this growth:
● COST LEADERS leverage existing low-cost structures and large-scale volumes to extend their reach into developed markets.
● KNOWLEDGE LEVERAGERS tap their existing resources and knowledge of home consumers and the market to build branded businesses in other emerging markets.
●NICHE CUSTOMIZERS combine their cost advantages in manufacturing with newly developed low-cost R&D capabilities to develop customized niche-segment branded offerings in other emerging markets.
● GLOBAL BRAND BUILDERS use their low-cost manufacturing and R&D capabilities to build branded businesses in developed markets― but limit their focus to specific products and segments through a process of focused innovation.
Whether you run an EMNC or a developed market company, deep knowledge of the strategies outlined here is an absolute necessity for competing effectively now and in the future. Don’t get caught off guard by the “new kids on the block”―because today’s EMNCs are determined to be tomorrow’s market leaders.
In a nutshell, this book outlines the specifics of four distinct strategies that Emerging Multinational Companies (EMNC’s) are using to expand globally. They had a great section on building customer insight competencies. It’s not about how you do it but about how you build the competency to keep doing it.
Their work on evolving from a low- to high-value brand was interesting and provided plenty of examples. Those global companies that don’t believe they have to worry about EMNC’s as competitors will wish they had read this book. It’s a good one.
“This book is a real eye-opener. It will forever change your assumptions about international economic competition and who the winners will be.”
— PHILIP KOTLER Kellogg School of Management and author of Winning at Innovation
About Authors :
AMITAVA CHATTOPADHYAY is the L’Oréal Chaired Professor of Marketing-Innovation and Creativity at INSEAD. He has served as a branding consultant for firms in the Americas, Asia, Africa, and Europe.
RAJEEV BATRA is the S.S. Kresge Professor of Marketing at the Ross School of Business at the University of Michigan. He has researched, taught, and consulted on global branding, emerging markets, and marketing topics for 30 years.
AYSEGUL OZSOMER is an associate professor of marketing at Koç University, Istanbul, Turkey. Her research focuses on standardization-adaptation issues and performance implications, market orientation, and global brand management.
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