Extracted 17OCT2011 from http://www.facebook.com/HBR
HBR Question of the Week: As a firm entering an emerging market, what should a strategist do first? Click the link to take the poll and download a complimentary copy of a chapter from "Made in China: What Western Managers Can Learn from Trailblazing Chinese Entrepreneurs" by Donald Sull.
Meerza Muhammad R Khan Build mutual Trust & Confidence with the Target Market & amongst the Work Force, Product or Service, Confidence is the name of the Game.
Advertising & running intros on Media / INTERNET remain the tool of choice with proven track record.
In an emerging market, targeted segments should understand the offering, its value, know what is coming to them & projected clientèle stands convinced with the exchange, so as to eagerly pursue & willingly embrace the change .
Ex-Senior Territory Manager,
Chevron Pakistan Ltd.
Bhakti Pitre Way to "Stepping in" into the emerging market is what the bigger concern for first timers. Most of the merging market player are "protectionist" and dealing with them needs an tactful approach. Looking at the growth historyof emerging economies, it is evident that local governance has solid impact on"what sells at their market". It would be wise to have good relationship with insiders along with product that has local taste and flavor.
Shihab Izzat First have the right team, and be clear on the segment you need to target of the emerging market. Diversify the base of your marketing team to prominent geographies for a comprehensive feedback as regions may behave differently for a given strategy you would adopt and whichever reciprocates a optimistic outlook , focus on it and get stronger there and make that as the learning base to apply with necessary modifications on other areas.