As they search for growth, multinational corporations will have to compete in the big emerging markets of China, India, Indonesia, and Brazil. The operative word is “emerging.” A vast consumer base of hundreds of millions of people is developing rapidly. Despite the uncertainty and the difficulty of doing business in markets that remain opaque to outsiders, Western MNCs will have no choice but to enter them. (See the table “Market Size: Emerging Markets Versus the United States.”)
During the first wave of market entry in the 1980s, MNCs operated with what might be termed an imperialist mind-set. They assumed that the big emerging markets were new markets for their old products. They foresaw a bonanza in incremental sales for their existing products ...
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