Multinationals in Emerging Markets

THE RISE OF EMERGING MARKETS has not gone unnoticed by multinationals based in developed markets, such as the United States, Europe, and Japan.1 In many cases, multinationals landed in the larger emerging markets immediately after liberalization and have been operating in those markets for years. Emerging markets are playing pivotal roles in the strategies of multinationals based in developed markets. Developing markets accounted for 30 percent of U.S.-based Procter & Gamble’s net sales in 2008, up from 21 percent in 2004.2 Historically hesitant to move into developing countries, Japan’s largest automakers—Honda, Nissan, and Toyota—have moved aggressively into emerging markets in recent years. In May ...

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