Includes bibliographical references (p. 217-230) and index.

Introduction --
Pt. 1. Conceptual Framework --
1. The nature of institutional voids in emerging markets --
2. Spotting and responding to institutional voids --
Pt. 2. Applications --
3. Exploiting institutional voids as business opportunities --
4. Multinationals in emerging markets --
5. Emerging giants: competing at home --
6. Emerging giants: going global --
7. The emerging arena.

Achieving scale and rapid growth in emerging markets requires moving beyond the comfort zone of addressing the very top segment of the market, and serving the large and growing middle class. Companies with ambitious emerging markets growth strategies have no choice but to engage deeply with these economies–but the complex nature of these markets has made success elusive.
In Winning in Emerging Markets, Tarun Khanna and Krishna Palepu outline a practical framework for developing emerging market strategies based not on broad categorical definitions like geography, but on a structural understanding of these markets. Their framework describes how 2institutional voids" – the absence of intermediaries like market research firms and credit card systems to efficiently connect buyers and sellers–create daunting obstacles for companies trying to operate in emerging markets. Understanding these voids–and learning how to work with them in specific markets–is the key to success.
On the basic of more than a decade of research and practical experience with foreign multinationals and domestic companies in emerging markets, Khanna and Palepu present a simple framework that strategists and investors can use to map the unique institutional context of any emerging market. They offer advice and practical toolkits to help you determine whether to:
- Replicate or adapt an existing business model in that market
- Collaborate with domestic partners or go it alone
- Navigate around that market's voids–or actively try to fill them
- Stay in or exit the market if current strategies are not working.
Actionable, field-tested, and full of company examples, this book is your must-have guide to tailoring and executing strategy in markets from Brazil to India and beyond.