Competing with local players in a market can be tricky. Learn why you shouldn't just "do as the Romans do", and gather insights on how to blend global strengths with local market adaptations.
- LG Electronics, the South Korean company…has been a stand out in the Indian home appliance sector.…The company commands a quarter to one third share…of the total market across the range of products.…Refrigerators, washing machines, microwave ovens,…air conditioners and TVs.…LG has achieved the success against a sleuth…of competitors, both Indian, such as Godrej…and foreign, such as Whirlpool and Samsung.…
How did LG do it?…They certainly did not enjoy first mover advantage.…Samsung entered India in the mid-1990s,…around the same time as LG.…Whirlpool entered India in the 1960s…and Godrej has been around for over a hundred years.…The secret to LG's success in India,…lies in its ability to combine South Korean technology…with an especially aggressive strategy…to tailor its products and services to Indian needs.…
While also, building a sales distribution…and service network for in-depth penetration…of both urban and rural markets.…The specifics of what LG did are fascinating.…LG included a cricket video game in its TV sets,…
Which emerging markets should you enter? How do you enter the targeted market? Do you partner with another company, or go it alone? How should you deal with the regulatory constraints that you might face? Anil and Haiyan address these questions, and more. They also outline some of the issues that arise once you have entered an emerging market, such as how to win out over local competitors, market to the bottom of the pyramid, and deal with the speed of fast-changing market dynamics.
- How emerging markets differ from developed markets
- Designing entry strategies
- Identifying the right beachhead
- Competing and succeeding within the market
- Cultivating and leveraging the local ecosystem
- Dealing with rapid changes in market dynamics
- Leveraging China and India as global platforms
- Building the leadership for emerging markets