Emerging markets are too big to ignore, but companies cannot just adapt what they have. They have to innovate from the ground up. This video helps determine how best to innovate frugally.
- Since 2000, emerging markets have been growing … at nearly three times the pace of developed markets. … They now account for over 35% of the world's GDP. … Even assuming a slowdown, … by 2025, emerging markets will likely make up … more than half of the world's GDP. … Of the many factors that make emerging markets different … from developed ones, the biggest is difference … in per capita incomes, and thus in buying power. … Big China, the world's largest emerging market. … By overall GDP, … China is already the world's second largest economy. … However, on a per capita basis, … the income of the average Chinese … is only 1/8 that of the average American. … The trick to capturing the middle income market … in China, India, and other emerging economies … is to create products and services … that are priced at a fraction of that in developed markets. … This requires not just eliminating the bells and whistles … from the products and services, … but actually also innovation from the ground up. …
- Why go global?
- Prioritizing across the world's markets
- Designing entry strategies
- Frugal innovation
- Leveraging global resources
- Cultivating a global mindset