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While most companies recognise the significance of emerging markets, they struggle to jump the first hurdle in addressing these opportunities: defining the right product.
Much has been written about the importance of emerging markets for driving future growth, but while most companies recognise their significance, they struggle to jump the first hurdle in addressing these opportunities: defining the right product. Many mistakes arise from the single misconception that emerging markets are all broadly the same and that you can tackle them with a single common strategy.
But you can't. To avoid this mistake as you develop your product strategy, keep in mind some common pitfalls:
Do you believe that a single corporate strategy is sufficient for the fragmented nature of the emerging markets? Source: www.pharmtech.com poll, conducted June-July 2011.These are just a few of the considerations that companies should take into account when entering these markets. Regardless of your approach, it's worth getting it "right" because it could be one of the keys to sustainable growth.
Cole Shelton is an innovation and technology management consultant at Sagentia Ltd.