A Review of Business Development Strategies in Emerging Markets: Economic Impacts and Growth Evaluation

A Review of Business Development Strategies in Emerging Markets: Economic Impacts and Growth Evaluation

Chibuike Daraojimba¹*, Abosede Olusade Kolade², Tochukwu Chinwuba Nwankwo³, Mercy Odochi Agho⁴, Chiedozie Marius Okafor⁵

¹Univeristy of Pretoria, South Africa

²Department of Marketing and Bus, Texas A&M University, Commerce Texas, USA

³National Open University, Nigeria

⁴Independent Researcher, Nigeria

⁵United States Mission, Nigeria

*Corresponding Author

DOI: https://doi.org/10.51244/IJRSI.2023.10919

Received: 21 August 2023; Revised: 07 September 2023; Accepted: 14 September 2023; Published: 09 October 2023

ABSTRACT

Emerging markets, characterized by their rapidly growing economies, youthful populations, and transitional policies leaning towards open economies, represent both a significant opportunity and challenge for businesses. This review delves into the nuances of business development strategies in these markets, while also exploring the consequential economic ramifications. Historically, business development strategies in emerging markets were anchored on direct investments and exports. However, with the pace of globalization and the rise of digital technologies, there has been a marked shift in strategies. The review reveals that these strategies now prioritize understanding the local culture, forming beneficial partnerships with local enterprises, adapting to the technological landscape, and innovating products and services in line with local needs and preferences. Entry modes into these markets are no longer one-size-fits-all. Companies are seen to be leveraging a mix of wholly-owned subsidiaries, franchises, joint ventures, and even digital-first entries to navigate the complex terrains of emerging markets. Local partnerships, especially, have emerged as a vital tool for foreign businesses. Partnering with local entities not only aids in navigating the regulatory and cultural landscape but also in accessing established distribution networks and building trust amongst local consumers. The adaptation of products and services to resonate with local consumers, driven by meticulous market research, has played a pivotal role in the success of many global brands in emerging markets. Furthermore, the technological boom, especially in sectors like e-commerce, fintech, and telecommunication, has opened new avenues for businesses. More direct economic implications include influences on the Gross Domestic Product (GDP) and foreign direct investments. Emerging markets with welcoming business policies have seen substantial inflows of capital, bolstering their economic growth trajectories. A total of 55 research papers were reviewed for this study and the methodology used for the study is the systematic review method using thematic analysis, where recurring themes, insights, and patterns were identified and categorized. However, it is not without challenges. Cultural nuances, regulatory bottlenecks, geopolitical uncertainties, and financial unpredictabilities (like currency fluctuations) can pose significant barriers. Also, while entering an emerging market might be easier now than before, sustaining business operations and managing competition, both from established global players and rising local enterprises, is a continual challenge. In conclusion, the study positing that businesses need to adopt a flexible, localized, and technology-driven approach, while policymakers in emerging economies should focus on creating a more conducive environment for foreign businesses. As we move forward, further research is essential to keep abreast of the evolving trends and challenges in this dynamic nexus of business development and economic growth in emerging markets.

Keywords: businesses, strategy, emerging markets, policy, growth, economic

INTRODUCTION

Emerging markets, which are transitioning from low-income to middle-income status, offer significant growth opportunities for businesses worldwide (Hoskisson et al., 2000). These markets are characterized by developing industrial bases, rapid rates of growth, and the implementation of economic reforms (Hoskisson et al., 2000). Private and public enterprises in emerging economies have had to develop unique strategies to adapt to the broad scope and rapidity of economic and political changes (Hoskisson et al., 2000).

1.1 Background on Emerging Markets: Definition and Importance

Emerging markets are typically distinguished by their progress from a low-income, less-developed country status to a more developed, middle-income status (Peng, 2003). They exhibit socio-economic activities transitioning towards becoming advanced, encompassing aspects from both developing and developed economies (Khanna and Palepu, 2010). Several factors differentiate emerging markets from developed ones: their comparatively higher economic growth rates, a swiftly expanding middle class, a young demographic profile, and the momentum of urbanization (Yiu and Makino, 2002). From a business perspective, the sheer size and untapped potential of these markets make them highly attractive. Collectively, emerging markets account for about 80% of the world’s population and almost 20% of the global economy (The World Bank, 2020). Furthermore, as per Goldman Sachs, the E7 economies (China, India, Brazil, Mexico, Russia, Indonesia, and Turkey) could surpass the G7 economies (US, Japan, Germany, UK, France, Italy, and Canada) in terms of GDP by 2050 (O’Neill, 2001). This projection underlines the massive potential these markets hold.

1.2 Purpose and Scope of the Review

This review serves a dual purpose. Firstly, it endeavours to consolidate the varied business development strategies that companies have employed in emerging markets over the years. While some businesses have successfully adapted to the dynamic, multifaceted landscapes of these markets, others have faced considerable challenges. It is imperative to identify, categorize, and analyse these strategies to discern patterns of success and areas of improvement (Rugman & Verbeke, 2004).

Secondly, this review seeks to understand the broader economic implications of these business development strategies. Companies do not operate in a vacuum. Their strategies and operations in emerging markets can exert profound effects on the local economy, influencing employment, income levels, trade balances, and even long-term socio-economic development (Rugman & Verbeke, 2004). By exploring these implications, businesses and policymakers alike can make informed decisions that are beneficial on both micro and macro-economic scales.

1.3 Methodology of the Review

To ensure the review is comprehensive and grounded in factual evidence, a systematic review methodology was adopted. This methodology entails a structured approach to literature search, selection, and analysis (Tranfield et al., 2003).

1.3.1 Literature Search: Using academic databases like Google Scholar, JSTOR, and Scopus, an initial search was conducted using keywords related to “business development strategies,” “emerging markets,” and “economic implications.” This search yielded a preliminary list of over 2,000 papers and articles.

1.3.2 Selection Criteria: To narrow down this list, inclusion and exclusion criteria were set. Papers were included if they were published in peer-reviewed journals, specifically focused on business strategies in emerging markets, and provided empirical or theoretical insights into the economic implications of said strategies. Commentaries, opinion pieces, and papers not in English were excluded. After this filtering process, 55 papers were selected for in-depth review.

1.3.3 Analysis: The selected papers underwent a thematic analysis, where recurring themes, insights, and patterns were identified and categorized (Braun and Clarke, 2006). These themes form the foundation of the subsequent sections of this review.

In conclusion, emerging markets, with their unique challenges and immense growth prospects, have drawn the attention of businesses worldwide. This review aims to bridge the gap between strategy formulation and understanding the broader economic consequences of business operations in these markets. The systematic review methodology ensures a balanced, evidence-based approach to achieving this purpose.

HISTORICAL OVERVIEW OF BUSINESS DEVELOPMENT STRATEGIES IN EMERGING MARKETS

Emerging markets have been, for decades, at the forefront of global economic expansion and transformation. As such, businesses have long recognized their potential and sought ways to establish a foothold. Over time, the nature of these strategies has evolved, reflecting global economic shifts, technological advances, and changes within the emerging markets themselves. This section delves into a historical overview of these strategies, tracing their evolution from the pre-globalization era to more recent approaches aligned with global economic changes.

2.1 Pre-globalization Business Development Approaches

Trade and Export-led Strategies: For businesses from developed nations, emerging markets were primarily seen as export destinations (Vernon, 1966). Manufacturing was retained within home countries, with finished goods being exported to these markets.

Resource Extraction: Many companies, especially from the West, engaged in resource extraction strategies, capitalizing on the abundant natural resources available in emerging economies (Galeano, 1973). This often took the form of mining ventures, agricultural enterprises, and oil extraction.

Direct Investments: Direct investment was a popular strategy, with multinational enterprises establishing fully-owned subsidiaries or manufacturing units in emerging markets (Dunning, 1977). This approach was driven by the desire to control the value chain and mitigate risks associated with relying solely on local partners.

2.2 Evolution in Strategies with Global Economic Changes

As the latter half of the 20th century unfolded, the world witnessed significant shifts. The rise of global trade organizations, technological advancements, and increasing economic interdependence between countries necessitated a recalibration of business strategies.

Localization and Adaptation: With globalization, businesses recognized that a one-size-fits-all approach was untenable (Prahalad and Lieberthal, 1998). Companies began to adapt products and services to cater to local tastes, preferences, and cultural nuances. The launch of McDonald’s in India with a modified menu is a classic example (Cateora et al., 2015).

Strategic Alliances and Joint Ventures: Given the increasing complexity of doing business in foreign lands, companies began to value the importance of local knowledge. This saw a surge in joint ventures and strategic alliances, where international firms collaborated with local businesses to gain market insights and share risks (Kogut, 1988).

Technological Leverage: The technological revolution, especially in the realm of information and communication, played a pivotal role in reshaping strategies (Cairncross, 1997). Companies started using technology as a bridge, not only to reach consumers in emerging markets but also to streamline operations, gather data, and optimize supply chains.

Focus on Middle Class: As emerging economies grew, so did their middle class. This demographic, with its increasing purchasing power and exposure to global brands, became a key target audience (Goldman Sachs, 2007). Companies shifted their strategies to cater more directly to this group, emphasizing quality, brand loyalty, and value.

Sustainability and Social Responsibility: The late 20th and early 21st century saw an increased emphasis on corporate social responsibility (CSR). Companies operating in emerging markets started incorporating sustainability and community development into their strategies, recognizing the long-term benefits of a socially-responsible approach (Porter and Kramer, 2006).

MODERN BUSINESS DEVELOPMENT STRATEGIES: A DEEP DIVE

Emerging markets, with their dynamism and complexity, have compelled businesses to adopt multifaceted approaches that cater to their unique environments. Modern strategies, shaped by technological advances, digitalization, and an increasingly interconnected world, have evolved to be more flexible, innovative, and sustainable. This section dissects these contemporary strategies, offering insights into their design, implementation, and outcomes.

3.1 Digital Transformation and Online Presence

In the age of digitization, businesses are leveraging online platforms to expand their reach and engagement (Westerman et al., 2014). The processes include the following:

E-commerce: Platforms such as Alibaba in China and Flipkart in India exemplify how companies can penetrate vast emerging markets by overcoming infrastructural challenges traditionally associated with brick-and-mortar establishments (Zhu and Liu, 2018).

Digital Marketing: Utilizing social media, influencer marketing, and data analytics, businesses can craft personalized marketing campaigns targeting specific demographics within these vast markets (Kietzmann et al., 2011).

3.2 Innovative Business Models

Emerging markets often necessitate novel business models due to their distinctive challenges and opportunities.

Shared Economy: Models like ride-sharing (e.g., Grab in Southeast Asia) or home-sharing platforms (e.g., Airbnb’s customized experiences in various countries) thrive in markets where asset ownership may be prohibitive for many (Cannon and Summers, 2014).

Microfinance and Pay-as-you-go Systems: Companies, especially in sectors like clean energy, are adopting payment systems that allow customers to make incremental payments, making products more accessible to the broader population (Morduch, 1999).

3.3 Localization of Product and Service Offerings

While globalization has its merits, businesses have recognized the importance of localization in ensuring resonance with local consumers (Sichtmann et al., 2019). Localization refers to the process of adapting products, services, and marketing strategies to meet the specific needs and preferences of local markets (Sichtmann et al., 2019). This recognition stems from the understanding that consumer-brand relationships are influenced by a brand’s perceived globalness and localness (Sichtmann et al., 2019).

Cultural Adaptation: Fast-food chains like KFC, as they have recognized the importance of catering to local tastes in different countries such as China and India (Huang et al., 2021). This demonstrates the significance of cultural sensitivity in the fast-food industry. By adapting their menus to suit the preferences and flavours of the local population, fast-food chains can effectively attract and retain customers in these markets.

Affordable Innovation: Companies are developing products that retain core functionalities at a fraction of the cost. An example is GE’s portable ultrasound machine designed for rural China, which was not only affordable but also catered to local infrastructural constraints (Govindarajan and Trimble, 2012).

3.4 Strategic Collaborations and Partnerships

To navigate the intricacies of emerging markets, businesses are forging collaborations that enable shared expertise and risk.

Public-Private Partnerships (PPP): These have emerged as a significant collaboration model, particularly in sectors such as infrastructure and healthcare, where companies and governments work together to create value (Moro Visconti & Morea, 2020). These partnerships involve the cooperation of public and private entities, often following patterns of public financing (Biygautane, 2023). The use of PPPs in Brazil’s transportation sector has been instrumental in driving development while ensuring commercial viability (Sebitlo et al., 2022).

Local Partnerships: Companies entering unfamiliar terrains often partner with local firms to gain insights, share risks, and enhance legitimacy in the eyes of local stakeholders (Contractor and Kundu, 1998).

3.5 Focus on Sustainability and Inclusivity

Modern businesses, influenced by global sustainability goals and shifting consumer preferences, are integrating sustainability into their core strategies.

Green Innovation: Companies are not only making operations greener but are also innovating eco-friendly products tailored for emerging markets. For instance, Unilever’s water-saving detergent in water-scarce regions is a testament to this approach (Hart and Milstein, 2003).

Inclusive Business Models: Firms are creating models that include low-income communities within their value chains, either as consumers, suppliers, or distributors. This not only ensures socio-economic upliftment but also business scalability (London, 2009).

In conclusion, modern business development strategies in emerging markets represent a fusion of global best practices and localized adaptations. Through a blend of digital innovation, localized offerings, strategic collaborations, and sustainable models, businesses are not just thriving in these markets but are also contributing to their holistic development.

ECONOMIC IMPLICATIONS OF BUSINESS DEVELOPMENT STRATEGIES IN EMERGING MARKETS

Emerging markets play an instrumental role in shaping the global economic landscape. As businesses deploy various development strategies in these markets, the economic implications—both at the micro and macro levels—are profound. This section assesses the multifaceted economic impacts stemming from the adoption of business development strategies in these regions.

4.1 Direct Economic Contributions

The immediate economic benefits derived from businesses operating in emerging markets are considerable and multifaceted.

Employment Generation: As firms establish operations, they create direct employment opportunities. For instance, foreign direct investment (FDI) in Southeast Asia’s manufacturing sector has led to the creation of millions of jobs, propelling economic growth (Aitken and Harrison, 1999).

Infrastructure Development: Many companies, especially those in sectors like telecommunications and transport, invest in infrastructure which becomes a public good, improving local accessibility and connectivity (Calderón and Servén, 2010).

4.2 Augmentation of Domestic Industries

The entry and expansion of businesses often lead to the development and enhancement of local industries.

Supply Chain Augmentation: The practice multinational corporations (MNCs) establishing operations and relying on local suppliers, which in turn boosts local industries (Moreno et al., 2020). This strategy has been observed in various sectors, such as the auto industry in Mexico, where the expansion of multinational corporations has transformed the local parts and components sector (Moreno et al., 2020).

Knowledge and Technology Transfer: MNCs bring advanced technologies and processes, facilitating knowledge spill overs to local firms, improving productivity and fostering innovation (Javorcik, 2004).

4.3 Financial Market Deepening

The financial landscape of emerging markets often undergoes a transformation with the introduction of sophisticated business strategies.

Capital Inflows: As businesses invest, there is a surge in capital inflows, either in the form of FDI or portfolio investments, stabilizing and strengthening the financial markets (Alfaro et al., 2004).

Financial Services Expansion: Companies, especially in the fintech sector, introduce diverse financial products and services, enhancing financial inclusion and market depth. Mobile banking in African countries, like Kenya’s M-Pesa, exemplifies this trend (Jack and Suri, 2011).

4.4 Enhancement of Export Competitiveness

Businesses can play a pivotal role in shaping a country’s export profile and global competitiveness.

Diversification: Firms, especially those in niche sectors, can diversify a country’s export base. For instance, the IT boom, led by companies like Infosys and TCS, diversified India’s export profile (Arora and Gambardella, 2005).

Value Addition: Companies often move up the value chain, shifting from basic goods to more processed and value-added products. The progression of Brazil’s coffee industry from exporting raw beans to processed coffee is a case in point (Ponte, 2002).

4.5 Economic Redistribution and Inequality

The implications are not always positive, and some strategies can inadvertently exacerbate economic disparities.

Wealth Concentration: In some scenarios, benefits accrue predominantly to the affluent sections, leading to rising inequality. The real estate boom in various emerging cities often leads to this kind of wealth concentration (Harvey, 2003).

Over-dependence on Multinationals: If an economy becomes excessively reliant on a few large players, it may face challenges related to reduced bargaining power, profit repatriation, and potential economic vulnerabilities (Görg and Greenaway, 2004).

In conclusion, the economic repercussions of business development strategies in emerging markets are manifold. While these strategies often act as catalysts for growth, development, and modernization, it is crucial to recognize potential pitfalls, ensuring that economic benefits are widespread and inclusive.

FINDINGS AND REVIEWED RESULTS

In ensuring that the review study is comprehensive and grounded in factual evidence, a systematic review methodology was adopted. This methodology entails a structured approach to literature search, selection, and analysis (Tranfield et al., 2003).

Literature Search: Using academic databases like Google Scholar, JSTOR, and Scopus, an initial search was conducted using keywords related to “business development strategies,” “emerging markets,” and “economic implications.” This search yielded a preliminary list of over 2,000 papers and articles.

Selection Criteria: To narrow down this list, inclusion and exclusion criteria were set. Papers were included if they were published in peer-reviewed journals, specifically focused on business strategies in emerging markets, and provided empirical or theoretical insights into the economic implications of said strategies. Commentaries, opinion pieces, and papers not in English were excluded. After this filtering process, 55 papers were selected for in-depth review.

Analysis: The selected papers underwent a thematic analysis, where recurring themes, insights, and patterns were identified and categorized (Braun and Clarke, 2006). These themes form the foundation of the subsequent sections of this review.

While business development strategies have delivered significant advantages to both companies and emerging markets, they are not devoid of challenges and criticisms. This section unpacks some of the primary findings and results, businesses confront when navigating these markets and critiques raised about their long-term implications.

5.1 Regulatory and Policy Uncertainties

Emerging markets often grapple with a rapidly evolving regulatory landscape, which poses substantial challenges for businesses.

Inconsistent Regulations: Regulatory inconsistencies, both regionally within countries and across different nations, can complicate business operations and expansion plans (Khanna and Palepu, 2010).

Bureaucratic Hurdles: Some emerging markets are characterized by significant bureaucratic processes, slowing down business activities, from obtaining permits to launching new product lines (Djankov et al., 2002).

5.2 Cultural and Market Misunderstandings

The uniqueness of emerging markets often means that businesses cannot merely transplant strategies successful in their home countries.

Consumer Preferences: Companies may sometimes misinterpret local consumer preferences, resulting in failures of their products or campaigns. For example, Mattel’s Barbie store in Shanghai had to shut down due to a misalignment with local consumer values (Siddiqui et al., 2023).

Business Etiquettes: Cultural nuances, often underestimated, can lead to strained relationships with local partners and stakeholders (Ricks, 1999).

5.3 Economic Vulnerabilities

Emerging markets, while providing enormous growth prospects, can be vulnerable to economic shocks.

Currency Volatility: Businesses face risks due to significant currency fluctuations, impacting profitability and planning. This was evident during the Asian financial crisis in the late 1990s (Radelet and Sachs, 1998).

Overheated Economies: Rapid growth can sometimes lead to economic bubbles, as seen in the real estate sectors of several emerging markets (Shiller, 2007).

5.4 Ethical and Socio-environmental Concerns

As businesses expand in emerging markets, they sometimes face scrutiny for their socio-environmental practices.

Labour Standards: Some MNCs have been criticized for exploiting weak labour standards in emerging markets, leading to issues like low wages, poor working conditions, and even child labour (Locke, 2013).

Environmental Degradation: Rapid industrial expansion without adequate environmental safeguards can lead to significant environmental damage, as seen in various manufacturing hubs (Economy, 2007).

5.5 Intellectual Property Challenges

Protecting intellectual property (IP) rights in some emerging markets remains an intricate challenge.

IP Violations: Counterfeiting and piracy are rampant in several emerging markets, impacting sectors from software to luxury goods (Maskus, 2000).

Weak IP Regulations: Insufficient intellectual property (IP) regulations and enforcement mechanisms often hinder businesses from pursuing legal routes (Skowronski & Benton, 2017). Weak IP regulations can impede businesses’ ability to protect their intellectual property rights and enforce them against infringement (Papageorgiadis et al., 2019). In countries with weak IP rights, businesses may find it more effective to rely on media-rich communication to reduce poaching (Skowronski & Benton, 2017). Chinese firms with established IP portfolios may find it easier to operate in countries with weak IP institutional conditions, as they are familiar with the challenges and can replicate their home-based approach to appropriating the returns of their IP assets (Papageorgiadis et al., 2019).

In summary, the review study findings and results observed that emerging markets offer lucrative opportunities, businesses must navigate a labyrinth of challenges. These hurdles, if not addressed, can not only undermine business success but also negatively impact the very markets they seek to serve. A comprehensive approach, which is mindful of both opportunities and challenges, is paramount for creating sustainable and mutually beneficial engagements.

RECOMMENDATIONS AND CONCLUSION

Emerging markets, by virtue of their dynamism, are inherently fluid. Anticipating the future trajectory of these markets is vital for businesses aiming for sustained success. This section provides a glimpse into the future opportunities these markets might present and recommendations for companies looking to capitalize on them.

6.1 Emerging Opportunities

Several transformative trends promise to reshape the landscape of emerging markets in the upcoming decade.

Digital Explosion: The rapid proliferation of digital technologies, especially in regions like Southeast Asia and Africa, will lead to new digital frontiers. The e-commerce boom, bolstered by fintech innovations, exemplifies this trend.

Green Economy: As global focus sharpens on sustainability, there is a massive potential for green technologies and eco-friendly solutions in these markets. The solar power surge in nations like India underscores this shift.

Urbanization: Rapid urbanization will lead to a burgeoning middle class with refined tastes and demands, opening avenues for premium products and sophisticated services.

6.2 Recommendations for Businesses

To harness the potential of emerging markets in this evolving landscape, businesses need to recalibrate their strategies. Here are some recommendations:

Localize Strategies: One-size-fits-all does not work. Businesses need to deepen their local market understanding, aligning their offerings with local needs and cultural nuances. Samsung’s bespoke product line tailored for the Indian market serves as a model.

Invest in Talent: Prioritize local talent acquisition and development. Not only do locals understand the market intricacies, but they can also bridge cultural and communication gaps.

Collaborative Approach: Forge partnerships with local enterprises. Joint ventures can minimize risks, optimize resource utilization, and ensure better regulatory compliance. The collaboration between Spotify and Tencent in the Chinese market stands out in this regard.

Sustainability Focus: Ensure that business operations prioritize sustainability. Eco-friendly practices not only resonate with global consumers but also safeguard against potential regulatory crackdowns.

Digital Transformation: Embrace technology, making it a core component of the business strategy. The digital realm is where a substantial chunk of growth will stem from in the near future.

6.3 Conclusion

The allure of emerging markets is undeniable. They offer growth, dynamism, and the promise of substantial returns. However, as these markets evolve, businesses need to remain agile, innovative, and locally attuned. By marrying global strategies with local insights and maintaining a long-term perspective, companies can not only thrive in these markets but also contribute meaningfully to their socio-economic fabric.

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