We believe there are other options for companies facing stiff foreign competition. How can they overcome-and even take advantage of-their differences with competitors from advanced industrial countries? Many of these managers assume they can respond in one of only three ways: by calling on the government to reinstate trade barriers or provide some other form of support, by becoming a subordinate partner to a multinational, or by simply selling out and leaving the industry. Strategists at multinational corporations can draw on a rich body of work to advise them on how to enter emerging markets, but managers of local companies in these markets have had little guidance. Often, the very survival of local companies in emerging markets is at stake. Accustomed to dominant positions in protected markets, they suddenly face foreign rivals wielding a daunting array of advantages: substantial financial resources, advanced technology, superior products, powerful brands, and seasoned marketing and management skills. For local companies, however, the influx often appears to be a death sentence. Their arrival is a boon to local consumers, who benefit from the wider choices now available. As protectionist barriers crumble in emerging markets around the world, multinational companies are rushing in to find new opportunities for growth.
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