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Market research plays a crucial role in adapting business models for emerging markets. It helps businesses understand the specific needs, preferences, and behaviors of consumers in these markets. This understanding allows businesses to tailor their models to fit the unique characteristics of each market, while maintaining their core business propositions. Without market research, businesses risk making radical shifts that could jeopardize their global scale and branding advantages.
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Where to find new opportunities in an ever more competitive market? Use our Emerging Markets presentation to inspire expansion at the global level and...
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To succeed, the scholars say, business models need to be tailored to each new nation's particularities. " may have to adapt to the voids in a country's product markets, its input markets, or both. But companies must retain their core business propositions even as they adapt their business models. If they make shifts that are too radical, these firms will lose their advantages of global scale and global branding," Khanna and Graham Walker write in their article for "Harvard Business Review" ("HBR").
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