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Organizations can use several strategies to tap into emerging markets. First, they can conduct thorough market research to understand the local culture, consumer behavior, and market trends. Second, they can form strategic partnerships with local businesses to gain local knowledge and credibility. Third, they can adapt their products or services to meet the specific needs and preferences of the local market. Fourth, they can invest in local talent to build a strong local team. Lastly, they can ensure compliance with local laws and regulations to avoid any legal issues.
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According to a financial services company, Charles Schwab Corporation, emerging markets are countries undergoing rapid economic growth and industrialization. These countries, Charles Schwab website states, make up 59% of the world's population and 40% of the world's economic output. Also, it's worth mentioning that per the April 2019 International Monetary Fund (IMF) estimate, emerging market economies are expected to grow faster than developed economies, at 4.8% in 2020, compared to 3.6% for their developed peers.
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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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