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Western multinationals — especially the most successful ones — consistently struggle to achieve their growth targets in emerging markets. Why? Because they try to repeat their past success formulas — the ones that work so well for them in developed markets.
This was the case at Harman, which had achieved extraordinary success in the high-end automotive infotainment systems for luxury cars. However, the company's initial steps to penetrate developing markets were unproductive.
Read the entire post at Harvard Business Review>>