Reading 3-2: Capturing the World's Emerging Middle Class

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Reading 3-2: Capturing the World's Emerging Middle Class by Mind Map: Reading 3-2: Capturing the World's Emerging Middle Class

1. Despite having strong global brands, multinational companies face difficulties entering emerging markets

1.1. Aggressive local companies have captured a significant amount of the market

1.2. Business model of established firms is based on slow incremental improvement

1.2.1. Emerging countries need different approach

2. Critical factors in emerging markets are

2.1. Speed

2.2. Scale

2.2.1. Gain Scale by quickly identifying similar customer clusters across multiple markets

2.2.2. Gain Scale by pairing up with deeply knowledgeable local partners to focus on specific region

3. Consumers are very diverse

3.1. Like modern world

3.2. But also different

3.3. Plot their ability to buy and their needs (local or global) to find out how to tackle the market

3.3.1. Global & Buyable

3.3.2. Global & Less Buyable

3.3.2.1. Capture Loyalty

3.3.3. Local & Buyable

3.3.3.1. Try to move markets towards more global products through continuous minor product enhancements

3.3.3.2. Use Celebrity endorsement and leverage local knowledge

3.3.4. Local & Less Buyable