1. Affordability and Accessibility matter most to developing market customers
1.1. Affordability
1.1.1. Don't
1.1.1.1. Offer less for less
1.1.2. Do
1.1.2.1. Remove expensive features customers don't need and add less-expensive ones they do need
1.2. Access
1.2.1. M-PESA mobile banking in Kenya
2. Start in the middle market as the other two are already full of other companies
2.1. It's easier to upgrade the solution to a job people are already trying to do than to create demand where none exists
2.2. It's easier to get people who already pay money to get stuff done than to get those who don't
3. Get Competitive Advantage by integrating these elements to produce value for both you and the customers
3.1. Customer Value Proposition
3.1.1. How do you compete
3.1.1.1. Differentiation
3.1.1.2. Price
3.2. A Profit Formula
3.3. Key Processes
3.4. Key Resources the company must use
4. Market changes rapidly and is unpredictable
4.1. Collect experiences by conducting business in the country and adjust accordingly
4.1.1. Conduct rapid experiments and use what you learn from them
4.1.1.1. Drive around with truck and try out business model instead of conducting expensive research
5. Western companies don't need to drive their profits to zero in order to succeed in emerging markets, they just use the wrong business models
5.1. They keep their fundamental profit formulas and operating models unchanged although they should reconsider it
5.1.1. Identify an important unmet job
5.1.1.1. Four ways to uncover unmet needs
5.1.1.1.1. 1. Study what your customers are doing with your product
5.1.1.1.2. 2. Look at the alternatives to your offerings that consumers buy
5.1.1.1.3. 3. Watch for compensating behaviors
5.1.1.1.4. 4. Search for Explanations
5.1.2. Blueprint a model that gets the job done at a price your customer is willing to pay
5.1.3. Implement and evolve the model by testing your assumptions and adjusting while you learn
6. Think like a startup
6.1. Don't look for additional customers of your existing products but look for new jobs that need to be done
6.1.1. Example of fridge that turned out to have entirely different requirements than just a downsized conventional fridge