According to Reuters (2013/03/28 BRICS, move over. TIMPS are the new emerging market stars) the BRICS are no longer hot and now the TIMPS, Turkey, Indonesia, Mexico and the Phillippines, are the new emerging market stars. Even the guy who first started the acronym BRICs has decided to change to CRBI.
I love it when I hear others say that investments in personal care ingredients in emerging markets will pay off.
While I know people tend to form opinions and look for others to agree to reinforce those opinions, while rejecting those who don’t, I was very happy to see an article in Cosmetic Design, (http://www.cosmeticsdesign.com/Market-Trends/Emerging-markets-tipped-to-be-the-largest-economies-by-2020/?c=wUz%2F%2B4ZBItnQzH8YNJSO9g%3D%3D&utm_source=newsletter_daily&utm_medium=email&utm_campaign=Newsletter%2BDaily) discussing recent findings from Euromonitor.
Successful business people have empathy and respect for the people and cultures where they do business
Some business people from large companies or large economies who have less than a boat load of experience in emerging markets or different cultures can be heard telling their customers: “This is the way we do business. You need to do it this way.” Sometimes they don’t say it in words but they still give the message clearly, “We are better than you, and you can learn from me.”
Not only do they not make any friends, they don’t get any orders and they learn absolutely nothing. It makes me cringe.
The beyond brics blog on FT.com entitiled L’Occitane goes Brazilian, discusses how L’Occitane is is launching a new brand - L’Occitane au Brésil.
In the business insider on Feb 7th 2013, Max Nisen says that most MBAs don’t have a clue what it takes to succeed in emerging markets.
Business Insider Article
Is it OK to pay a bribe?
If you think everybody knows the right answer, then come down from your Ivory Tower and meet the real world. Your reputation is at stake.
I’m originally from England, and thought most people knew the answer to this question but reading about certain defense contractors and Middle East buyers leaves me with no doubt some of my countrymen do not know the right answer.
If everybody knew the right answer then no one would ask the question, right? But I have heard this on more than a couple of occasions, if not put exactly in these words.
Recently I covered a business insider article about MBA’s not being ready to succeed in emerging markets.
On February 27th 2013 the Financial Times (FT) published and article “Emerging markets export to drive growth”. It discusses a report by HSBC and Oxford economics that predicts intra-emerging market trade is set to expand rapidly in the years to 2030 as they grow wealthier and domestic demand rises.
Peter Drucker once said: “A poor organization structure makes good performance impossible, no matter how good the individual managers may be.”
Finding, developing and implementing the optimum organization structure is a challenge that faces all companies, big and small. It especially affects companies that go through big changes, like an acquisition, and smaller changes like a new hire in a senior position, but only if the structure has not been thought through as part of the development of strategy, or if the change does not fit well with that strategy.