As local companies win an increasing share of markets in emerging economies, multinationals need to let go of their global strategies and embrace a new mission: Integrate locally and adapt globally.
José F.P. Santos and Peter J. Williamson
Something strange seems to be happening as globalization marches forward: Increasingly, powerful local companies are winning out against multinational competitors. This is especially true in emerging markets, where multinationals are assumed to enjoy superiority and their CEOs are counting on growth. Unilever CEO Paul Polman recently pointed out that his stiffest competition comes from fast-growing local companies. “We don’t see Procter & Gamble as our toughest ...