What we can learn from Emerging Markets
Looking at developing and emerging countries, most customers are underserved – not least because of a prevalent lack of resources. Many companies that are successful in these environments do so by having created new markets through innovative products or services that provide a distinct customer benefit at a previously unparalleled price point.
Since developing and emerging countries are among the fastest growing economies, their underserved and unrevealed markets gain increasing importance for European companies. But when it comes to entering these markets, most European companies stick to familiar ‘home-grown’ strategies and only allow for absolutely necessary adjustments. However, the very limited number of customers on established competitive markets impede growth and profit.
Clayton Christensen distinguishes between efficiency and sustaining innovations and market creating innovations. The former intend to improve the input-output relation of existing products, the latter create new products and/or new markets. While many European companies master efficiency innovations, market creating innovations require them to disrupt established processes, strategies and business models – the key pillars of their past and current success.
To unleash future growth markets, European companies can learn from emerging market champions –how to create these markets in the first place. They will have to face challenges such as developing a thorough understanding of future customers’ needs and habits, translating them into a marketable product and developing a suitable business model.
The corporAID Multilogue “Market Creating Innovation” will look at how companies can
- learn from successful emerging markets players;
- change their mindset towards creating radically new products and services;
- create new markets in developing countries that contribute to sustainable development;
- be encouraged and supported to take these steps.
Keynote & Discussion
Deepa Prahalad | CEO, Anuvaa LLC
Leo Schiefermüller | Director, RP Global Africa
Hans Stoisser | Associate, Peter Drucker Society Europe
Georg Wagner | Founder & Managing Partner, Spirit Design
Time & Place
Tuesday, 19th November 2019, 6 to 8 p.m.
WKO, Wiedner Hauptstraße 63, 1040 Wien
Dieser corporAID Multilogue findet auf Englisch in Kooperation mit der Außenwirtschaft Austria und dem Peter Drucker Forum statt.