It is correct to say that emerging markets in the third world countries have been the defining feature of the global market this century, accounting for more than 50% of the global GDP. As such, it is essential that organizations adopt the correct tools to align their productions towards this criterion. Some of the strategies adopted by organizations to be able to access these markets include financed research. Firms are spending millions of dollars researching on these emerging markets as part of their strategy to provide tailor-made services. Gaining a deeper understanding of the market entails the education system, competitors, and the operating environments. Another trend is building well-designed and locally-tailored products. Organizations appreciate the fact that consumers may have differing opinions on the existent taste, looks, and functionality of the product portfolio. Formation of partnerships with the locals is a key strategy. Market entry strategy is crucial, and companies work with local partners to smooth their way into these markets (ICEF Monitor, 2014).
As these markets continue to evolve, the exposure leads to increased demand. Keeping a close tab on this factor helps organizations diversify their productions periodically to answer to such changes. One such inspiring organizational change was the move by Google founder Larry Page to break up the massive company into parts of a new Alphabet company. One of the factors that stimulated this move was the need to manage independently and efficiently services that were not very related. It was the idea of ‘separation of powers' within the different services that facilitated this change (Kelly, 2015). By grouping services according to their nature, Alphabet did an excellent job in alleviating the obstacles in management. The main impact at the market level was that the company was able to provide advanced services like Life Science to the consumers. On an organizational level, this separation of power facilitated better management based on functionality, ensuring efficient management across divides, enhancing teamwork and specialization among individuals.
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References
Kelly, H. (2015). Meet Google Alphabet—Google’s new parent company .
ICEF Monitor. (2014). The growing role of emerging markets in shaping global demand. Retrieved from http://monitor.icef.com/2014/03/the-role-of-emerging- markets-in-shaping-global-demand/
