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Transforming Business Models in Fast‐Emerging Markets–Lessons from India
Author(s) -
Goyal Sandeep,
McCord Mark,
Kapoor Amit
Publication year - 2015
Publication title -
thunderbird international business review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.553
H-Index - 37
eISSN - 1520-6874
pISSN - 1096-4762
DOI - 10.1002/tie.21750
Subject(s) - emerging markets , bric , business model , leverage (statistics) , business , transformative learning , emerging technologies , industrial organization , international business , economics , economic geography , marketing , finance , computer science , management , sociology , pedagogy , artificial intelligence , machine learning
There is a need for understanding the entrepreneurship and business models in the emerging economies, especially the fast‐expanding ones, from a different perspective as compared to the developed economies. The consistent gross domestic product ( GDP ) growth rate, significant socioeconomic potential, untapped needs of the population, and economic growth potential in the fast‐expanding emerging economies like the BRIC nations (Brazil, Russia, India, and China) have changed the paradigm for investment, thereby creating a new economic development reality and focus for the global companies. However, achieving success in these emerging markets has its own unique mix of challenges. This requires a transformative and innovative mind‐set toward conceptualization of a working business model that can fit into the reality of the socioeconomic and cultural challenges of these emerging markets. Further, the business model changes and alignment in these emerging markets require closer analysis and understanding of the global trends as well as ability to leverage the emerging technologies and linkages. The objective of this article is to explore the magnitude of opportunities and emerging business models transforming the socioeconomic landscape in fast‐expanding emerging markets. In doing so, the article attempts to provide an overview of the emerging business model typologies and patterns that will enable the global companies to make better‐informed decisions and build their presence in the fast‐expanding emerging markets. © 2015 Wiley Periodicals, Inc.