In Winning in Emerging Markets, Tarun Khanna and Krishna Palepu outline a practical framework for developing emerging market strategies; based not on broad categorical definitions like geography, but on a structural understanding of these markets. Their framework describes how “institutional voids” - the absence of intermediaries like market research firms and credit card systems to efficiently connect buyers and sellers - create obstacles for companies trying to operate in emerging markets. According to the book, understanding these voids and learning how to work with them in specific markets is the key to success.
