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Top1. Introduction
Multinational companies are aware of the potential of emerging markets. They invest substantial amount of money and resources in such markets (Deng, Delios, & Peng, 2020). One estimate claims that since 1998, companies have invested more than $3 trillion in emerging markets (The Economist, 2014). Multinationals are serious about investing in emerging markets because of the enormous opportunities in such markets (Xie, Fang, Chen, Wu & Kumar, 2022). However, facts suggest that companies have not received enough returns which are commensurate with the investments done. The Economist suggests that the return on investment from emerging markets for the average multinational corporation has been mediocre. It also reports that various multinational companies have lost a lot of money and resources when they ventured into emerging markets (The Economist, 2014).
Marketing experts suggest that there are a number of factors which contribute to the failure of companies when they venture into emerging markets (Habachi & El Haddad, 2021). Companies may not have a proper understanding of the emerging markets. Managers often set low expectations for their companies from the emerging markets (Venkatesan, 2013). Companies operating in emerging markets are highly competitive. Multinational companies which operate in developed markets should first think of building market shares in the emerging economies (Agoraki, Kouretas, & Triantopoulos, 2020).
Requirements and preferences of individuals in emerging markets are different from that of individuals in developed markets (Wu, Ma, & Liu, 2019). Because of the changing requirements and preferences of individuals, multinational companies from developed economies should adopt or modify their offerings when they enter emerging markets (Eyring, Johnson, & Nair, 2011). Multinational companies will be able to adapt and to modify their offerings when they have a clear understanding about the dynamics in emerging markets (Oh, Aliyev, Kafouros, & Au, 2022). Multinationals should collect relevant information, analyze the information, and gain customer insights about emerging markets (Dutta & Snehvrat, 2020). Multinationals do not have good marketing intelligence at their disposal to understand the underlying dynamics of emerging markets. They require generating relevant marketing intelligence and adapting their offerings as per the requirements of the emerging markets (Atsmon, Child, Dobbs, & Narasimhan, 2012). Multinationals will not be able to adapt to emerging markets unless they have good marketing intelligence. Although the topic is important and relevant, studies have not been conducted in-depth and do not address the issues. The present study aims to address this research gap.
The objective of the study is to understand the changing requirements and preferences of emerging markets and of the individuals constituting such markets. The study also aims to address the initiatives and strategies which multinational companies willing to enter emerging markets should adopt to collect relevant marketing information and to generate marketing intelligence for such markets.
The methodology adopted is a conceptual analysis of the literature on emerging markets, changing requirements and preferences in such markets, and the marketing intelligence required for such markets. The issues of data collection from different economies like data privacy and necessity of legal consent are highlighted. Primary data is not collected and empirical analysis is not performed in the study.