IMT holds international conference on emerging markets & challenges
Institute of Management Technology Hyderabad aims to maintain a balance of academic rigor, multitude of corporate touch points and holistic
Institute of Management Technology Hyderabad aims to maintain a balance of academic rigor, multitude of corporate touch points and holistic development of students through creating an ecosystem facilitating incubation of knowledge in helping businesses. Institute of Management Technology Hyderabad, in collaboration with Ecole De Management De Normandie, France and Corvinus University of Budapest, Hungary organized a two-day long International Conference on Marketing Challenges in Emerging Markets on January 23-24. A total of 15 papers were presented during the conference from different universities of India.
The theme of the conference was to study marketing challenges in emerging markets. Emerging markets, also known as emerging economies or developing countries, are nations that are investing in more productive capacity. They are moving away from their traditional economies that have relied on agriculture and the export of raw materials and are rapidly industrializing by adopting a free market or mixed economy to create a better quality of life for their people. Emerging markets are growth drivers of global economy.
The characteristics of emerging markets include market heterogeneity, sociopolitical governance, inadequate under developed infrastructure, chronic shortage of resources, unbranded competition, highly fragmented markets, young growing population, limited income and space, and rapidly changing markets with weak distribution channels. All these characteristics–the indicators of challenge and opportunity-are important features of many emerging markets, but they do not delineate the underlying characteristics that predispose an economy to be emerging, nor are they particularly helpful for businesses that seek to address the consequences of emerging market conditions.
To accommodate these characteristics, we must rethink the marketing perspective and the core guiding strategy concepts (market orientation to market development). Intuitively, managers know that operating a business in an emerging market is different from doing so in a developed economy.