Winning in Emerging Markets
 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. On the basis of over a decade of research and practical experience with foreign multinationals and domestics companies in emerging markets, Tarun Khanna and Krishna Palepu present a simple framework intended to help strategists and investors map the unique institutional contexts for individual emerging market. The book offers advice and practical toolkits on determining whether to: *Replicate or adapt an existing business model in a particular market *Collaborate with domestic partners or act independently *Navigate around that market’s voids, or actively try to fill them *Enter the market immediately or look for opportunities elsewhere *Stay in or exit the market if current strategies are not working