Emerging-markets Product

Development and Innovation

The New Competitive Reality
By Ana Mundim, Mitali Sharma, Praveen Arora and Ryan McManus
For many industries emerging markets are key to near- and
medium-term growth. For most companies, the strategy
for these markets has long been to either extend existing
brands, or strip features from those brands in order to
attract highly cost-conscious consumers. However, with
increasing consumer awareness and global connectedness,
the competitive picture has changed, and today new
emerging-market strategies are required. Companies
have begun to target the specific needs of the emerging
consumer. Not only does this new approach give companies
an edge in emerging markets, but the resulting innovations
can turn out to have applications in the developed world.
In the new competitive reality, companies must develop
and innovate products specifically for and in emerging
markets, and look for opportunities to leverage those
products back to the developed world.
For many years economic growth
and innovation seemed to flow one
way, from the developed world into
emerging markets. In the past few
years, though, relations between
developed and developing economies
became a two-way street, with
innovation, investment and competition
originating in both the developed and
emerging markets, and moving across
the globe from one to the other.
Meanwhile, investors have poured billions
into emerging economies, not (as once
was the case) to provide development
assistance or for purely outsourcing-
related purposes, but in order to obtain
a good return from promising companies
and sectors. As a result, emerging markets
throughout the world are rationalizing
their trade and capital-investment
relations with the major industrial
nations. Market opportunities have
replaced political criteria for choosing
when and how to invest.
The situation is much the same in the
realm of new product development.
More and more, innovationthe use
of intellectual capital to create new
products or services that generate
positive business results in the form
of financial returnsis being exported
from emerging markets into other
emerging and developed markets.
Huge market potential
By 2008, the BRICs combined GDP was
about 75 percent bigger than Goldman
Sachs had suggested five years before.
In its 2011 projection, the bank believe
that all of the BRICs should be among
the ten largest economies in the world
by the end of this year, driven mainly by
the rise of the middle and upper income
classes in the emerging markets.
1
1
As a result, the last decade has seen
emerging markets evolve into innovation
hubs for new products. Chinese inventor
Li Weiguos bicycle that carries its rider
on land and water
2
; a common scooter-
powered flour mill devised by Indias
Sheikh Jahangir
3
to cater to erratic power
supply in rural villages and need for
portability in far-flung villages; a bicycle
powered washing machine to reduce
washing efforts in deep rural areas; a
mobile sugarcane juice making unit; a
portable top-opening fridge developed for
Indian rural population, which replaces
the compressor with a cooling chip and
fan, working on battery to cope with
power outages in rural regions; a cosmetic
line of seeds from the Amazon; and
Embraers efficient mid-sized jets. These
are among the many innovations that
have originated in developing nations.
Many have already captured important
market segments-not only in the huge
demand base of emerging nations poor
populations, but also in their expanding
middle class and beyond, in the global
market. For example, Haier, the Chinese
manufacturer of appliances, is now the
top refrigerator maker in the world, with a
12.5 percent global market share.
4
Important for near and mid
term growth
Unilever estimates that by 2015 that 300
million more people will reside in urban
households, that 700 million households
will move to modern-style kitchens with
work surfaces, and that 500 million
more people will use inside toilets. Last
year their emerging markets business
grew by around 10 percent, with the key
businesses of China, India and Turkey
all delivering growth well into double
digits. On the other hand, their business
in Central and Eastern Europe saw more
subdued growth. The emerging markets
continued to be their growth engine and
generated 53 percent of sales
.5
Another example is the automotive sector,
where, after years of double-digit growth,
Chinas vehicle market displaced the U.S.
as the worlds largest in 2009 with sales
of 13.6 million units (Figure 1). Growth
in 2010 may have driven that figure over
15 million, according to Chinese officials.
Low numbers of vehicles-per-capita in
the emerging markets (compared to the
developed markets) should drive higher
growth in the emerging markets for many
years to come.
Not easy to penetrate
Although Fiat admits that its emerging
market presence has been slow until
now, the Italian company has had huge
success in Brazil, where a very well-
established presence has helped to make
it the biggest carmaker in the country
(and one of the biggest in other South
American markets like Argentina). Now, it
is setting up a series of joint ventures and
developing new models to crack the other
three BRICs.
In fact, although many companies expect
that most of their near-to-medium-
term growth will occur within emerging
markets, they are also discovering that
traditional business processes might not
work within this new context. In this
Point of View, we will describe how the
typical process of product development
and innovation evolved over time in
these markets and what makes product
development and innovation different
in emerging markets. Then well review
the key drivers of high performance in
this environment.
Figure 1: Global
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
T
h
o
u
s
a
n
d
s
Car Production
Source: Global Insight (2005-2009) and Wards (2010)
United States
Germany
France
Italy
Russia
Brazil
India
China
Key Developed Economies
BRIC
2005 2006 2007 2008 2009 2010
2
3
The evolution of product
development and innovation
in emerging markets
Developed Markets Emerging Markets
Defend and grow developed markets - Base Product
Establish world class products
Leverage Technology and IP
Innovation at the high-end segment
Examples: Microsoft Windows, Fiat Punto
Adapting existing products to local markets - Defeaturing
Align product range to compete on value and cost
Defeaturing of products (strip down) to reduce costs
Setup Growth market R&D and Partnerships
Example:Product testing for new emerging market entry
Innovation and NPD from emerging markets targeting
developed markets - Reverse Innovation
Common global low cost platforms
Modular architecture to add and deselect features for any part
of the global market
Innovation Examples: GEs Vscan, Quimica Amparos low cost
cleaning products, Microsoft Office Mobile & other products, Lenovo
personal computers, Janas mobile direct marketing platform
Developing new platforms to local markets - Frugal Innovation
Translate the voice of local customer in product/service requirements
Develop new frugally engineered platforms
Ground up local R&D capabilities
Innovation Examples: Nokias flashlight & multiple address
book-enabled mobiles, P&Gs shampoo sachets, Naturas top quality
health and beauty products, Tata Motors' Nano car
Figure 2: Product Development and Innovation Strategies across Developed and Emerging Markets
Adapting existing products
to local markets
For developed-market companies, this
phase marks the normal initial entry
into an emerging market (Figure 2). As
companies enter emerging markets, their
local trust level, expertise, and cultural
understanding are very low. Often, the
emerging market is treated as simply a
new space to sell existing products. After
some experience, though, it becomes
clear to the companies that these markets
are fundamentally different. In order to
position their offerings, the companies
begin de-featuring existing products,
often lowering costs to meet market
demands. At this stage, the basic product
remains the same as it was in established
markets. It simply has fewer features.
Although this de-featuring appears
to be a smart way to reduce costs, it
doesnt support a dominant-market-share
strategy. It is more useful as a strategy
for testing a product or new market.
Developing new platforms
for local markets
At a later stage of engagement,
companies start to focus on products
that are fundamentally redesigned
(Figure 2). The development process
no longer consists of taking a known
product and removing features to make
it cheaper. Instead, companies now begin
with their experience and knowledge of
their customers, including a target price
point. Companies use the information to
conceive, design and make a new, locally
appropriate product from the ground up.
This alternative product development cycle
is a natural evolutionary step for most
companies trying to thrive in emerging
markets. After some experience, they design
and develop their products based on local
needs. Among Nokias cell-phone models
in India, for example, are models that have
flashlights (because of electrical blackouts)
and multiple phonebooks (because
bottom-of-the-pyramid consumers often
share a phone among several owners). And
McDonalds menus in India feature items
with familiar Indian spices.
In addition to addressing local tastes
and usage patterns, there are three
primary considerations when developing
for emerging markets, as described by
Khanna and Palepu
6
:
Institutional Voids: Systems in
emerging markets might present
unique challenges and opportunities
in adjacent/non-core areas. Examples
include infrastructure, supply chains,
information brokers, education, and
governmental/regulatory structures.
Traditional product development should be adapted to achieve profitable results in and
from emerging markets. From our research and experience, we can identify three major
evolutionary steps in a typical developed-world companys efforts to innovate and develop
products in emerging markets. However, its important to highlight that the innovation
flow can also be triggered from emerging markets directly to developed markets.
4
Collaboration: Given the institutional
voids, companies regularly find it
necessary and beneficial to collaborate
more closely with local partners
and suppliers, non-governmental
organizations and government
agencies. These partnering relationships
regularly include a sustainability
agenda, representing another systemic
departure from developed market
product development.
Frugal innovation: Products used to be
designed with price rather than features
as the starting point. However, the
turning success factor for emerging
markets is innovation focused on the
end utility of the product. The idea is
to keep the rather local voice of the
customer as the key guideline, and
then design, produce and launch at a
competitive price point.
Janas experience in Africa illustrates
these dynamics. Starting from the
observed institutional void of a lack
of an efficient job-board mechanism
in Kenya, Jana collaborates with many
mobile operators globally to deliver a
mobile platform reaching over two billion
emerging market consumers. Users receive
free mobile airtime (which also addresses
the limited banking infrastructure in
many areas) in exchange for completing
surveys and purchasing productswhich
further addresses lack of direct marketing
in their markets. Users are not required
to purchase any additional product
beyond their existing mobile phones to
participate. Hence, mobile airtime serves
as a proxy for incremental income and
contributes back to the community.
This approach often drives innovation,
which can improve competitiveness
not only in the bottom-of-the-pyramid
segment but also in products marketed
to the middle and upper classes of an
emerging markets consumers, where
products have room to branch out from
basics into the wish list and good to
have set of features.
A number of profitable niches have been
exploited by starting design with the
local voice of the customer. In India,
for example, Procter and Gamble and
HLL developed shampoo sachets for
rural Indians who cant or wont pay
for a whole bottle of shampoo due to
limited weekly disposable income. These
companies tapped into the perceived
luxury value that the local population
ascribed to the product. This guided
their product positioning, but the
price point was made affordable by
selling single-use sachets. Then, too,
Tata Motors Nano car represents an
integration solution uniquely suited to
the Indian market. However, its actual
business results demonstrate its design
team hasnt properly understood the
voice of the customer. Despite an
innovative design and affordable price
point, the positioning differed from the
customer requirements. It was perceived
as a replacement to a two wheeler
segment, therefore failing to leverage
the cars value as a symbol of status.
Innovation and new
product development
from emerging markets
Increasingly, innovations that were
created by emerging-market methods
for emerging-markets consumers are
finding their way into developed markets,
in a process Jeffrey R. Immelt, Vijay
Govindarajan, and Chris Trimble have
called reverse innovation.
7
Their study
highlights the GE case, where they have
developed a portable ultrasound machine
in China, costing less than half of the
expected cost in a developed country
and which is a success today not only in
emerging but also in developed markets.
Of course, this kind of disruption is
not confined to developed-world
multinationals like GE. Consider, for
example, Quimica Amparo, a 61-year-old
Brazilian company that has competed
aggressively for years in Brazils cleaning-
products market. Having mastered a
strategy of low price coupled with respect
for the environment, the company has
recently begun exporting its product
portfolio around the world. In their move
to the global level, such companies
emerging-markets experience gives
them several important advantages.
For example, Fiat is now designing
its new Fiat Mio, an urban-targeted
compact car, in Brazil for global markets,
based on their local competitive
marketing, design and development
capabilities.
8
The United Nations
World Investment Report calculates
that there are now around 21,500
multinationals based in the emerging
world
9
, and many of these companies
expect to compete globally with
multinationals from developed markets.
According to a recent Gartner report
10
,
emerging market companies have less
organizational history, and therefore
fewer problems with legacy systems and
methods. Therefore, they can leapfrog
the usual evolution of their supply chains,
skipping expected developmental steps to
quickly develop best-in-class practices.
For example, extensive collaboration,
not only with suppliers but also with
customers, is a hot topic (and a challenge)
for many developed-world companies.
Yet Brazilian and Chinese companies
already collaborate extensively and multi-
directionally, with customers and channels
as well as suppliers.
This penchant for collaboration is
often driven by culture: emerging
market companies are developed in
societies which highly value personal
relationships in business. So having
a rich network of relationships with
hundreds, or thousands, of suppliers and
consumers is simply business-as-usual.
But it just so happens that this penchant
confers a competitive edge in a time of
volatility in both supply and demand.
Companies with these tight partnerships
are quick to understand customers
requirements and bring those insights
into the product development process.
Another advantageous trait of emerging-
markets product lifecycle management
is the just-in-time approach. Processes
and facilities in the developing world
are generally more cost-effective to run,
and they have strong channel access.
Thus they can adjust nimbly to market
changes or shifts in customer needs.
Within the just-in-time approach, some
innovative companies are also mastering
a strategy of price differentiation coupled
with respect for the environment, which
we call frugal process of innovation.
These companies break down processes
and reassemble them in the most
cost-effective manner that focuses on
customer value-add thats geared to that
emerging market.
5
6
Natura, a Brazilian cosmetic company, combines
top quality health and beauty products,
competitive pricing, a direct sales model, a
commitment to sustainability, a broad social media
presence and robust sales channels in some of
Latin Americas youngest and fastest-growing
markets. The company was originally listed on the
BOVESPA (Sao Paulo stock market) in 2004, and
the shares have risen over 500 percent compared
to a 250 percent gain for the BOVESPA.
11
Such organizational efficiency and agility
helped emerging-market companies
survive turbulent periods in their home
economies, but its also a competitive
advantage in the global marketplace.
A recent academic study
12
found that
Brazilian multinationals such as Vale
and Embraer excel because of their
organizational flexibility. They permit
and even incentivize subsidiaries to be
unusually independent. The researchers
also identified another winning emerging-
markets management characteristic:
active waitingthat is, constantly
monitoring conditions and getting ready
to give immediate responses. Thats
a stronger strategy than what many
multinationals do now: Plan for the short-
term and rely on intuition to get the right
product out at the right time.
Whether overcoming talent shortages
through innovative educational and
training programs, incubating consumer
demand through base-of-the-pyramid
business models and infrastructure
investment, or adapting products and
technologies to local market conditions,
emerging market companies are adept at
turning apparently unpromising situations
to their advantage.
Of course, there are also disadvantages to
the emerging-markets environment, which
we expect many companies from these
nations will have to overcome in order
to compete globally. With their focus
on improvisation and quick response,
emerging-markets companies are initially
nimble developers, a trait which gives
them the advantageous flexibility to
enter in the developed markets. However,
to survive and grow, emerging market
companies need to acquire some of the
developed-market companies skills. They
need to develop more replicable and
reliable methods for sustained innovation
over time, and shift some of their focus
from product-improvement to include
more invention and concept-generation,
to establish themselves as a source
of adaptive and disruptive innovation.
Another controversial business concern,
which must be further institutionalized
in some countries, consists of rules for
defending intellectual property.
7
Essentials for product
development and innovation
in the new competitive reality
The attractions of emerging markets as production sites are obvious. Theyre also
home to a rapidly growing middle classa source of present and future customers,
and of educated, motivated talent. Yet emerging markets are different from developed
markets in cultures, customer requirements, labor practices, and regulatory regimes.
To efficiently develop effective products and innovations in emerging markets, and
then perhaps to use those innovations as a basis of competitiveness in the developed
world, a company needs to implement a specific business approach (Figure 3). Such
an approach will tackle the main challenges of differentiation and competitiveness.
The four essential traits of effective product development should be balanced for the
emerging environment and for each business situation.
Defendable Niche
Integrate local and
corporate strategies
Talent Pool
Leverage local talent
Nurture natural source
of expertise
Develop R&D centers
closer to customers
Cost Advantage
Build scale
Practice principles of
frugal innovation
Understand cost economies
of the local market
Differentiated
Products
Design and innovation
that understands the core
voice of customer
Figure 3: Essential challenges for Product Development in an Emerging Market.
8
Defendable Niche: Have
an integrated corporate
strategy
As each market is unique, past experience
of entering a developed market may not
serve as a reliable guide. It is important
to understand a markets local economic
and sociocultural reality to create a
defendable niche. In addition, companies
must have a clear and distinct emerging
market strategy and operating model,
linked to long term corporate strategy
and tailored for the different success
drivers and unique characteristics of
the market. For example, a worldwide
engineering software house discovered
that Indian companies, while interested in
its products, wanted to know the leading
practices in processes and skills required
around those products. This company
realized that in emerging markets it
needed a more defined layer of services
around its offerings. In their familiar
markets, this companys customers
were less inclined to buy such services.
Therefore, the company planned a
different go-to-market strategy.
On the reverse side, as weve mentioned,
sometimes process innovations
implemented in emerging-markets
product development may prove useful
in developed markets as well. For
example, stage gate processes (the
product development review points) are
more frequent and informal in emerging
markets, where volatile economic shifts
can change demand overnight. This
practice has potential to be applied
to an increasingly interdependent and
complex developed world. So do other
capabilities such as active waiting or
dynamic supply chains, or the lessons
from customer management, category
management, and efforts to reach the
hard-to-access consumer. This makes it
important to have a closely interlinked
global and local strategy with a constant
feedback loop.
Talent Pool: How to take
advantage of a rich source
of expertise
Every year, emerging markets, taken as a
whole, produce more than a million new
engineering graduates from institutions in
India, China and other developing nations.
(By contrast, in established economies
the majority of graduates earn degrees in
business or management, social science
or education
13
). This creates a large
talent differential: In 2006, for example,
American university students earned
about 11 percent of all science-and-
engineering bachelors degrees awarded
that year; Chinese students earned nearly
double, 21 percent.
14
This is one reason
many large multinationals have set up
R&D and product design and development
centers in emerging economies.
This general picture, though, is not
homogeneous throughout the emerging
markets. As an example, take the case
of Brazil: while it has also attracted
Centers of Excellence from different
multinationals, the nation is no longer
producing enough engineering graduates
to meet demand.
15
There, many companies
have found that local engineering talent
needs further development.
It is also important to note that quality
and quantity should not be confused.
Although most emerging markets offer
an impressive source of talent, some
of that talent might require further
training and or industry experience. The
traditional process of education teaches
students to apply a systematic and
structured approach to solving problems,
which are extremely important skills to
product development and incremental
adjustments. Quite often, breakthrough
requires out of the box, multidisciplinary
thinkers, who may not follow the
traditional career and educational paths,
which will require the development of an
open environment to innovation, where
such talent can be harvested adequately.
Cost Advantage:
Scale capability
Another key advantage of innovation
in emerging economies is the chance
to reduce costs. For multinational
corporations, an emerging-markets cost
advantage, achieved through scale and/
or efficiency, creates the ability to price
competitively and buffers against periods
of intense global price competition. Given
the pool of talent and low cost base, the
emerging economies form an excellent
ground for experimentation and learning,
so important in todays environment.
Access to low cost capital allows
a company to invest ahead of its
competition, letting it build scale and
market share. A case in point is the
development of solar power in India.
One of the hurdles of solar power was
the price of the solar panel. However,
Chinese manufacturers like Suntech
Power and Yingli Green Energy helped
drive the reduction in solar panel costs.
These firms, attracted by the scale of
opportunity that India offers, increased
production of the panels and cut costs
this year by about 30 percent to 40
percent, to less than $1 a watt. Prices
came down and suddenly it seems that
Indias ambition of going from 140MW
today to 20K megawatt by 2020 may be
possible
16
. This would have a tremendous
impact on the global solar power industry.
9
10
Differentiated Products:
Design and innovate product
that understands core voice
of customers
There is a tendency to focus on the
bottom pyramid when talking about
emerging market innovation. And its
certainly true that the key business
strategy in an emerging market is to
meet basic requirements at a competitive
price, while keeping an eye out for
opportunities in other segments. Emerging
economies form a huge untapped pool of
potential customers with needs that are
quite different from those of people in
developed countries. However, emerging
markets are anything but homogeneous.
At the bottom of the economic pyramid,
some 70 percent of the total emerging-
markets population
17
, are people who
are always looking for no-frills basic
functional products to meet their needs.
In an emerging market, the average
customer often has less disposable
income than in developed markets, and
so will look for products or services that
minimize cash outlay. Sophisticated
product features are likely to be less
highly valued by first time customers for
whom a very basic product is likely to
be a significant improvement over what
went before. A case in point: Colgate-
Palmolive Co., upon realizing that Indian
villagers were cleaning their teeth with
charcoal, brick dust and similarly abrasive
substances, replaced its toothpaste
with toothpowder.
18
Or, to take an
example from a different industry, in
several emerging markets, industrial
equipment manufacturers found ways
to modify existing products to capture
the bottom-of-the-pyramid market. One
device combines a diesel water pump
with a basic electrical generator set
to provide electricity to rural villages.
Produced and sold by a number of local
entrepreneurs, this product costs one
tenth as much as a standard power
generator, and it has a rich list of
features which otherwise would have
been unaffordable to its buyers.
Even as emerging-markets competitors
strive to reach bottom-of-the-pyramid
consumers with low-cost, high-volume
products, they must remain mindful that
these markets have other segments.
In all these nations, there is also an
emerging upwardly mobile class, which is
attracting the big players in the fashion
and luxury market. Here, too, developed-
world companies must re-adapt their
products to the local requirements.
Cultural norms, heritage, and lifestyle
make a big difference. In other words,
emerging-markets innovation is not
confined to the bottom-of-the-
pyramid consumer segment.
Indeed, innovation at the high end
is common now in emerging market
spaces. Microsofts India Development
Center, with facilities in Hyderabad and
Bangalore, has produced some of the
companys key development initiatives,
like Data Protection Manager, RFID
Platform Technologies, Office Mobile,
Windows SFU, Longhorn system features,
Visual Studio, Office Live Meeting and
Microsoft-CRM, which are being used
globally. And then there is Lenovo,
whose products, developed initially for
Chinese consumers, have taken a lead in
their computer products for the global
market. In a very different industry,
Herms approach to entering Chinas
upscale market was to create its own
distinctly Chinese brand, Shang Xia. Its
luxury stores sell ready-to-wear and
decorative arts inspired by Chinese
culture. And therein lays the untapped
potential that can lead to another
powerful global basis of competition.
11
Conclusion
Its easy to assume that product development and innovation happen in the same way,
everywhere. But countries grow in different ways, and they also create intellectual
capital in different ways. As varying innovation models blossom in the emerging
markets, theyll have lessons for companies everywhere.
In order to take full advantage of these markets, companies looking to develop products
and innovation in and from the emerging markets should consider:
A defendable niche, based on understanding local needs combined with a constant
feedback loop between the integrated local and corporate strategies. This also
includes management of local talent pool, to encourage both incremental and
breakthrough thinking.
Cost advantage, achieved through scale and/or efficiency which creates the ability
to price competitively, ride out periods of intense price competition and experiment
with new ideas.
Tailored products or services which address the true voice of consumer of
the segment being targeted, as well as unique local needs, institutional voids,
collaboration opportunities and price points
Emerging markets are the Key Swing factor in the future growth of global trade and
financial stability, as well as critical players in global politics and business. They have
huge untapped potential and they seem determined to undertake domestic reforms to
support continuous and sustainable growth. Whats certain for now is that there are
numerous opportunities waiting to be explored in terms of innovative ideas, product
launches and new markets.
12
Ana Mundim is a Senior Principal
in Accentures Innovation and
Product Development team, based
between London and So Paulo.
Her focus is on product development,
either within multinationals or
emerging markets companies
expansions. She can be reached at
[email protected]
Mitali Sharma is a senior executive in
Accentures Innovation and Product
Development team. Her expertise lies
in working with executive management
to quantify, design, and deploy
innovative and strategic changes that
deliver sustained results and help
shift the base of competitiveness. She
lives in Atlanta and can be reached
at [email protected].
Praveen Arora leads the Innovation and
Product Development team at Accentures
Management Consulting Center of
Excellence in India. He has worked across
emerging and established markets in his
career in this area. He can be reached
at [email protected]
Ryan McManus is a senior manager in
Accentures Global Strategy Offering
Development team and the Accenture
Global Strategy Operations Lead and
a regular author on the topics of
International Market Expansion, Emerging
Markets and Mergers and Acquisitions.
He lives in New York and can be reached
at [email protected]
The authors would like to offer
special thanks to R. Venkatesh Iyer,
Senior Principal of Accentures
Innovation & Product Development
team for his contributions.
1
BRICs Monthly. Goldman Sachs Global
Economics, Commodities and Strategy
Research at https://360.gs.com
2
http://www.china.org.cn/
chinaphotos/2009-06/01/
content_17866889.htm
3
Rediff.com/Business, How Jahangir
turned scooters into super machines,
July 9, 2010 < http://www.rediff.com/
business/slide-show/slide-show-1-
innovation-jahangir-turns-scooters-
into-super-machines/20100709.htm>
4
ChannelNews, December 13, 2010.
5
Http://www.unilever.com
6
Winning in Emerging Markets, Tarun
Khanna and Krishna G. Palepu.
Copyright 2010, Harvard Business
School Publishing.
7
Jeffrey R. Immelt, Vijay Govindarajan,
and Chris Trimble, How GE Is Disrupting
Itself, Harvard Business Review,
October, 2009.
8
Innovation - the New Two-way Play, in
Knowledge@Wharton January 26, 2011
http://knowledge.wharton.upenn.edu/
article.cfm?articleid=2684
9
The Economist, April 15, 2010.
10
Gartner Report, Supply Chain
Organization in Emerging Markets,
Marcus Blosch, 27 April 2011.
11
http://natura.infoinvest.com.
br/?language=enu#grafico
12
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India solar power costs could fall by
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About the Authors References
13
14
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