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- Herausgeber: Business Book Summaries
- Kategorie: Lebensstil
- Sprache: Englisch
The must-read summary of Vijay Mahajan and Kamini Banga's book: "The 86% Solution: How to Succeed in the Biggest Market Opportunity of the 21st Century".
This complete summary of the ideas from Vijay Mahajan and Kamini Banga's book "The 86% Solution" shows that most global businesses have traditionally focused on selling to the developed world which contains the wealthiest 14% of the world’s population. However, the biggest marketing opportunity of the twenty-first century will be to sell to the other 86% of the population who live in developing nations. In their book, the authors explain that you need to be aware of the nine specific characteristics of emerging markets and learn the nine specific strategies. Each of these characteristics represents an opportunity to gain a competitive advantage for whichever companies come up with the most appropriate solutions. This summary reveals that the question is not whether you should be in this market, but whether you can afford not to be.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge
To learn more, read "The 86% Solution" and find out how you can be a part of the commercial opportunities of the future.
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Seitenzahl: 38
Veröffentlichungsjahr: 2014
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Book Presentation: The 86% Solution by Vijay Mahajan and Kamini Banga1
Book Abstract
About the Author
Important Note About This Ebook
Summary of The 86% Solution (Vijay Mahajan and Kamini Banga)4
Book Presentation: The 86% Solution by Vijay Mahajan and Kamini Banga
Book Abstract
MAIN IDEA
The developed world contains the wealthiest 14% of the world’s population. Most global businesses have traditionally focused on selling to those customers, but it’s getting harder to make money that way because these markets are over-served and hyper-competitive. The biggest marketing opportunity of the twenty-first century will be to sell to the other 86% of the population who live in developing nations. By selling products into emerging markets, tremendous rates of growth and profitability can be achieved.
The business “rules of engagement”, however, are quite different when you serve emerging markets. It’s not just a matter of offering a third-world version of your existing products and services. Instead, there are nine specific characteristics of emerging markets you need to be aware of and nine specific strategies for taking advantage of those market characteristics. At the very least, to succeed in these markets, you’ll need to challenge the prevailing business wisdom. Each of these characteristics of emerging markets represent an opportunity to gain a competitive advantage for whichever companies come up with the most appropriate solutions.
In all, the 86% market is such a substantial commercial opportunity the key question is not whether you should be in this market but whether you can afford not to be.
About the Author
VIJAY MAHAJAN is a former dean of the Indian School of Business. He is currently professor of business at the University of Texas at Austin. He is the author of nine books and numerous articles in the business press. He is a former editor of the Journal of Marketing Research and has received a lifetime achievement award from the American Marketing Association.
KAMINI BANGA is a marketing consultant. She manages her own firm, Dimensions Consultancy Pvt. Ltd. She has traveled and consulted extensively in Asia and Southeast Asia. She writes and edits business articles for Economic Times, The Smart Manager, Business Today and other leading Indian business publications. She is a graduate of the Indian Institute of Management.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of The 86% Solution (Vijay Mahajan and Kamini Banga)
1. Adapt your product
Be prepared to adapt your products and services to the needs of customers in the emerging markets rather than expecting them to accept second-rate goods.
Your products and services need to address the realities of the local environment as well as the demands of the local culture and religion if they are to succeed. Therefore, don’t look at simply producing a third-world version of products sold elsewhere. Instead, develop products with features specific to the developing country involved. Redesign them from the ground up to meet local conditions.
Some suggestions on how to do this:
Understand that low price doesn’t automatically have to mean low quality – because customers in the developing world will expect high quality products for their precious money. Look for ways to do things cheaper and better than they have been done in developed countries. Focusing on practical ways to lower maintenance and the lifetime cost of ownership may be a good starting point.Look for innovative solutions that work elsewhere – and import those ideas into developing countries. For example, a disposable toothbrush sold in the U.S. as a camping product may appeal to the people in a developing country with limited access to clean water. Grow some sizable secondary markets for the products developed for other applications.Always keep in mind you’re catering to customers who don’t yet know how to act like customers – so be careful about offering lifetime guarantees or such. Customers don’t expect these kinds of consumer concepts so you’re better off sending the same messages with endorsements or independent tests which certify quality. You may also need to be careful about the business practices you use rather than expecting everyone to always do things above the board.Respect the power of the local religions and culture
