Firms in emerging markets have traditionally followed one of two strategies to catch up with multinational enterprises (MNEs): developing customized products, services, or innovative business models or buying and absorbing technology from MNEs. In the era of globalization, these strategies are no longer effective. The new strategy to succeed is innovation-based differentiation, developing core technologies and advanced product offerings that are delivered at a low cost and with excellent customer service. Using this strategy, leading local firms are quickly catching up with MNEs in market development, technology development, or both.
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