Winning in dynamic markets is a challenge for every multinational company. IMD Professor Bala Chakravarthy describes the successes of Nestlé, Samsung and Haier.
Prof Bala Chakravarthy – ” .. . Emerging markets also need frequent experimentation, rapid scale up and quick exits. Instead of analyzing a market opportunity, corporate leaders have to learn to experiment. Samsung has achieved great success precisely by being such an experimenter. Whether it is India or Brazil the company is experimenting continuously with new products and new features. The company tests its intuition about customer preferences by launching appealing products and features– whether it is in offering a special football button to simulate the sound and feel of a packed stadium to the crazed football fan or a dance button to transport the dance fanatic to the look and feel of an elegant dance floor. Experimentation has to be frequent. Decision speed has to be lightning so that no opportunity is stranded and no failure persists.
In order to support such experimentation, an MNC needs an agile organization. Leaders at all levels have to be entrepreneurial.”
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