Strategic management in emerging markets: Challenges and opportunities
1 Rome Business School, Estonia.
2 Zenith Bank Plc, Lagos, Nigeria.
3 Independent Researcher, UK.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 309–322
Article DOI: 10.30574/wjarr.2024.23.3.2671
Publication history:
Received on 22 July 2024; revised on 28 August 2024; accepted on 31 August 2024
Abstract:
This study examines the intricacies of strategic management within emerging markets, focusing on the challenges, opportunities, and strategic frameworks essential for success. Through a comprehensive literature review and analysis of case studies, the study explores how businesses can navigate the unique environments of emerging markets, characterized by dynamic growth, institutional voids, and diverse cultural landscapes. Key findings highlight that while emerging markets present significant challenges, such as political instability, economic volatility, and resource constraints, they also offer substantial opportunities for growth, innovation, and market expansion. Strategic tools like SWOT analysis, PESTEL analysis, and the Resource-Based View have proven effective in addressing these challenges, while trends such as digital transformation, sustainability, and the rise of emerging market multinationals are poised to shape the future of strategic management in these regions. The study provides practical recommendations for practitioners, emphasizing the importance of flexibility, innovation, and local adaptation. For policymakers, the study suggests a focus on strengthening institutional frameworks and supporting sustainable business practices to create a more conducive environment for businesses. In conclusion, this research offers valuable insights and recommendations for businesses seeking to capitalize on the opportunities within emerging markets, highlighting the need for continued exploration of evolving trends such as digitalization and sustainability to ensure the relevance and effectiveness of strategic management practices in the increasingly globalized economy.
Keywords:
Strategic Management; Emerging Markets; Institutional Voids; Digital Transformation; Sustainability; Innovation Strategies
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0