Новая нефтяная парадигма: может ли развивающийся мир жить при цене на нефть выше 100 долларов?
While the field of customer orientation (CO) has been studied extensively since the 1990s,
there have hardly been any attempts to revisit the concept for the specifics of B2B markets,
especially in the context of emerging economies. This paper explores the peculiarities of B2B
firms’ CO on the example of Russia. The empirical survey of 272 Russian B2B firms show
that well-established CO measurement can be used as integrated complex measure. The
results of our analysis demonstrate a critically important aspect of CO, which helps to differentiate
the customer-oriented firms from those with only “declared” CO. The study indicates
a need to critically assess widely used marketing concepts and their measurement in B2B
markets of emerging economies.
In this book we study innovations for the middle of the pyramid, focusing on the experience of middle income countries in Latin America. This middle income segment, which is middle by the standards of emerging markets although low by the standards of advanced economies, has grown steadily in the last few decades and has become an attractive segment for firms to serve. These middle income countries in Latin America are a laboratory for understanding this phenomenon because despite being emerging countries, they have a large middle income segment that provide attractive and different opportunities, similarly to other regions like Eastern Europe or the Middle East. Additionally, by focusing on a region that has a common political, social and economic history we are able to draw cross-country conclusions more easily, while at the same time benefit from a variety of experiences and innovations that have appeared in multiple countries.
The book is based on case studies and examples of firms that have created innovations for the middle of the pyramid. The cases are detailed analyses of exemplar firms that have introduce innovations to address some of the most intractable challenges of emerging markets and that have been successful at creating a business proposition of something that was commonly addressed by the government or by non-for-profit organizations. The examples are presented within a general framework that provides detailed statistics of the challenge to help explain how the challenge can nevertheless become a large business opportunity for some entrepreneurial managers.
The book can provide useful and new insights to managers of both emerging economies who want to serve their growing middle classes that until recently were being served in the informal economy, as well as to managers of multinationals from advanced countries who may find that the growing middle classes in emerging economies are a profitable and expanding market segment to serve.
The capacity for transformation and advancement of the world economy itself by a group of countries belonging to the emerging economies has been a topic of intense discussion in world forums. Even as news of the losing shimmer of the emerging economies is being spilled to the world, this is where 80% of the world consumers reside, and, therefore, too important to divert attention from. The theme of the 2014 Annual Conference of the Emerging Marketing Conference Board hosted by Centre for Marketing in Emerging Economies of IIM Lucknow, supported by the Academy of Indian Marketing – Listening to Consumers of Emerging Markets is an eminent testimony to this important fact.
JAGDISH N SHETH, PHD
Emory University Founder, Academy of Indian Marketing
The chapter describes the current state of corporate governance in Russia and the dynamics of recent years. Important features of the environment that affect corporate governance include weak legal institutions that lead to high private benefits to control, underdeveloped capital markets, high levels of ownership concentration and significant state involvement in business. In this situation, the main conflict of interest is not between a manager and a large number of dispersed shareholders, but between large and small shareholders, between different large shareholders, and between minority shareholders and managers/board members in state-owned companies. Many of these features are very similar to other emerging markets, but substantially different from conditions faced by firms in developed countries. Despite substantial improvement during the 2000s, the quality of corporate governance in Russia is still much lower than in developed countries, primarily because of the low quality of Russian institutions.
Specifics of emerging markets raise some questions on the applicability of well-established marketing concepts and scales, widely used in the developed markets, in the context of emerging markets. Over the past twenty years emerging markets have remained one of the main focus of marketing research. The interest of the researchers to the emerging markets is not accidental, it is caused by the peculiarities of the developing markets. Specific features of the emerging markets challenge the use of approaches designed for developed markets in emerging markets. Existing research describes peculiarities of emerging markets and shows the evidence of inability to use the theories designed in the developed markets in emerging markets (Burgess, Steenkamp, 2006; Sheth, 2011). The external environment and the increasing competition force companies to rethink their marketing activities and seek new sources of competitive advantages, and one of the primary tasks for the company is the development of customer orientation (Jacob, 2006; Ellis, 2006; Frambach, Fiss, Ingenbleek, 2016). Customer orientation (CO), as one of the key concepts of contemporary marketing, requires rethinking in the context of emerging markets (Sheth, 2011; Roersen, Kraaijenbrink, Groen, 2013; Smirnova, Rebiazina, Frosen, 2018). The purpose of this paper is to develop a tool for a complex evaluation of the company’s CO adapted to the specifics of the Russian emerging market. The empirical study includes mixed qualitative-quantitative design: at the first stage a quantitative survey with representatives of 239 companies operating in the Russian market, and at the second - 62 in-depth interviews were conducted to test the CO scale’s applicability to the Russian market.
Customer orientation (CO) is a basic marketing concept that has been discussed within the marketing discourse since the 1950s. It suggests that a company should identify and satisfy customers’ needs to maximize customer equity, thus extending business objectives from profit generation to non-financial goals. It can be described as a strategic orientation with focus on developing relationship building and customer awareness capabilities in order to achieve higher business performance. In this chapter we review the CO concept in general, provide insights on its implications in emerging markets and develop propositions for framing future research on CO in emerging markets.
Valuation in emerging markets is always a challenge. The existence of sovereign risk and capital market segmentation as well as small trading volumes and narrow domestic capital market make it difficult to identify peer companies for market multiples valuation without cross- border comparables. This paper investigates the practical implementation of market multiples valuation in emerging markets when the analyst should involve peer companies from developed markets. Companies with comparable operational parameters bear different values on different financial markets. The problem of unavoidable difference among national stock markets exists, that is why methods of cross-border multiples’ corrections are called for. We address cross-border corrections procedures for adjusting multiples to a sovereign risk to find out the role and the extent of these type of adjustments in valuation. We are using the samples of Russian and US companies to test three different adjustments’ techniques: the sovereign spread, the relative market coefficients and the regression approach.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.