WEST
MIDL
ANDS
CO
MP
AN
YG
UIDE13
Em
er
gi
ng
wi
th
su
cc
es
s
re
li
es
on
lo
ca
lr
es
ea
rc
h
Ga
ther
ing
,r
ecor
ding
and
analysing
data
on
cust
omers
,c
ompetit
ors
and
the
mar
ke
ti
si
mperativ
ef
or
an
yb
usiness
seek
ing
to
sell
ap
ro
duc
t,
idea
or
ser
vice
,e
xisting
or
inno
vativ
e.
Da
vid
Basr
a,a
na
ssociat
ed
ir
ec
to
r
within
KP
MG
8217s
Tr
ansac
tion
Se
rv
icest
eam
who
advises
on
emer
gi
ng
mar
ke
td
e
als
,
looks
at
wh
y
Whether
ab
usiness
is
looking
to
set
up
a
joint
ventur
eo
ra
wholly
for
eign-o
wned
enter
prise
within
an
emer
ging
market
,
re
sear
ching
the
local
marketpl
ace
will
be
fundamental
to
achiev
ing
the
desire
d
outcome.
Having
the
ability
and
know
how
to
tap
into
the
heart
of
the
local
market
8212
over
and
above
statistical/financial
data
8212a
nd
to
understand
the
key
risks
and
ways
of
mitiga
ting
these,
ar
ek
ey
success
factors,
somethin
gw
hich
is
especi
ally
importa
nt
in
re
lation
to
emerging
markets
.
The
emerging
economies
ar
es
ubject
to
risks
that
many
investor
sw
ill
not
necessa
rily
be
used
to
in
mor
es
table
western
economies.
For
example,
political
uncertainty
wher
es
eemingly
stable
governmen
ts
can
collapse
overnight
and
attitud
es
to
for
eign
investmen
tc
an
suddenly
change
8211ar
isk
that
is
unlikely
to
be
for
ecast
or
managea
ble.
Local
laws,
cultur
e,
competitio
n,
pricing,
tax
ar
ej
ust
some
of
the
risks.
So
how
do
you
best
pr
epar
ef
or
these?
Fr
om
the
outset
ac
ompr
ehensive
risk
assessment
should
form
part
of
any
decision
making
pr
ocess
when
contemplating
engaging
with
the
emerging
markets.
Companies
have
to
fully
re
sear
ch
and
understand
the
market
they
ar
ea
bout
to
enter
as
well
as
existi
ng
and
potentia
l
risks.
The
use
of
local
expert
ise,
whether
local
contact
so
ra
dvisers,
will
be
cruci
al
as
they
will
alr
eady
possess
aw
ealth
of
knowled
ge
that
would
otherwis
eb
e
almost
impossible
to
obtain.
While
we
tend
to
be
able
to
seek
out
ways
of
gathering
facts
and
figur
es,
how
well
ar
ew
et
apped
into
local
business
8211
rumours,
conversations
on
the
grapevine
and,
mor
ei
mportantly
,w
hat
is
the
str
ength,
if
any
,o
fr
elationsh
ips
with
local
busin
ess
leaders,
key
decision-
makers
in
the
market
or
communit
yw
e
ar
et
argeting?
As
ar
esult,
local
input
should
be
supp
lemented
by
members
of
any
busin
ess
actually
visiting
the
ar
ea
to
explor
et
he
terri
tory
and
talk
to
the
local
s.
Communica
tion
is
fundamental
in
establi
shing
sound
and
cr
edible
business
re
lations
.T
his
is
especi
ally
importa
nt
in
re
lation
to
partners
hips,
alliances
or
joint
ventur
es,
wher
eby
ac
ompany
can
benefit
fr
om
dir
ect
and
instant
access
into
the
market-place.
This
helps
af
or
eign
company
to
take
advantage
of
the
cultural
knowledge
of
the
country
as
cultur
es
can
differ
re
gion
to
re
gion
and
having
an
appr
eciation
and
understanding
of
local
customs
and
cultur
eg
oal
ong
way
to
building
ap
latform
for
str
ong
busin
ess
re
lations
hips.
Sometimes
,t
he
simple
things,
such
as
meeti
ng
and
gr
eeting
in
the
local
language
or
way
,m
ake
as
ignifican
t
differ
ence.
Local
laws
and
re
gulations
can
be
less
than
transpar
ent
and
to
get
ab
etter
unders
tandin
go
ft
hese
companie
se
nlist
the
help
of
local
legal
expert
s.
Once
re
sear
ched,
it
is
import
ant
to
establi
sh
ar
obust
risk
re
porting
mechani
sm
and
continuousl
yt
rack.
Asses
sment
against
originatin
gp
lans
of
any
ventur
ea
nd
any
partner
is
an
essentia
ls
tep
towards
securing
goals,
re
cognisin
gt
hat
these
embryoni
cp
lans
will
have
to
flex
and
evolve
on
an
ongoin
g
basis
in
re
sponse
to
the
local
market.
In
the
absence
of
adequate
local
market
re
sear
ch
and
knowledge
of
experi
enced
partner
s,
businesses
run
the
risk
of
lost
time,
sunk
cost,
and
overal
l
dissatisf
actio
nw
ith
the
entir
ep
ro
cess.
Emerging
economies
have
enjoyed
considera
ble
success
over
re
cent
years
8211
particularly
the
Bric
re
gions
8211a
nd
local
businesses
can
re
ap
the
re
wards
of
an
overse
as
ventur
ei
ft
hey
ensur
et
he
right
foundations
ar
el
aid.
Co
mmunication
is
fundamental
when
it
comes
to
establishing
sound
and
cr
edible
re
lation-
ships
,a
lliances
or
joint
ve
ntur
es
.S
ometimes
,t
he
simple
things
,s
uch
as
meeting
and
gr
eeting
in
the
local
language
or
wa
y,
mak
eas
ig
ni64257cant
di64256
er
ence
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