Growth Strategies for Developed and Emerging Markets
Jun 1, 2007 12:00 PM, by Peter Zambetti, Global Business Development Manager for Dietary Supplements at Capsugel
As the demand for dietary supplements escalates worldwide—exponentially in some markets, slowly but steadily in others— a company might think that its growth can be achieved through the ‘Field of Dreams’ approach: Put a new supplement out there, and it will sell. That is magical thinking, not reality. Businesses face unpredictable market challenges in this relatively young, fast-paced and highly competitive industry, colored by a disjointed and changing regulatory environment, mass media coverage that can make or break supplement sales, and a “rule less” frontier mentality of some marketers.
To manage growth, however, businesses can customize strategies to meet the latest market challenges. These challenges vary regionally. They are certainly different in developed versus emerging markets—virtually mirror opposites. Developed markets benefit from a more advanced business structure, but competition for sales is stiffer due to a greater supply of products. Emerging markets offer a more potentially fertile sales landscape with fewer products and skyrocketing demand, but early-stage business operations face many basic roadblocks. Each one calls for different strategic responses to attain growth.
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