What sets developed markets apart from others is the ease with which buyers and sellers are able to come together. Developed markets have several intermediaries that ‘minimize the sources of market failures'. These intermediaries could be private businesses, non-profit organizations or government services. Emerging markets are those where these intermediaries are still evolving.
Countries including Brazil, Russia, India, and China (BRIC) are emerging as fast growing economies and engines of regional and world economy. Growth momentum, smart sourcing and innovation are keys to succeed in these economies where consumers are extremely diverse. Understanding specific needs and purchasing power of the target segment is imperative. To stay on top of the business and technology curve, enterprises must shift from the traditional model of inventing in developed markets and introducing to emerging markets. Products need to be re-engineered from the ground up to meet the requirements of emerging economies.