Multinationals must learn local lessons

Abstract

PurposeThe aim of this article is to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.Design/methodology/approachThe briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.FindingsA few years ago a television advertisement by one of the major British banks offered a slightly patronizing view of its work in developing countries. The theme was that an understanding of local customs and traditions was one of the most valuable inroads to offering a good service there. Despite the whiff of sanctimony, there is obviously some truth in this. Many mistakes must have been made – and doubtless continue to be made – by Western multinational companies whose prime motivation in trying to crack emerging markets was the growth potential, unsweetened by any consideration that they are dealing with an entirely different culture and economy.Practical implicationsThe article provides strategic insights and practical thinking that have influenced some of the world's leading organizations.Social implicationsThe article provides strategic insights and practical thinking that can have a broader social impact.Originality/valueThe article can save busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.