Abstract
The global business revolution has witnessed an unprecedented concentration of business power at the global level. Gigantic, multinational corporations with globally recognized brands and technologies have extended their supply chains as well as their distribution channels globally. They now threaten companies in emerging markets and even in their own domestic markets as well. Emerging‐market companies must often go global to be able to survive. Globalization brings not just opportunities but also numerous challenges that these companies must master in order to compete and with multinationals. This essay provides an overview of opportunities and challenges that emerging‐market companies face, discusses the political dimension involved, and points out the major difficulties for firms that companies in emerging markets must compete with such as well‐established multinationals. An example of the Chinese pharmaceutical company Sanjiu will be used in this discussion.
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