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چکیده : 

A commonly acknowledged belief is that globalization–—

the deepening interconnection between

nations and societies–—has multiple facets: economic,

political, financial, marketing, social, and institutional.

As applied to the context of emerging

markets, these different facets congeal in a progressive

pattern of strategic entry decisions made

by erstwhile multinational firms, and recently, by an

increasing number of stalwart local firms. While this

pattern is not necessarily sequential or deliberate,

it accentuates strategic decisions in the life cycle of

internationalization.

Once considered to be bastions of production and

global sourcing, emerging markets were favorite

destinations, particularly when labor costs were

much lower and work skills roughly comparable.

The globe-trotting activities by athletic footwear

giant Nike in the 1980s–—including Japan, China,

Indonesia, the Philippines, Malaysia, India, and currently

Vietnam–—provide graphic testimony to this

strategy. But as these emerging markets become

more developed, owing largely to a more prosperous

middle class and favorable governmental policies,

attention is shifting from them as producers to

consumers. This is reflected in current marketing

initiatives by companies such as Apple, Samsung,

Wal-Mart, and Procter & Gamble: to penetrate the

Chinese and other targeted markets. In this context,

economic and trade liberalization that facilitates

production and marketing initiatives will continue

to play a dominant role in terms of integrating

emerging markets into the global economy. Though

the integration of global financial markets is still at a

nascent stage, there is little doubt that this is the

next phase of globalization. Interest in foreign

direct investment and macroeconomic policies

punctuates the growing importance of this direction.

Perhaps the area receiving short shrift is the

purported application of management systems,

which entails the systemic union of Eastern and

Western intellectual traditions. We define management

systems broadly here, not confined to human

resource systems alone, but as the broader base of

human and social capital undergirding strategic

decisions.