COURSE OUTLINE: WINNING IN INDIA & EMERGING MARKETS

Ravi Venkatesan
S. Raghunath
Indian Institute of Management, Bangalore
Based on
Conquering the Chaos: Win in India, Win Everywhere by Ravi Venkatesan. Harvard Business Review Press,
2013.
Purpose of the Course
This course examines what it takes to lead and manage multinational firms in India and other emerging
markets that have many similar characteristics.
India is on the minds of business leaders everywhere. Within a few decades it will be the worlds most
populous nation and one of its largest economies. India is also a complex and challenging market, with a
reputation for corruption, uncertainty, and stultifying bureaucracy. Many global companies are therefore
cautious when it comes to investing in India. But with a $2 trillion economy growing at 5-6%, it is not a
market that can be ignored. Even more importantly, chaotic India is an archetype for most emerging markets
-- many of which present similar challenges but not the same potential. Succeeding in India therefore
becomes a litmus test for a companys ability to succeed in other emerging markets. If you can win in India,
you can win everywhere.
Emerging markets like India are very tough places, but the biggest obstacle to success for most multinational
firms in them may be the internal culture and mind-set at headquarters. The unwillingness to make a longterm commitment to the new market or to adequately trust local leadership, combined with the propensity
to rigidly replicate the products, business models, and operating systems that have worked at home, drives
many companies to a midway trap that results in these markets remaining an irrelevantly small contributor
to global growth and profits.
This course presents India as representative of many emerging markets and looks at what it takes to win in
this complex and challenging region. How do you deal with the chaosand even prosper from it? How do
you handle corruption, bureaucratic logjams, and policy uncertainty? What kind of leadership do you need
both on the ground and, even more importantly, at headquarters? Should you consider a joint venture or
acquisitions? How do you develop a winning strategy? How do you decide what elements of your global
model to replicate and which elements need to be localized? What kind of an organization structure will
facilitate agility in dynamic markets? How do you drive innovation locally?
The course also looks at the challenges faced by Indian firms as they become more global. Emerging market
MNCs going into Africa or the U.S. face challenges not dissimilar to Microsoft, P&G, or Apple entering India.
The course ends with a look at globalization. How is globalization different from internationalization? What
kind of leadership will it take to succeed and how do you develop such leaders? What is the role of Boards in
globalization?
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Outline of Sessions
Session 1 Introduction: Why India Matters to Global Firms
Case: Khanna, Tarun and Prithwiraj Choudhury. Microsoft in China and India: 1993-2007
HBSP Product no: (708444-PDF-ENG)
Discussion Questions:
1. How successful is Microsoft in China and India by 2007? How should success be judged?
2. What are the struggles of a company like Microsoft as it globalizes?
3. Does India matter to a global company? Why or why not?
Reading:
Venkatesan, Ravi. India: A Defining Choice. Conquering The Chaos. Harvard Business Review Press. 1-16.
Venkatesan, Ravi. "Why Companies Shouldn't Write Off India." bloomberg.com. Bloomberg News, June 18
2013. Web.
http://www.bloomberg.com/news/2013-06-18/why-companies-shouldn-t-write-off-india.html
Chilkoti, Avantika. From Microsoft to JCB: Conquering Indias markets. blogs.ft.com. Financial Times, June
4, 2013. Web.
http://blogs.ft.com/beyond-brics/2013/06/04/from-microsoft-to-jcb-conquering-india
Optional Viewing
"India: Conquering the Chaos" YouTube. YouTube. Web. http://www.youtube.com/watch?v=5cvBhUl104E
TEDxGolfLinksPark - Ravi Venkatesan - Winning in India. Youtube. YouTube. Web.
http://www.youtube.com/watch?v=lzMbNoX5HIg
Conquering the Chaos. YouTube. YouTube. Web.
http://www.youtube.com/playlist?list=PLN-dGrs_oVixvqI-cJIlL8YT9zGSdK99F

Session 2: Growth Strategy and the Midway Trap

Case: Khanna, Tarun. Microsoft and Metro: Views from the World's Corner Offices: Foreign Investors in
China and India,
HBSP Product no: (8047BC-PDF-ENG)
Discussion Questions:
1. Why is Metro C&C succeeding in India where Walmart and Tesco are not?
2. What is the fundamental strategic challenge for foreign companies in an emerging market like India?
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Reading:
Venkatesan, Ravi. Escaping The Midway Trap. Conquering The Chaos. Harvard Business Review Press, 2013.
17-42.
Optional Reading
HBS case Khanna, Tarun and Palepu, Krishna G. Metro Cash & Carry HBSP Product no: (707505-PDF-ENG)
Rosenberg, Yuval. "Why Google Is Winning and Apple Is Losing in India." thefiscaltimes.com. The Fiscal Times,
July 9 2013. Web.
http://www.thefiscaltimes.com/Articles/2013/07/09/Why-Google-Is-Winning-and-Apple-Is-Losing-inIndia.aspx/
Venkatesan, Ravi. How big companies can beat the patent chaos of India. tech.fortune.cnn.com. Fortune,
June 17 2013. Web.
http://tech.fortune.cnn.com/2013/06/17/ravi-venkatesan-patents-india/
Khurana, Chanpreet. Ravi Venkatesan: The great Indian Dream. Livemint.com. Livemint.com, July 7 2013.
Web.
http://www.livemint.com/Leisure/FBEyT9TEH9ufWnAulWo3RN/Ravi-Venkatesan--The-great-Indiandream.html
Kaul, Vivek. Adapt to India, don't wait for it to catch up with your model: Former Microsoft India chairman.
dnaindia.com. dna, July 27, 2013. Web. http://www.dnaindia.com/money/1866043/interview-adapt-toindia-don-t-wait-for-it-to-catch-up-with-your-model-former-microsoft-india-chairman/
HBS Case: Chakraborty, Sumit, Sharma, Shushil, and Ray, Sougata. Samsung Electronics (B): In India.
Harvard Business Publishing.
HBSP Product no: (906M35-PDF-ENG)

Session 3: Country Leadership and Talent

Case: HBS Case: Bartlett, Christopher A. and Rangan, U. Srinivasa. Kentucky Fried Chicken (Japan) Ltd.
HBSP Product no: (387043-PDF-ENG)
Discussion Questions:
1. What is the role of a country manager?
2. Why makes the role of a country manager in India different or more difficult that in a developed
market?
3. What qualities should one look for in an ideal country manager for India?
4. What makes talent issues so challenging in emerging markets like India? How do you overcome these
challenges? Why have few companies done so?
Reading:
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Venkatesan, Ravi. The Country Manager In India. Conquering The Chaos. Harvard Business Review Press,
2013. 65-92.
Timmons, Heather. A Conversation With: Ravi Venkatesan, Former Chairman of Microsoft India.
nytimes.com. The New York Times, April 12, 2013. Web.
http://india.blogs.nytimes.com/2013/04/12/a-conversation-with-ravi-venkatesan-former-chairman-ofmicrosoft-india/?_r=0/
Venkatesan, Ravi. Why its so hard to be a business leader in India. washingtonpost.com. The Washington
Post, June 17, 2013. Web.
http://www.washingtonpost.com/blogs/on-leadership/wp/2013/06/17/why-its-so-hard-to-be-a-businessleader-in-india/
Optional Reading:
Venkatesan, Ravi. Growing Leaders: From Lip Services to Results. Conquering The Chaos. Harvard Business
Review Press, 2013. 93-114.
Capelli, Peter and Harbir Singh, JV Singh, Michael Useem. Leadership Lessons from India. Harvard Business
Review, March 2010. HBSP Product no: (R1003G-PDF-ENG)
Ready, Douglas, Linda Hill and Jay Conger. Winning the Race for Talent in Emerging Markets. Havard
Business Review, Nov 2008. HBSP Product no: (R0811C-PDF-ENG)
Ready, Douglas and Jay Conger. Make Your Company a Talent Factory. Harvard Business Review, June 2007.
HBSP Product no: (R0706D-PDF-ENG)
Schmidt, Conrad. The Battle for China's Talent. Harvard Business Review, March 2011. HBSP Product no:
(F1103A-PDF-ENG)

Session 4: Organizational Design and Corporate Culture

Case: Kanter, Rosabeth Moss. IBM in the 21st Century: The Coming of the Globally Integrated Enterprise
HBSP Product no: (308105-PDF-ENG)
Discussion Questions:
1. How should a company like IBM organize itself to succeed in emerging markets?
2. What does it take to make the matrix organization work? why is it hard?
3. How does the culture of a company impact its success in globalizing?
4. How do you rate Sam Palmisanos leadership in creating a global enterprise? What does IBM do well?
what could it do better?
Reading:
Venkatesan, Ravi. The India Strategy and Operating Model. Conquering The Chaos. Harvard Business
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Review Press, 2013. 65-92.

Case: Ojha, Abhoy. Bosch Group in India: Transition to a Transnational Corporation
HBSP Product no: (IMB301-PDF-ENG)

Session 5: India as an Innovation Lab

Case: Kachra, Ariff, M.B Sarkar, and Madhok Sud Kirti. Nokia Life Tools: A Strategic Innovation to Tap Into
India's Rural and Newly Urban Population
HBSP Product no: (W11611-PDF-ENG)
Discussion Questions:
1. Why does a global company like Nokia have to innovate locally in order to succeed in India?
2. Why do MNCs find it difficult to innovate for local markets?
3. Is India a good laboratory for innovation? Why or why not?
Reading:
Venkatesan, Ravi. India as an Innovation Lab. Conquering The Chaos. Harvard Business Review Press, 2013.
115-138.
Optional Reading:
Prahalad, CK & RA Mashelkar. Innovations Holy grail. Harvard Business Review, July 2010. HBSP Product
no: (R1007N-PDF-ENG)
Govindarajan, Vijay. "Reverse Innovation: Create Far from Home, Win Everywhere. Harvard Business Review
Press, 2012. HBSP Product no: (12716-HBK-ENG)
Rangan, V. Kasturi. Aravind Eye Hospital, Madurai, India: In Service for Sight. HBS Case. HBSP Product no:
(593098-PDF-ENG)
Palepu, Krishna G. and Karol Misztal. Novozymes: cracking the Emerging Market Code. HBS Case. HBSP
Product no: (112084-PDF-ENG)

Session 6: Mode of Market Entry

Case: Ramaswamy, Kannan. Hero Honda Motors (India) Ltd : Is it Honda that makes it a Hero?
HBSP Product no: (TB0145-PDF-ENG)
Wee, Beng Geok and Wilfred Chua. Cultural Challenges of Integration: Value Creation and Daiichi
Sankyo's Indian Acquisition
HBSP Product no: (NTU027-PDF-ENG)
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Discussion Questions:
1. What are the advantages and disadvantages of entering an emerging market through a JV?
2. What happens over time? What tensions arise and how do successful partners resolve these?
3. What went wrong in Daiichis acquisition of Ranbaxy? Could it have been avoided? What does this
illustrate about the risk of acquisitions?
Reading:
Venkatesan, Ravi. How to Think About Joint Ventures in India. Conquering The Chaos. Harvard Business
Review Press, 2013. 139-154.
Eban, Katherine. Dirty Medicine: The epic inside story of long-term criminal fraud at Ranbaxy, the Indian
drug company that makes generic Lipitor for millions of Americans. fortune.cnn.com. Fortune, May 15, 2013.
Web.
http://features.blogs.fortune.cnn.com/2013/05/15/ranbaxy-fraud-lipitor/

Session 7: Managing in a Corrupt Environment

Case: Wells, Louis T. Jr. Caselets: Bribery and Extortion in International Business (Abridged)
HBSP Product no: (707052-PDF-ENG)
Discussion Questions:
1. How pervasive is corruption in India? Why is this a problem?
2. What are the types of corruption related risk that a company faces?
3. Is it possible for a foreign company to succeed in markets like China and India without being corrupt?
4. How do you build a culture of integrity and compliance?
Reading:
Venkatesan, Ravi. Developing Resilience to Deal with Corruption and Cope with Volatility. Conquering The
Chaos. Harvard Business Review Press, 2013. 155-181.
Silverman, Ed. Ouch! The Chinese Bribery Scandal Is Hurting Big Pharma. forbes.com. Forbes, October 15,
2013. Web.
http://www.forbes.com/sites/edsilverman/2013/10/15/ouch-the-chinese-bribery-scandal-is-hurting-bigpharma/
Optional Reading:
Kennedy, Robert E., Rafael Di Tella (2001) Corruption in International Business (A). Harvard Business
School Case. HBSP Product no: (701128-PDF-ENG)

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Conklin, David W. Corruption: The International Evolution of New Management Challenges. Harvard
Business Review, 2009. HBSP Product no: (909M65-PDF-ENG)
Currell, Dan , Tracy Davis Bradley. Greased Palms, Giant Headaches. Harvard Business Review, 2012. HBSP
Product no: (F1209A-PDF-ENG)
Seiko, Adrienne. "Dealing with Bribery in Emerging Markets." industryweek.com. Industry Week, July 24,
2013. Web.
http://www.industryweek.com/regulations/dealing-bribery-emerging-markets/
Kuo, Lily. "How to deal with corruption in India." qz.com. Quartz, July 9, 2013. Web.
http://qz.com/101566/how-to-deal-with-corruption-in-india-and-any-other-emerging-market/
Optional case: HBS Alacrity Housing Chennai (A), HBSP Product no: (IES098-PDF-ENG)

Session 8: Social Responsibility of Business

Case: Rangan, V. Kasturi, Marie Bell. Microsofts Unlimited Potential (A)
HBSP Product no: (508072-PDF-ENG)
Discussion Questions:
1. Why is Microsoft devoting so much attention and resources to the social sector and the base of the
pyramid? Does it make sense?
2. Did Microsoft succeed? Why or why not?
3. What is the social responsibility of businesses in countries like India?
Reading:
Venkatesan, Ravi. Developing Resilience to Deal with Corruption and Cope with Volatility. Conquering The
Chaos. Harvard Business Review Press, 2013. 155-181.
Optional Reading
Brugmann, Jeb & CK Prahalad. Cocreating Business new Social Compact. Harvard Business Review, Feb
2007. HBSP Product no: (R0702D-PDF-ENG)

Session 9: Emergence of Indian MNCs

Case: Khanna, Tarun, et al. House of Tata: Acquiring a Global Footprint
HBSP Product no: (708446-PDF-ENG)
Discussion Questions:
1. What is the Tata Group doing well? What could they do better as they globalize?
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2.

How are the challenges of an emerging market MNC similar and different from those of a developed
market MNC?
3. Think about Indian MNCs who are struggling with their globalization. What are some of the common
themes?
Optional Reading:
Guillen, Mauro and Esteban Garcia-Canal. The Rise of Emerging Market Multinationals. IESE Insight, 2011.
HBSP Product no: (IIR055-PDF-ENG)
Black, Stewart and Allen Morrison. A Cautionary Tale for Emerging Market Giants. Harvard Business
Review, September 2010, HBSP Product no: (R1009J-PDF-ENG)
Khanna, Tarun and Krishna Palepu. Emerging Giants: Building World-Class Companies in Developing
Countries. Harvard Business Review, Oct 2006. HBSP Product no: (R0610C-PDF-ENG)

Session 10: Globalization: A Paradigm Shift

Case: Kanter, Rosabeth Moss. IBM in the 21st Century: The Coming of the Globally Integrated Enterprise
HBSP Product no: (308105-PDF-ENG)
Discussion Questions:
1. What is the difference between an international company, a multinational and a global
company?
2. How different is globalization into emerging markets from entering developed markets?
3. What kind of leadership and leaders does it take? How do you develop such global leaders?
Reading:
Venkatesan, Ravi. Leading the Paradigm Shift. Conquering The Chaos. Harvard Business Review Press,
2013. 183-196.
Prahalad, CK & K Liberthal . The End of Corporate Imperialism. Harvard Business Review, August 2003.
HBSP Product no: (R0308G-PDF-ENG)
Green, Stephen et al. In Search of Global Leaders. Harvard Business Review, August 2003. HBSP Product
no: (R0308B-PDF-ENG)

***

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