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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT

UNIVERSIDAD DE LA SABANA
FACULTAD DE CIENCIAS ECONÓMICAS Y ADMINISTRATIVAS
ADMINISTRACIÓN DE NEGOCIOS INTERNACIONALES

CLASS Emerging Markets

CÓDIGO: EM – Gr 1
PROFESSOR JUAN SEBASTIAN BETANCOURT CH.
E-MAIL: Juan.betancourt2@unisabana.edu.co
OFFICE
SCHEDULE One day per week. 2 hours Friday 10am to
12pm

COURSE DESCRIPTION

The importance of emerging markets in the world’s economy has grown dramatically
in the last 25 years. Compared to industrial economies, emerging markets have
grown at an outstanding rate, to the point that without emerging markets, the current
rate of world economic growth would be considerably lower at the moment. Emerging
market countries now collectively account for 36% of global GDP, compared with
only 18% in 1995; about 50% of global exports, compared with 27% in 1990; and
50% of global capital spending, compared with 26% in 1990. (CFA INSTITUTE The
Importance of Emerging Markets.)

In addition, Emerging markets have had, in recent years, a superior rate of economic
growth compared with the older industrial countries. The two groups of EM, BRIC
(Brazil, Russia, India, China), and CIVET (Colombia, Indonesia, Vietnam, Egypt,
Turkey, South Africa), are countries with huge potential to grow their economy at a
steady rate of 4% or higher (compared to older industrial countries—such as the
United States, Europe, and Japan—the growth rate has been less than 2% on
average).

It is key to understand how these emerging markets have developed their

economies, and look into specific cases of MNE (Multinational Enterprises) that show
the level of commitment, entrepreneurship and innovation required to be considered
an Emerging market.

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT

The class is structured around basic readings along with 9 case studies. It will
be taught completely in English along case studies and readings. I will share with
you link to the cases, however it is necessary to comply with copyright restrictions,
therefore no printing or download are permitted without authorization. There is no
text book
OBJECTIVES & SKILLS TO DEVELOP

 TEAM WORK
 COME PREPARED TO CLASS. BE RESPONSABLE
 MANDATORY DISCUSSION AT CLASS. SHARE ARGUMENTED
THOUGHTS.
 TEST YOU ENGLISH PROFICIENCY (SPEAKING AND CONSTANT
READING)
 RESEARCH AND INVESTIGATION SKILLS
 DEVELOP PRESENTATION SKILLS (SPEAK TO A LARGE AUDIENCE)
 DISPOSTION TO SPEAK AS WELL AS TO LISTEN TO YOUR
COLLEAGUES.
 RESPECT

COURSE METHODOLOGY
 There are no exams in this class. Evaluation is based on the following
components:

 Class Discussion. (Very important)

 Individual Assignment.
 Group Assignment and Presentation.
 Quizzes
 10% optional essay on the book “Crear o Morir” by Andrés
Oppenheimer. While the essay is optional, the lecture is
mandatory.

Academic:

It is expected that students would have read the assigned book chapter(s) and
case(s) and/or other readings assigned for the day. It is also expected that each
student will be prepared to discuss the case and would have conducted some
analysis before class.

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT

Intellectual Honesty

This course has a zero tolerance for cheating or plagiarism. Plagiarism is

defined as using any material generated by another fellow student or on the web,
or in a journal or book without citing and/or quoting the author(s). Any attempts
of cheating or plagiarism will result in a zero for the work in question.

COURSE EVALUATION
Weights
Class Discussion 30%
Group Case Presentation 15%
Individual Emerging Market MNC Analysis 15%
Group projects 15%
Quizzes, 10%
Online Activity 5
Peer Evaluations of Project Groups 5%
Crear o Morir Discussion 5%
Total 100%

Discussion - 30% of the grade

 Classroom participation in case discussions and other capacities.
 9 cases will be discussed.
 You must carefully read the cases before coming to class. Substantial
contribution is expected.
 There will be some “cold calling” (random calls to someone) in each session.

Quizzes – 10% of the grade

 5 Short Quizzes concerning Emerging market activities or readings

Group Case Presentation – 15% of the grade

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT

 Each group will be expected to provide a short formal introduction and

analysis of one of the eight cases that will be discussed in the class.
(Presentation and report)
 Each group will have an opportunity to rank three cases which they would like
to present during the first class

Online activity – 5% of the grade

 One activity will be discussed on-line. (At least 3 posts expected from each
student).

Case Presentation Guidelines

Introduction to Case (To be presented at start of case discussion – 30
to 40 minutes)
• Who is the protagonist?
• What are his or her objectives? As the protagonist, what (implicit or explicit)
decisions must I make?
• What evidence do I have to help make the decision? (present without actually
answering the case questions)
• What concepts in the class readings (text) inform this case?
• Provide your groups’ analysis of the case questions.
• In doing so, consider: What alternate courses of action are available? What
criteria should I use to judge the alternatives?
• What has happened since?

Article Presentation Guidelines

 Introduction to Case (To be presented at start of case discussion – 10
minutes)
 5 W´S analysis. What?, Where?, When?, Why?, Who/m
 Who is the protagonist?
 Discuss Main Idea
 What concepts in the class readings (text) inform this case?
 Timeline check. What has happened since?
 Discuss and offer posible outcomes of the main idea of the case
E-mail me a copy of your presentation either before or immediately after the date of
the applicable case discussion.

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT
General Note: While I allow laptops in class while I am lecturing, during case
discussions, I would like all laptops to be turned off (other than ones displaying the
actual case) so that you can be fully immersed in the case discussion.

Individual Emerging Market MNC Analysis – 15% of the grade

 Each student will conduct an individual comparative analysis of two

multinationals from emerging markets.
 Each student will choose two firms that he/she wants to analyze. Similarly, I
would like each group to focus on a particular industry. Thus, some inter-
group coordination will be needed.
 I would like there to be no duplication between individuals in terms of studied
companies. Thus, I will approve each student’s company list.
 Students that select their firms earlier will have a greater chance of getting
their preference.

Ind-Group MNC Project Write-Up Questions

1) what geographic markets are the companies located in?
2) what patterns did the companies follow in entering these markets?
3) what entry modes did the companies use to invest in foreign countries?
4) what factors associated with their home countries influenced these companies as
they invested abroad?
5) what are the major operational difficulties faced by each company in their current
foreign investment experience?

Regarding operational issues, specifically look for evidence of difficulties with

respect to
a) reputation and brand
b) managerial capabilities,
c) corporate governance/internal control,
d) institutional and cultural Adjustment,
e) managing home and host political dynamics, \
f) value chain management,
g) knowledge acquisition and
h) market positioning issues.

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT

Group Emerging Market MNC Comparison and Presentation – 15%

of the grade. 20 min max)

 Once the individual EM MNC Analysis is completed, each group will work on
a comparative analysis of the companies of the group members.
 The group will do a comparative analysis of the internationalization process
conducted by the full set of EM MNC firms selected.

There are 2 deliverables:

 Day before the presentation: send your ppt and a ten-page single-spaced
executive summary.
 In class: A paper copy of your power point presentation and executive
summary.

Peer evaluation group 5% of the grade

At the end of each group presentation, a short survey will handed to the groups so
they can evaluate the following points of the presentations

 Creativity
 Research material
 Communication
 Time Management

Missed Class Make-Up Policy

 If you need to miss a class, you can partially make up attendance by writing
up the answers to the case questions we discussed that day.
 Please keep these write-ups to no more than 1 page (single spaced) per case.
 Write-ups are due no later than the class period following the missed class.
 Missing more than one or two classes in the course will have a highly
detrimental effect on your grade.

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT
Date Topic Assignment

Why study emerging

st market multinationals?
1 class
Assign groups and
cases

Theoretical aspects of Quiz 1 - The Importance of Emerging Markets, CFA Institute Conference Proceedings Quarterly
nd MNEs from emerging September 2012 | Vol. 29 | No. 3
2 class
economies. Importance Source: CFA Institute
Emerging markets David Hale

3rd class Chinese Multinationals. A. Case: Haier: Taking a Chinese Company Global in 2011 712408-PDF-ENG

Quiz 2. What Have We Learned About Emerging-Market MNEs? Insights from a Multi-Country Research
4th class Indian Multinationals Project
Ravi Ramamurti. A. Case: House of Tata: Acquiring a Global Footprint. HBS Case 9-708-446

ONLINE ACTIVITY
5th class Online activity with a focus on 1 documental and 1 current article on EM
DURING WEEK

ASIAN TIGERS.
Quiz 3. BRICS, Economic activity in the week A. Case.LG Electronics: Global Strategy in Emerging
6th class Individual Company
Markets. Thunderbird Case TB0073
Analyses Due
7th class RUSSIAN Multinationals A. Case: Note on the Global Hotel Industry. Ivey Case 908M28
DOING BUSINESS IN
Quiz 4. B. Article: Five Pillars for Doing Business in Africa: A Roadmap to Opportunities. PRODUCT #:
th AFRICA & ETHIOPIA; AN
8 class IIR133-PDF-ENG A. Case: ETHIOPIA; AN EMERGING MARKET OPPORTUNITY? Product #: 915501-PDF-
EMERGING MARKET
ENG
OPPORTUNITY?
WELCOME THE NEW
GROUP: EAGLES &
CIVETS, 7-ELEVEN Article: The Next Emerging Giants Take Flight. PRODUCT #: IIR058-PDF-ENG, Case A, 7-ELEVEN
9th class
INDONESIA INDONESIA INNOVATING IN EMERGING MARKETS. Product #: W15407-PDF-ENG
INNOVATING IN
EMERGING MARKETS

Quiz 5 A. Case: Glass Egg Digital Media

10th class CIVETS, VIETNAM
PRODUCT #: 508066-PDF-ENG. HBS Case 9-707-521

11th class CIVETS, TURKEY A. Case: TURKISH AIRLINES: WIDEN YOUR WORLD Product #: 716408-PDF-ENG

A. Case EMERGING NOKIA . Product #: 710429-PDF-ENG

12th class EMERGING NOKIA

Group Project
13th class
Presentations
Group Project
14th class
Presentations
Group Project
15th class
Presentations
Discussion of the book
"Crear o Morir" by
It s expected that you read this book by the end of the semester in order to debate, argue and propose in
16th class Andrés Oppenheimer,
class
Entrepreneurship in
Latin Emerging Markets

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT

CLASS SCHEDULE AND CHARACTERISTICS

CASES AND LECTURES.

1. Ravi Ramamurti, “What Have We Learned about EMNEs,” In Ravi

Ramamurti and Jitendra Singh (eds.) Emerging Multinationals from
Emerging Markets, Cambridge. UK: Cambridge University Press, 2008a,
Chapter 13.
2. Five Pillars for Doing Business in Africa: A Roadmap to Opportunities
AUTHORS, Robert Mudida, Alejandro Lago Esteban, PUBLICATION DATE:
March 20, 2015.
3. LG Electronics: Global Strategy in Emerging Markets. AUTHORS, Kannan
Ramaswamy. PUBLICATION DATE: August 17, 2007.
4. Glass Egg Digital Media. AUTHORS.David B. Godes. PUBLICATION
DATE: January 25, 2008
5. Colombia and the Economic Premium of Peace. AUTHORS, Richard H.K.
Vietor, Hilary White. PUBLICATION DATE: January 29, 2015
6. Embraer: The Global Leader in Regional Jets. AUTHORS, Pankaj
Ghemawat, Gustavo A. Herrero, Luiz Felipe Monteiro PUBLICATION DATE:
July 10, 2000.
7. The Next Emerging Giants Take Flight, AUTHORS, Alicia Garcia Herrero.
PUBLICATION DATE: September 15, 2011
8. Note on the Global Hotel Industry. AUTHORS, Gevork Papiryan.
PUBLICATION DATE: May 28, 2008
9. The Indian Tiger Prowls in Africa: Bharti Airtel's Acquisition of Zain Africa,
AUTHORS, Indranil Bose, Nikhil Celly. Havovi Joshi. PUBLICATION DATE:
June 08, 2011.
10. Haier: Taking a Chinese Company Global in 2011. AUTHORS, Tarun,
Khanna, Krishna G. Palepu, Phillip Andrews, PUBLICATION DATE: August
21, 2011
11. House of Tata: Acquiring a Global Footprint, AUTHORS, Tarun Khanna,
Krishna G. Palepu, Richard J. Bullock. PUBLICATION DATE: May 21, 2008
12. Crear o morir!: La esperanza de Latinoamérica y las cinco claves de la
innovación. Andrés Oppenheimer - September 24, 2014
13. LEARNING BY THE CASE METHOD. Harvard Business Review. JOHN S.
HAMMOND, REV . APRIL 16, 2002

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co
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EMERGING MARKETS 2017- I J.SEBASTIAN BETANCOURT
14. ETHIOPIA: AN EMERGING MARKET OPPORTUNITY?, HBS Brief Cases
2015, John A. Quelch; Sunru Yong
15. TURKISH AIRLINES: WIDEN YOUR WORLD, Harvard Business School
2015, Juan Alcacer; Esel Cekin
16. 7-ELEVEN INDONESIA INNOVATING IN EMERGING MARKETS, Harvard
Business Review. 2015, Marleen Dieleman; Ishtiaq Mahmood; Peter
Darmawan
17. EMERGING NOKIA?, Harvard Business School, 2010, Juan Alcacer; Tarun
Khanna; Mary Furey; Rakeen Mabud

Universidad de La Sabana, Campus Universitario del Puente del Común, Km. 7 Autopista
Norte de Bogotá D.C., Chía, Cundinamarca, Colombia Call center: 861 5555 – 861 6666 Fax:
861 5555 Ext. 3341 Apartado: 140122 www.unisabana.edu.co