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This paper leverages recent practitioner and academic interest in emerging economies and argues that an institution-based view of international business strategy has emerged. Institutions are the rules of the game - both formal and informal. Once companies go out of their home country, the familiar rules of the game are often not available. To capture the hearts, minds, and wallets of customers in emerging economies, companies need to pay attention to the rules of the game there, especially unwritten informal ones. Failure to understand, anticipate, and then work with informal (but powerful) consumer sentiments can get multinationals into big trouble.
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