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The new global challengers are formidable competitors. In many industries, they have already reached global leadership positions: several on the list rank among the top five in their industries in worldwide market share. Moreover, it would be a misconception to assume that they have done so only by developing low-margin, export-oriented businesses. Many have succeeded in highly sophisticated industries traditionally dominated by large, incumbent multinational corporations (MNC5) based in developed countries. The rise of global challengers as industry leaders has broad implications in their competition with incumbents.
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