Business Models in Emerging Markets.
| Autor | Benito-Sarria, German |
Within the academic research, specific topics or terms appear and quickly gain great popularity, becoming a "must have" in journals and conferences. One of those terms that currently sounds loud is business model (BM). As the notion of BM started to emerge, the decade of 2000 encompassed certain skepticism necessary to improve the quality of scientific knowledge in this field, including that of renowned academics1. After this initial stage, the reasoning of BMs seems to be now widely acknowledged in management research.
Despite the current acceptance of BM by academics and practitioners, yet few people know what it really is (Klang, Wallnofer, & Hacklin, 2014). In early years, due to the confusion introduced by this term, prominent works made an attempt to differentiate it from the business strategy concept. Among the variety of available descriptions, two of them are widely used nowadays by BM researchers. Amit and Zott (2001) conceptualized BM as a system of interconnected activities, i.e., "the content, structure, and governance of transactions designed so as to create value through the exploitation of business opportunities" (p. 51). From a value-based perspective, Teece (2010) proposed that "a business model defines how the enterprise creates and delivers value to the customer, and then converts payments received to profits" (p. 173).
The contribution of BM lies in the creation of opportunities to study traditional business issues from a different lens (essentially, value offer and value creation). Nevertheless, BMs were mostly designed and explained within a traditional economy, and cannot be easily replicated globally (Landau, Karna, & Sailer, 2016). Because customers are increasingly dispersed as well as activities are fragmented across global value chains, the peculiarity of the locations where the firm operates plays a very important role and define the value offered by the BM itself (Onetti, Zucchella, Jones, & Mcdougall-Covin, 2012). Frequently, firms have approached emerging economies searching for a better endowment of resources, but these emerging markets open new avenues to attract new customers, often referred by literature as the base/bottom of the pyramid (BOP), and even test new business models. According to data from The World Bank (2019), in 2018 3,157 million people resided in the so-called BRICS, the five fastest growing emerging economies, mostly concentrated in India and China, with a population much higher than that of the developed regions (United Nations Statistical Division, n.d.).
Applying the business model logic in emerging markets therefore posits significant challenges for multinationals. Because of the different institutional context in emerging markets--often implying negative effects of institutional voids--the same efficiency characteristic should not be introduced as those of the traditional model...
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