A Review of Business Development Strategies in Emerging Markets: Economic Impacts and Growth Evaluation
Authors: Daraojimba Chibuike , Kolade Abosede Olusade , Nwankwo Tochukwu Chinwuba , Agho Mercy Odochi , Okafor Chiedozie Marius 
Published: October 2023

Emerging markets, characterized by their rapidly growing economies, youthful populations, and transitional policies leaning towards open economies, represent both a significant opportunity and challenge for businesses. This review delves into the nuances of business development strategies in these markets, while also exploring the consequential economic ramifications. Historically, business development strategies in emerging markets were anchored on direct investments and exports. However, with the pace of globalization and the rise of digital technologies, there has been a marked shift in strategies. The review reveals that these strategies now prioritize understanding the local culture, forming beneficial partnerships with local enterprises, adapting to the technological landscape, and innovating products and services in line with local needs and preferences. Entry modes into these markets are no longer one-size-fits-all. Companies are seen to be leveraging a mix of wholly-owned subsidiaries, franchises, joint ventures, and even digital-first entries to navigate the complex terrains of emerging markets. Local partnerships, especially, have emerged as a vital tool for foreign businesses. Partnering with local entities not only aids in navigating the regulatory and cultural landscape but also in accessing established distribution networks and building trust amongst local consumers. The adaptation of products and services to resonate with local consumers, driven by meticulous market research, has played a pivotal role in the success of many global brands in emerging markets. Furthermore, the technological boom, especially in sectors like e-commerce, fintech, and telecommunication, has opened new avenues for businesses. More direct economic implications include influences on the Gross Domestic Product (GDP) and foreign direct investments. Emerging markets with welcoming business policies have seen substantial inflows of capital, bolstering their economic growth trajectories. A total of 55 research papers were reviewed for this study and the methodology used for the study is the systematic review method using thematic analysis, where recurring themes, insights, and patterns were identified and categorized. However, it is not without challenges. Cultural nuances, regulatory bottlenecks, geopolitical uncertainties, and financial unpredictabilities (like currency fluctuations) can pose significant barriers. Also, while entering an emerging market might be easier now than before, sustaining business operations and managing competition, both from established global players and rising local enterprises, is a continual challenge. In conclusion, the study positing that businesses need to adopt a flexible, localized, and technology-driven approach, while policymakers in emerging economies should focus on creating a more conducive environment for foreign businesses. As we move forward, further research is essential to keep abreast of the evolving trends and challenges in this dynamic nexus of business development and economic growth in emerging markets.