Global players in search of double-digit growth are running out of
opportunities. Emerging-market giants such as Brazil, Russia, and China
are experiencing an economic slowdown. They are increasingly expensive
as a base for operations, and it’s harder to export to and import from
these countries than it used to be. As a result, multinationals are
paying more attention to low-income, high-risk countries both as new
markets for selling goods and services and as platforms from which to
export them elsewhere. Even in industries where competition is skewed by
government manipulation, foreign players that target the right sectors
with the right strategies can prosper. The first step in identifying
opportunities in a frontier economy is to assess the competitive
environment of its industries along two dimensions: (1) the degree to
which profitability is determined by competition between firms and not
by government policies and actions and (2) whether the industry is
focused primarily on domestic sales or on exports. Industries will fall
into one of four categories. Each category is associated with a distinct
strategy, ranging from the conventional (leverage existing
capabilities, adapt to local tastes) to the unfamiliar (make yourself
indispensable to powerful local players). In this article, the authors
offer companies a framework to help figure out whether and where to play
and how to win in the spaces in which they choose to compete. 
[ABSTRACT FROM AUTHOR]