Business Perspectives on Emerging Markets 2012 …markets, less on South East Asia, than global...

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Business Perspectives on Emerging Markets 2012-2017

Global survey (Mexican results), Jul-Aug 2012

Mexico’s presence on the global economic scale is unquestionable. Not only is Mexico an attractive investment destination for foreign firms, it is also a dynamic market for multi-latinas and domestic firms to thrive. With over 120 million consumers and a GDP of US$ 1.2 trillion, it is no wonder that Mexico is on everyone’s radar, and questions arise… What are Mexican companies doing to target opportunities in other Emerging Markets?

The Mexican companies surveyed by GIA/AMI expect 34% of their global revenues to come from Emerging Markets by 2017. Meanwhile, over 60% admit that they could improve their Emerging Markets strategies.

With this study, we share the strategic ambitions, concerns and challenges facing Mexican companies in other fast moving markets, and wish you an insightful read. We welcome you to share your thoughts with us, as we seek to help companies understand, compete and grow in international markets.

For the global findings or other country reports, please visit http://bit.ly/GIA2012

www.americasmi.com | [email protected] www.globalintelligence.com | [email protected]

Business Perspectives on Emerging Markets 2012-2017 Why this study is important

Guillaume Corpart Managing Director, GIA Member AMI, Mexico

www.globalintelligence.com 2

John Price Managing Director, GIA Member AMI, LatAm

Executive Summary: Mexican companies prefer to invest in Emerging Markets within Latin America Mexican companies are ahead of their global peers when it comes to supporting executive decisions on Emerging Markets by market intelligence, but still report struggling with incomplete market information

3

Emerging Markets focus and expectations

•  The top ten most important Emerging Markets for Mexican companies to 2017 include five Latin American countries and other BRIC countries.

•  Mexican companies chose Brazil as the top Emerging Market (84%), followed by their own country (73%), while other Latin American economies predominate the rest of the list.

•  Tier 2 Emerging Markets for Mexican companies include Venezuela (4%) and Turkey (4%), and a group of Latin American and of South Asian countries.

•  Asian, European and Latin American companies are all bullish about expected revenues from Emerging Markets (38%, 37% and 36% of total revenues by 2017, respectively), followed by US companies (34%).

Motivations and concerns

•  Mexican companies’ Emerging Markets strategies are primarily driven by the desire to tap into short to medium term growth and profit and gain a foothold in future large markets.

•  45% of Mexican companies want to diversify risks in Emerging Markets and gain global market share. 25% of their customers are in Emerging Markets and 22% think there is a lack of growth/profit in established markets.

•  62% would have done things differently with regards to their Emerging Markets strategy, however 32% are satisfied, well above the global average (9%). 40% would have made greater efforts to conduct intelligence/due diligence.

•  95% say that accurate market sizing and growth estimates are critical to their Emerging Markets Strategy. However, 82% say that incomplete information about Emerging Markets is a problem.

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How can Mexican companies succeed in Emerging Markets in 2012-2017?

•  In July to August 2012, GIA conducted an online survey amongst 55 business managers at large and mid-sized companies headquartered or operating in Mexico.

•  We asked them questions such as: •  How do you define Emerging Markets in your company? •  Which are the top Emerging Markets for your industry over the next five years? •  What key factors will determine whether foreign companies succeed in Emerging Markets? •  What are the biggest threats to succeeding in Emerging Markets? •  What are your company’s main reasons for investing in Emerging Markets? •  What share of your company’s global revenue do you expect to come from Emerging Markets? •  Which one aspect of your Emerging Markets strategy would you go back and change if you could?

•  The Mexican respondents’ primary job functions included sales and marketing (36%), market/competitive intelligence (25%), senior management (11%), strategic planning/business development (11%), and others.

•  60% of the Mexican companies in the survey earned more than $1.3 billion (1 billion Euro) in annual revenue and 45% have more than 10,000 employees each.

•  See Appendix for more details about the survey sample.

55 Mexican companies told us what drives their strategy How do companies perceive Emerging Markets; what are their plans; what do they want to achieve?

5 www.globalintelligence.com

•  Manufacturing & Industrial

•  Telecommunication, Technology & Media

•  Professional & Business Services

•  Financial Services

•  Consumer & Retail

•  Pharmaceuticals & Healthcare

•  Energy, Resources & Environment

•  Automotive

•  Chemicals

•  Logistics & Transportation

10 industries are represented in this report The industries are represented by the following symbols



Emerging Markets focus for Mexican companies to 2017


Mexican companies define Emerging Markets based on stage of economic development

8

Market growth rate and geographical location are other popular definitions of emerging markets

How Mexican Companies Define Emerging Markets

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey. Respondents were allowed to select more than one.

Question: How do you define Emerging Markets in your company? N=55 (Mexican companies).

Emerging Markets focus to 2017 (Mexican companies)

5%

3%

7%

13%

15%

16%

20%

35%

35%

55%

Other

BRIICS (BRIC, Indonesia, S. Africa)

Penetration level by multinational companies

Penetration level by my company

BRIC (Brazil, Russia, India, China)

Penetration level of product/service

Market not in US, Western Europe, Japan

By geography (eg. in region X)

Market growth rate

Stage of economic development


Global companies pick Emerging Markets in Asia, Latin America, Russia, South Africa & Turkey as top targets

9

Top 10 Emerging Markets (2012-2017) by % all companies

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey.

Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? N=427 (All companies).

Emerging Markets focus to 2017 (All companies)


Mexican companies focus more on Latin American markets, less on South East Asia, than global peers

10


Top 10 Emerging Markets (2012-2017) by % Mexican companies

Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? N=55 (Mexican companies).



•  Brazil, Mexico, China, and Argentina are the top four most important Emerging Markets for Mexican companies to 2017.

•  84% of Mexican companies consider Brazil as one of their top Emerging Markets, while 73% also chose their own country as a top Emerging Market.

•  Even though China’s growth rate (8.2%) is higher than those of Brazil and Mexico, the interest in China as an Emerging Market is much lower among Mexican companies.

•  3 out of the 4 Top Emerging Markets for Mexican companies to 2017 are in Latin America, indicating the preference of Mexican businesses for investing in their own region.

Top Ten Emerging Markets (2012-2017)


Mexican companies favor their own region


Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? N=55 (Mexican companies).

Mexican companies consider Brazil as their number one Emerging Market

40%

44%

73%

84%

Argentina

China

Mexico

Brazil


Mexican companies’ second tier Emerging Markets include India, Russia, & four Latin American countries

12

Second Tier Emerging Markets (2012-2017)


•  India (35%) is the number 5 top Emerging Market that Mexican companies plan to target in 2012-2017, followed by Chile and Colombia (33%), and Peru (27%).

•  18% of Mexican companies chose Russia as one of their top Emerging Markets, significantly less that their global peers (39.7%).

•  Mexican companies chose no African and Middle Eastern, or South East Asian countries amongst their top 10 ranked Emerging Markets.

•  Considering that 7 out of 12 top 10 ranked Emerging Markets for Mexican companies are in Latin America, it is safe to say Mexican companies favor their own region. Question: Which are the top 5 Emerging Markets for your industry over

the next 5 years (to 2017)? N=55 (Mexican companies).


Country %

5 India 35%

6 Chile 33%

6 Colombia 33%

7 Peru 27%

8 Russia 18%

9 Hong Kong 5%

10 Turkey 3.6%

10 Venezuela 3.6%

Latin America Asia Europe


Brazil’s economy outweighs others in the region but Mexico and Argentina have highest GDP per capita

13

Colombia and Peru have the highest growth rates

Source: Global Intelligence Alliance; EIU

Population Persons (millions)

GDP USD (Billions)

GDP (PPP) per Capita USD

GDP growth rate 2012 (e)

Land Km2


Brazil Mexico Argentina Colombia Chile Peru

8,513,877 1,972,550 2,780,400 1,141,748 756,096 1,285,216


2,665 1,106 461 374.6 248.2 188.3

194.7 115 41.28 48.17 17.4 30.77

2,665 1,106 461 374.6 248.2 188.3

12,410 17,820 18,550 10,460 17,120 10,500

8,513,877 1,972,550 2,780,400 1,141,748 756,096 1,285,216

3.3% 3.1% 3.8%

4.9% 4.3%

5.1%


26%

28%

21%

33%

29%

25%

24%

32%

17%

19%

15%

13%

28%

28%

40%

22%

US headquarters

European headquarters

Latin American headquarters

Asian headquarters

Brazil Russia India China

Latin American companies are less adventurous when it comes to looking outside their home region

14

European companies are prioritizing Asia and Latin America despite their proximity to Russia

Top Four Emerging Markets by Location of Headquarters (2012-2017)


Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? (To 2017) N=395 (Total): N=95 (US), N=161(Europe), N=44 (Latin America), N=95 (Asia).



15% 18% 4%

26%

15% 17%

11%

11% 10%

11%

3%

22% 15% 10%

29%

6% 14% 17%

7%

6% 10% 4%

20%

2%

5% 7% 1%

10%

6% 3% 20% 3%

6% 6%

4%

6%

4% 7%

1%

8%

US HQ European HQ Latin American HQ Asian HQ

Malaysia

South Korea

Chile

Thailand

Argentina

Turkey

Mexico

Vietnam

South Africa

Indonesia

After Indonesia and South Africa, Turkey and Mexico interest US and European companies most

15

Latin American companies focus more on their own home region; Asian companies favor Vietnam


Question: Which are the top 5 Emerging Markets for your industry over the next 5 years (TO 2017)? N=395 (Total): N=95 (US), N=161 (Europe), N=44 (Latin America), N=95 (Asia).

Top 10 Secondary Emerging Markets by Location of Headquarters (2012-2017)



Emerging Markets investment experiences and motivations

(Mexican companies)


50

30

40

10

25% Our customers are there 22% Lack of growth/profit in established markets

Mexican companies are investing in Emerging Markets to tap into short/medium term growth/profit

17

15% look to Emerging Markets as a low cost supply base

Motivations for investing in Emerging Markets

Experiences & Motivations (Mexican companies)


•  Mexican companies’ Emerging Markets strategies are primarily driven by the desire to tap into short/medium term growth and to establish a presence in future major markets.

•  45% want to diversify risks in Emerging Markets and gain global market share. It has become less about capturing lower production costs (15%)

•  25% of Mexican companies’ customers are in Emerging Markets and 22% think there is a lack of growth/profit in established markets.

•  15% acknowledge their competitors are in Emerging Markets.

Question: What are the main reasons for investing in Emerging Markets for your company? N=55 (Mexican companies).

20 15% Establish low cost supply base Our competitors are there 13% CEO/board directive

49% Tap into short/medium term growth/profit 47% Gain a foothold for long term success in future big markets 45% Diversify risks Gain global market share


Proportion of global revenues from Emerging Markets will continue to grow through 2017

18

% Global Revenue from Emerging Markets (2012-2017)



Question: What % of your company's global revenue do you expect to come from Emerging Markets? N=39 (2012), N=39 (2014), N=38 (2017).

11%

28%

49%

32%

26%

15%

11%

10%

18%

18%

23%

5%

21%

3%

3%

5%

5%

8%

5%

5%

2017

2014

2012

0%-10% 11%-20% 21%-30% 31%-40% 41%-60% 61%-80% 81%-100%


Many Mexican companies could have done something differently in their Emerging Markets strategies

19

40% would have conducted intelligence, 23% would have improved their go-to-market strategy

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey,

•  38% of the Mexican companies say they are satisfied with their Emerging Markets strategy. This is much higher than the global average (9%).

•  62% would have done things differently with regards to their Emerging Markets strategy.

•  Mexican companies primarily have one main regret – 40% of them would have made greater efforts to conduct intelligence/due diligence.

•  23% would have improved their go-to-market strategy and 15% would have improved their implementation process.

Emerging Markets strategy as of 2012

84% Would have done things differently

Question: Which one aspect of your Emerging Markets strategy would you change if you could go back in time, and how? (Would change vs. Would not change) N=53 (Mexican companies)


62% Would have done things

differently

38% Satisfied

with strategy


40% of Mexican companies say they should have conducted intelligence/due diligence better

20

Aspects Mexican companies would like to have approached differently

Having a flawed go-to-market strategy is the second most commonly cited mistake


Question: Which one aspect of your Emerging Markets strategy would you change if you could go back in time, and how? N=52 (Mexican companies)


4%

6%

6%

6%

15%

23%

40%

Grown in home market first

Cultivated stronger local relationships (gov't, partners)

Learned from previous mistakes / lowered expectations

Dedicated more resources

Improved implementation process, incl. finance strategy

Improved go-to-market strategy, incl. product strategy

Conducted better intelligence/due diligence


Emerging Markets investment experiences and motivations

(Global companies)

Technology sector expects the most growth in Emerging Markets, followed by Logistics and Chemical

22

The Resources sector will source the most revenue from Emerging markets; Consumer, Finance and Healthcare the least


Experiences & Motivations (All companies)

17%

19%

19%

35%

15%

15%

13%

18%

20%

24%

24%

29%

25%

45%

18%

21%

19%

27%

32%

30%

36%

38%

37%

53%

26%

28%

27%

37%

48%

41%

2017 2014 2012

Question: What share of your company's global revenue do you expect to come from Emerging Markets? N=277 (2012), N=268 (2014), N=263 (2017).

% Average Global Revenue from Emerging Markets by Industry (2012-2017)

US companies are slightly behind the curve on tapping into Emerging Markets revenues

23

Smaller companies are expecting a greater share of revenue from Emerging Markets than larger ones



Question: What share of your company's global revenue do you expect to come from Emerging Markets? N=256 (Total of 2017): N=86(<0.1 bil Euro), N=62 (0.1 bil-<1 bil Euro), N=108 (=/>1 bil Euro).

% Average Expected Global Revenue from Emerging Markets (2017)

33%

38%

42%

=/> 1bil Euro

0.1 bil - < 1bil Euro

<0.1 bil Euro

By size of annual revenue

34%

36%

37%

38%

US HQ

Latin American HQ

European HQ

Asian HQ

By location of headquarters

Question: What share of your company's global revenue do you expect to come from Emerging Markets? N=245 (Total of 2017): N=63 (US), N=94 (Europe), N=27 (Latin America), N=61 (Asia).

TOTAL

(N=425) (N=80) (N=58) (N=49) (N=41) (N=39) (N=38) (N=34) (N=24) (N=20) (N=17)

Distribution / access to customers 35% 41% 36% 22% 37% 49% 37% 15% 21% 50% 29%

Adapting to local culture 28% 25% 34% 37% 24% 26% 11% 29% 17% 25% 24%

Building a strong brand 24% 18% 26% 33% 24% 44% 26% 9% 25% 20% 12%

Local partner(s) 24% 20% 19% 37% 32% 15% 29% 21% 21% 15% 12%

Government relations 23% 13% 21% 33% 32% 13% 24% 32% 21% 5% 24%

Pricing 23% 24% 22% 16% 12% 31% 34% 15% 38% 30% 24%

Localized competitive positioning 22% 21% 28% 20% 2% 10% 32% 18% 38% 35% 35%

Product/service quality 21% 21% 21% 20% 27% 21% 24% 12% 4% 35% 29%

Flexibility as the market develops 20% 19% 22% 18% 17% 15% 8% 21% 25% 10% 18%

Localization of products/services 18% 26% 26% 8% 7% 18% 13% 6% 38% 20% 18%

Finding the right talent 18% 16% 16% 18% 12% 13% 18% 24% 21% 15% 12%

Local business relationships/lobbying 17% 16% 12% 22% 17% 13% 11% 21% 13% 20% 18%

Access to customers is the biggest single Emerging Markets success factor across industries

24


Question: In your industry, what 3 key factors will determine which foreign companies succeed in Emerging Markets to 2017? N=425(All companies).


Success Factors for Emerging Markets (2012-2017)

Success Factors

Brand is very important for the Consumer sector; localization least important for the Finance sector

TOTAL

(N=425) (N=80) (N=58) (N=49) (N=41) (N=39) (N=38) (N=34) (N=24) (N=20) (N=17)

Bureaucracy and red tape 35% 23% 34% 41% 46% 44% 29% 50% 13% 20% 41%

Corruption / weak rule of law 33% 29% 33% 37% 41% 26% 39% 44% 21% 10% 18%

Competition from local companies 28% 38% 21% 29% 15% 28% 42% 9% 46% 30% 24%

Competition from other foreign companies 26% 33% 21% 31% 12% 13% 24% 18% 54% 20% 29%

Economic volatility 23% 28% 14% 22% 37% 26% 24% 21% 21% 20% 24%

Regulations and taxes 23% 25% 16% 16% 22% 33% 26% 26% 21% 25% 29%

Lack of local market understanding at HQ 21% 25% 19% 18% 32% 18% 18% 12% 21% 25% 12%

Political risk 20% 23% 16% 10% 24% 18% 5% 38% 8% 35% 29%

Poor infrastructure 19% 19% 24% 16% 20% 15% 13% 15% 8% 30% 35%

Lack of reliable market intelligence 18% 14% 29% 16% 17% 15% 21% 12% 13% 15% 29%

Unreliable local partners 17% 14% 17% 24% 20% 18% 18% 9% 21% 0% 18%

25 Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey. Respondents were allowed to select more than one.


Question: In your industry, what are the 3 biggest threats to succeeding in Emerging Markets in the next 5 years (TO 2017)? N=431(All companies).

Threats in Emerging Markets (2012-2017)

Biggest threat across industries is bureaucracy; competition a concern for Auto and Manufacturing

Threats

China, India and Brazil look good to most industry sectors; Russia has less widespread appeal

26

Healthcare sector is least positive on China, Automotive on India, Energy & Resources on Brazil, and Consumer & Retail on Russia

Top Four Emerging Markets by Industry (2012-2017)


Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? (To 2017) N=427 (All companies).

27% 25% 26% 30% 30% 24% 29% 29% 27% 29%

27% 32% 28% 30% 29%

24% 29% 23% 31% 21%

19% 15% 16% 13% 12%

21% 17%

21% 16%

21%

27% 28% 30% 27% 29% 31% 25% 27% 26% 29%

Brazil Russia India China


Vietnam stands out for Consumer, Logistics and Resources sectors, Mexico for Healthcare

27

Chemical sector very focused on Indonesia and South Africa, Consumer & Retail on SE Asia



Question: Which are the top 5 Emerging Markets for your industry over the next 5 years (TO 2017)? N=427 (All companies).

Top 10 Secondary Emerging Markets by industry (2012-2017)

21% 18% 16% 20% 21% 12% 16% 16%

27% 21%

18% 15%

12%

20% 6%

14% 18% 19%

27%

8%

14% 15%

14%

7% 20%

3%

18% 6%

14%

21%

10% 15% 14%

10% 12%

20%

12%

13%

4%

4%

14% 8%

10% 12% 11%

17%

6% 16%

8%

8%

5% 8%

8% 6% 3% 14% 6% 3%

5%

8%

4% 5% 9% 6%

3%

8% 8%

6%

5%

14%

6% 8% 2% 6%

8%

4% 6%

9%

5% 8%

3% 6% 9% 3% 12% 1% 6% 6%

4% 5% 2% 6% 10%

4% 7% 4% 6% 5% 4%

South Korea Malaysia Thailand Chile Argentina Turkey Mexico Vietnam South Africa Indonesia


Emerging Markets intelligence


Accuracy and completeness of intelligence on Emerging Markets are issues for many

29

57% of Mexican companies say they have information on Emerging Markets readily available


Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, N=55 (Mexican companies).

•  Mexican companies appreciate the value of market intelligence, with 95% saying that accurate market sizing and growth estimates are critical to their Emerging Markets Strategy.

•  78% use market intelligence to support their decisions on Emerging Markets, well above the global average of 55%. 72% say decision making on Emerging Markets in their organizations is efficient.

•  Mexican companies appear to have similar availability of Emerging Markets information to their global peers. 57% say that information on Emerging Markets is readily available in their organizations, compared to the global average of 53%.

•  47% say lack of intelligence about Emerging Markets delays their decision making, which is just under the global average of 48%.

•  However, 82% doubt the accuracy and completeness of the information they have on Emerging Markets.


42%

6%

3%

6%

44%

18%

10%

22%

9%

23%

12%

24%

4%

38%

40%

34%

1%

15%

35%

14%

30

Information on Emerging Markets

Mexican companies All companies

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, Mexican companies = 55. All companies = 431.

Mexican companies have more readily available Emerging Markets information than global peers 57% say such information is available, compared to 24% global average


7%

35%

3%

24%

47%

22%

22%

11%

18%

5%

40%

5%

42%

55%

7%

2%

15%

40%

Large volumes or overflow of information about Emerging Markets

is never a problem

Inaccurate or incomplete information about Emerging Markets is never a

problem

Information on Emerging Markets is always readily available in our

organization

Accurate market sizing and growth estimates are critical for our Emerging

Markets strategy

Strongly agree Somewhat agree Neither agree or disagree Somewhat disagree Strongly disagree


18%

17%

4%

37%

33%

18%

21%

31%

30%

17%

17%

38%

7%

2%

10%

31

Decision making on Emerging Markets

Mexican companies All companies

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, Mexican companies = 55. All companies = 431.

78% say decisions supported by market intelligence 72% say that decision making is efficient, 47% admit decisions delayed by lack of information


16%

2%

4%

31%

2%

7%

22%

24%

11%

29%

58%

51%

2%

14%

27%

Our decisions are never delayed because we are missing information

about Emerging Markets

Executive decision making is very efficient in our Emerging Markets

organization

All executive decisions on Emerging Markets are supported by market

intelligence

Strongly agree Somewhat agree Neither agree or disagree Somewhat disagree Strongly disagree


Appendix: Survey Respondents

55 large and mid-sized Mexican companies took part in the survey 45% of them have more than 10,000 employees

33 Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, N=55 (Mexican companies).


17%

17%

26%

11%

29%

> $13 bn / € 10 bn

$6.5 - $13 bn / € 5 - 10 bn

$1.3-$6.5 bn / € 1–5 bn

$0.13-$1.3 bn / € 0.1-1 bn

< $0.13 bn / € 0.1 bn

% of respondents by annual revenue

34

Companies taking part in the survey represented a wide spread of industry sectors

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, N=55 (Mexican companies). www.globalintelligence.com

6%

4%

4%

4%

6%

6%

7%

9%

16%

19%

19%

Others

Chemicals

Construction & Property Development

Logistics & Transportation

Professional & Business Services

Food & Beverages

Pharmaceuticals & Healthcare

Automotive

Financial Services

Manufacturing & Industrial

Consumer & Retail

% of respondents by industry


About GIA and AMI

AMI is a member of GIA, a strategic market intelligence and advisory group

Global Intelligence Alliance (GIA) is the preferred partner for organizations seeking to understand, compete and grow in international markets. AMI is a member of the GIA, offering representation in Latin America, particularly Mexico and Miami.

GIA’s industry expertise and coverage of over 100 countries enables our customers to make better informed decisions worldwide.

GIA Group has 11 offices on 4 continents. Together with affiliated GIA Member companies, certified GIA Research Partners and consultants, GIA provides access to local knowledge in over 100 countries.


For the global findings or other country reports, please visit http://bit.ly/GIA2012

www.americasmi.com | [email protected] www.globalintelligence.com | [email protected]

We help you make better informed decisions

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