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Emerging markets have become a strategic imperative for sales and profit growth for companies across industries. With more than 35% of the world population, China and India are currently the 3rd and 5th largest economies adjusting for purchasing power parity. Success stories of global expansion are many. While emerging markets look like treasure trove, they can be treacherous too. Although many have made immense gains, several companies have experienced cultural and institutional barriers, coordination issues, and have eventually failed. Some others have been fined for having violated institutional norms of the host countries. Entering into a foreign market can be guided by a conceptual and analytical framework that will be helpful in deciding location, product/service design, investment, business and corporate strategy, recruitment, and organization design and controls. Applying the framework and brooding over the issues and examples, students need to generate and select investment and entry options and strategies for a given business in a preferred foreign national market.