phases and have not yet reached phase 3, where focus is to develop a local business
model capable of delivering competitive offerings suited for the local customer needs and
situation. Companies C3 and C5 are both close, but still have some steps to go.
the companies have approached China. According to Prof. Vijay Govindarajan, compa-
nies targeting emerging markets can be categorized by their position in four distinct
phases of maturity on the local market.