In this module participants learn about the best way to select emerging markets. They will understand that the primary exploitable characteristic of emerging markets is the lack of institutions (credit-card systems, intellectual-property adjudication, data research firms) that facilitate efficient business operations. While such “institutional voids” present challenges, they also provide major opportunities for multinationals and local contenders. Participants will be exposed to a playbook for assessing emerging markets’ potential and for crafting strategies for succeeding in those markets. They will analyze how to spot institutional voids in developing economies, including in product, labor, and capital markets, as well as social and political systems; identify opportunities to fill those voids, for example, by building or improving market institutions yourself; and exploit those opportunities through a rigorous five-phase process, including studying the market over time and acquiring new capabilities.