Whirlpool is the number one appliance company in the world which has a very strong brand in North America and the US. Whirlpool Company manufactures many products in various brands such as Whirlpool, Maytag, etc, and sold in many countries over the world. Winship pointed out that innovation is a vital key to deliver new ideas and differentiate products to customer, establish a sustainable competitive advantage as well as create superior product and value to the company.
She also mentioned that in order to enter to the new market, company needs to consider GDP to realize marker size and growth trend. In addition, four keys difference to manage for successes in emerging market that company need to consider are country risks, culture, legal regulation framework, and value creation. For country risks, company need to consider about politic in that country to realize a stability within the country and for the company, and considers currency and inflation volatility to realize growth within that country. For culture, company needs to think about relationship and trust, language barrier, and interrelationship among related parties in order to realize, understand, and can deal with difference culture in the right way. Legal regulation framework is the top risks to manage in emerging market deal; company needs to think about labor flexibility in that country, how regulatory get approve and disclose requirements, and how to protect company’s asset such as how intellectual property protection in that country work or affect to company’s assets. For value creation, company needs to think about consumers’ habit and preference, economy, competitive environment and talent.
Moreover, Winship mentioned regarding four keys to deal success in emerging market which are 1.) Focus value drive (how to make money) and exit strategy (to ensure that the company understand and see the future success); 2.) Discipline by doing everything continuously; 3.) Good attitudes by be patient, patient and patient; 4.) Teamwork, which is very important because one person cannot do everything, everyone in the team need to communicate and understand each other in order to create the value to team and company and make the company grow in the long run.