Global competition in financial services has been transformed by the rapid growth of emerging markets, which have become a key source of business growth and shareholder return. The World Economic Forum describes how innovation in financial products and services—rather than just capacity building—will be the main driver of success in developing countries.
Consumers’ reaction to Europe’s debt crisis, following hard on the recession, varies by country. Companies will need different pricing plans, cost structures, and brand positioning for individual markets. Some product categories will shrink. Others, related to health, family, and stability, will grow as consumers seek refuge at home with their families.
With marketing efforts failing to hold off rivals effectively, fast-moving consumer-goods brands must rely on a steady stream of innovation to stand out. “Speed champions” get new products, formats, and promotions to market about 30 percent faster than the average company in their industry—with substantial financial and nonfinancial benefits.