Multinational companies are surprisingly bad at cashing in on their global reach, write Navi Radjou and Prasad Kaipa. That's chiefly because CEOs tend to have monocultural and predominantly Western perspectives, they argue. To make the most of the burgeoning middle classes in places like China and India, multinationals need to become "polycentric organizations" that reflect internally the same diversity they seek in their customer base.

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