Emerging markets like Brazil, Russia, India or China have rapidly gained in importance for multinational corporations (MNCs) headquartered in developed countries. For an increasing number of MNCs they have turned into core markets generating a considerable portion of revenues. However, emerging markets are not only increasingly attractive but also very challenging for Western firms. They mostly have to expand into unfamiliar market segments, cope with distinct market dynamics and adapt their offerings to a high extent to meet local demands. To thrive MNCs have to “unlearn” much of what made their new product development successful at home and acquire new competencies.