Table I Newly liberalized market... | Emerald Publishing

Table I

Newly liberalized market characteristics

Market characteristic	Explanation of the characteristic	Opportunity for an entrepreneur
1. Market heterogeneity	Local, fragmented, low scale, and often reflective of pre-industrialization	Employ demand generation as the need for certain products or services has not yet been realized
2. Sociopolitical governance	Strong power exerted by public authorities through direct law and social influence	Creating relationships through government affiliation in order to curry favor
3. Unbranded competition	Not previously open to outside competition. Branded products usually do not exist or command much demand	Utilize brand awareness to create a market place for certain products
4. Inadequate infrastructure	Often lacking a basic network of operations including logistics, market transaction enablers, and basic banking functions. Also including a lack of communication, information, and transaction technologies	Establishing non-traditional production or selling methods in order to establish a competitive advantage
5. Chronic shortage of resources	Lacking essential resources including not only natural resources, but production, exchange, and consumption resources as well	Resource improvisation in order to avoid diseconomies of scale

Market characteristic	Explanation of the characteristic	Opportunity for an entrepreneur
1. Market heterogeneity	Local, fragmented, low scale, and often reflective of pre-industrialization	Employ demand generation as the need for certain products or services has not yet been realized
2. Sociopolitical governance	Strong power exerted by public authorities through direct law and social influence	Creating relationships through government affiliation in order to curry favor
3. Unbranded competition	Not previously open to outside competition. Branded products usually do not exist or command much demand	Utilize brand awareness to create a market place for certain products
4. Inadequate infrastructure	Often lacking a basic network of operations including logistics, market transaction enablers, and basic banking functions. Also including a lack of communication, information, and transaction technologies	Establishing non-traditional production or selling methods in order to establish a competitive advantage
5. Chronic shortage of resources	Lacking essential resources including not only natural resources, but production, exchange, and consumption resources as well	Resource improvisation in order to avoid diseconomies of scale

Source: Based on Sheth (2011)