Emerging markets - China, India, Southeast Asia, Africa, and Latin America - account for 65% of the world's population and 40% of global GDP, and are now producing the companies reshaping global industries. This course traces the evolution of emerging markets across four stages: from the untapped opportunities of EM 1.0, through the rise of fast local challengers in EM 2.0, to the innovation hotbeds of EM 3.0, and into Emerging Markets 3.5 - the Intelligence Era - where AI is redefining how firms acquire customers, build ecosystems, and create enduring competitive advantage. Students apply the 4S Framework - Scale, Speed, Sensitivity, and Systems - to analyze real strategic decisions: Starbucks facing Luckin Coffee in China, Gillette's reverse innovation in India, Grab's AI-powered customer acquisition flywheel in Southeast Asia, Maziwa designing for working mothers in Africa, and BYD challenging Tesla on its home turf. Through case discussions, team projects, and live presentations, students develop the analytical tools and strategic instincts to compete - and win - in the world'd most consequential growth markets.