Emerging markets are among the most dynamic and transformative regions in the global economy, accounting for 65% of the world's population and 40% of global GDP (IMF, 2024). With an expanding middle class, rapid digital adoption, and the rise of local competitors, these markets represent unparalleled opportunities - and unique challenges - for multinational firms. This course examines the evolution of emerging markets from Emerging Markets 1.0 to Emerging Markets 2.0. In the early 2000s, markets like China and India offered vast untapped opportunities, as seen in PepsiCo's localization success in India and Starbucks' rapid growth in China. However, today's Emerging Markets 2.0 require a new approach. Local competitors like Luckin Coffee in China and Transsion in Africa now challenge global giants with innovative, tech-enabled strategies tailored to their markets. Students will learn to analyze diverse consumer behaviors, navigate competitive landscapes, and design actionable marketing strategies for these high-growth economies. Whether addressing frugal innovation in Africa with Sanergy or crafting strategies for working mothers with Maziwa, this course equips students with the tools to succeed in the world's most dynamic markets.