With established markets becoming saturated, multinational and transnational corporations are increasingly turning to emerging markets in the developing world consisting of a bloc of countries in South America, Eastern Europe, Africa and Asia. However, operating and reaching four billion people in these markets poses both tremendous opportunities and unique challenges for multinational and transnational corporations, as conventional wisdom about global capabilities and subsidiary strategies in emerging markets may not be appropriate. This is throwing up new challenges for corporations in particular, to reinvent their marketing models in order to transform global, social and environmental challenges into new market opportunities.