The first reason is that local companies understand the needs of consumers and can quickly adapt to meet the needs of those individuals. Another advantage that local companies possess is the ability to develop business models that fit the culture of their region. Culture can be defined as “the complex system of values, traits, morals, and customs shared by a society” (Guffey & Loewy, 2011, 2008, p. 83). Having an understanding of a society's behaviors can allow adjustments to the various product lines that support these cultures. The last reason is the adoption of the latest technologies. Emerging markets can be more flexible because they don't rely on the expensive infrastructure of old technology. This can be a significant advantage across multiple industries, as well as attracting younger generations who are very tech-savvy (Cullen & Parboteeah, 2011). Developed countries such as the United States, Europe and Japan need to adapt their strategies based on the impact of emerging markets. Developed countries have some advantages or emerging markets that have enabled long-term stability in their economies. These countries usually have less volatility in their economic performance, they are less affected by global economic shocks due to their ability to shift or modify their response to the situation (Hoen,