Great article! Never mind post-merger integration, though, as an industry and market research consultant, I've seen many clients stumble in the market entry process even though they have well-defined products and markets in their home countries.

It's astounding how many key decisionmakers jump to the conclusion that "It worked in country X, so it must work in country Y", skimping on due diligence, and completely neglecting that the customers and their culture is completely divergent.

The example that always springs to mind is Isetan (not my client), the Japanese department store chain, who's been steadily beating a retreat from Southeast Asia because they have generally failed to anticipate what the customers in their markets want. Isetan's offering is typically tailored to high-end Tokyo residents, and while the "cool Japan" items they used to show to Southeast Asian customers might bring in the gawkers, these consumers have a fraction of the discretionary income that Tokyo-ites do, and thus look but do not buy.