Michael_A._Hitt,_R._Duane_Ireland,_Robert_E._Hosk

Case 4: Carlsberg in Emerging Markets C-55

annual consumption per capita was still humble and had
yet to take off.
Therefore, Carlsberg’s shareholders would need time
and patience if they wished to see whether Carlsberg’s

emerging market strategy would suffice as a response to

the operational, competitive and regulatory challenges

that these markets posed. In the longer term, the payoff

could be significant.

NOTES

1. Business.dk, August 18, 2008.


2. Carlsberg Annual Report, 2007.


3. Carlsberg Annual Report, 2007.


4. Børsen, May 18, 2007.


5. Politiken, April 4, 2004.


6. Børsen, February 1, 2008.
   7. Børsen, October 11, 2005.
   8. Carlsberg Annual Report, 2007.
   9. Reuters, July 14, 2008.
   10. Børsen, March 19, 2003.
   11. http://www.carlsberggroup.com.
   12. Børsen, June 12, 2007.
   13. Ibid.
   14. Børsen, July 16, 2004.
   15. Jyllands-Posten, July 30, 2005.
   16. Carlsberg Annual Report, 2007.
   17. Business.dk, August 18, 2008.
   18. Jyllands-Posten, October 12, 2005.