A Silent Failure
The article I am going to summarize is from the economy section of Hürriyet Gazetesi, which is one of the most well-known newspapers of Turkey. It is actually a short story about Monster.com, one of the largest employment websites in the world but I will be giving some other details about the case. The company (Monster Worldwide, Inc.) decided to start their operations in the emerging markets such as Brazil, Russia, Mexico, Latin America and Turkey. Despite their high hopes, the adventure that started in 2006 by founding their “department of developing countries” had to finish. Probably there are some other complicated reasons too but I believe that, lack of preparation to compete with the local players and underestimating their power in the market were the main reasons in this case.
Reasons to Be In These Markets
According to the article, in that era, the authorities of Monster.com described their reasons of investment as, the interest of foreigner investor to these markets, country’s young workforce and their increasing usage of internet. These companies will create job opportunities and they will need people to hire, which means a growing demand for job search engines.
Monster.com started their operations in Turkey in 2008. They announced that Turkey will be their cornerstone and made the country the main base for emerging markets. In 2011, they selected Ebru Çapa, a very experienced turkish manager in the sector, as the head of operations in Turkey. However, there are 3 very powerful local players in Turkey in the field. The competition between Kariyer.net, Yenibiris.com and Sevretcv.com was already very intense. By joining of Monster.com, sharing the market turned into a very hard game. Advertising, publicity, promotion and since it was a personal sector and Turkey is a kind of reserved country, gaining the trust of customers was very hard for them.
Kariyer.net was the most powerful... [continues]
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