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How exactly does one define an emerging market?

Ways to determine an emerging market are as diverse as the markets themselves. Some advertising and marketing executives consider "hot" markets emerging. Others use as their criteria the recent opening of barriers to a certain market, such as the lifting of anti-apartheid sanctions in South Africa.

In an effort to come up with a standard, AAI decided to use a combination of criteria. The 10 markets cited in this section are the result of discussions with advertisers and agencies and research company Moody's Emerging Markets Service, along with data from the International Resources Branch of the U.S. Bureau of the Census. In using the Census Bureau data, AAI looked for highly populous countries with the highest percentage of consumers in the prime marketing demographic of ages 15-34.

The result is an eclectic list ranging from the expected underdeveloped markets-China and India-to those considered more developed, such as Brazil. The majority are Asian: Vietnam, Indonesia, South Korea and Malaysia. In Europe, Turkey and Russia made the list and in Latin America, Colombia.

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