Emerging markets have driven growth for many multinational corporations (MNCs) for years, and they will continue to do so. But these are turbulent times as commodity prices plunge, currencies are devalued, and equity markets gyrate. The profitability of many MNCs' operations is already under attack, and future performance will be challenged by slower macroeconomic growth, increasing costs, and heightened competition from local companies, which are rapidly gaining scale, experience, and capability. To reduce these pressures, companies will have to focus much more on improving their competitiveness through constant productivity gains.

The World Trade Organization has slashed its forecast for world trade growth in 2014 to 3.1 percent, citing weaker-than-expected gross domestic product growth and muted import demand in the first half of the year.

Across Asia and the Middle East, rising incomes and accelerating investment in infrastructure have attracted multinationals eager to expand their global presence. But success in these high-growth emerging markets (HGEMs) often proves elusive.

These are challenging times for emerging markets. China's economy is expanding at the slowest pace in more than a decade, and annual growth in once-booming nations like Brazil, Mexico, Russia, and South Africa has slowed to about 1.5 to 2.5 percent. Look around the developing world, and currencies are weakening, worries about asset bubbles and rising debt are mounting, and foreign direct investment has fallen sharply. This volatility leaves many companies wondering if they are overexposed to the risks of emerging markets.

Mexican bread maker Bimbo. Chinese electronics brand Haier. Taiwanese computer manufacturer Acer. A decade ago, those companies were largely dismissed by their larger, U.S. competitors. Now, they have taken over the lead in global market share in their respective industries. Can U.S. companies learn from their successes?