This report discusses the new trends in international business, focusing on emerging markets, institutional voids, and strategies for response. It also explores the rise of Industry 4.0 and its impact on the industry. The chosen organization is Grupo Herdez, a Mexican multinational in the canned/preserved food industry, considering expansion in new emerging markets in Europe, the Middle East, and/or Asia. The report justifies the choice of emerging markets, identifies and analyzes institutional voids, and discusses possible strategies to address these voids.