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This article describes the challenges and opportunities of marketing in an emerging economy, focusing on Brazil as an exemplar. The main features of the Brazilian economy are discussed with special attention given to the changing nature of the country ' s income distribution. Where Brazil once had a pyramid-shaped income distribution typical of many less developed countries, this is rapidly giving way to a diamond-shaped income distribution due to the emergence of a growing middle class. This, in turn, presents marketers with many opportunities ranging from franchise development to e-commerce. At the same time, however, marketers are challenged by several features of the Brazilian economy, including poor logistics, corruption, and state interventionism, among other threats.Manuel Montoya is an associate professor of global structures and an interdisciplinary scholar of globalization and the factors that produce a global political economy. He is a member of the Council on Foreign Relations and is a Rhodes Scholar. He is the CEO of his own global consulting fi rm, In Medias Res Consulting, which has provided support to global NGOs and INGOs, including the United Nations and UNESCO. His research interests focus on the circumstances that produce globalization and how nation-states interact with new global challenges.