Many international companies are excited about 2nd most populated Country in the world. This means that it is a big market by size/ volume.
About 70% of India’s population is inhibited in villages and largely depend on agriculture based economy which is heavily dependent on rains.
It is true that there are efforts taken for all-inclusive economy by the government, it will take time to bear fruits. So it will be a big market in coming years.
Top 3 pieces of advice given by Manish Kulkarni, Founder & CEO Vyoman Consulting:
It is often seen that Companies expect quick results from the market. It takes time to get results. One need to have patience in getting results.
Indians always believe in long term relationship. It is advised not to expect quick results. Always try to develop relations and business gets developed around that.
Product Mix and Pricing Strategy
It is often experienced that companies wish to sell their products/ services as it is. The products from International markets become expensive mainly due to exchange rate and import duty. Some of the features may not be seen important by the customers in Indian context.
It is important to have product mix/ pricing strategy suitable to Indian market. Offer “value for money” products/ services. There are many examples where companies failed to make their mark in the Country, revisited their product/ pricing strategy and became successful.
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Categories: Expert Advice