Formulation Of Marketing Strategy In India : Application of the Global Strategy Formulation Model
As a part of the strategic planning process a company has to formulate a marketing strategy before entering a new market. For global marketers, formulation of a global marketing strategy is of big importance since it contributes benefits, including raising the efficacy of new-products launches, cost reduction and improving product quality and market share performance. India is a fast growing subcontinent and it is predicted to be among the top five economies in the world by the year 2025. The driving force in the Indian economy is the growing number of people from the middle class, which currently consists of over 300 million Indians. They are consuming progressively more western brands and more and more foreign companies are establishing in the country.
The purpose of this thesis is to get a better understanding of the Indian market in order to formulate a strategy for this market. The thesis aim to identify how a business to business company, with baby products aimed for the upper class segment, should formulate their marketing strategy. To be able to answer our research question we have conducted a number of qualitative interviews, including a focus group interview with potential Indian consumers. The result of our interviews, empirical data along with our collected theory shows that the Indian market is fragmented and diverse. This thesis tells us that a company offering exclusive products should focus on consumers living in urban areas of India. A company should considerate on important aspects when formulating a marketing strategy for the Indian market: Assessment and adjustment of core strategy (choice of competitive strategy), formulation of a global strategy (choice of competitive strategy, choice of segment, marketing in India, the purchase process, culture) and development of global marketing program (degree of standardization).
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