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Current Scenario of Services of Market of India

Current Scenario of Services of Market of India

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Published by jaya

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Published by: jaya on Jul 05, 2009
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01/17/2013

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Current Scenario of Services of Market of India
INTRODUCTION:
Globalization, liberalization and privatization, together with rapid stridesmade by information technology, have brought intense competition in everyfield of activity. Indian industry at present is dazed, confused andapprehensive. The marketing complexities have increased, product life cycleshave shortened and the market is more turbulent than ever before. Indianindustry is desperately looking for strategy and action plans that wouldensure its survival and growth. In the fast changing socio-economicenvironment the consumer is truly a moving target today. Sharp productsegmentation based on consumer insights is highly desirable. The challengefor the marketers is to use the tools of branding and pricing at their disposalto ensure that the most valuable package in the customer's perception isrepresented by his brand. The cooperative and collaborative relationshipswith customers are the most prudent way to keep track of changingexpectations. The classification of services, customization in order to regainlost customers, differentiation strategies to command premium price andgastronomy strategies to provide a great deal of interaction andpersonalization to consumers, are amongst the prominent strategies, whichCould be used in customer relationship management. The market researchshould be visualized as a series of building blocks of information necessaryfor strategy development. The Indian marketers must give emphasis uponstrategic marketing of their products/services in the changing businessscenario.Currently in India, the national economy and marketplace areundergoing rapid changes and transformation. A large number of reasonscould be attributed to these changes. One of the reasons in these changes in
 
the Indian Market Scenario is Globalization, and the subsequent andresulting explosive growth of global trade and the international competition.The Indian Marketing Scenario is one of the biggest consumer markets andthat is precisely the reason why India has attracted several MNC’s. Theselarge Multi National Companies have realized that to succeed in the Indianmarket-place they need to hire Indian representative who are much moreaware of the Indian economic, political, legal and social realities. In theIndian Marketing Scenario, it is the MADE FOR INDIA marketingstrategies that work.
 
The Indian market is no longer a sellers market. Thewinner is the one who provides value for money. A large number of companies have huge idle capacities, as they have wrongly calculated themarket size and installed huge capacities. This has further contributed toconverting the Indian market into a buyers market.Market can be defined as “
Marketing is a socialprocess which satisfies consumers' wants. The term includes advertising,distribution and selling of a product or service. It is also concerned withanticipating the customers' future needs and wants, often throughmarket research.” 
Today the companies are operating in sucha marketplace where survival of the fittest is the law. In order to win, thecompanies are coming out with various new and evolving strategies becausethe Indian market is also changing very fast. It is to capture the Indianmarket, that the Indian and the Multi National Companies are using all of their resources.
 
 
Various Sectors of Marketing in India
 Retail 
 
:
Retailing is the set of activities that markets products or services tofinal consumers for their own personal or household use and retailer is aPerson or Agent or Agency or Company or Organization who is instrumentalin reaching the Goods or Merchandise or Services to the End User orUltimate Consumer.Retailing is the most active and attractive sector of lastdecade. While the retailing industry itself has been present since ages in ourcountry, it is only the recent past that it has witnessed so much dynamism.The emergence of retailing in India has more to do with the increasedpurchasing power of buyers, especially post-liberalization, increase inproduct variety, and increase in economies of scale, with the aid of modernsupply and distributions solution. Indian retailing today is at an interestingcrossroads. The retail sales are at the highest point in history and newtechnologies are improving retail productivity. Though there are manyopportunities to start a new retail business, retailers are facing numerous

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