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India emerging as favored destination for Businesses to flourish
Indian market with the second highest population has become a hub of opportunities for investors from all across the globe on account of the geographical location, ease of access, well established financial market and legal system in place.
By: Eixil Technosoft Pvt Ltd
Indian economy is growing at a faster pace as compared to the Global Market Scenario. With time the India Market have diversified which follow trend of acceptability of the products and services from all across the globe
Today, the Indian market with the second highest population has become a hub of opportunities for investors from all across the globe on account of the geographical location, ease of access, well established financial market and legal system in place. All these factors leverages the businesses to flourish by taking into consideration different Entry Strategy to capture and avail benefit of the market.
Also the ability of the market with high growth has attracted foreign investors, who visualize the deep inbuilt potential for the businesses to grow at exponential phase. The exponential growth not guaranteed as vary many available factors due account for the success in the arena of "Exploring the New Market".
According to the global study conducted, India as a country posse's great opportunity for the Foreign Investment to take place. The facts supporting India's as a favored destination for investment at current times can be understood from the fact that 'the Impact of the Global recession' was felt to less extent as compared to the developed nations which are often characterized by saturation of the market space, with huge competition. Currently the trend for business is towards the developing nation with favorable business and economic environment.
The great market waits for the global investors, the benefits can only be accessed by adopting sound entry strategy in place for entering the India market space. The entry strategy and options for entering vary based on the product, services, budget, knowledge of the businesses in India and legal procedures amongst the common entry strategy being adopted Joint venture, Franchising, Merger and acquisition, Exporting, Licensing, Technology Transfer etc.
The proper ground work before implementing the Entry Strategy is the ultimate requirement.
General steps for sound Market Entry Strategy to Enter New Market being:
- Identifying potential of the particular market where willing to kick start.
- Developing a fair knowledge of the market
- Creating strategies for market entry by using the available data and information pertaining to demand and supply, rules and regulations, political and economic environment, cultural environment and target audience buying behavior.
While venturing into any market, it is very crucial for any investor to develop a basic knowledge of the potential of the concerned market . This process, in turn, should be supported by a sound market entry strategy and its proper implementation over the period of time as unplanned entry strategy of the global giants too failed to achieve the desired outcome as quoted by Advisor and consultant Mr. Sachin Agarwal. The real issue with the strategies adopted by some of the MNCs and global companies was not just about launching high-priced products but about taking the Indian consumer and laws for granted.
Mr Sachin Agarwal (CEO of Avni Consulting & Business Planning Consultant in Eixil Group & Anustubh Labs) expertise in formulation of the Market Entry Strategy, Intellectual Property Rights, Corporate Planning, Mergers & Acquisitions Consulting in India
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Eixil Group started in 2009 on the concept of "Service Retailing" which was the unique concept introduced by Mr Ashu Gaur (Managing Director). Service Retailing means combining various expert professionals under a corporate umbrella to attain goals.