abhishreshthaa
Abhijeet S
Challenges of Marketing
Decentralization: With the entrepreneurial freedom, decentralization took place. This brought about several changes in the marketing strategies of businesses and Economic Darwinism became the order of the day.
Onslaught of MNCs: MNCs strengthened their Indian counterparts and gained advantage in the marketing environment.
MNCs also gained major equity in Joint Ventures and exercised greater control. MNCs also therefore formed a major threat to Indian brands. Many brands were taken over by the MNCs.
Competition: Competition intensified and had an all-pervasive effect. Indian players also started getting competitive and faced competition from the MNCs. Access of new technology was one of the factors that increased the competition.
Demands of a Buyer’s Market: The market conditions have changed drastically. The present day marketers have been compelled to become price competitive and there is a surplus of goods in the market today.
Marketers have improved the quality of products and the marketing scenario has changed from shoddy products to excellent products. The consumers have an abundance of choice and has great power.
Globalization:
In lieu of new trade policies and the globalization of the economy, companies are compelled to go global .
Competition in the home country is yet another factor of compulsion to go global. Indian firms face lot of difficulties and competition in going global.
Challenges in the technological front:
Most industries today has to cope with the changes on the technological front and needs to invest considerably in R&D. Innovation and adapting to the technological changes is a necessity.
Product Innovation:
It is imperative for firms to respond to innovation in product. The product life cycle have compressed/ become shorter and firms need to adopt/diffuse new products at a faster pace.
Need to counter the Rising Vulnerability: Several factors have led to the rising vulnerability. Lack of brand power is one of the reasons.
PSUs have become vulnerable in the new economy due to several factors. Vulnerability has been caused also due to loss of monopoly and capital inadequacy.
Achieving Marketing Excellence Challenge: Marketers today need to have excellent marketing strategies and planning. It is essential to deliver a superior value proposition to the customer and withstand the pressures of a rapidly changing environment.
Players have been forced to change strategies due to the changes in the industry. MNCs also contribute to change in industry structures.
Decentralization: With the entrepreneurial freedom, decentralization took place. This brought about several changes in the marketing strategies of businesses and Economic Darwinism became the order of the day.
Onslaught of MNCs: MNCs strengthened their Indian counterparts and gained advantage in the marketing environment.
MNCs also gained major equity in Joint Ventures and exercised greater control. MNCs also therefore formed a major threat to Indian brands. Many brands were taken over by the MNCs.
Competition: Competition intensified and had an all-pervasive effect. Indian players also started getting competitive and faced competition from the MNCs. Access of new technology was one of the factors that increased the competition.
Demands of a Buyer’s Market: The market conditions have changed drastically. The present day marketers have been compelled to become price competitive and there is a surplus of goods in the market today.
Marketers have improved the quality of products and the marketing scenario has changed from shoddy products to excellent products. The consumers have an abundance of choice and has great power.
Globalization:
In lieu of new trade policies and the globalization of the economy, companies are compelled to go global .
Competition in the home country is yet another factor of compulsion to go global. Indian firms face lot of difficulties and competition in going global.
Challenges in the technological front:
Most industries today has to cope with the changes on the technological front and needs to invest considerably in R&D. Innovation and adapting to the technological changes is a necessity.
Product Innovation:
It is imperative for firms to respond to innovation in product. The product life cycle have compressed/ become shorter and firms need to adopt/diffuse new products at a faster pace.
Need to counter the Rising Vulnerability: Several factors have led to the rising vulnerability. Lack of brand power is one of the reasons.
PSUs have become vulnerable in the new economy due to several factors. Vulnerability has been caused also due to loss of monopoly and capital inadequacy.
Achieving Marketing Excellence Challenge: Marketers today need to have excellent marketing strategies and planning. It is essential to deliver a superior value proposition to the customer and withstand the pressures of a rapidly changing environment.
Players have been forced to change strategies due to the changes in the industry. MNCs also contribute to change in industry structures.