service management(group 2)sec r 2
TRANSCRIPT
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Emerging market trends in
indiaSubmitted By :- Group 2
Section :-R2
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Introduction
India ranks among the well known emerging markets in theglobal economic scenario. emerging market India has really
prospered which has helped to boost the Indian economy to a
great extent.
The main factors behind this booming emerging market are
the economic liberalization and the perfect competition
market, the development of medical facilities and
infrastructure, the increase in foreign investments
There has been a significant growth of the Indian market
which has resulted in the high Gross Domestic Product (GDP).
The average annual growth rate ranges between 6 to 7 %.
The rural markets are estimated to be growing fastly , have
acquired significance in countries like China and India, as the
overall growth of the economy has resulted into substantial
increase in the purchasing power of the rural communities.
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The youth segment is growing. Many market research
companies are spending sums trying to understand this
segment. The has been an Increased use of digital media and a
decrease in television, radio,and print mediawhich has
brought a complete change in advertisement industry.
Also the has been an Increased use of quality,targeted
content (textual and video) that tells a company's story welland engages the prospective customer.
Increased use of e-mail to reach out to prospects and
customers more frequently at a very low cost
There has also been a great change in consumer perception
and lifestyle over years which has brought a paradigm shiftin the indian market.e.g more and more women are nw
working which has brought a great change in their
lifestyle,prefrences and perception.
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Changing consumer behaviourThere has been a huge change in consumer behaviour since last few decades
and is continously changing.In INDIA since liberalization of economy there is a rapid change in life
style,e.g-
Theme wedding :-
There are consumers who like to celebrate occasions in a special way.
Theme weddings are getting more popular these days and they have
completely changed the style of celebrating wedding and the way it use to
celebrate earlier.Event management for weddings and theme weddings are
equally getting popular
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The youth segment is growing. Many market research companies are spending
sums trying to understand this segment. They have done what is known as ,Mind
Mapping to know their full profile and segment them .
The kids segment is also very rapidly changing. With plenty of pocket money to
dispose now kids also can make their own buying decision -it could be a greeting
card for a valentine or strawberry sundae at Mc-Donald's with a girl. They are
familiar with brands and can identify them.
The senior citizens are also changing their life style, they dont save much as they
used to. They shop, watch cricket matches tour and go for wild life observations &
religious cum physical exercise tours. They take care of their health by going to
gym , spa resorts, yoga.
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Emerging Trends in the Indian market
Food and beverages market
Consumers consumption pattern has changed. People these days have busyschedules & do not get time,so consumers demand for processed, health,
packaged & ready to eat food.
The tremendous growth in its population of young people is likely to bring about ashift in the Indian food and drinks industry, as young populations drive the demand for
processed and health foods.
Due to increasing urbanisation and rising disposable income, the buying power of the
new middle class is increasingly being directed towards modern, convenience food
products .Higher incomes will result in a change in consumption patterns
The Indian distribution system is very fragmented because of the large size of the
country, infrastructure constraints (roads, cold storage and electricity) and a large
number of retail stores. Transportation facilities and refrigerated warehousing are
limited and costly, thus requiring huge capital input for quality warehousing and
distribution.
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HEALTHCARE INDUSTRY
Till few years ago healthcare delivery was sole responsibility of Private
practitioners and Doctor owned and run hospitals. Since it was alsoconsidered only as a social sector so almost all the large hospitals were
either Government or charitable hospitals.
But today, The demand for quality healthcare has increased within the
domestic healthcare consumers.
Peoples concern for their health has brought about many changes in the
healthcare sector.
Todays patients have more choices than ever when it comes to choosing
and using health care resources,
In the present scenario, providers need to offer innovative services and
products that are geared toward health care consumerism
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REAL ESTATE
As Indian economy is rapidly changing in response to technological
innovation, real estate has evolved from a depository of wealth for householdsand assets for corporations into a major force in the debt and equity markets
Indian real estate industry is growing with a compounded growth rate (CAGR)
of more than 30%on the back of robust economic performance of the country.
Market is getting more organized with presence of overseas developers
Emergence of small citiestier II & tier III cities
New avenues of investmenthospitality, health care, integrated townships,
infrastructure corridors and others Investments flowing from multiple sourcesFDI/PE/Institutional
Investors/Debt
Real EstateSecond Largest employment driver in India
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STAGES OF EVOLUTION
PAST
Lack of Industrial
Status
Finance being
arrangedmainly from pre-selling
of the units
Limited purview of
the
government
Quality of
construction
average
Lack of transparency
PRESENT
In line for industrial status
Multiple sources of
fundingDebt, PE, VC,
etc
Enjoys strong attention of
the central as well as state
government
Remarkable improvement
in the quality and designs
of construction
Improvement in the
transparency level
Emergence of well-defined
product categories
MOVINGFORWARD
Fully organized
industry
Well placed industry
standards
Industry regulator in
place to control the
sector
FDI allowed in across
real estate avenues
REITS/REMFs
increasing the depth
of the market
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RURAL MARKET
There has been a significant changes in the indian rural market since past fewyears.
Banking sectors finding better opportunities through farmers. As
farmers need loans for seeds, fertilizers etc. farmers also need to invest
their money for future use.
As the prospect of rural population is changing towards health, and
lifestyle. FMCG sector is realizing this opportunity through increasing
their marketing trends for this segment . Hospitals are also finding
better way to establish in rural segment.
Looking at opportunities in haats, melas, post offices, system etc.
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Strategy Marketers are Opting
Information Technology : Places computers with Internet access in rural
farming villages
Each e-Choupal costs between US $3,000 and US $6,000 to set up and
about US $100 per year to maintain
The farmers use the computer to access daily closing prices on local
mandis.
The farmers can also know about weather forecast
local and best practices in the world from e-Choupal Website
Order seeds, fertilizers, and other products at harvest time, ITC offers to
buy the crop directly from any farmer
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New rural marketing trends
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ICICI BANK customized their rural ATMs, so they can operate biometricauthentication. ICICI rural ATMS are battery operated so that power failureis not issue.
Bank of India introduced Bhumiheen credit cards for providing credit cardfacilities to landless farmers.
Nokia develop affordable Mobile phones for rural markets with uniquefeatures such as local language capabilities, present time/ call limits etc.
Philips develop a TV Vardaan for rural markets. This TV work on thevoltage 90-270 volts.
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Conclusion
There has been a great shift in the marketing trends of the economy, may it
be service sector, health care sector , retail sector or any other sector.
The change in consumption pattern of consumers has led to the change in
marketing trends . the income of consumers has changed due to which
marketing trends have changed, because manufacturers have to produce asper the requirements of the consumers.
The major changes are in the form of distribution pattern, advertising,
promotion techniques.
Marketing people are very keen on keeping track of life style changes,
because this gives signals for new products and services.
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