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Companies should avoid simply imposing global business models and practices on the local market.
Expansion into Asia is a hot topic at the moment with many multinational organisations looking at how to do this successfully. This McKinsey quarterly report is a must read for any Business Exec who is looking to adopt a globalisation strategy with a focus on India.
Key considerations include determining the commitment that your organisation will invest in India:
This research provides examples of how Indian consumers demand sophisticated products and services found in the west but at a lower price, customised to the local market. This is an interesting consideration for your products. Does your development approach need to be adapted to meet the local needs to ensure alignment to a local strategy?
Adapting to the Indian consumer’s demand for innovative, low-cost delivery systems and high value for money products as well as identifying and implementing an appropriate ownership model will support success in winning in India.
Strategic partnering is a great resource for expanding successfully in India. Identifying key partners to support at a local level for development, manufacturing and logistics can reduce costs and provide an effective avenue to build relationships and credibility in this environment.
Contact The Learning Factor now to discuss partnering with our Indian team to grow and tailor your Leadership programs to support local level talent and build your bench strength today.