TRENDS OF MARKETING IN INDIA

Indian market has been a shielded market till early 1990s with successive governments' protective policies. Indian companies had never faced the pinch of international competition for over four decades since independence. The level of competition among Indian firms was not that teething but for a few products. We could hear the names of corporate giants like Tatas, Birlas, Hindustan Lever, ITC etc. These companies had their own strategies and plans for growth in Indian market. The consumers were also content with the product range available to them, in view of limited disposable income and lack of knowledge on possible new product offerings. At the beginning of 1990s we noticed change in government policies. There was a calculated move towards following the path of reforms in a step-by-step method. Perhaps this move could have been the result of international pressure for allowing MNCs enter into Indian market or to obtain a large chunk of foreign exchange loan or to ascertain the different means of improving foreign exchange position of the country. We know, a few years down the line, our foreign exchange reserves were just sufficient to meet import requirements of less than a month or so. Efforts from government to increase exports substantially did not bring much results, since even major markets were facing recessionary trends. With reforms and policy of liberalization started the drive towards activating markets. With MNCs flocking Indian market, we could see year after year new product launches, diversificationand growth in markets. Consumers began understanding what they can aspire for, given their ability and willingness to go after different products and services. During last 4 - 5 years we have seen a lot of activity in the Indian market, not only meeting domestic requirement but also big jump in our exports to other overseas markets. With visible changes in the economic scenario and buyer behavior, marketers also havestrived to bringinto market innovative products and services to meet customer requirements and imagination. The large number of manufacturers competing for a sizable market share or top market position, has led to companies following different marketing st ategies.