|
One of the most challenging concepts in marketing is understanding consumer behavior. It is equally important to monitor changes in this behavior and to adapt marketing strategies accordingly. The Indian consumer seems to have become more value sensitive from being price sensitive and seem to be willing to pay more for quality. Since there are a lot of quality brands competing with each other in the same segment, the Indian consumer seems to be less brand conscious while pickier about features and values. The Indian luxury market is growing at an amazing rate with strong demand for expensive pens, watches, sun glasses, mobile phones, etc. This market is mainly driven by the urban middle class and upper classes that are largely influenced by the west. Credit card users are increasing at a rapid rate. Increasing per capita income and liberalized bank policies have led to a more consumers availing credit or loans from banks. Many financial institutions have come to India and are doing well. Foreign companies are doing much better sales when they give an Indian touch to their products and advertisements. The McDonalds spicy burgers and Pizza Hut’s tandoori chicken pizzas are definitely more suited to the Indian palate. online shopping sites malls have become a success with the Indian consumers rising preference for e-shopping sites experiences with service and ambience along with entertainment. Purchasing power of rural Indians have increased and many companies are shifting focus there to capture the untapped market. Rural consumers associate value of product with its benefits, cost and availability. There has to be value for money and the packaging has to be attractive. Unlike the urban India’s view point of ‘smaller is better’, the rural people prefer the opposite. Better after sales services are being provided by companies which have lent them credibility and have encouraged Indian consumers The travel and tourism sector is enjoyed a large in hike in their customer base as more Indian consumers have taken interest in foreign tours and packages. Internet access facilities on mobile phones have revolutionized the communication sector and have increased e-commerce participation of Indian consumers.
Related Articles -
online shopping sites, e-shopping sites,
| 
