The results obtained from the survey clarifies that an MNC is required to have local linkages for being successful in Indian markets. There is a need of understanding the local culture, needs and preferences of consumers, local environment, climate and lifestyle of people in India. Further it is revealed that a local team is essential for being successful in the country as it helps in acquiring an in depth knowledge of local culture, diversity among people, their standard of living, preferences about products, etc. Furthermore these local teams should ensure their credibility so that the decision making authority can be transferred to the teams. It is to be noted that the above discussed factors to success have remained common in manufacturing, IT as well as real estate organization. This shows that the industry difference does not matter much but the strategies to be followed in India remains somewhat similar across industries.
The main difference in national and global strategies as well as its formulation and implementation is the basis of the work flow and the work structure. The business market varies severely in case of developed countries as well as developing countries. AB Co., BA Co. and CA Co. all are of the opinion that customization of strategies is essential in business operations to the extent for customizing the methodologies not only at the international level, the national level, the state level but also at the local level and at the level of each of the deals. The legal factors involved in each of the case as well as in each of the countries are very different and so understanding each one of them and then operating accordingly is crucial to achieve success in any business.
The respondents of the surveyed manufacturing company revealed that the company faced a failure in India because of its several assumptions about Indian markets and failure to get an in depth knowledge about consumers, their taste, nature and preferences. Company considered India as a backward area where old technology and products can be successful and believed that the success will be achieved only through minor changes in the working style of the company. However these assumptions proved to be wrong and in later stages AB Co. realized the need of bringing a total change in its business models and make efforts to adapt to Indian environment and working styles in total. The failure also made the company to realize that customization of products as per the needs and taste of Indian consumers is essential for the success of the company in future. These factors have been still given importance at AB Co. and have become the basis of company's strong presence in Indian markets. The most important factor of success considered at AB Co. is the linkage with local players of the company that has resulted in leveraging the company's expertise and adding the element of local knowledge in the global know-hw of the company.
Similar results have been seen in case of BC Co. that have incorporated a business model to add the element of local knowledge and information right in the core activities of the company. BC Co. has also reported understanding Indian environment and linking with local firms as the most important step towards success in Indian business markets. The company realized the necessity of partnering with local players and local capabilities and knowledge for reaching the target markets of the country.
Finally the real estate company (CA Co.) also reported similar factors such as local linkage as the major requirement to be successful in Indian markets. This has proved to be helpful in understanding the details of land acquisition, planning and ownership of land and property in India.
Implementation of International Business Strategy Help | Formulation of International Business Strategy Help | International Business Strategy For Conducting Business In India Help | International Business Strategy Sample
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