Understanding Consumer Behavior In India : Assignment

Added on - 21 Feb 2021

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COMPANY PRODUCT TOINTERNATIONALMARKET
Table of ContentsINTRODUCTION..........................................................................................................................1PART 1 - Analysis of product and brand........................................................................................1Analysis of market.................................................................................................................2PART 2 - Various aspects of consumer behaviour..........................................................................4PART 3 - Plan to launch the product...............................................................................................8CONCLUSION.............................................................................................................................14REFERENCES..............................................................................................................................14
INTRODUCTIONLaunching of the product in international market is considered to be as complex as wellas riskier tasks. Companies before launching product at global level is required to conductmarket research, as this will help them in developing the understanding about market and culture.In present scenario, it has become very much important for organization to develop theunderstanding about the consumer behavior across culture and make adjustment in brandaccordingly, as this will help them in successful launching of product at international level.The assignment will have focus on identifying the difference in consumer behavior inIndia. It will also emphasize on analyzing the preferences of consumer which varies acrossculture. Study will concentrate on the strategies adopted by Revel trends co. for responding tothe same.PART 1 -Analysis of product and brandProduct type:Revel trend.isplanning to launch ethnic wear that is cloth in internationalmarket. Considering the increase in demand for ethnic wear in India , an organization hasplanned to launch such product. Other reason for which specific product type has been selectedfor launch is that an enterprise has Revel trends co. in designing clothes which can be helpful incontext of launching ethnic wear in international market.Level of involvement :High level of stakeholder involvement is very much important in orderto successfully launch product in international market. A communication strategy is adopted bymanagement in Revel trend Revel trends co. ensuring the engagement of stakeholders likecustomers, etc. Marketing manager before launching the products in the market has conductedthe survey with the purpose of analyzing the needs as well as demands of customers. In additionto this, market survey has assisted an enterprise in analyzing he expectations of the customersrelated to the products or services offered by business entity. Social media has been used by anenterprise in order to seek suggestions from customers and enables them to engage in business.(Liu and Atuahene-Gima, 2018). Market research has been conducted by marketing manager inan organization which has assisted them in identifying the expectation of consumer related to theproducts or services offered by firm. An organization has developed the website for taking thesuggestion from customer related to launch of product.1
Brand and brand identity:, firm has to develop strong brand image using which it can easilylaunch new product in international market. It has been analyzed that Revel trend is planning touse online marketing technique for generating brand identity in international market. In additionto this, an organization has executed the marketing campaign which has helped them ingenerating the brand awareness which is very much crucial for successful launch of product inthe market. Business entity is planning to sponsor some social welfare events which isconsidered to be as the marketing strategy adopted by an organization for getting recognition ininternational market. It has provided firm an ease in launching product in international market.An organization at initial stage of launch is planning to keep low price for ethnic wear which ashelped business entity in attracting customers (Sternquist and Goldsmith, 2018). This plan ofaction has helped an enterprise in gaining competitive advantage in international market.Analysis of marketCountry :Revel trend is planning to launch ethnic wear in India. Ethnic wear covers all theIndian traditional category ofclothingwhich arewearby Indian women and men as the sign oftheir culture. It includes Saree, Salwar Kameez, Lehenga, Kurti, festive kurti for women andKurt as for men. Ethnic wear clothes are generally a traditional (clothes).Pestle analysis is considered to be as one of the technique which can be applied in order toanalysis the factors' ion external analysis which can effect product launch in specific market. Forinstance, The changes in social factors such as trends, needs of customers can have significanteffect on the management decision related to launch of new product in the market. In addition tothis, changes in the legislation can also have significant impact on the product launch event byorganization. Economic factor includes inflation might influence company decision related toproduct launch in India as well as UK.Rationale for choosing the country :Revel trend has chosen India as country to launch ethicwear, as there is high scope of earning revenue and profit. In addition to this, there is highdemands of ethnic wear in India which will assist an organization in increasing sales andprofitability. It has been expected thatIndia'sfashion retail industry is poised to cross €85billion by the end of 2022. The other fact which has been analyzed is that it has been estimatedthat there will be approx. 16.6 percent of growth in clothing market of India in coming next year(Grappi, Romani and Bagozzi, 2018). Women wear is considered to be as rapidly growing sub2
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