Introduction to Market Culture of India and Singapore
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Added on 2020-04-21
Introduction to Market Culture of India and Singapore
Added on 2020-04-21
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Running Head: MARKET CULTURE 1Market Culture
Market Culture 2IntroductionIndia is one of the major economy across the globe. It is situated in South Asia and is the seventhlargest country by the area and the second-most populous country after China. It is surroundedby sea in half of the parts whereas it is surrounded by land at other half of the locations. It shareits boundaries with China, Pakistan and Bangladesh. In the recent years, the country has realizedsignificant growth in terms of economy and the purchasing power parity. It is a newly-industrialized country and fastest growing economy in the world. The country has amiablerelations with most of the foreign countries except its bitter terms with Pakistan. They shareborder and there is constant dispute between both the countries. It is the sixth largest economy interms of the market growth and the third largest economy in terms of the purchasing powerparity. Today, a large number of industries such as the telecommunication industries andautomotive industry are growing in the country at a very fast rate. Due to the significanteconomic growth of the country, a large number of multinational companies have also enteredthe Indian market. Several technological giants and manufacturing companies have entered theIndian market. These companies are operating in India as well as other nearby locations(Gesteland & Gesteland, 2010). India is an industrialized country; therefore, the political and theeconomic environment of the country is also effective for supportive of the new businessventures. There is also an ongoing trend of startups and new business ventures which havestrongly boosted the economy of the country. However, there are also significant socio-economic issues which are still persistent in theeconomy. The economic conditions of the country has improved in the recent years; however,
Market Culture 3there is still economic disparity and income inequality. The corruption in the country is also highas the illegal capital flow in the country is also high. There are also significant social issuesrelated to bonded labor and the child labor in the country. It is also a culturally-rich location andhas a long history in the philosophy, mythology and theology. It is rich in religious diversity andthere are several major religions in the country, namely, Hinduism, Buddhism, Islam andChristianity. The society of the country is characterized by its caste system which embodiessocial stratification and restrictions in the operations of the organization. The family values areimportant in the Indian tradition and multi-generation joint families are a norm here. The Indiancustomers are emotional in nature and are concerned for their families. Most of the Indians gettheir marriage arranged with the consent of their parents. The choice and the preference of thecustomers are also influenced by their families and peers. In terms of sports, the country is crazyfor cricket; however, other sports such as hockey, kho-kho and kabbadi are fairly popular in thecountry (Stephen, 2016).The customer market of the country is characterized by the growing middle-class and thepurchasing power of the families. Recently, the ration of the working women has increaseddrastically which has increased the purchasing power of the families. People are spending moreon luxury items and products. Other than that, the outgoing and the party culture has increased inthe country drastically. The party and the drinking culture has increased in the countrydrastically. There is an extension in the wining and the dining culture of the millennialpopulation with the rise in the income level (Dunung, 2015). The infrastructure of the countryhas also increased and the security issues for the women enjoying nightlife have also declined. Cultural Analysis of the Host Country
Market Culture 4India, officially called as Republic of India is a Southern Asian country and the member ofCommonwealth of Nations. The Indians like living in joint families and culture and tradition areof utmost importance. They also have different standards of time and are likely to delay thingsfrom the deadline. Moreover, due to the bureaucratic nature of the government, several businessfeatures such as delivery, custom clearance, meetings, approval, transportation and paymenttakes time. Therefore, it is difficult to perform the punctuality in India. Other than that, theadministrative and the physical infrastructure of the organization also impacts on the punctualityof the organization. These factors create delays in the operations of the organization. The culture and the heritage of India is quite unique and different from other countries. Thereligion, poverty and income distribution are the most sensitive subjects during communication;therefore, they should be avoided. Other than that, the Indians are not straightforward in nature.They avoid saying no to a specific person and tend to avoid the situation. Instead of sayingoutright ‘no’ to someone, Indians use terms which are more acceptable such as ‘maybe’ or theypolitely change the topic (Global Business Culture, 2017). They avoid maintaining an eye contact with the seniors or with women. Touch or any other formof physical contact is generally avoided by the Indians. It is due to the traditional shy nature ofthe society. The punctuality of Indians is always questionable. They appreciate punctuality;however, do not follow it. In Indian culture, it is important to engage in small talk andunderstanding the perspective of the partner. Engaging directly to the business issue can beconsidered as rude behavior (Ministry of Foreign Affairs in Denmark, 2017).
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