Whites Appliance Market Strategy to enter the Indian Market
Whites Appliance Inc. is a business located in the state of South Carolina, USA. It began operations in the year on 1971 and opened its doors to its first store in 1986 as a multi-brand dealer.
The company claims itself to have competitive prices along with experienced and employees who help customers along every step of the way. The have a wide range of products that cater to various customers with different living standards, for instance, they have budget priced products for people a but on the lower side of income and premium priced, luxury products for those who are able to afford it.
The proud owners of the business, Gene and Florence White who are local residents have over 45 years of field experience in relation to home appliances and they strive to provide the customers with exceptional quality whether it be a product or a service.
India is a country with a very ancient historical background of about 4500 years.
This results in its population having a rich cultural background full of practices that have been passed down its generations. The country has great cultural diversity as it population consists of people of different ethnicities and religions such as Hinduism, Christianity and Buddhism amongst the countrys major religions. Unlike western civilization and most of its languages which have been taken apart from the one of the first sophisticated languages, Greek, India on the other used to advance in their levels of literacy with the development on the language known widely as Sanskrit.
Between the years 1500 BCE and 1200 BCE Indias earliest recorded literature was written, you say that this was a huge game changer since it gave the folk of India an identity as they were able to establish trade routes and spread Sanskrit to the far corners of Asia.
The language widely being used in India as of today is known as Hindi and yes, as expected its derived off Sanskrit. India has come a long way since living in small cramped huts and practicing traditional medicine, is what someone would think. Wrong, in fact its quite the contrary, Indians still have quite the knack for traditional music both northern Hindustani and southern Carnatic. As for dancing and other forms of entertainment, modern day India has taking quite the liking to western productions all the while adding their own unique twist to it. This is understandable since India once belonged to the British empire, back in the days of colonization, that was around the year 1757. Unpopular opinion but the British colonizing India has greatly helped the country as controversial as it is to gain its level of success. India renowned for some of the worlds longest railways wouldve had a hard time with developing infrastructure had it not been for the British incorporating their technology on Indian land. Some Indians would argue otherwise but statistics are what matter. The Indian links of trade with the rest of the world was also thanks to the East India Company, also created by the British, it helped India to reach the far corners of the continent which exposed them to new cultures and trading partners.
Modern day India is simply put, a diamond in rough. Its opportunities are infinite but no one is willing to venture into the unknown, but after thorough research on Indian social and cultural standards, Whites Appliances will successfully be able to capture the market for microwaves. In order to do this, we will have to take a closer look at the Indian tastes when it comes to cuisine. Indian cuisine is recognized around the world for its rich and unique flavor thanks to the abundance of spices used it the recipes. A few well known Indian foods are Butter Chicken, Tandoori Chicken, Chicken Tikka Masala and Palak Paneer. These dishes for example are supposed to be prepared with fresh ingredients and are made with a certain amount of people in mind, although reheating it would have the same taste, it violates traditional methods of preparing food. This proved a pretty difficult problem to overcome around 20 years ago, but now the more practical youth have taken over society and this generation has a more practical grasp on their lifestyle and arent tied down/obligated to abide by tradition. Millennials have a hard time finding a job in the current economy and finding would mean that they have to stick to a tight schedule. So put simply, most of the people would be welcoming toward the innovations made by the microwave market as it would prove to be more efficient than lighting up a stove and spending around a solid 30-45 simply reheating food.
Since Indian culture is now pretty much a wrap, lets move on to its diverse society. In Indian society family values are greatly influential on the children and descendants of that said family, unlike western civilization who have a comparatively higher tolerance with descendants making their own decisions whether it be beneficial or catastrophic. The cities are now mostly populated by nuclear families, but it isnt uncommon for Indian families to carry out arranged marriages which is when a persons close relatives take it upon themselves to scout a fitting spouse. Marriage is considered to be a sacred bond and is supposed to last for life, therefore through thick and thin the husband and wife usually stick with each other sometimes in a harmful relationship, this has resulted in India having one of the worlds lowest divorce rates in 2018, with a percentage of 1%(roughly 13 out of 1000 marriages) compared to the United States with a divorce rate of 46%(roughly 460 out of 1000). India is also infamous for its rate of child marriages, mostly in low income areas and rural villages usually out of reach of the law.
As for the countrys education standards, India has the most number of universities in the world, with a whopping 8,407 universities in total. Whats more surprising it that it has 2649 universities than the country that ranks second place, the United States. However, most Indian undergraduates are now opting to complete their education in foreign universities, this is due to multiple factors. For instance, if we compare the US education system with that of India we would find that the US presents greater commitment levels, features a superior curriculum, better infrastructure and greater diversity.
As far as culture and social analysis of the country goes, this is what weve concluded after carrying out extensive research.
The Indian economy has experienced considerable growth since the year 1991, since the country was finally able to open up their closed economy which had taken effect since 1980-1991 and was abolished by the prime minister P. V Narasimha Rao along with the assistance of the countrys finance minister.
Since the economic liberalization in 1991 Indian economy has a recorded value of $1.560 trillion(ppp), coming in as the fifth largest in the world. In 2017 the Indian economy was recorded to have an estimated value of $9.448 trillion(ppp), this shows that India has been experiencing a steady growth and its economy is rather successful.
Indias exports consist of goods such as diamonds, machinery and mechanical appliances, vehicles, spices and cotton. As for its imports, they buy plastic, mineral oil, petroleum, copper and iron. The Indian economy is currently facing low rates of inflation and as per the case study India is having a consumer boom and a large part of its population is having increased disposable income which allows them to spend money on more extravagant goods and in turn increase the average standard of living in the country.
In the US, having a microwave in ones household is pretty much the norm since it was invented with western food in mind and people have been exposed to the idea of such a product for a while and they have a clear understanding of the benefits and convenience that it provides the customer with. The Indian population on the other hand havent exactly been using microwave ovens for the longest time and this is mainly one the reasons why bigger companies like LG and Samsung are hesitating join the Indian market for microwave ovens as it isnt quite a stable market and the presentation of a microwave oven and getting through to the people will be a risk as they might accept it as a new innovation or the majority might not pay any attention to it, assuming that it will only cause unnecessary hindrance in their daily routines.
On the contrary to this attitude toward the market, our research team has information that states otherwise, A microwave oven is beginning to replace the demand for a second television or a bigger refrigerator., although its not really considered a necessity, most people have developed a certain optimism toward having/using a microwave which confirms that India has a bigger market demand for microwaves than expected.
All in all Indias economy wont be falling into jeopardy anytime soon, its even said to possibly surpass the US economy by the year 2030. We now traverse shakier ground, the topic of Indias very confused government.
The Indian government was formed 69 years ago on January 26th 1950, it shares a close resemblance to the British governing order, the Westminster system due to reasons back in its years of being colonized by the British. The three most influential people in the government would be the president, vice president and prime minister. Their names are as follows in presented order, Ram Nath Kovind, Venkaiah Naidu and Narendra Modi.
India has a very basic tax structure, which consists of an income tax, wealth tax, sales tax and etc. Its said that more than half of the Indian governments revenue is made through its tax income, ? of tax income consists of direct tax earnings. In 1991, the government made changes to tax laws and regulations, put simply it had an overall effect of reducing the rates of tax charged from its population, companies and trading, which resulting in the tax leaning toward having a more progressive rate. This means that tax is charged in higher numbers from the wealthy than the poor. All this makes the Indian government seem self-sufficient and for the people, but in reality it suffers from huge amounts of corruption, it was even ranked by Forbes as one of the most corrupt countries of 2018. Most of its politicians arent exactly the people to be looking up to since their track record as influencers arent exactly the most impressive, from banking frauds to scamming their own supporters through fund raisers, a portion of the population have lost all hope in the countrys government and others find satisfaction in taking to the streets with their opinions plastered onto a large piece of board.
Once the political influence, interference enters into police department, it paralyses the police arm and because of such acts of politicians, Police Officers become dishonest, inefficient and corrupt. A corrupt law enforcement system will proceed to ruin a country and its aspects for growth as it would allow crime to rampant for just a small bribery fee. In most cases the regional leader in political vote is the person who usually has the most control over the state run forces in that area. India has consistently proven to the world that money means everything and anything can be bought with enough money, even votes can be falsely bought to increase ones chance of winning. Yes, they have been improving over the years but progress is painfully slow and all it does is slowly tug away at the peoples trust in the government of the country.
India ranking as 5th highest in Asia on the 2019 crime index isnt very helpful considering the state of its government. Its understandable that a government which relies on corruption and multiple scandals to gain its power wont be able to cleanse the public life since they dont have any ideology or specific principles to eradicate corruption as themselves are guilty.
Through extensive research, weve come across a couple of important points:
The corruption in the country is slowly improving.
The government is in facing allegations from almost all directions.
Microwave oven market in India is larger than previously anticipated.
So finally it is concluded that, today in reality the crisis that Indian society is facing is the crisis of values, morals and ethics. Thanks to its governments leniency toward corruption and its negligence to the effects its actions have on the public.
Market Audit and Competitive market analysis
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