Strategies to emerge as a leader in the market
The following are some of the strategies that multinational corporations in India can adopt in order to improve their brand image in the international market and become a world player (Daft and Lane, 2009):
- Improve Innovation: Innovation stands as the key to unbeatable competition and real growth of an organization (Shaik, 2010). In order to make more profit and witness more growth per each dollar invested in foreign market, an Indian organization must improve its innovation efficiency by fostering a work culture that encourages innovation throughout the organization rather than restricting it to the research and development department.
- Devise efficient marketing strategies: The top management of the Indian organization must focus on adaptation of services and products locally by devising an appropriate marketing strategy that caters the foreign nation in which it operates (Kojima, 1978). Besides, the management must integrate with dealers and key suppliers in the country in which they operate and increase their supply chain efficiency, in order to make themselves capable enough to cater the local market in shortest time that is possible.
- Ramp up scale of operations: Indian organizations, in order to compete globally have to increase its capacity to meet the demands of the consumers present globally. In order to achieve that Indian organization must invest more in improving its production capacity (Moller, 2010). The organizations must ensure to serve on time, their products and services, irrespective of the volume of their demand in marketplace.
- Offer world class quality: Indian multinationals in order to be a leader in the global market must take steps to improve their processes in order to make their products and services meet international standards and offer high quality services and products to their global customers. By doing so, they can not only establish their brand name in the foreign markets but also gain customer loyalty that will help their business succeed in the long run.
- Daft R L and Lane P (2009), “Management”, Cengage Learning, USA, p 114.
- Shaik S (2010), “Business Environment”, Pearson Education, New Delhi, p 652.
- Kojima K (1978), “Direct foreign investment: a Japanese model of multinational business operations”, Taylor & Francis, London, p 221.
- Moller J O (2010), “How Asia Can Shape the World: From the Era of Plenty to the Era of Scarcities”, Utopia Press, Singapore, p 204.