After considering the different ways in which our economy can be improved, we can understand the current state of the economies by analyzing the marketing strategies that are undertaken by business houses in a nation.
Why do you think Alibaba.com, a site born in China that caters to the world needs is so massively successful while their counterparts remain to be content with a smaller share? The reasons lie in the economic development of the respective nations.
China, a post communist regime turned democrat is the home to alibaba. The world largest population offers a brilliant market for businesses that have been given the opportunity to rise with time and cater to the needs of their nation. This has prompted the business houses to compete which in turn resulted in the growth of Alibaba.com as the world's largest online B2B marketplace.
USA on the other hand has a comparatively tiny population. Unfortunately this population is far more demanding than any other population on earth! Hence business houses - through good capitalism policies have a chance to cater to these demands and use business networking and B2B marketplace portals to promote themselves. Business networking is a more logical approach for USA, because the small market can only be targeted by a personal touch, in stark contrast with China where bold advertisement can be the only way to capture attention.
India is in a much more complex situation. Tradeindia.com stared out 16 years ago as a B2B marketplace. Many other players followed and today now one knows anything about Tradeindia.com. Marketing and PR of another site called IndiaMart.com has catapulted the company as India's no. one online B2B marketplace. It's understandable. Indian population, being the second only to China is much more diverse than any other country. This diversity results in 2 main outcomes.
Due to various needs, the amount of business houses that can cater to these needs are extremely limited when compared with China and the US. There is no need to invest time and money to promote a business online using B2B market places. But I may freely say that this is not entirely the final result.
Marketing strategies will help the business grow in volume and hence is an essential element for an enterprise to survive. When a certain industry is under tough competition, that is if there are multiple players competing for the same prize there shall be an increasing successful marketing industry providing these services. The profits and growth of the marketing industry - be it online, viral or one to one, reflects on the mood of the economy.
Today, China has an online market place that has also catered to international business called 'Alibaba.com'.
The USA has various sites like Alibaba (B2B & B2C site) named Ryze that is similar to alibaba but also includes networking in it's gamut. India has various sites, the most popular (popular not successful) is indiamart.com. Comparing the worthiness of these sites - Alibaba.com takes first position among all. US sites come second and the rest follow.
China, a post communist regime turned democrat is the home to alibaba. The world largest population offers a brilliant market for businesses that have been given the opportunity to rise with time and cater to the needs of their nation. This has prompted the business houses to compete which in turn resulted in the growth of Alibaba.com as the world's largest online B2B marketplace. USA on the other hand has a comparatively tiny population. Unfortunately this population is far more demanding than any other population on earth! Hence business houses - through good capitalism policies have a chance to cater to these demands and use business networking and B2B marketplace portals to promote themselves. Business networking is a more logical approach for USA, because the small market can only be targeted by a personal touch, in stark contrast with China where bold advertisement can be the only way to capture attention.
1) Multiple needs
2) Multiple industries
Due to various needs, the amount of business houses that can cater to these needs are extremely limited when compared with China and the US. There is no need to invest time and money to promote a business online using B2B market places. But I may freely say that this is not entirely the final result.
Due to the increasing variety in demands of the Indians, business houses have begun to reach stagnancy. There is limited growth on such grounds and hence they have started using marketing companies to help them capture more customers. This tells us that in the present Indian economy, there is a chance where standardized products such as soaps, towels and chairs have a bright future ahead and marketing agencies shall be able to profit if their clients deal with such standard goods that cater to universal needs.
I would say this is a brilliant signal. With growing needs, the only way companies will spend on marketing is when the anticipated demand is high. There is nothing much like it.
It's evident that there should be growth in the economy in the future. The economic policy to keep the kart wheel moving is proving it's self well.
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