Emerging markets such as India are the next frontier for multinational corporations. India is enjoying a booming middle class and the markets for a significant number of products and services such as cars and smart phones is still in infancy in India as opposed to developed economies where they have saturated or enjoying low growth rates only. Even though there is no lack of management literature that stresses upon the need to take into account cultural differences as well as local needs, it is not uncommon for some international companies with strong brands to overestimate the universal appeal of their products or services. As a result, they adopt the same marketing strategies that may have worked at home or in other markets and hope locals will embrace the products or services. There is a reason why Apple still doesn’t have a significant presence in India as opposed to Samsung and Nokia.
In today’s society, innovation is critical to the long-term success of organizations across different industries. A case study involving Chotokool addresses the importance of achieving success in emerging markets where there are significant challenges related to creativity and innovation. Innovation must be explored in a new and exciting manner so that there are sufficient opportunities in place to influence outcomes and to reflect upon the opportunities that innovation provides to organizations in this manner (Simanis and Hart 79). By using the Bottom of the Pyramid (BOP) concept, this demonstrates the potential impact of a product that is both cost effective and useful to the largest group of consumers for which marketing of a product is relatively unexplored (Simanis and Hart).
Bajaj Auto demonstrated its key strengths in the areas of product growth and development. Therefore, the organization sought to gain entrance into a competitive motorcycle market by using innovation and leadership to accomplish these objectives. Its collaborative efforts with Kawasaki emphasized its ability to work in conjunction with an experienced provider of motorcycles to achieve successful product development and results. The introduction of new models to the motorcycle market was a key indicator of the potential for success in expanding visibility and market share (Vallabhaneni and Krishnan 6).