The World 's Second Largest Fastest Growing Economy Essay

The World 's Second Largest Fastest Growing Economy Essay

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INTRODUCTION

The development of the emerging economies is way faster than it was intended to be, emerging economies like Brazil, Russia, India, China, South Africa (BRICS) are the major economies for entrepreneurs or MNCs in which they plan to invest due to huge consumer base. These economies are the so-called “virgin markets” they are untouched which attracts the companies to go for developmental projects; It creates a new paradigm for the business world. But sometimes in these developing economies big multinationals corporations (MNCs) fail to achieve their fair share. They face problems due to lack of knowledge of market segmentation that is geographical, demographical and behavioral segmentations.

There’s a story to tell about how Wal-Mart entered the world’s second largest fastest growing economy :India and yet due to many reasons it failed in this upcoming market. Wal-Mart is an American retail corporation, is the worlds largest company by revenue according to the fortune 500 list 2014, a family owned business founded by Sam Walton in 1962 on the belief that “true leadership depends on willing service” was the principle on which Wal-Mart was built. It operates worldwide in 28 countries having 11,526 stores and has also expanded its business by trading online in 11 countries. Wal-Mart is the worlds largest company by revenue according to the fortune 500 lists 2014. Wal-Mart in recent years has been investing a lot more in emerging markets like China, Brazil and Russia etc. The paper aims to understand and analyze the challenges of Wal-Mart in India and suggest reforms for MNCs aiming to set foot in the Indian market.

It’s an unknown fact that Bharti enterprise was interested to do a joint venture with Tesco and Carrefour...


... middle of paper ...


...te market knowledge and got materialistic looking only for success rather it would have gained more by setting up a strategic plan on how to enter the market. Wal-Mart used the traditional way of entering the market and did not take some important factors like culture, a country’s political stability and the economical climate. India is a price sensitive market, Wal-Mart’s price were irrational as compared to the other retailers in the market, shopping know-hows were not similar to the Indian market. McBean said, businesses should educate themselves about where they have invested and also keep in mind how those investments are doing. “The key is to understand what all of your company’s assets are and then guard them closely and work to maximise the profits they represent’. If you don’t, they will haunt your business and cause financial pain when you least expect it.

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