Marketers may find route to market with fresh products
04 Dec '07
3 min read
The growing middle class segment will drive the demand for the products and brands in the growing Indian economy, said Mr. Ajay Shankar, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry at the India Economic Summit 2007, organised jointly by the Confederation of Indian Industry (CII) and the World Economic Forum (WEF), here on Monday.
Speaking at a session on 'Responding to a New Consumer Class', Mr. Shankar said that acceleration of India's growth is primarily driven by domestic demand and it will continue to do so.
Marketers need to go out and look for new customers as the customer profile is changing very fast in India and the country's middle class segment is widening fast, he said. Mr. Steve Sanger, Chairman, General Mills, USA said that requirement of customisation comes from high involvement of customers and competition will create consumer awareness.
The break up of extended families to nuclear families has raised the influence of children in selection of brand, he said. The increase of middle class has put pressure on the manufacturer to deliver the goods at right pace, added Mr. Sanger.
Further speaking on the delivery of products, Mr. James Scott, Regional Operating Officer, Asia and Member of the Management Board, Metro Cash & Carry International, Hong Kong SAR said that India will face the challenge of building the supply chain to cater to deeper markets in next 20 years.
Marketers should find a route to the market with fresh products, he said. India needs transparency in legislation; investment in distribution, downstream and cold chain to establish a proper distribution model for the product, said Mr. Scott.
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