India has a rich cultural legacy, and Indian culture is fundamentally centered around jewelry (Banerjee, 2008). Indians have long used jewelry to represent their wealth, position, and beauty. Therefore, Glimmer must comprehend and respect the traditional significance of jewelry in Indian society if it wants to join the market there successfully. This essay will critically examine the cultural factors that Glimmer should consider when entering the Indian market, emphasizing the expanding market for children’s jewelry and providing a suitable market strategy for entering the Indian market.
The diversity of Indian culture is one of the most important cultural factors for Glimmer should consider when entering the Indian market (Banerjee, 2008). Various regions of India have various faiths, dialects, and cultural customs. To adjust its marketing efforts, Glimmer must be aware of the cultural quirks of the various Indian areas. Glimmer ought to think about how significant families are in Indian society. Indian parents frequently purchase jewelry as a sign of love and affection for their kids (Singh, 2018). As a result, Glimmer can capitalize on the increased demand for children’s jewelry in India by developing designs that are appealing to Indian kids and positioning them as a representation of heritage and family love.
Glimmer ought to be aware of the cultural symbolism of certain jewelry pieces in Indian culture. For instance, Indian brides customarily don gold jewelry to mark their new status as wives (Gautam & Jain, 2010). As a result, Glimmer may produce a line of bridal jewelry, especially for the Indian market, and promote it as a sign of success and new beginnings. Finally, Glimmer needs to consider how essential festivals are to Indian culture. Indians celebrate numerous festivals year-round, and jewelry is a big part of these events. For instance, Indians purchase gold and silver jewelry as a sign of luck and success at Diwali, the festival of lights (Banerjee, 2008). To honor Indian culture and traditions, Glimmer can design jewelry collections that are exclusive to particular festivals and market them.
In conclusion, by acknowledging and appreciating the traditional value of jewelry in Indian society, Glimmer can successfully join the Indian market. Glimmer should establish jewelry lines relevant to Indian festivals and cultural traditions and target the expanding market for children’s jewelry in India with its marketing techniques. Glimmer will eventually succeed in the Indian market if it can establish itself as a company that respects and appreciates Indian culture and customs.
Market Entry Strategy
For any company, especially a young, expanding small firm like Glimmer, breaking into new markets can be challenging (Dev et al., 2007). Glimmer could enter foreign markets using many techniques, such as exporting, licensing, franchising, joint ventures, and wholly owned subsidiaries. Dominic and Dion, the company’s founders, would be wise to pick a low-risk entry strategy that would enable them to test the waters and acquire expertise in overseas markets before devoting more resources, though, given that Glimmer is a young and expanding small firm.
Exporting or selling goods to customers in other nations directly or through intermediaries is one possible market entry method for Glimmer. With this strategy, the business may grow its clientele without making significant investments in regional operations. However, exporting has significant drawbacks, such as reliance on intermediaries, linguistic and cultural obstacles, as well as potential legal and regulatory issues (Dev et al., 2007). Another choice for Glimmer could be licensing, which is giving a foreign business permission to use the Glimmer brand and market its goods in return for royalties or other payments (Mogha, 2023). Using this strategy, the business would benefit from the licensee’s understanding of the local market and experience while maintaining control over its brand and product quality. However, licensing demands careful partner selection, ongoing compliance, and standard quality monitoring.
Franchising, which entails allowing a foreign corporation the right to utilize the Glimmer brand and business model in exchange for an upfront payment and recurring royalties, represents a third possible market entry approach for Glimmer (International Trade Administration, 2022). This strategy would enable the business to proliferate while splitting the costs and risks among its franchisees. However, franchising necessitates hefty financial outlays for support, training, and contracts. Given the online retail model used by Glimmer, the business might also employ digital marketing and e-commerce platforms to expand into new markets. With this strategy, Glimmer could communicate with customers directly, avoiding intermediaries and lowering the expenses and dangers involved with conventional market entry methods. Glimmer would need to adjust its marketing and sales techniques to the local culture and preferences to overcome logistical and technological obstacles.
In conclusion, the creators of Glimmer must carefully weigh the cultural ramifications of their products and marketing collateral in addition to the potential advantages and disadvantages of each market entry method. To choose their company’s best course of action, they should do in-depth market research, considering the competition, customer preferences, and regional business customs. To make sure they choose wisely and reduce any risks involved with entering a new market, they should also consult specialists in the target market.
References
Banerjee, S. (2008). Dimensions of Indian culture, core cultural values, and marketing implications: An analysis. Cross Cultural Management: An International Journal. https://www.emerald.com/insight/content/doi/10.1108/13527600810914157/full/html
Dev, C. S., Brown, J. R., & Zhou, K. Z. (2007). Global brand expansion: How to select a market entry strategy. Cornell Hotel and Restaurant Administration Quarterly, 48(1), 13–27. https://journals.sagepub.com/doi/abs/10.1177/0010880406294472?journalCode=cqxa
Gautam, S., & Jain, N. (2010). Indian culture and psychiatry. Indian Journal of Psychiatry, 52(Suppl1), S309. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3146223/
International Trade Administration. (2022, August 7). India – Market entry strategy. International Trade Administration | Trade.gov. https://www.trade.gov/country-commercial-guides/india-market-entry-strategy
Mogha N. (2023, March 2). Market entry strategy in India for a foreigner. Enterslice. https://enterslice.com/learning/market-entry-strategy-in-india-for-a-foreigner/
Singh, Y. (2018). Modernization of Indian tradition. Rawat Publications. http://macl-ustm.digitallibrary.co.in/bitstream/123456789/2443/1/Mit_soc_1-10.pdf
write