4-1 Final Project Milestone One Environment Assessment (2)

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4-1 Final Project Milestone One: Environment Assessment Tayeshia Pannell Southern New Hampshire University INT 433 November 19, 2023

Identify the country and product and explain why the product is appropriate for the country. My project will focus on India, a country that is rated as one of the world's four biggest emerging markets (Kuepper, J. 2021). Approximately 1.37 billion people live in India (India - Place Explorer - Data Commons. n.d.). I will market an antibacterial hand soap product in India. Because of this, most of India is very densely populated, making infectious diseases more likely to spread; a prime example of this was when Covid 19 devastated India. The best product for my company is one that will help the people of this country in a positive way. Conduct a cultural analysis using Hofstede’s cultural dimensions and provide a general overview of the country’s cultural dynamics. My approach to entering this market will be influenced by Hofstede's Cultural Dimensions, which supply excellent and especially helpful insight into cultural motivations and influences. A chart comparing the cultural dimensions of the United States and India has been supplied below. A description of the scores following the chart will explain how this information will be used to create a marketing strategy. Additionally, I have provided opportunities and risks

for first entry, along with an adjusted strategy thereafter. According to a score of 77, the Indian people follow the leadership of their government. In addition to guiding them, keeping order, and introducing them to things that will help them and the community, these leaders are trusted to provide them with guidance, keep order, and expose them to things that are beneficial to them. It is an opportunity for marketers to approach that group and appeal to the masses because the influence is with one or a select group of individuals. In addition to being a risk, this can easily be shut down by a singular higher authority because openness to multiple influences can be easily shut down. Most of the population practice Hinduism, so individualism ranks below the middle or average point. The belief system, rules, and practices of religious groups are like those of a government. Marketers can take advantage of the advantages of approaching a large group because their efforts are more focused on a small group rather than a lot of smaller groups. When

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cultural and religious practices and beliefs are not considered and respected thoroughly, there are significant risks involved. As a result of the score on this dimension and the details following, Indians accept and adapt to uncertainty rather than avoid it. A product that can supply positive change without being so foreign, such as technology, could be welcomed by this community. In this case, the risk would be introducing this new product as something that would make their lives better, without imposing or impeding their current way of life. An alternative approach would be to make it all- natural and use ingredients that they would already be familiar with. Cultures and religions recognize karma's function in all aspects of daily life and past lives, explaining the high score in this dimension. The opportunities and risks are like those of "Individualism," but karma needs to be properly understood. It will be possible to create opportunities by applying the fundamentals of the cycle of karma both in marketing and manufacturing my product. Disregarding this belief system entirely would pose a significant risk. Cultural and religious beliefs strongly influence the overall score in this factor. Opportunities or risks will be revealed as soon as one understands the culture and religion of India, in particular Hinduism. If culture and religion are not understood, and if they are not used in the planning and execution process of marketing campaigns, the risk does not only present itself but prevents a product from ever being launched (Country comparison. Hofstede Insights. June 21, 2021). Determine the most impactful cultural elements and explain how these would inform your marketing strategy. Support your response with research.

As a result of Hofstede's Cultural Dimensions, and the Pew Research Center's data, the recurring influence was attributed to Hinduism and Islam, India's two major religions (Majumdar, S. 2020, May 31) on societal structures and cultural beliefs. It is important to understand that religious beliefs are more than just guidelines or rules, but they also have a sacred part. Understanding religious beliefs in a country where they are viewed as above the law and used to create actual laws is extremely important. In the best-case scenario, this understanding will give you a clearer picture of the Indian people's needs and wants, at the very least it will help avoid offending them. Summarize the political climate and describe factors that may need to be taken into consideration for your marketing approach. Support your response with research. The Indian government is not currently involved in any conflicts with any other country, and they continue to build a strong relationship with the United States, ensuring a stronger economic and political foundation for the future. Additionally, India plays a crucial role about stability in Asia (India - Political Environment India - Political Environment | Privacy Shield, n.d.). There are endless possibilities for this country due to its efforts to ensure stability, harmony in international relations, and economic growth. As large as it is, it has minimal risks, but it is not a country without risk. Determine trade restrictions that exist for importing the product into the selected country and explain how such restrictions impact your marketing strategy. It is due to India not meeting trade requirements that an active trade agreement between the United States and India does not exist at present (1. n.d.). The product I am selling will not be imported from the United States but manufactured in India. To ensure the sustainability of this

product, to contribute to its development and to the creation of jobs in India, the marketing strategy is meant to be as sustainable as possible. Determine domestic laws and regulations of goods that exist for the selected country and explain how those laws and regulations impact your ability to sell the product within this location. Currently, the Central Drug Standard Control Organization (CDSCO) of India is comparable to the FDA, lacking strict restrictions on antibacterial products. Antibacterial products, classified as cosmetics by the CDSCO, are subject to any restrictions included in the Drugs and Cosmetics Act of 1940. Recent revisions to the Drugs and Cosmetics Act of 1940 reflect India's growing food, drug, and cosmetic market, with potential adoption of the FDA's standards. This is helpful for our U.S.-based company. Provide an economic overview and describe financial risks and opportunities that may need to be taken into consideration for your marketing approach. Support your response with research.  Country: India  Total Population: 1.37 billion  GDP: 3.385 billion USD  GDP Per Capita: 2,085 USD  GDP Growth: 1.9%  Inflation: 6.02%  Exchange Rate Against USD: 83.14 INR per USD  Exchange Rate Regime: Free Floating

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 Exchange Rate Valuation (over/under): Undervalued  Market Potential Index: 53 (OANDA currency converter. Online Forex Trading & Forex Broker. (n.d.) The latter assertion holds true, and so, I will use this project to delve deeper into this theory. One of the striking observations I have come across during the first stages of research in India is its sheer abundance of opportunities. After Covid-19 and, hopefully, following resolution of the conflict between Russia and Ukraine, I do foresee India's ascent on the global stage. Antibacterial products can be manufactured in India and distributed. This will create jobs, improve people's purchasing power, and reduce unemployment in India. The resilience of the country hinges on its people and natural resources. The stability of a nation depends on foreign investment, sources of imported goods such as Russia's oil, and its commitment to promoting economic growth. Currently, India's biggest risk is its dependency on foreign resources and investment. Once stability is achieved, as discussed earlier, the opportunities are boundless. Based on the information above, summarize why the selected country provides good marketing opportunities for the product. Support your response with research. India has almost all the conditions necessary for the marketing of antibacterial hand soaps. IBEF. n.d.) The government promotes manufacturing and new businesses in India, making it a great market for marketing (Brand India. IBEF. n.d.). It would be beneficial to a large population to have a product that would address the causes of unnecessary illnesses that could lead to devastating deaths.

References Brand India. IBEF. (n.d.). https://www.ibef.org/economy/make-in-india . Country comparison. Hofstede Insights. (2021, June 21). https://www.hofstede-insights.com/country-comparison/ . India - political Environment India - political environment. India - Political Environment | Privacy Shield. (n.d.). https://www.privacyshield.gov/ . India - Place Explorer - Data Commons. (n.d.). https://datacommons.org/ . India - Trade Agreements. International Trade Administration | Trade.gov. https://www.trade.gov/ .

India to review US FDA's antibacterial soap ban. Morula. (2016, October 14). https://morulaa.com/news/ . Kuepper, J. (2021, October 25). Build a solid portfolio with emerging markets. The Balance. https://www.thebalance.com/ . Majumdar, S. (2020, May 31). 5 facts about religion in India. Pew Research Center. https://www.pewresearch.org/ . Market potential index (MPI) - 2023. Market Potential Index (MPI) - 2023 >> global EDGE: Your source for Global Business Knowledge. (2023). https://globaledge.msu.edu/mpi/data/2023 OANDA currency converter. Online Forex Trading & Forex Broker. (n.d.). https://www.oanda.com/ . Sansoni, B., president, V., Communication, & Association, T. S., and D. (2021, August 21). The benefits of antibacterial soaps. Chicago Tribune. https://www.chicagotribune.com/news/ .

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