Marketing Revolution in Rural India: Emerging Trends and Strategies

Author(s): Nizamuddin Khan, Mohammad Muqeet Khan

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Abstract:

Rural marketing involves the process of developing, pricing, promoting, distributing rural specific product and a service leading to exchange between rural and urban market which satisfies consumer demand and also achieves organizational objectives. In recent years, rural markets have acquired significance, as the overall growth of the economy has resulted into substantial increase in the purchasing power of the rural communities. These markets are extremely attractive with its vast potential but also provide challenges. It is a classic case of risk return situation. The key to reducing the risk is to understand the market, the consumer need and behaviors. The marketers in recent years are thus facing an extremely difficult and challenging tasks of catering to the rural sector, which is now almost impossible to ignore because of its rising income, population growth rate and government thrust on primary sector growth in its current five years plan. This market was so far been left largely to the mercy of local, cheap and fake products apart from few large companies. Organizations in order to succeed are now redefining their marketing mix strategies for the hugely untapped or rather poorly serviced rural markets, which by its sheer population size is much bigger than the combined population of many of the foreign nations. The present paper shall discuss in brief the rural market scenario in India, the growth drivers and challenges that are faced by the rural marketing organizations. It shall also recommend the strategies that can be adopted by the marketing firms in order to succeed in this highly unpredictable and unorganized market.




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