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Understanding the local business culture is an important pre-requisite for doing business in any foreign country. If you Google Indian business culture, you’ll find dozens of articles on the cultural sensitivities that foreigners needs to have, for doing business in India. Most of them talk about what I think is the relatively easy stuff that Most companies undertake annual strategy planning exercises (STRAP) to lay down the plan for the coming year. They undertake market/business research and competitive intelligence to support their planning. Some of this research is backward looking – How much did the market grow last year? What did my competitors do? Some research is forward looking – The blog tries to capture the irony represented by the ValueNotes research that almost all the CXOs feel that the economy and their industry will under perform; most feel that they can outperform their competitors because the fundamentals are good Any businessman will tell you that knowing how your competitors sell their wares and at what prices is simply good business practice. But how do you get this information? Is it Ok to do mystery shopping? As in all other aspects of business, while (most times) there is clarity on what is legal and what All businesses everywhere undertake some kind of CI; they cannot survive without it. Even mom and pop stores do – although very informally. In India, it is mainly the large companies and multinationals that have formal competitive intelligence activities. How do they decide how much formal CI they should do? Here are some observations.. CI The Union Budget is a much awaited event each year. We are eager to know what the finance minister has planned for the economy for the year ahead. Nothing wrong with that, but how many of us have actually drawn a similar kind of a plan for ourselves, which takes into account all of our |
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