Question

Based upon​ india's rapid economic​ development, which of the stages of market development does the country​ occupy?

Answer 1

Market development strategy is a business strategy whereby a business attempts to find new groups of buyers as potential customers for its existing products and services. It targets non-buying customers in currently targeted segments with a goal of expanding into untapped markets. Based on India's economic development the country occupies a low middle income level. The country has made tremendous progress as far as rapidly expanding consumer is concerned since the 1990s. The expansion has been mirrored by the increased GNI per capita together with improved market opportunities.

Answer 2

Due to the rapid economic development taking place in India, the stage of marketing development that India currently occupies is a low middle income country. This type of economy means that they have a GNI per capita. It is calculated by using a method that is established by the World Bank Atlas.