Final answer:
JCB learned the importance of adapting products to the Indian market and formed a joint venture with Escorts in India to gain local expertise. Their experience in India helped them expand their global footprint and market share.
Step-by-step explanation:
JCB, a construction equipment company, learned several things from its experiences in India. One of the significant factors they learned was the importance of adapting their products to the local market. They realized that customization and localization were essential to meet the specific needs of Indian customers. By understanding this, JCB was able to tailor their products to the Indian market and gain a competitive advantage.
JCB's decision to shift from wholly owned operations to a joint venture with Escorts in India was driven by various factors. One reason was the need for local expertise and knowledge. Escorts had a strong presence and understanding of the Indian market, which proved valuable for JCB. Additionally, forming a joint venture allowed for cost sharing and risk reduction.
JCB's experience in India helped it in its overall strategy by expanding its global footprint and market share. Through their presence in India, JCB was able to develop a deeper understanding of emerging markets and adapt their strategies accordingly. The lessons and insights gained from India's market helped JCB in its growth and success in other international markets as well.