Flexible business plans for evolving consumer demands are key in growth markets: PwC

MUMBAI: Even as Prime Minister Narendra Modi tries to attract foreign investors in the US, many investors hoping to invest and succeed in growth markets including India need to have a flexible business plan, a PwC research report said Wednesday.

“Ambitious companies seeking success in growth markets must establish flexible business plans that can navigate the institutional voids which characterise these complex markets, and still keep pace with the evolving consumer base,” the PwC report said.

“Companies need to acknowledge and understand the various institutional voids that exist in a growth market and then develop their operations in a flexible manner which will enable them to adapt these, as the growth markets’ business environment evolves and matures,” said David Wijeratne, PwC growth markets centre leader.

The report said that as countries like India grows, aspirations of the Indian consumer too are growing. Due to this the Indian consumer expects more from product and service providers.

The report said that any company hoping to succeed in developing countries need to adapt to the localised operating models. Deepankar Sanwalka, advisory leader, PwC India, said, “India is one of the important markets for international clients, not only because it provides them a large market, but because it is the home of a number of emerging market innovations. Many companies are working towards transferring such innovative products and capabilities from India to other global markets.”