Commandments for India's corporate sector, including labor-intensive sectors such as textiles, are to diversify products effectively; businesses can:
Conduct market research: Understand customer needs, preferences, and trends.
Leverage existing strengths: Utilize core competencies, expertise, and resources.
Identify new opportunities. Explore adjacent markets, industries, or product categories.
Develop new products. Create innovative solutions that meet customer needs.
Partner or acquire: Collaborate with other businesses or acquire complementary products/services.
Monitor and adjust: Continuously evaluate product performance and adjust strategies as needed.
By following these steps, businesses can diversify their products effectively and achieve growth, increased market share, and improved competitiveness.
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Thankfully, the Indian economy remains resilient and is expected to remain one of the fastest-growing nations in the G7 countries.