Rural Markets Retail Management free essay sample

Retail Management In recent years, rural markets of India have acquired significance, as the overall growth of the Indian economy has resulted into substantial increase in the purchasing power of the rural communities. On account of green revolution, the rural areas are consuming a large quantity of industrial and urban manufactured products. In this context, a special marketing strategy, namely, rural marketing has emerged. Rural India with its traditional perception has grown over the years, not only in terms of income, but also in terms of thinking.The rural markets are growing at above two times faster pace than urban markets; not surprisingly, rural India accounts for 60% of the total national demand. Today, rural market occupies a larger part of our economy and it is expected to grow at least four times the existing size. Another contributing factor for rural push was growing saturation in urban markets. To be precise, rural marketing in Indian economy covers two broad sections: 1. We will write a custom essay sample on Rural Markets Retail Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Selling of agricultural products in the urban areas 2.Selling of manufactured products in the rural regions In present situation, our huge population is helping marketers to think new marketing strategies. 630 Billion rural populations are greater than total consuming markets of many countries like Canada, South Korea, etc. Tapping the rural market is one of the most important marketing strategies followed by various MNCs and Indian companies now-a-days. A number of companies in FMCG, consumer durables as well as telecom sector have adapted strategies to expand their base in rural market. Among those who have already taken remarkable initiative in rural market are HLL, Colgate, LG Electronics, Philips, BSNL, LIC, CavinKare, Britannia and Hero Honda. Rural Marketing in simple word is planning and implementation of marketing function for rural areas. Rural marketing has been defined as the process of developing, pricing, promoting, distributing rural specific products and services leading to exchange between urban and rural markets which satisfies consumer demands and also achieves organizational objective.