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Growing Demand for Affordable Solutions

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Aiming Big with Small Cars

Part of the book series: India Studies in Business and Economics ((ISBE))

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Abstract

The example described above, excerpted from Wall Street Journal, is a telling example of how lead market tendencies are emerging in India and are being utilized by firms, whether domestic or affiliates of MNCs. Such product innovation take place as a response to given local market conditions (limited budget, limited need for frill-features, need for robustness, and large potential demand), even as existing products from incumbent lead markets in developed economies often fail to satisfy these prerequisites. The product, once successful in the domestic Indian base, diffuses to other countries, where similar product features are also demanded.

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Notes

  1. 1.

    “SMART” stands for “simple, maintenance-friendly, affordable, reliable, and timely to market” products (Siemens 2011a: 134). According to Siemens, these products are “high-tech low-cost innovations that work reliably and, as far as possible, without requiring maintenance” (Siemens 2011b).

  2. 2.

    Henderson’s (2010) analysis is basically centered on China but, to a large extent, can be applied to India as well, where similar trends can be observed. Henderson explicitly states that China’s labor force is “matched historically in size only by contemporary India” and sees a new form of globalization emerging which he terms as the “Global-Asian Era” (Henderson 2010: 9).

  3. 3.

    For an extensive economic profile of India, see, e.g., Purfield and Schiff (2006) and RBI (2011).

  4. 4.

    Even though these figures may look impressive; the ratio of enrolled students to all youth in the age group between 18 and 23 was merely 15 % (GOI 2012a). Also the standard of educations may vary from institution to institution quite significantly (Herstatt et al. 2008). High economic growth seems to have negatively affected the number of (brilliant) students that do a Master’s degree or a Ph.D. Due to excellent career opportunities in the industry for top performers academic institutions are faced with a shortage of skilled researchers and faculty members (Herstatt et al. 2008).

  5. 5.

    The authors have co-authored a study of India’s national innovation system, for which a total of 107 personal interviews (including 22 preliminary pilot interviews) were conducted in India in 2007 as a collaboration project of TIM/TUHH with Hawaii-based East-West Center. The peer-reviewed results were published by East-West Center in its Economic Series; see Herstatt et al. (2008). For reasons of space, the detailed study results are not included in this work. The interested reader may like to refer to this publication in order to get a full overview of the innovation landscape in India, including of opportunities and challenges as perceived by affiliates of MNCs operating there.

  6. 6.

    “India is currently having the largest young population in the world and 54 % of India’s population is below 25 years of age and 80 % are below 45 years” (Mishra 2009: 28).

  7. 7.

    The case studies, unless specified otherwise, draw from Tiwari (2013).

  8. 8.

    The early granting of legal status to electronic voting by India’s parliament, arguably, can be considered a novelty for itself. Even some developed countries have trailed India on this score. For example, as late as 2009 Germany’s Constitutional Court prohibited using electronic voting on the ground that the election result should be ascertainable “without any specialist knowledge of the subject” (Bundesverfassungsgericht 2009).

  9. 9.

    Using an exchange rate of $1 = INR 51.4478 as on 16.01.2012.

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  1. Institute for Technology and Innovation Management, Hamburg University of Technology, Hamburg, Germany

    Rajnish Tiwari & Cornelius Herstatt

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  1. Rajnish Tiwari
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Tiwari, R., Herstatt, C. (2014). Growing Demand for Affordable Solutions. In: Aiming Big with Small Cars. India Studies in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-02066-2_4

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