1) Increasing completion: Rivalry has radically influenced our reality. The rivalry will associate with us regardless of what we do. Before, present, and future it has affected our exercises and how we depend on each other. Irrespective of whether rivalry identifies with sports, wagering, business, or some different viewpoint, it influences our day to day lives. The competition is the zenith of what makes us what we are. Is this opposition useful for organizations? Is it material to state that opposition, albeit useful for customers, has its negative perspectives too? There are numerous battles that organizations look because of rivalry inside the business, and it negatively affects innumerable individuals. Business rivalry can radically hurt independent companies through different work costs, creation, and value factors.
For example, some of the major competitors of Asian Paints are
- Persian Paints
- British Paints
- Delux Paints
All of these brands have shown innovation in their products and are posing stiff competition from Asian Paints.
IMPACT OF PROBLEMS FACED BY ASIAN PAINTS
Although Asian paints have set up itself as a fruitful firm in its industry, it is likewise looked at numerous issues because of constant change in business condition. A portion of its real problems are:
1) Low Piece of the pie:
Although Asian Paints conveyed distinctive promoting systems in every period, they are confronting an intense rivalry nowadays, primarily from Nerolac.
Nerolac acquired advancements their items that were effectively embraced by the clients.
Asian Paints has experienced a flat piece of the overall industry in mechanical paints (15%) and auto segment (20%) in contrast with their rival Kanski Nerolac.
2) Slow Worldwide Development Rate:
In the foreign nations Asian Paints have been performing low notwithstanding individual cases to be specific Bangladesh, Nepal, and UAE because of expanding rivalry.
SOLUTION TO THESE PROBLEMS
Increasing competition is a widespread problem in every industry, but it is also equally essential for the market.
Asian Paints have a vibrant history and an established brand name. Due to these factors, tackling competition should not be a very tough job for Asian Paints.
The primary thing on which Asian Paints need to focus on is INNOVATION.
Marketing no doubt plays a significant role in a firm’s sales. But you should market what the consumer is desiring.
Asian Paints can shift over from royal paints to:
- Plastic colors Wallpapers
- Stencil art
I chose to visit Asian Paints and conduct my research on the marketing strategies adopted by the organization.
After interacting with the marketing and operations manager at the firm, I got an insight into the reality of the corporate world. Through my interaction at the organization, I learned about the various marketing strategies adopted by Asian Paints during the different eras.
Asian Paints has been by far the most successful firm in it\’s industry, and most of the credit for it goes to its marketing managers. The firm recognized the needs of its customers and formulated strategies accordingly to grab the opportunities.
Asian Paints has traveled a long way to establish itself as an active organization in the field of paints. But there is always a scope for betterment as nobody is perfect. Since new brands, like Nerolac and Wipers in the industry, are rising, these competitors have captured a lot of market share and are posing a threat to Asian Paints. Thus, Asian Paints needs to pay attention to its competitors and come up with innovative ideas to improve their market share.