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The Indian Refrigerator market was valued at Rs. 40 billion. Refrigerators were approx 16% of consumer durables and was growing at 7-8 % The urban market was growing annually at 7 10 percent The rural segment was growing at 25% percent
Moving Forward
To move forward with the value proposition of the product, G&B had to addressed many challenges as follows Affordability
Although cheapest, value proposition tough to sell to rural residents Refrigerator considered to be a luxury product Presence of other alternatives like Mitticool and chances of traditional manufacturers to come with cheaper model pose threat of substitute
Scaling-up Operations
Difficulty in recovering money from consumers and managing transactional complexity Logistic issues in reaching non-consumers and arriving at micro-finance models for BOP consumers Market diversity in terms of climate, culture and usage patterns
Business Model
Right overall model with best
value proposition
With lessons from these challenges G&B believed in slowly setting an Indian benchmark with a right combination of all the above 4 factors and make a mark in the international market