Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Cultural Symbolism and an Entrepreneurial Brand-The Indian Context Description

The case is about Inscape, a Bangalore-based Indian entrepreneurial company in the category of furniture attempting to develop a brand. Since times immemorial, humans have expressed their "one-upmanship" in a variety of ways. Consumer behavior has a '`self-concept'' component that is reflected in the symbolic behavior of consumers. Products, brands, and possessions of consumers form a symbolic part of their self-concept. Status orientation, reflection of lifestyles, and a sense of belongingness are some of the universal themes associated with symbolism. There are three aspects that form the highlights of the case. Emerging markets such as India are closely following western symbolism with regard to possession and consumption of products and brands. The case develops a historical perspective on the category by dividing the timeline into three periods of time frame that stretches from the pre-independence to the post-liberalization era. The influence of imperial lifestyles on the Indian cultural landscape is captured in the case. The second aspect is the unorganized nature of the furniture industry. An unorganized industry structure in the Indian context means several unbranded offerings are a part of the industry. Many of these offerings may be of sub-standard quality, may not have typical distribution channels and most importantly these offerings are priced much lower than the branded offerings. Around 90% of the industry is characterized by the unorganized sector. The third aspect of the case is the challenge in the formulation of a marketing strategy that can be extracted from cultural symbolism and self-concepts associated with the category. The three major aspects are set in the backdrop of a consumer survey among two prospective groups consumers and the survey delves into the behavioral dimensions associated with self-concept and cultural symbolism associated with furniture as a part of the Indian culture.

Case Description Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Strategic Managment Tools Used in Case Study Analysis of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

STEP 1. Problem Identification in Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study

STEP 2. External Environment Analysis - PESTEL / PEST / STEP Analysis of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study

STEP 3. Industry Specific / Porter Five Forces Analysis of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study

STEP 4. Evaluating Alternatives / SWOT Analysis of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study

STEP 5. Porter Value Chain Analysis / VRIO / VRIN Analysis Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study

STEP 6. Recommendations Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study

STEP 7. Basis of Recommendations for Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study

Case Analysis of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Cultural Symbolism and an Entrepreneurial Brand-The Indian Context is a Harvard Business (HBR) Case Study on Innovation & Entrepreneurship , Texas Business School provides HBR case study assignment help for just $9. Texas Business School(TBS) case study solution is based on HBR Case Study Method framework, TBS expertise & global insights. Cultural Symbolism and an Entrepreneurial Brand-The Indian Context is designed and drafted in a manner to allow the HBR case study reader to analyze a real-world problem by putting reader into the position of the decision maker. Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study will help professionals, MBA, EMBA, and leaders to develop a broad and clear understanding of casecategory challenges. Cultural Symbolism and an Entrepreneurial Brand-The Indian Context will also provide insight into areas such as – wordlist , strategy, leadership, sales and marketing, and negotiations.

Case Study Solutions Background Work

Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study solution is focused on solving the strategic and operational challenges the protagonist of the case is facing. The challenges involve – evaluation of strategic options, key role of Innovation & Entrepreneurship, leadership qualities of the protagonist, and dynamics of the external environment. The challenge in front of the protagonist, of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context, is to not only build a competitive position of the organization but also to sustain it over a period of time.

Strategic Management Tools Used in Case Study Solution

The Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study solution requires the MBA, EMBA, executive, professional to have a deep understanding of various strategic management tools such as SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

Texas Business School Approach to Innovation & Entrepreneurship Solutions

In the Texas Business School, Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study solution – following strategic tools are used - SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

We have additionally used the concept of supply chain management and leadership framework to build a comprehensive case study solution for the case – Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Step 1 – Problem Identification of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context - Harvard Business School Case Study

The first step to solve HBR Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study solution is to identify the problem present in the case. The problem statement of the case is provided in the beginning of the case where the protagonist is contemplating various options in the face of numerous challenges that Symbolism Unorganized is facing right now. Even though the problem statement is essentially – “Innovation & Entrepreneurship” challenge but it has impacted by others factors such as communication in the organization, uncertainty in the external environment, leadership in Symbolism Unorganized, style of leadership and organization structure, marketing and sales, organizational behavior, strategy, internal politics, stakeholders priorities and more.

Step 2 – External Environment Analysis

Texas Business School approach of case study analysis – Conclusion, Reasons, Evidences - provides a framework to analyze every HBR case study. It requires conducting robust external environmental analysis to decipher evidences for the reasons presented in the Cultural Symbolism and an Entrepreneurial Brand-The Indian Context.

The external environment analysis of Cultural Symbolism and an Entrepreneurial Brand-The Indian Context will ensure that we are keeping a tab on the macro-environment factors that are directly and indirectly impacting the business of the firm.

What is PESTEL Analysis? Briefly Explained

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study. PESTEL analysis of " Cultural Symbolism and an Entrepreneurial Brand-The Indian Context" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

How to do PESTEL / PEST / STEP Analysis? What are the components of PESTEL Analysis?

As mentioned above PESTEL Analysis has six elements – political, economic, social, technological, environmental, and legal. All the six elements are explained in context with Cultural Symbolism and an Entrepreneurial Brand-The Indian Context macro-environment and how it impacts the businesses of the firm.

How to do PESTEL Analysis for Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

To do comprehensive PESTEL analysis of case study – Cultural Symbolism and an Entrepreneurial Brand-The Indian Context , we have researched numerous components under the six factors of PESTEL analysis.

Political Factors that Impact Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Political factors impact seven key decision making areas – economic environment, socio-cultural environment, rate of innovation & investment in research & development, environmental laws, legal requirements, and acceptance of new technologies.

Policy Making Impact on Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Government policies have significant impact on the business environment of any country. The firm in “ Cultural Symbolism and an Entrepreneurial Brand-The Indian Context ” needs to navigate these policy decisions to create either an edge for itself or reduce the negative impact of the policy as far as possible.

Data safety laws – The countries in which Symbolism Unorganized is operating, firms are required to store customer data within the premises of the country. Symbolism Unorganized needs to restructure its IT policies to accommodate these changes. In the EU countries, firms are required to make special provision for privacy issues and other laws.

Competition Regulations – Numerous countries have strong competition laws both regarding the monopoly conditions and day to day fair business practices. Cultural Symbolism and an Entrepreneurial Brand-The Indian Context has numerous instances where the competition regulations aspects can be scrutinized.

Import restrictions on products – Before entering the new market, Symbolism Unorganized in case study Cultural Symbolism and an Entrepreneurial Brand-The Indian Context" should look into the import restrictions that may be present in the prospective market.

Export restrictions on products – Apart from direct product export restrictions in field of technology and agriculture, a number of countries also have capital controls. Symbolism Unorganized in case study “ Cultural Symbolism and an Entrepreneurial Brand-The Indian Context ” should look into these export restrictions policies.

Foreign Direct Investment Policies – Government policies favors local companies over international policies, Symbolism Unorganized in case study “ Cultural Symbolism and an Entrepreneurial Brand-The Indian Context ” should understand in minute details regarding the Foreign Direct Investment policies of the prospective market.

Taxation & Regulation Impact on Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Corporate Taxes – The rate of taxes is often used by governments to lure foreign direct investments or increase domestic investment in a certain sector. Corporate taxation can be divided into two categories – taxes on profits and taxes on operations. Taxes on profits number is important for companies that already have a sustainable business model, while taxes on operations is far more significant for companies that are looking to set up new plants or operations.

Tariffs – Chekout how much tariffs the firm needs to pay in the “ Cultural Symbolism and an Entrepreneurial Brand-The Indian Context ” case study. The level of tariffs will determine the viability of the business model that the firm is contemplating. If the tariffs are high then it will be extremely difficult to compete with the local competitors. But if the tariffs are between 5-10% then Symbolism Unorganized can compete against other competitors.

Government Scheme & Subsidies Impact on Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Research and Development Subsidies and Policies – Governments often provide tax breaks and other incentives for companies to innovate in various sectors of priority. Managers at Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study have to assess whether their business can benefit from such government assistance and subsidies.

Consumer protection – Different countries have different consumer protection laws. Managers need to clarify not only the consumer protection laws in advance but also legal implications if the firm fails to meet any of them.

Political System & Stability, and its Impact on Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Political System and Its Implications – Different political systems have different approach to free market and entrepreneurship. Managers need to assess these factors even before entering the market.

Freedom of Press is critical for fair trade and transparency. Countries where freedom of press is not prevalent there are high chances of both political and commercial corruption.

Corruption level – Symbolism Unorganized needs to assess the level of corruptions both at the official level and at the market level, even before entering a new market. To tackle the menace of corruption – a firm should have a clear SOP that provides managers at each level what to do when they encounter instances of either systematic corruption or bureaucrats looking to take bribes from the firm.

Independence of judiciary – It is critical for fair business practices. If a country doesn’t have independent judiciary then there is no point entry into such a country for business.

Government attitude towards trade unions – Different political systems and government have different attitude towards trade unions and collective bargaining. The firm needs to assess – its comfort dealing with the unions and regulations regarding unions in a given market or industry. If both are on the same page then it makes sense to enter, otherwise it doesn’t.

Economic Factors that Impact Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Social Factors that Impact Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Technological Factors that Impact Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Environmental Factors that Impact Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Legal Factors that Impact Cultural Symbolism and an Entrepreneurial Brand-The Indian Context

Step 3 – Industry Specific Analysis

What is Porter Five Forces Analysis

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study. PESTEL analysis of " Cultural Symbolism and an Entrepreneurial Brand-The Indian Context" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

Step 4 – SWOT Analysis / Internal Environment Analysis

Step 5 – Porter Value Chain / VRIO / VRIN Analysis

Step 6 – Evaluating Alternatives & Recommendations

Step 7 – Basis for Recommendations

References :: Cultural Symbolism and an Entrepreneurial Brand-The Indian Context case study solution