Rule of Law and Ethics and International Marketing

1 Rule of Law and Ethics and International Marketing Colonization in India had an impact on the country’s social, economic, cultural, and political organization. Marandi and Mousavi (2019) argue that the enduring effect of colonialism was especially with respect to changes in identity. As a result of colonial rule, Indian colonized subjects were subjected to poverty, high rates of malnutrition, disease, significant upheavals in culture, extended economic exploitation, political disadvantage, and the entrenchment of ideas that created a sense of inferiority among Indian subjects. One of the areas that faced significant upheavals was the country’s legal system. As a result of British rule, there was the transformation of the legal system in ways that are evident in the present-day.

Buy this excellently written paper or order a fresh one from acemyhomework.com

2 As a result of the colonial encounter, India currently has a hybrid legal system. Marandi and Mousavi (2019) note that the current Constitution of India was adopted on 26th November

1949. Known as the bulkiest constitution in the world, this supreme law of the land represents the aspirations of the country’s population. From the preamble of the constitution, India is established as a sovereign, socialist, and democratic republic. In tracing the development of the Indian legal system, Marandi and Mousavi (2019) note that it can be categorized into the pre-colonial legal history, the British legal history, and the post-independence legal system.

In India, the law-making mandate is a reserve of the Parliament. According to Article 12 of the constitution of India, the state is empowered to develop laws that will govern the society (Gupta et al., 2017). Even so, when carrying out this mandate, the state is supposed to adhere to constitutional principles and rights. This provision is a function of Article 13 of the constitution. In other words, this provision sets the rule of law as the governing principle in so far as legal questions in the country are concerned. Thus, as a result of the rule of law, the state cannot make any laws that deny, violate, threaten, or infringe upon individuals’ fundamental human rights.

As per Gupta et al. (2017), India has a hybrid legal system that incorporates elements of civil law, aspects of common law, equitable law, elements of customary law, and religious law. As such, depending on the circumstances in which one finds themselves, one could say that India is governed by a combination of laws. There is a correlation between the legal system in India and the propensity of entrepreneurship. In general terms, the places that are best for entrepreneurship are those that are governed by the principles of the rule of law. In such a system, a business person is likely to have certainty when it comes to applicable laws.

The said businessperson will also be sure that they will get the necessary legal reprieves whenever they find themselves in legal disputes. Furthermore, a system that is governed by

3 the rule of law is likely to have political stability, therefore ensuring that entrepreneurs who invest in certain ventures will be able to get their returns on investment.

When introducing a new product or service in the Indian market, there could be the use of four steps. For the burgeoning technological market in India, introducing a new form of computer software could find a ready market. Therefore, the first step should be an industry overview (Kumar & Sethi, 2016). Here, the aim will be to understand the relevant details of the overall industry in which the product or service falls. Here, one will also be able to understand where the said industry is headed. The second step would be to understand the target market. Without understanding the target market, it will be difficult to develop the right strategies. The third step will be to understand the competition that already exists in the market. Finally, there will be a need to conduct accurate pricing and forecasting so as to determine one’s position in the market and also to show the portion of the market that one hopes to get.

In entering a new international market, the first strategy could be exporting (Kumar & Sethi, 2016). Here, the software could be exported in mass into the country. While this has the benefit of demonstrating that a company has made it into a market, it may be too costly for the company. The second strategy is licensing. This strategy would include partnering with other entities in order to reduce costs. The disadvantage of using this method is that there will be a need to manage other entities. The third strategy is to use a joint-venture.

While this strategy reduces costs, it also involves the management of other entities. In the long run, this need for management may be costly. The fourth strategy is the use of piggybacking. Here, two companies enter into an arrangement where they sell each other’s products in the markets in which they are found.

An effective example of an advertisement to introduce an emerging/sustainable technology is one that promotes the recycling of electronic products. India is one of the

4 countries with the largest populations in the world. Thus, it is possible to argue that there is a significant amount of electronic waste generated in the country. An ineffective example of an advertisement is where the artwork in a billboard – for example – portrays a cow. (Kumar & Sethi, 2016).

The first legal compliance approach that a company can use is risk-based. Here, the company would be interested in identifying the potential legal loopholes that may affect the operations of the business. The second approach is the best-practice approach. In this case, organisations will research what other companies in their industry are doing and then seeing what they can borrow. The third approach is the combination compliance approach. In this case, one uses all the approaches in a view to ensure that they have the best protection possible (Kumar & Sethi, 2016).

Finally, there are three key recommendations that entrepreneurs could consider when considering doing business in India. The first is social responsibility. As a new entrant to the market, it will be imperative for the organisation to ensure that they devise strategies of benefiting the society in which they are conducting business. Here, they could involve themselves in various ventures which seek to improve Indian society. The second recommendation is always to be ethical and to avoid taking shortcuts in a bid to remain ahead of the competition. For a new entrant into the market, the goal should always be to ensure that their business practices are both legally and ethically compliant. Thirdly, entrepreneurs should ensure that their business practices and their communications are crafted and conducted in a manner that observes and respects the social and cultural norms of the country.

5 References Gupta, A., Khanna, V. S., Wilkins, D. B., Wilkins, D., Khanna, V., & Trubek, D. (2017). Overview of legal practice in India and the Indian legal profession (pp. 4066). Cambridge: Cambridge University Press.

Kumar, R., & Sethi, A. (2016). Doing business in India. Springer.

Marandi, S. M., & Mousavi, N. (2019). Colonialism and Culture: A Comparative Study of Spanish Colonial Rule in America and British Colonial Rule in India. International Journal of Business and Social Science, 10(6). https://doi.org/10.30845/ijbss.v10n6p17

6 References