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`Cos should adapt to fast-changing consumer needs'

Our Bureau

MUMBAI, Feb. 25

IN the emerging markets characterised by more players, a demand-driven competitive economy and a strong sense of quality, corporates will have to adopt new approaches for retaining customers, according to Mr. Deepak Parekh, Chairman, HDFC.

Speaking at a function organised by Indian Merchant Chamber to present the Ramakrishna Bajaj National Quality Award here, Mr. Parekh said that in the emerging markets, customers with higher and rising expectations will be less loyal, will seek convenienc e, speed and service quality at competitive prices.

According to Mr. Parekh, the global information economy is being driven by consumers' desire for choices and technology. The challenge is in anticipating and adapting to fast-changing consumer needs. Flexibility and speed of meeting consumer needs agains t competitive pressure makes all the difference.

Mr. Parekh spoke about the massive institutional breakdowns that have begun to take place at an unprecedented pace because of people's inability to understand complex systems causing systematic breakdowns, leading to both societal and ecological crisis. ``The Indian Government and the people are more preoccupied with coping with these breakdowns that they are struggling to recognise, let alone correct, the collision course they are on.''

The Bajaj National Quality Award was given away by Mr. Viren Shah, Governor, West Bengal. This year's award for the service category was given to HDFC. Mr. Chandra Mohan, the former Vice-Chairman and Managing Director of Punjab Tractors Ltd, was awarded the IMC Juran Quality Medal 1999. Certificates Of merit were awarded to Larsen and Toubro Ltd and Hindustan Lever Ltd.