“…These factors could transcend across political, legal, social, natural environment, ethical, technological and industry level factors (Scherrer, 2003;Schendel et al, 1976) Firms often were not able to understand the changing aspirations and need of customers (Day and Moorman, 2013). In India, Ambassador car manufacturer would have had bee pride for its rugged robust body and this did good for the firm from the 1950s till the 1970s (Venugopal, 2005). However, from the 1990s the economic boom in India created a new middle class in India which was interested in buying a fuel efficient and stylish car (Nielsen and Wilhite, 2015).…”