The topic needs to be one YOU care about, not something WE care about.

You're going to be spending a lot of time on this project, so you might as well pick a topic that turns you on.

mgoodman is right. You have to think about something you care about. I will try to give you some ideas to get you thinking, though.

What are you really interested in, something that has a lot of meaning to you. Practically anything you can think of is marketed in some way. Go to the library (or look online) and read a Financial Times, Wall Street Journal, The Economist or Time and you will discover something happening somewhere that is shocking or amazing and business (marketing) is at the core of it.

Perhaps you are interested in preserving our environment. A cause and effect situation could be addressed. Maybe show how an industry markets itself and operates to present a good image and be a good citizen but in reality isn't always a good corporate citizen 100% of the time -- pollution, overpricing?? Are their possible remedies -- what might they be?

Do you like animals? Are you concerned about their welfare? Historians have documented that humans could not exist if they didn't have the help and companionship of animals. Destruction of forests and other natural habitats and mass construction are changing the balance of nature and causing many animals to lose their homes (such as koalas, raccoons and beavers to name a few). You could address the pros and cons of construction coming into pristine areas and rainforests -- the ramifications of building offices and houses in or near geographic areas formerly allocated for wildlife, flora and fauna.

Hope this helps you come up with ideas for a great thesis.

to add to the baove comments i can suggest you look within marketing to see which area is of interest to you e.g. pricing or distribution or advertising or integrated marketing communications or market research or marketing ROI or brand extensions or marketing processes or marketing organisation structure.
Once you decide on above, then you need to read and find out what is the latest aspect getting discussed and choose that relevant aspect. There is no point trying to write a thesis on something which has been written about widely.
also check with your professors, they might have something relevant to suggest.

Hi Santosh
I will try and share some of my insights that address your following query: "...how international companies develop their brand image in the local Market" (sic)

While at the macro level, the strategies remain more or less same, its their implementation that takes an entirely new shape. For starters, endorsement. Its a globally followed practise but the choice of the celebrity is dictated by the local tastes and preferences of the target audience. The original Pepsi commercial had Michael J Fox while its copy (If I can call it that) in India had Aamir Khan essaying the same role (I talk of the famous AK-Aishwarya Rai commercial.)

The other aspect of localization is product portfolio. To appeal to the Indian housewife Nestle also offers pickles in its portfolio; McDonald's has a non-beef menu in India. This list can go on. The idea is to create a local flavour without the loss of its global appeal. Some like to call this glocal.

All the examples cited above are B2C in nature, there are numerous B2B examples where the multinational has crafted schemes and products that have greater appeal to local audience. Another evidence to this fact is various promotional schemes that one sees in the market.

With regard to the problems aspects, I would prefer to call them challenges. If you could be a little more specific, maybe I could be in a position to progress it further.

Hope this helps.
Cheers!
Mohit Chhabra