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Trends toward Western-style China and India - Essay Example

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India and China registered a sustainable growth in GDP of 7% and 9% respectively in the last decades of the 2000s because of the wide markets available for their goods and services. These economies…
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Trends toward Western-style China and India
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Trends towards Western-Style China and India India and china have become the fastest growing emerging markets in the world. India and China registered a sustainable growth in GDP of 7% and 9% respectively in the last decades of the 2000s because of the wide markets available for their goods and services. These economies have become dominated by the young and youthful oriented markets just like the baby boomers times of the United States. However, the youth of today unlike those of the baby boomers, focuses on convenience, quality, and speed, which are driven by the advancing technology. Therefore, marketers of today should understand that, to attract the large youth dominated markets, they must then provide the goods and services that are interesting to the youth and hence these goods and services must focus on music, fashion, technology and other factors that are influencing to the youth.
Marketing Strategies of India and China
Both companies from India and China emphasize on the importance of value differentiation in developing their competitive advantage strategies. The consumers in these emerging markets prefer value and are willing to consume more of the goods, which they believe are of quality, safe and have utility. In addition, these consumers are shifting upscale and ready to pay more for goods with integrity, reliability and desirable features that are made from high quality material and components (White, 2012). Therefore, it is evident that the old paradigm when consumers preferred price to all other factors is fading in these markets and consumers are shifting gears in their preference and tastes. Thus, this shift seems to be a new critical factor for marketers in in these emerging markets and a wake call to companies to produce new and better products meeting the consumers’ demands, taste and preferences, which ultimately would lead to customer brand loyalty.
However, companies in the United States emphasize on the importance of a standardized marketing strategy, which involves marketing consumer goods in a uniform and consistent way across all the marketing mix. These companies view this strategy as the most influential and effective approach to developing competitive strategies. For instance, some companies in the United States standardize all aspects of their goods while others on the other hand standardize a few elements of their goods. However, whichever way or approach the companies use, they are able to make cost savings and ensure consistency of their goods globally (White, 2012).
Western-based consumption marketers
The consumption style of the West involves increased sensitivity to the different economic classes of the consumers; it then implies that more money is being consumed. For instance, the youth of today worry more about having the latest car or smart phone in the market. Therefore, since marketing strategies of today focus mainly on social media advertising, which the youth are conversant with, marketers therefore, can attract the large pool of the youthful consumers easily.
Micro- and macro-environmental forces
Regardless, of the concentrated effort being put by marketers of goods and services in these emerging markets, there are micro and macro environmental factors that are influencing the marketing strategies being employed by companies. Some of these factors include competition, which arises because of the similarities in the goods and services being offered by these companies e.g. in terms of price, and differentiation rivalry. Therefore, new entrants entering these markets will need to develop efficient systems of marketing strategies for them to be able to survive the competition. Another crucial factor is culture. The culture of the Indians and the Chinese greatly influence their spending habits. The Chinese and Indians prefer higher quality goods and services, which are affordable, desirable and satisfy their needs. Therefore, new entrant firms will need to meet these elements for them to survive within the local Indian and Chinese firms.
Ultimately, given that, the Asian giants are focusing more on the emerging markets of the youth globally while disregarding the market offered by the elderly people now and in the near future (2030 when majority of Americans will be of 65 years) the United States can embark on capturing this neglected market while concentrating also on the new emerging market. In addition, I also see opportunities for the US companies in the youth dominated markets especially in fashion, technology, and music if they use aggressive advertising especially through social media platforms.
Works Cited
White, S. Principles of Marketing (1st ed.). San Diego, CA: Bridgepoint Education, Inc., 2012. Print. Read More
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