Free China And India: Trending Toward Western-Style Consumption Critical Thinking Example
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The present changes in globalization, technology, as well as consumerism have increased the opportunities for conducting business and the development of new markets. Both China and India have been highly affected by the rise of youth markets within these economies. The countries have been acknowledged as rapidly developing economies in the modern world. The rapid change in these markets is a situation that requires research and discussion in order to understand the product and service needs for these markets. Clearly, China and India are rapidly growing markets thus have a high rate of young and independent consumers who have disposable income that they are willing to spend on high-quality brands, these individuals form the youth markets.
The prime products and services in youth markets
A major characteristic of youth markets is the interest in embracing technology and moving with the latest trends in technology. As such, products that appear hi-tech are highly viable in these markets. For example, digital cameras, iPhones, and iPods are hi-tech products that are highly viable in both China and India. However, the high manufacturing rate in China has rendered most of the consumers within the Chinese market to be patriotic to the local brands from China (Blossfeld, 2008). As such, the effectiveness of electronic products may only be felt in the Indian market. Additionally, members of the youth market are interested in expressing their ideas and thus tend to be self-centered. As such, they do not mind the amount of income they spend on fashion and hi-tech products. It implies that luxury clothing and fashion lines such as Louis Vuitton and Ralph Lauren will do well in these markets. The exposure to the Western consumption styles in these youth markets implies that individuals have a higher likelihood of consuming the same products that are trending in the West. The services that are highly appealing to these class of consumers include telecommunication services and the internet as it facilitates knowledge and information transfer. Entertainment services are also significant in these markets with providers such as restaurants, clubs, and parks playing a significant role in such markets. Entertainment plays a significant role for the individuals who are seeking adventure and fun (Blossfeld, 2008). Investment services are also of great importance to the members of this consumer group as individuals have an interest in safeguarding their future. In this perspective, individuals in these markets are seeking to invest in the local and international markets and safeguard their future after employment.
Micro and Macro-environmental forces influencing the marketing strategies
The micro environmental factors that will influence the marketing strategies include the availability of suppliers and distributors. The products can be sourced from West, but it will be imperative to have local chains of distribution that ensure that the products and services get to the end users. The suppliers should work with the distributors to ensure successful flow of goods and services through the right intermediaries and lowest costs possible to ensure that the suppliers enjoy maximum profits from the trade (Blossfeld, 2008). Competitors should also be considered as they will indicate the level of products in terms of quality, quantity, and price. In this perspective, the competitors will allow the other new entrants to these markets to position their products successfully.
The macro environment includes issues such as the economy in both countries and its stability. Although the youth economies are growing, they might not be stable as the already established economies (Blossfeld, 2008). As such, they may be prone to economic forces. The new entrants must also consider political and legal forces as both countries apply different political and legal policies which affect business.
Marketing Strategies in the Two Countries
The suitable marketing strategies in both countries include advertisements and sales promotions. Young consumers are often on the internet or on other forms of media seeking to learn the upcoming trends in fashion. Advertisements would serve as successful forms of presenting information to the consumers and making them aware of the products that are available (Kapferer, 2012). Additionally, the marketers should ensure that sales promotions are utilized through offers and trade discounts. These promotions will ensure that consumers get a chance to benefit from their consumption. Although the young consumers are willing and able to spend on luxury products, they also work with incentives such as offers.
Opportunities for US companies
US companies have an opportunity to branch out into these markets, acquire affordable labor and resources, and provide these goods and services. The high population rate within the two countries indicates that labor is readily available and will be affordable for individual firms. As such, the US companies should aim at maximizing the benefit of these youth markets and establishing branches in these countries. Additionally, branching out may be costly for some firms thus they may resort to using local suppliers and dealerships in order to have their products and services in these countries (Kapferer, 2012). The role of these dealerships is to ensure that these companies are represented in these countries.
Blossfeld, H. (2008). Young workers, globalization and the labor market: Comparing early working life in eleven countries. Cheltenham, Glos, UK: Edward Elgar.
Kapferer, J. (2012). The new strategic brand management advanced insights and strategic thinking (5th ed.). London: Kogan Page.
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