Wednesday, November 20, 2019

Trends toward Western-style China and India Essay

Trends toward Western-style China and India - Essay Example 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. 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). The consumption style of the West involves increased sensitivity to the different economic

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