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Emerging Cultures
Emerging Cultures
Marketing efforts are mostly directed to consumers from developed countries.
Less-developed nations may represent emerging economies and can offer attractive markets.
Sociopolitical changes contribute to these emerging markets.
The marketers can reach the market segments of developing nations by knowing and understanding the cultural nuances.
The most attractive national consumer markets are displayed in Exhibit 9.11.
BRIC Markets
BRIC Markets
The acronym BRIC stands for Brazil, Russia, India, and China.
These four nations are often said to have economies that are rapidly growing.
The large middle classes in these nations are benefited from corporate capital investments and have become the attractive markets for goods and services.
Purchasing power parity (PPP) gives an idea of the total size of the consumer market in each country in terms of total buying power.
Exhibit 9.12 tracks the PPP of the most attractive consumer markets.
Chindia
Chindia
The The combined market and business potential of China and India is termed as Chindia.
Today's consumer demographics of India compare favorably to those of the United States in 1970.
The market potential for India and China is clear with the fact that population measured in billions rather than millions.
A company can obtain a lot of revenue by providing inexpensive, functional products to the large Chindian population.
Glocalization
Glocalization
The term glocalization allows flexibility in responding to the unique value profiles of consumers. Glocalization represents the idea that a marketing strategy may be global, but the implementation of that strategy at the marketing tactics level should be local. By employing glocalization in executing global branding strategy, local consumers can comprehend the global theme and share the same meaning for the brand.
What's Next?
What's Next?
The advancement of free market economies has led to increased standards of living in many corners of the globe.
With the progress in emerging economies, the cost of doing business in those countries has advanced.
This leads companies to search for other cheaper places for making business and thus, new emerging economies will develop.
Cultural barriers go beyond dealing with consumers and are also engrained in the sociopolitical environment.
Changes in government institutions would be required for doing business around the world.
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