China and India have demonstrated trends toward Western-style consumption over the last decade. Given the emphasis on the youth market in the US over the last 60 years (since the baby boom), what...
China and India have demonstrated trends toward Western-style consumption over the last decade. Given the emphasis on the youth market in the US over the last 60 years (since the baby boom), what can you suggest for marketers in these youth-oriented consumer economies (China and India)?
The westernization of China and India has been going on for last few years and the youths from these countries are getting more and more influenced by western style commodities (products, clothing, music, food, etc.). To successfully cater to this population segment, marketers can use the following suggestions:
- Market research for preference: it very important to study the market carefully to understand what the youths want and if customization is required. For example, burgers contain beef in the US, however, in India, beef is prohibited for a large section of the population and hence burgers have to be customized to local taste and preferences.
- Analysis of marketing strategies: An in-depth analysis of marketing strategies specific to these countries is needed. The strategies that worked in the US may not work in India and China, and religious and cultural considerations have to be accounted for.
- Correct positioning is needed for successful business in these countries. Targeted marketing is required that influences the youth, yet is not offensive to the parents, since in many cases parents are paying for the commodities.
- Marketers also have to consider the differences in the political and economic systems in the US, India and China. The US is a capitalistic democracy, India is a socialistic democracy and China is a communistic socialist economy.
- The market is rapidly moving with newer models of commodities launched very frequently and information is at one's fingertips. Marketers have to consider this while formulating strategies for the tech-savvy youths of these countries.