Population growth and youth consumption trends in China and India

Population Growth

What products and services will interest these new youth markets?

The products and services in demand will be those that are most popular in other areas of the world. This is because they have similar tastes and want to own these items. A few of the most notable include: electronics, clothing and toys. At the same time, they will eat foods that have more Western tastes (such as: KFC). The combination of these factors is demonstrating how this segment is interested in popular merchandise from many developed countries. This is illustrating the new perceptions and affluence that are emerging. ("China and India," 2005) (White, 2012) (Pilcher, 2012)

Compare and contrast the micro and macro environmental forces that can influence the marketing strategies for these products and services.

The micro economic forces which could have an impact on consumers include aggregate demand. This is when there will be changes in the number of people who want to purchase particular products and services. When this happens, marketers will begin utilizing different kinds of strategies to help themselves standout against competitors. This can influence sales by leading to specific cultural attributes embraced from international firms. (White, 2012)

The macroeconomic forces that will affect these strategies are unemployment figures. This is because the underlying rates will have a direct influence on how someone feels about the economy and their purchasing decisions. In this case, marketers will use strategies that will highlight how a product can address specific needs and offer better value. This is the point that they are more likely to purchase something (even though economic issues could be influencing confidence about the future). (White, 2012)

Will marketers in these countries use similar marketing strategies to influence this group or will their strategies be different from Western-based consumption marketers? Explain your reasoning.

Their marketing strategies will be similar and different to a certain extent. The way that they are similar is certain international cultural attributes will be utilized to reach out to potential customers. While at the same time, specific local traditions will be used to create a greater understanding of the firm and the products / services it is selling. (White, 2012) (Holmes, 2010)

The reasoning behind this thinking is based on the fact that all firms need to have an effective approach that can connect with consumers in different markets. The way that this is achieved is through using international symbols to create an initial connection with the person. These techniques establish a foundation of positive perceptions by utilizing various commonalities. (White, 2012) (Holmes, 2010) (Pilcher, 2012)

Then, localized customs are embraced to improve their favorable image. This is the point that someone is more than likely to want to buy from a producer, as they are interacting with them on multiple levels. These ideas have been successful for many firms with large well-known brand names such as: McDonalds and Taco Bell. (White, 2012) (Holmes, 2010) (Pilcher, 2012)