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China and India Trends Towards Western-Style Consumption

In: Business and Management

Submitted By lifenmyhands
Words 2144
Pages 9
China and India Trends towards Western-Style Consumption
Roseanna Lasley
BUS 330 Principles of Marketing
Instructor Kristie Elmore
March 31, 2014

“China and India are the world’s fastest-growing major emerging markets; over the first decade of the 2000s China sustained an annual gross domestic product (GDP) growth rate of 9 percent, while India achieved 7 percent growth (Rand, 2011). With U.S. growth sluggish and Europe experiencing its own economic crisis, it is no wonder the “Asian giants” are attracting the interest of marketers.” White, S. (2012) The population growth that has occurred over the past couple decades has been dramatic not just in the U.S., but in several other countries as well. There are many forces that directly affect marketing strategies. Such forces are called micro and macro environmental forces. The economy is now being dominated by a youth-oriented market. The products and services that today's youth focuses on, varies greatly from past generations. With such technological advances that have been made, it's no wonder that the times have changed. The generation of today focuses on speed, convenience, and quality. Marketers of today understand that in order to attract the youth consumer market, they must offer them products and services that interest them. Such products and services should focus on technology, music, fashion, and other influential factors that are important to today's youth. The western style of consumption consists of increased sensitivity to economic class, meaning more money is being spent. For example, many young people today worry about having the newest smart phone or the most luxurious car. Image is everything. And because today's marketing strategies focus on advertising in ways that youth are familiar with, they make it easy to attract youth consumers. The China consumers tend to put emphasis on value

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