Description of products
Some of the products which are really interesting youths in both eastern and western countries vary but fall under the same category. First to start with are electronics which really attracts youths. This product always keeps the youths happy and entertained. It continues to gain popularity as the years go by. The best example of these electronics are things like radio, television, computer, tablet, phone and the list is endless. These products come in different sizes, shape, color and brand. They are really liked by youths, as most youths find it impossible to live without one of them. Companies are making good profit out of these products since they have a ready market.
The other product which is really interesting youths in these countries and all over the world are clothes. These clothes come in different colors, shape and size. Mostly these clothes come in a fashion where every youths want to be seen with it. Most youths are now spending a lot of time on shops trying to determine what is in fashion and what is not. Time for shopping clothes have really increased compared to the old days. This is because shoppers take a lot of time trying clothes in the boutiques to see which ones fits. They usually try to buy clothes which match with their body (Sandhusen, 2000).
Cars are another thing which drives youths from this countries nuts. They usually come with extra expenses including expenses to fuel them, repair and maintaining them as well. This car comes in different brands and the final decision is left on the consumers taste and preference. Financial capabilities of these youths are what will determine the type of car to be purchased and driven. Youths are now spending most of their time looking for the new model of cars in the internet and shops. Fuel consumption differ widely depending on the kind of cars.
Micro and macro environmental factors which influence marketing strategy.
Internal environmental factors which influence marketing strategy of this product is as follows. Economic environment, it consists of factors which affect customer’s purchasing power. The amount of income of the youths is a good example. Youths who earn a little amount of cash are likely to purchase goods which fall within their limits. Those who earn huge amount of money are not likely to be limited.
Another micro-environmental factor is demographic. The size, gender, density, location and occupation of the youths. Marketers should consider this factor as it involves people directly. Technology is another factor which affects distribution of this product. The technology used by a company will determine the amount and quality of the product produced (Etzel, 2007).
Some of the macro environmental factors that will influence marketing strategy of this product includes competitor’s means of advertising and means of distribution. A company is likely to use the same methods used by his competitors. Government regulations are another factor that will influence marketing strategy of a company. Means of distribution are also affected largely by the set rules and regulation by the government. External environmental factors like changes of interest rates will also affect marketing strategy (Marich, 2009).
Marketing strategies combine all the available goals of marketing into a comprehensive plan. A good marketing plan should be derived from the market research and should maintain the effort of focusing on the correct product mix in the aim to achieve the targeted marketing maximum profit potential and in other words help in sustaining the business. China and India have almost the same strategizing techniques in terms of the goods and services they produce.
These two countries’ market introduction strategy is mostly aimed at targeting the major part of the consumers. When these two countries introduce a new product in the market, their modes of product promotion are always aimed at attracting the biggest populations of customers. This can be clearly attributed to their pricing method which is always relatively low. This is aimed at attracting the medium levels earners to purchasing their products. In comparison to the western-based consumption marketers, they aim at no only satisfying their customer’s wants or satisfaction but also maintain their loyalty in the long run (Etzel, 2007).
The western market maturity strategy is moderately stable in its rating and fluctuations. This means that once these organizations have gained the opportunity to supply a particular commodity to a specific market, they ensure that these consumers are fully satisfied in a manner that they won’t even think of shifting. On the other side, China and India create a relatively different perception in their customer’s view of the business market. These countries are season based meaning that they engage production of goods that have a boom and come in with huge profits. After this type of good encounter an economic regression, they terminate its production which leaves their consumers stranded (Marich, 2009).
In the business world, where there is a need there is always an opportunity for the business oriented parties. The U.S companies have a golden opportunity in the supply of products and services that have that relatively high fluctuation rates. This is because other nations only invest in the fast income generators whose effects only last for a relatively short period (Sandhusen, 2000).
References
Etzel, M. J., Walker, B. J., & Stanton, W. J. (2007). Marketing. Boston: McGraw-Hill/Irwin.
Marich, R. (2009). Marketing to moviegoers: A handbook of strategies and tactics. Carbondale: Southern Illinois University Press.
Sandhusen, R. (2000). Marketing. Hauppauge, N.Y: Barron's.
