This is a time when all small and big enterprises are aspiring to serve globally. They are taking up different strategies to promote their products all over the world. Marketers come across various challenges when they are marketing their products globally. When it comes to deciding whether or not to market a product globally there is no doubt that every small and big enterprise wishes to work on a global platform but the challenge is how to do it smoothly. (Kim, et.al,2002) In this article, we are going to talk about cross cultural consumer behavior and strategies taken by multinational markets to overcome challenges.
There is more than one reason why these organizations are selling their products globally. Multinational selling has turned into a multinational fever with the invention of the internet. Like a cobweb, the internet has covered the world and connected everybody on social networking websites. As a result, marketers selling a particular product are easily visible to people across the world through social networking websites. Secondly one of the biggest opportunities that the international markets provide to the organizations is through overseas marketing. It helps them grow and prosper on a global platform. This opportunity is widely taken up by various small and big multinational organizations based on cross-cultural consumer behavior.
Objective Of Cross-Cultural Analysis
Cross-cultural analysis helps determine methods and ways in which organizations can enter international markets. By defining the similarities and differences of people who belong to two different nations this analysis helps develop strategies that will help in a better understanding of consumer behavior resulting in developing growth strategies that will help the organization grow in a global platform.
This analysis is a method of comparing two different cultures based on their differences and similarities. Based on the overall analysis the cross-cultural buyer behavior is determined.
How Does Cross-Cultural Consumer Behavior Helps In Building Business On The Global Platform
- The cross-cultural analysis helps to determine variations in consumer behavior for example how the cultural differences affect the taste of an individual which in turn affects their behavior. This helps the marketers understand why and how an individual reacts to a particular situation and why does he or does not choose a particular product. Therefore it helps them operate in different cultural backgrounds.
- Cultural values greatly influence consumer behavior especially when they are about to purchase a particular product or service. Understanding the cultural values help organizations fix the right price for their products or services that would be acceptable to the consumers. Further, it also helps in developing the promotion policies that would be globally accepted and decide on the most appropriate distributing channels.
- Working on the international platform often becomes challenging for marketers because it is very difficult to satisfy the market needs and satisfy all their consumers. This is where market segmentation comes to play. An in-depth understanding of cross-cultural behavior helps in market segmentation. i.e., markets are divided based on the choice of their consumers and dedicatedly service a particular segment of people. For example, markets selling chunk jewelry promote their products to females between the age group of 16 to 42 in urban cities.
- It depends on the value system of an individual whether or not they will be influenced by other people they meet. Based on the cultural differences it is easy for marketers to identify whether their target audience would be influenced by other people or not. This in turn will help marketers tailor their marketing programs based on consumer needs that become highly effective and helps increase the overall sales of a product or service. . To gather further knowledge on how consumer analysis helps multinational marketer students can avail of online assignment help from SourceEssay.
Strategies That Help In The Growth Of Multinational Markets
Marketers in Australia, United States, and Canada use different strategies that help in the expansion of products that still exist in the multinational markets.
- Promoting Product Through Same Promotion
In cases where marketers are deciding to promote an existing product into a new market they chose to opt for the same promotion that was used earlier to promote the product and has been immensely successful. This strategy is widely known as promoting products through the same promotion. (LeBlanc, et.al,2001)
- Promoting The Same Product Through Different Promotions
Another common strategy that is used by marketers is promoting the same product through different promotions. These market promotions reflect the changing lifestyle of the target consumers which in turn becomes the reason for change in their behavior towards a particular product or service.
- Promoting Different Product Through Same Promotion
There are times when the product using styles in the new market does not resemble the using styles in the existing market. This is a time when the marketers use the same product promotion techniques to promote different products.
- Promoting Different Products Through Different promotions
The most common marketing strategy that is used by most marketers who intend on launching new products in the market and is most advisable is to use different promotions to promote different products. The newness attracts consumers and helps them remember the products or services offered to them, and also help them connect to these products easily. Because these promotions are designed keeping in mind the cross-cultural differences and changing consumer behavior; to write assignments on market expansion strategies students can seek assistance from SourceEssay assignment writer .
Therefore to conclude it can be said that cross-cultural analysis helps determine the differences between two cultures by analyzing the similarities and differences. This analysis helps marketers promote their products and services in the new market easily. Firstly, it determine variations in consumer behavior that helps the marketers understand why and how an individual reacts to a particular situation and why does he or does not choose a particular product. Secondly, Understanding the cultural values help organizations fix the right price for their products or services that would be acceptable to the consumers, and finally, it helps marketers tailor their marketing programs based on consumer needs that become highly effective and helps increase the overall sales of a product or service. Based on the cross-cultural consumer analysis marketers have developed different marketing strategies to promote their products and services. The most common and widely used among them are Promoting Product through Same Promotion, Promoting the Same Product through Different Promotions, Promoting Different Product through Same Promotion and Promoting Different Products through Different promotions. To gather detailed knowledge on marketing strategies students can avail the help of SourceEssay experts.
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