Youths are moved by the products that are somewhat related to their age related conditions. Age is evidently defined by the social and the cultural factors in an individual’s environment. But the two aspects have a unique meaning and a value in respect to each individual. Taking a deeper insight on the social bit, the seemingly growing middle-class age group comprised of an active and the largest population in the two counties in study (China and India). With the help of the widespread penetration of internet which includes the social media, age group seems to be drawn to food and beverage and emphasizing on food, this age group tend to go for international food stuffs hence opening way for marketers to bring in new products.They are also drawn to mobile banking, technology and technology oriented gadgets, modern cars and houses.
Economy pertains to the issues of expenditure, income and the resources that may hinder the cost of starting or introducing a new business idea or product. The economy being the environment in which the goods and services thrive, it has the two aspects of the environmental forces. They are the macro-environmental view of the market and the micro-environmental perspective of youthful consumer income. The force being felt in the macro-environmental part is the inflation or recession state of the economy. In any inflationary economy, there arise challenges as the cost of production and buying of products and the services being offered shoots as the prices increase. From a marketer point of view, if the prices of the products rise faster than the consumer incomes, it’s then evident that items consumers buy reduces.
On the hand, the micro-environmental force important to the marketers which hinders their products and services in the two countries is the consumer’s income. There might be a product the arguably meets the consumers’ needs but then it becomes less desirable when there’s no one to but it. .
The marketers in these two countries mainly depend on broadcasting as a way communicating with the consumers. Comparing it to the US where the branding concept is no longer held in board rooms. They need to adapt the issue of engaging the consumers in conversations. As the world consumers give way into technology, so are the young consumers. They accommodate the traits and the values of the global generation. This includes the desire to customize and personalize the available products to dance to their tune. This potential has been running unnoticed unlike in the more developed countries such as the U.S where, most of the successful brand marketers, observe and gives less corporate participation. They accommodate the customers by listening and engaging them in their own field .
There’s a loop that the US companies can take advantage on. As the marketers in this two countries major on the younger generation, they leave the older age groups unattended. The US companies can as well target this group of consumers. For instance, in US there older group over 65 are approximately 40 million. Companies such as Samsung have tried to attract these consumers. They recently introduced a Jitterbug that has larger easy-to-read buttons to accommodate the seniors .
McGraw-Hill Companies. (2011). Scanning the Market Environment Ch 3. In S. W. Roger A. Kerin, Marketing: The Core (pp. 65-89). New York: McGraw-Hill Higher Education.
Salkowitz, M. D. (2011, January/February). CO-CREATING YOUR BRAND WITH YOUNG WORLD CONSUMER-ENTREPRENEURS. Retrieved from Strategy: http://iveybusinessjournal.com/topics/strategy/co-creating-your-brand-with-young-world-consumer-entrepreneurs#.UluynVOOJy8