Essay Example: Emerging Consumer Markets

There has been a contradicting question that has been revolving beyond the topic of how the different products are nowadays considered to be much more perceived by the various emerging types of market consumers as compared to the local products. It is therefore believed and confirmed by Stephen & A.T (2016) that many of the consumers of today are in much preference on the different products than those produced locally and their basic reasoning is that the various products are of much better quality. Therefore, the domestic and the foreign markets happened to undergo through a rigorous comparison and contrast with the emergence of the new markets, which is affecting the business sector within the local entities a great deal. In many occasions, the products and services are always sold or bought according to the consumer's tastes and preferences, and in this case, the consumers still tend to compare the local and the foreign products when they keenly check on the quality of production and long lasting period of the product in the market. So there is a confirmation that consumers are always different and can get categorized into two main groups, which are their attitudes towards foreign products and also their attitude towards the local products. The other main factor of comparison and contract of the consumers are always about their perception of the goods and services. Some consumers never believe the quality and availability of locally produced goods and services, thereby depending on the different products. On the other hand, some consumers get factorized by their decisions made before, during, and after the purchase is made.

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Therefore, the difference that in many instances occurs between the domestic and the local products gets accrued to a variety of factors, which needs to be worked upon to develop both the local and the foreign markets and avoid leaning on one side (Echegaray 2016). There are factors such as the risk factors that are the advantages and the disadvantages of the goods and services that get produced locally and those that get produced internationally and this can pose a significant threat to the general human health. It is very much absurd that many consumers never believe in their locally produced goods and therefore rush to purchase the different products not knowing the exact contents that have been used to create the sounds and their side effects. Another point of concern is the modes or the means of production, the technology used, that makes many divert their attention to the different products (Sparks 2018). There is great fear that when one depends on the locally produced goods and services that are created using advanced machinery, it might reach some point that the products might not be provided in plenty to satisfy the demands of the consumers, hence delaying the business operations. Consumers prefer goods and services that are sourced from foreign countries to locally sourced products. This is true since a high percentage of people to purchase goods abroad with the idea the goods are better than the domestic products.

Foreign Products

There is dire need to come to a clear understanding of what different products really are and why then are they much preferred than the local products. So different products are those types of items that are created within a state, preferably a developed country, and the main aim of creating it is to make a sale to those markets that are not within the specified (Morgeson 2015). Rather these goods are sold to outside countries. Such a state that is considered the foreign country on many occasions believed to have used the most modern and current forms of technology in their production and therefore much more high-quality products as compared to others (Amankwah & Debra 2018). Another significant factor that may lead a country to get identified as a foreign market is due to the type of good or product that it was specialization. Several countries and states are always known best for their specific rights such as when a country deals with automobiles, some countries are well known for their goods such as furniture, like China amongst other countries, therefore, has it that many consumers are always fast to go for different products due to the high-quality types of productions they offer which is a rare occurrence in the local markets or producers.

Local Products

The local products are those types of items that a country will get involved in producing mainly because of certain situations within the country, for instance, food rescue services or the food aid services that may be caused by a strike of the natural calamities such as starvation. So the local products are those goods and services that are always produced just for the continued sustainability of the nation or for the government or the durability of an individual when it comes to family (Amankwah-Amoah & Debra 2018). The local products are cashed or exchanged outside the country because of their low quality and therefore not in high demand by the customers for exchange or trade purposes.

Consumer Culture

It is always very much appropriate to identify the type of everyday activity that people from a particular environment are all well known for and are known to be the best at. Therefore, in consideration of this, there is dire need always to make evaluations and surveys on what are some of the markets that both local and foreign-produced goods are going to get exchanged. There is a need to understand the type of trade that the people in that area are still using such as the batter trade or is it the current modern trade (Morgeson & Hult 2015). There is also a need to understand the currency exchange rates that are involved in the market where the products are going to get exchanged so that when it comes to time for recording the profits made out of the business, there are no contradictions at all. So in this case then, there comes the environment where the consumer of these goods will be able to make a choice and preference on the type of product he or she will be purchasing and of what quality is the product rendered (Sobol & Laroche 2018). This concept, therefore, will involve understanding the various cultures and norms of operations that get undergone in such scenarios.

Emerging Market Consumer

Emerging markets are the countries which have some characteristics of a developed market but does not satisfy the standards to be termed as developed markets. There are some consumers who in a way, or the other will be known within the market to always purchase a specific type of product to the extent that whenever they get seen within the market premises, they are known to go to particular sellers and buy the goods. However, they seem to have transformed and changed very fast with the emergence of very new and similar products within the market, and they can shift completely. Sobol & Cleveland (2018) suggests that in many instances, consumers get driven by their various IBDs, which is the Intention-Behavior Discrepancies. In cases of the Intension Behavior Discrepancies within the different customers of a specific product, then the chances of such firms getting much more profits in their sales are very much high than expected (Lasso &Andrade 2017). Two major emerging markets are China and India, which are known for their rapid production of high-quality products which always look better hence making their clients giving them the priority in all they sell or buy (Sobol, Cleveland, & Laroche, 2018). The relative importance or the advantage that accrued to the emergence of the new markets happen to be very small in terms of IBD, and this is mainly because of lack of adequate information that needs to be understood and taught by the consumers of the different products.

Consumer Ethnocentrism

In business, there are some times that one will always believe in certain types of goods and services that are produced by a specific country or company, and therefore does everything according to that preference. In this case, therefore, this is consumer ethnocentrism. Fischer & P.M. (2017) research proves that in many countries, the consumers are in the high position of purchasing those products that got produced within their countries; however, not a good percentage, many do prefer high-quality goods. Consumer ethnocentrism is therefore of very much disadvantage when it comes to international or somewhat foreign trade, unlike the way it is to the local business. Consumer ethnocentrism in many instances are also controlled by the consumer behaviors in that when one feels like he or she is not willing to purchase a product, then he or she has the right to do or buy that which best fits him or her.

Domestic Country Bias (DCB)

Domestic country bias is the process in which there are certain types of biases or misappropriations in the products produced. The CE, on many occasions, always predicts the buying capability of a consumer of a product and his or her frequency of buying. This DCB varies from country to country and product to product (Dimitriadou and Sedikides 2019). It is very much unfortunate or fortunate to some extent that even the type of products to be consumed are always bought in consideration to class in that some goods and services are specially for specific merchandise.

Conclusion

After making various considerations, it has come to notice that two significant factors contribute to the consumers' market, and they are such as social behaviors and also the tastes and preferences of the consumer. An excellent and explicit example is that of India and China, which tend to produce very high-quality products that last for some time as compared to some local products. Hence, many do prefer their products all the time. Many customers tend to make preference to foreign goods mainly because of their countries of origin in that they make sure that their brand of products is from a specific country (Sparks 2018). Some consumers also tend to prefer foreign goods to local products because of their immense love and affection to that country or due to the person or relative that might be working in that business entity or even due to the friendship that he or she may be with the respective producers. Therefore, it is highly advisable and appropriate always to make sure that both local and foreign products get promoted for fair business trading and development. In other words, those consumers who might be highly addicted to international products should also consider local producers by advertising or selling their ideas and products to foreigners. This situation helps ensure two-way traffic in that when the local consumers run to the foreign market, the foreign exchange should also encourage foreign investors to promote the local industries and markets.

References

Morgeson III, F. V., Sharma, P. N., & Hult, G. T. M. (2015). Cross-national differences in consumer satisfaction: mobile services in emerging and developed markets. Journal of International Marketing, 23(2), 1-24.

Echegaray, F. (2016). Consumers' reactions to product obsolescence in emerging markets: the case of Brazil. Journal of Cleaner Production, 134, 191-203.

Marquis, C., & Raynard, M. (2015). Institutional strategies in emerging markets. The Academy of Management Annals, 9(1), 291-335.

Cano, Z. P., Banham, D., Ye, S., Hintennach, A., Lu, J., Fowler, M., & Chen, Z. (2018).

Fernie, J., & Sparks, L. (Eds.). (2018). Logistics and retail management: emerging issues and new challenges in the retail supply chain. Kogan page publishers.

Rahman, O., Kharb, D., & Chen, Z. (2017). A Study of Emerging Consumer Markets through Fashion Selection and Consumption.