Essay Sample on Emerging Markets Consumer

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 through Dr. Levitt that many of our consumers of today are in much preference on the different outcomes than those produced locally and their basic reasoning is that the various products are of much more quality as compared to the local products. Therefore the domestic and the foreign markets happened to undergo through a rigorous comparison and contrast with the emergence of the emerging or 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 preference, and in this case, therefore, 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 domestic of the local products. The other main factor of comparison and contract of the consumers are always about their perception of the goods and services are that some consumers never believe o the quality and availability of the locally produced goods and services thereby depending on the different products. On the other side, 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 occur between the domestic and the local products get accrued to a variety of factors which needs to be worked upon to develop both the local and the foreign markets and avoid lying on one side (Rodrigo, Khan & Ekinci, 2019). 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 (Rodrigo, Khan & Ekinci, 2019). 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.

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 other locally produced products. So different products are those types of items that are created within a state preferably a developed country, and the main aim of building it is to make a sale to those markets that are not within the specified country (Rodrigo, Khan & Ekinci, 2019). Rather these goods are sold o countries outside the producing country. 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 produces much more high-quality products as compared to others Amankwah-Amoah, Boso, & 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 in cars or 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 that 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 such as for food rescue services or the food aid services that may be caused by a stroke of the natural calamities such as starvation. So the local products are those goods are 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, Boso, & Debra, 2018). The local products are never cashed or exchanged outside the country because of their low quality and therefore can never be 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. Therefore in consideration of this, there is dire need always to make evaluations and survey on what are some of the markets that these both local and foreign-produced goods are going to get exchanged (Sobol, Cleveland, & Laroche, 2018). 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, Sharma &Hult, 2015). There is also need to understand the currency exchange rates that are involved in the market that 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 not contradictions at all. So in this case then, there comes the environment of the consumer 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 goods and services they rendered (Sobol, Cleveland, & Laroche, 2018). This concept, therefore, will involve understanding the various cultures and norms of operations that get undergone in such scenarios.

Emerging Market Consumer

There are some consumers whom 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 are borne to be transformed and changed very fast with the emergence of very new and similar products within the market, and they can shift completely (Sobol, Cleveland, & Laroche, 2018). In many instances, they 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 (Mainardes, Araujo, Lasso &Andrade, 2017). Two major emerging markets are known, and that is the China and India which are known for their rapid production of high-quality products and they always look fascinating 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 emerging 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 the Consumer Ethnocentrism. 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 free goods (Kumar & Paul, 2018). Consumer Ethnocentricism is therefore of very much disadvantage when it comes to international or somewhat foreign trade, unlike the way it is to the local business (Chen &&Chang, 2013). Consumer Ethnocentricism 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 all that 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 frequencies of buying. This DCB varies from country to country and product to product (Lam, Lau & Cheung, 2016). It is very much unfortunate or fortunate to some extent that even the type of products to be consumed or bought are always bought in consideration of 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 really contribute to the consumer market, and they are such as social behaviors and also the tastes and preference of the consumer. An excellent and explicit example is that Of India and China, which tends 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. Another research proves that 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 are from a specific country failure to which they will not buy anything from the market. Some consumers also tend to refer to 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 the local and foreign products get promoted since they are all businesses. In other words, those consumers who might be highly addicted to international products should also do their favor for the local producers by advertising or selling their ideas and products to foreigners. So that it be 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

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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). Batteries and fuel cells for emerging electric vehicle markets. Nature Energy, 3(4), 279.

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