INTERNATIONAL to win in emerging markets. Companies facing

INTERNATIONAL
BUSINESS

Where to Win In Emerging Markets

This discussion is
quite in depth and very informative in the context of Where to win in
emerging markets. Companies facing challenges and looking all around the
world for incredible growth opportunities and for growing consumer pursing
power in emerging market. Three professionals roamed the discussion around:
1). Where is the best point to enter should we be focusing on investment at the
bottom of the pyramid with the number of potential customers, with huge demand
capacity?

2). could you
capture more value by focusing on rapidly expanding middle class for customers
or new options in products pricing?

I was able to find
the most satisfactory and reliable answer among three different perceptions, I
will go with Bruce Brown, Chief Technology Officer of P&G. He talked
about to cater all customers and segments, Firstly we have to move with some
strategic planning. Where the need is identified? How the customers are
targeted? Who will be our target customers? The answer depends upon consumer
behavior, consumer mind and living style. Every targeted customer either upper,
middle or lower class has potential to capture the needs and a company should
design a product accordingly best example for this is Proctor and Gamble
introduced its product in India (Gillette Mach 3 and Gillette fusion) by
looking to consumer spending habits, income, design of the product and covering
all the 4p’s of marketing like product, price, promotion and placement that
charm the consumer. We need to map up the existing market space and the
consumer space basically to find a gap so that we can segment our consumer. Secondly,
When all aspects are filled the company can forecast about its profitability,
the goal of a company is not only to make sales but to make profitable sales,
they seek more and more for opportunities and add innovative tools and features
in their product, don’t want their customers out dated. P&G uses mass,
social, digital and advertisements to introduce its products. P&G products
are highly acceptable and famous among the people as they are designed
according to customer need and specification. The reason behind their success
is that they follow three criteria’s:

a). Define the target.
b). Design the product.
c).Execute for the targeted customers.

The marketers cannot
rely only on one segment if we rely on middle class people company has to bear
a swear loss as they are not loyal neither brand oriented, they are complex
people, they have complex decision making criteria before making any purchase
decision. Middle class segment looks for the product that fulfill their needs
as they are not much concerned about quality, more importantly they seek for
favorable prices. And if depending only on premium class people can also cause
us risk as sometimes consumer’s surprises us how they want to indulge
themselves in products but their behavior fluctuates as if the consumer didn’t
like the product they will not buy the product and the company will suffer a
loss.

So, different
marketing strategies are applied on different types of consumers and product
researchers plays a vital role in resolving the complexity and help us in
understanding about consumer content.

At the end I would
say no business can grew by targeting only particular segment unless it contain
all the features as per consumers demand.