Cross-cultural marketing is defined as "the effort to determine to what extent the consumers of two or more nations are similar or different. This will facilitate marketers to understand the psychological, social and cultural aspects of foreign consumers they wish to target, so as to design effective marketing strategies for each of the specific national markets involved."
A company can enter a foreign market as a
??Domestic exporter
??Foreign importer
??Foreign government-solicit the firm to sell abroad
The firm's objectives could be:
??To determine how consumers in two or more societies are Similar / different and devise suitable, appropriate strategies
??Devise individualized marketing strategy if cultural beliefs, values and customs of a specific country are different
Characteristic features of a firm going global:
1. High market share in the domestic market
2. Advantageous economies of scale
3. Access to marketing/manufacturing bases across global borders
4. Availability of resources and capability to absorb huge losses
5. Product/technology clout
6. Cost and differentiation advantages
Problems in Cross Cultural marketing
1. Problems related to product selection: The marketer going for cross cultural marketing has to select the customers/ market not on the basis of the superficial similarities of age or income, but by using the real motivating factors that prompt them to accept or reject products.
2. Problems related to promotion/marketing communication: e.g. Ariel in the Middle East and also Pepsi
3. Problems related to pricing: the marketer has to adjust his pricing policies according to the local economic conditions and customs.
4. Problems related to selection of distribution channels: in Japan, P & G
used this to sell soap
Cross-Cultural Consumer Analysis
To determine whether and how to enter a foreign market, we need to conduct some form of cross-cultural consumer analysis. Cross-cultural consumer analysis can be defined as the effort to determine to what extent the consumers of two or more nations are similar or different. Such analysis can provide marketers with an understanding of the psychological, social, and cultural characteristics of the foreign consumers they wish to target, so that they can design effective marketing strategies for the specific national
markets involved.
Similarities and differences among people
A major objective of cross-cultural consumer analysis is to determine how consumers in two or more societies are similar and how they are different.
beliefs/positions
Using three significant figures provides a balance between precision and practicality for consumer chemical analysis. Any increase in significant figures beyond three would not significantly impact the accuracy of the analysis for consumer purposes, but it could add unnecessary complexity to the reporting and calculations. Additionally, consumer chemical measurements often have intrinsic limitations that make it difficult to achieve higher precision beyond three significant figures.
Stakeholder Analysis is a technique used to identify stakeholders and analyze their needs. A complete and comprehensive series on stakeholder analysis is provided in the related links section.
Companies can use this to see how much consumers know about them. It is important to have high consumer awareness in order to sell products.
A Consumer Reports analysis in early 1992 found that much of the seafood consumed by Americans was often of poor quality.
microeconomics is called microscopic analysis because it analyze the behavior of micro or small units of the economy like individual consumer, producer, factor suppliers etc.
George Stergiou has written: 'Analysis of the consumer behaviour regarding rice in the UK'
Some of the qualitative approaches to measuring consumer sentiment include social sentiment analysis, text mining, opinion mining, social listening, and sentiment analysis. Sentiment analysis is a thorough process, and leading companies have already taken advantage of assessing their customers' sentiments with tools like BytesView. This built trust in retailers and organizations, encouraging them to focus more on sentiment analysis and deciphering this complex interpretation, which can take the form of an image, an emoji, a sarcastic statement, an emotional tone, or an incomplete statement.
I believe sport chalet has them. I saw them on their site. They posted some information on the gait analysis running shoes along with some consumer reviews.
Ray H. Matson has written: 'Ratios of the instalment sales finance and consumer finance companies' -- subject(s): Consumer credit, Installment plan, Ratio analysis
Torsten Albrecht has written: 'Analysis of consumer demand for alternative products. A study based on the UK and Germany'
Consumer behavior is the study of the way consumers respond to or utilize a particular product. The analysis of consumer behavior has become mandatory to marketing strategy. It enables for manufacturers and merchandisers to better direct marketing to a particular group.
Consumer reports are typically published by independent organizations that conduct rigorous testing and analysis of products, providing objective ratings and recommendations based on various criteria. In contrast, consumer reviews are individual opinions and experiences shared by users about products or services, often found on retail websites and forums. While consumer reports aim for impartiality and comprehensive assessments, consumer reviews can be subjective and vary widely in quality and reliability.