Exploring the Global Marketing Environment: How Marketing Managers Approach Their Markets

Although markets are shifting toward a one-size-fits-all type of product paradigm, it is thus, inevitable for a counter-culture to make its way into the mainstream(1). However, until this happens, consumer behavior within global markets and marketing managers must adjust to meet the demands of consumers local and abroad. This article will discuss the global marketing environment and market identification concerning shifts in populations, buying power, and consumer preferences. 

Seven Cultural Values and Understanding Consumer Buying Behavior

When it comes to the full force of combined marketing, advertising, and media presence for products and understanding human behavior, they may invariably be referred to as the best(2). With links to major global competition, the local markets around the globe are having a hard time competing international brands(3).  The potential for providing products intended to compete on global markets, instead of catering regional markets, are underway and experiencing success. 

Research on global and regional cultural values found seven attributes to consumer buying behavior: cosmopolitan, innovation, convenience, youthfulness, partiality, other-directedness, and faithfulness(4).  Cosmopolitan is the hands-down most valued cultural attribute(4). Consumers that fit the cosmopolitan value system tend to be more adaptive to different lifestyles in other countries while maintaining cultural value systems of their country of origin(5).  Hence, managers would benefit by applying marketing measures that cater to world-mindedness and ethnocentrism when marketing to cosmopolitan-valued consumers(6). The rise of cosmopolitan consumers could spell transitions for how consumers purchase products and marketing managers need to apply the appropriate tactics to appeal to them.

The transformation of consumers within different populations is affecting how marketing managers approach their global product strategies. For instance, marketing is shifting to provide globally-integrated transnational products, versus cross-country products. Therefore, the products will be better adapted to compete globally versus focusing on regional markets(7). Consumer behavior during the purchase decision process and noted that in storefronts, a brands’ equity and perceived quality, with the factor of limited choices, helped consumers narrow product choices without causing exhaustive consumer mental fatigue(8). Cultural value systems and attributes are important to marketing managers to monitor and tailor strategies around products in a global economy.

About Josh Voight

Josh Voight is a military veteran and marketing executive consultant with 20 years overall experience as a creative and analytical professional, skilled in strategic planning, process improvement, and employee retention. 

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References

1.      Hietanen, J., & Rokka, J. (2015). Market practices in countercultural market emergence. European Journal of Marketing, 49, 1563-1588. doi:10.1108/EJM-02-2014-0066

2.      Cleveland, M., Laroche, M., & Papadopoulos, N. (2009). Cosmopolitanism, consumer ethnocentrism, and materialism: An eight-country study of antecedents and outcome. Journal of International Marketing, 17(1), 116-146. doi:10.1509/jimk.17.1.116

3.      Keegan, W. J., & Green, M. C. (2017). Global marketing (9th ed.). Upper Saddle River, NJ: Pearson.

4.      Karami, M., Olfati, O., & Dubinsky, A. J. (2017). Key cultural values underlying consumers' buying behaviour: A study in an Iranian context. Journal of Islamic Marketing, 8(2), 289-308. doi:10.1108/JIMA-06-2015-0039

5.      Thompson, C. J., & Tambyah, S. K. (1999). Trying to be cosmopolitan. Journal of Consumer Research, 26(3), 214-241. doi:10.1086/209560

6.      Nijssen, E. J., & Douglas, S. P. (2011). Consumer world-mindedness and attitudes toward product positioning in advertising: An examination of global versus foreign versus local positioning. Journal of International Marketing, 19(3), 113-133.

7.     Adams, R. (2011). Fragmentation and segmentation: Marketing global benefits. International Business & Economics Research Journal, 10(9), 59-65.

8.      Collins, A. M., Cronin, J. M., Burt, S., & George, R. J. (2015). From store brands to store brandscapes: The emergence of a time and money saving heuristic. European Journal of Marketing, 49, 894-918. doi:10.1108/EJM-01-2014-0038