3.3.2 Demand side Factors in global market
Cultural/Social Factors
Important for firms to recognize these factors when targeting markets
Without insight firms will fail to establish market presence
Essential that firms understand target market requirements
Cultural differences
This occurs due to different types of people having different lifestyles and values
Firms must employ people with knowledge of culture to be aware of the market
More complex when lots of cultures are in the same place London
Understating cultural behaviour is important
Different tastes
Different cultures mean different tastes
Taste is subjective based on the individual
However different environments influence this
Firms can promote products based on ethnicity
Language
Language barriers can be significant issues when doing business
English is seen as the business language
However, with new markets such as BRICS being able to mass produce speaking other languages
is becoming more essential
This is because it may look unprofessional, therefore losing out on business as well as poor
marketing.
Unintended meanings
When the message is being portrayed by businesses it is different to the postnatal market
Based on gestures and hidden connotations
With no appropriate insights into different cultures and societies this can cause significant
problems for a business
o Destroyed reputation or brand image
Incur extra costs such as marketing to fix brand image
Inappropriate/inaccurate translations
Language not converted accurately
Cause embarrassment for a business
Impact on brand name
Adapt marketing strategies for niche markets
Cultural/Social Factors
Important for firms to recognize these factors when targeting markets
Without insight firms will fail to establish market presence
Essential that firms understand target market requirements
Cultural differences
This occurs due to different types of people having different lifestyles and values
Firms must employ people with knowledge of culture to be aware of the market
More complex when lots of cultures are in the same place London
Understating cultural behaviour is important
Different tastes
Different cultures mean different tastes
Taste is subjective based on the individual
However different environments influence this
Firms can promote products based on ethnicity
Language
Language barriers can be significant issues when doing business
English is seen as the business language
However, with new markets such as BRICS being able to mass produce speaking other languages
is becoming more essential
This is because it may look unprofessional, therefore losing out on business as well as poor
marketing.
Unintended meanings
When the message is being portrayed by businesses it is different to the postnatal market
Based on gestures and hidden connotations
With no appropriate insights into different cultures and societies this can cause significant
problems for a business
o Destroyed reputation or brand image
Incur extra costs such as marketing to fix brand image
Inappropriate/inaccurate translations
Language not converted accurately
Cause embarrassment for a business
Impact on brand name
Adapt marketing strategies for niche markets
