Reference no: EM131285143
Many Western firms see their futures in the growing populations of developing countries, where eight out of 10 consumers now live. Consumers from countries such as Brazil, India, China, and Russia offer new opportunities for firms because growing numbers of them are accumulating small but significant amounts of disposable income. Firms like worldwide cosmetics giant Beirsdorf, producer of Nivea products, are adapting their products and their marketing activities to meet the needs of these populations.
Often this means selling miniature or even single-use packages of shampoo, dishwashing detergent, or fabric softener for only a few cents. The huge Swiss company Nestlé sells shrimp-flavored instant soup cubes for two cents each in Ghana while the financial company Allianz, in a joint program with CARE, sells microinsurance for five cents a month to the very poor in India.
But how do these firms measure their success in these new markets? Firms normally use such marketing metrics as customer awareness or satisfaction, increases in market share or profits, or return on marketing investment (ROMI). These metrics may not be right for the new markets in the developing world where many millions of people buy streamlined versions of a firm's products at a fraction of their usual price.
What do you think? Develop a list of possible metrics that firms might use to measure their success in these new developing markets.
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