by Rupa Ranganathan
Are you ready for the "Global Multicultural Economy?"
In today's uncertain economic environment, marketers stand to gain much by embracing multicultural market segments. But the transnational lifestyles of ethnic consumers within the United States as well as soaring international opportunities in multicultural societies signal that multicultural experts in the U.S. must widen their nets.
PepsiCo's CEO, Indra Nooyi's recent interview to Fortune Magazine (February 19, 2008 issue), clearly emphasises the growing role of international markets. Currently the beverage giant's international business represents 40% of total revenue. Its international business grew by 22 % (Three times domestic sales). Clearly all marketers should have an international plan of action to seize the growth momentum from China, India and other global markets.
Market researchers or advertising experts with a strong portfolio will do well to add international resources and expertise to their offerings. Clients ranging from plastic surgeons to multinational packaged goods ae actively expanding their sales from BRIC and Latin markets.
This blog is intended to raise thoughts, issues and opportunities to expand our global vision as multicultural marketers and go far beyond skin, color, race or language. For, true diversity comes to us from many sides.
I have three suggestions to share with marketers that have not yet tasted the highs of international marketing.
1) Read up on opportunities in emerging economies .
2) Take a business trip --Valerie Romley of Moving Target Research is planning an ethnographic immersion to China this summer.
3) Visit a country that you have always been meaning to go to with your family and discover new trails for your business.
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