Building brands in emerging markets

As the rapid growth of emerging markets gives millions of consumers new spending power, those consumers are encountering a marketing environment every bit as complex and swiftly evolving as its counterpart in developed countries. Product choices and communication channels are exploding; so is the po...

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Bibliographic Details
Published in:The McKinsey quarterly 2012-10 (4), p.50
Main Authors: Atsmon, Yuval, Kuentz, Jean-Frederic, Seong, Jeongmin
Format: Magazinearticle
Language:English
Subjects:
Brands
Consumer behavior
Consumer spending
Consumers
Emerging markets
International
Online Access:Get full text
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Summary:As the rapid growth of emerging markets gives millions of consumers new spending power, those consumers are encountering a marketing environment every bit as complex and swiftly evolving as its counterpart in developed countries. Product choices and communication channels are exploding; so is the potential of digital platforms; and, as everywhere, consumer empowerment is on the rise. The impact of these changes has been so profound in developed markets that three years ago, our colleague David Court and his coauthors proposed a new approach for understanding consumer behavior. On the basis of research involving 20,000 consumers across five industries and three continents, our colleagues suggested replacing the traditional metaphor of a "funnel" in which consumers start at the wide end, with a number of potential brands in mind, before narrowing their choices down to a final purchase. In this article, the authors highlight the implications of three key differences between emerging- and developed-market consumers that they've uncovered in their research.
ISSN:0047-5394