User:MonMoustache/sandbox

Luxury products, high-tech products, and new innovations are the most common products in the global marketplace. They are easier to market in a standardized way than other products because there are no traditional cultural values attached to their meanings.

The youth is an example of a global demographic. In particular, teenagers share common characteristics even if they are from different cultures and nations. This youth market generally has more money to spend and is affluent. However, this market is difficult to target because they are always one step ahead – they are more aware of marketing tactics and are very cynical. They are trendsetters that define themselves in opposition to the establishment. Since the youth market is growing, it would benefit the company to target them, as it would bring in more revenue. Youths are also highly active on social media and in the recent years, many advertising campaigns have gone viral through social media. With the constant flow of media and information, brands continue to increase their awareness, and increase consumer consumption. Targeting the youth market is beneficial because they are more open-minded, have international contacts, and travel more.

Effective marketing requires adapting to cultural values, and Hofstede’s five cultural dimensions theory helps compare practices of consumption and consumer motivations for buying products and services. When a company can advertise effectively to its foreign markets, it brings benefits to both sides. The company gains more revenue and relations, and the foreign markets have access to better products and services. Hofstede, through the five cultural dimensions, reveals how cultures are different and value different things. Typically, the west is different from the rest. The west typically values individualism, high need for autonomy, modernity, and a more explicit use of ‘sexuality’ whereas eastern values include family oriented, respect for elderly, submission to authority, traditional collectivism, and Confucianism. When designing an advertisement, cultural value differences must be considered to be effective since advertising campaigns do not work the same way in different countries.