Globalization shapes consumer behaviour and marketing
Globalization enhances market efficiency and competition, creating more options for consumers to choose from.
At the same time, consumers are becoming more similar all over the world. Globally marketed brands shape the needs of consumers, and ideas and trends spread, for example, through social media. The growing consumption of convenience meals and food and beverages on-the-go is a global phenomenon.
“Our key customers require products that are consistent in all markets, setting their own global brand standard. For example, our good relationship with one of my global customers has been driven by our product consistency delivered across the world,” says Gavin McCue, European Account Manager, Foodservice EAO.
However, this does not mean that all consumers are the same. As noted by industry publication FoodBev Media, the global brands that are successful have learnt to adapt and integrate popular elements of the host countries’ culture:
“Companies contending on a global scale will need to consider specific consumer needs and cultural influences on a national scale as well. By perhaps rather delicately incorporating both elements, companies can find great success.”
Although globalization offers great opportunities for businesses around the world, it also means that competition has become even more fierce.
“The marketplace is becoming far more competitive, with increased pressure from developing markets with lower cost structures. In addition, information technology and social networking play a powerful role, with information instantly available at our fingertips,” McCue adds.
Also, consumer behavior is constantly evolving, requiring companies to continually monitor global trends and adapt accordingly. With both a broad global reach and established presence in many local markets, Huhtamaki is well placed to help its’s customers make the most of global business opportunities.