Describe and analyze 2 trends which appear to be driving global consumer behavior? Do you see these trends present in US markets? How?
Within Interbrand’s analysis is listed the 10 components that they evaluated to determine the leading global brand list (page 30). Pick 2 of these capacities and reflect on how and why these qualities influence value creation and consumer loyalty. Using products your regularly consume, make connections between these capacities and personalize how this influences your purchasing behavior.
Evaluate 2 of the top 10 brands and explain why you believe these brands have been successful globally. (Top 10 brands include Apple, Google, Microsoft, Coca-Cola, Amazon, Samsung, Toyota, Facebook, Mercedes-Benz and IBM)
Please refer closely to the pdf file provided, and strictly follow the instruction
Global Brand Analysis
Globally, trends such as technology acceleration have a greater influence on consumer behavior patterns. Nowadays, people are accustomed to constant changes in technology which determines some of the products they consume. Carefully looking at the consumer patterns globally, consumers tend to be excited with products having new technology innovations and inventions fitted on them. These new features tend to change their perception of the product or services by making consumers feel some new form of satisfaction they never received before. Technology drives the different products into the market as they try and fulfill consumer gaps thus, satisfying some of their needs. People are living in a constantly changing world that requires regular satisfaction of needs. Thus, technology plays a crucial role in influencing how consumers behave in a certain manner towards a product or commodity. The second trend that drives consumers’ behaviors is brand loyalty. Globally, people are attached to certain products because of the long-term reputation of the product. Brands ensure people stay close to the product being offered in the market. It provides some sense of attachment to the company. According to Best Global Brand Report (2017), brands provide a strong linkage between the people, firms and technology. Once a brand loyalty has been established, people will get used to the product which will then be improved regularly through technology to maintain customer loyalty. Lastly, the brand takes care of people culture by shaping and improving their attitudes and ways of thinking concerning the company product. The above trends are present in the US market because it is vibrant with high levels of competition. Most of the best brands in the world like Apple, Google comes from the US market thus, technology and brand trends influence people choice in that market.
The two qualities influencing customer loyalty and creating value to consumers include relevance and engagement. The first thing a consumer checks before buying a product is whether it will satisfy his/her need. At this point, the term relevance crops in. By a product being relevant means that it has the capabilities of creating value to the consumers. Once the value has been created, customers will continue consuming the product regularly, therefore, fostering good relationship leading to customer loyalty. For a product to have value in the eyes of the consumer, the customer has to fully understand the product. This is only possible if there is product engagement with the customer. The information displayed must be comprehensive for the customer to understand and connect on what the product offers. Products such as foodstuffs like burger are consumed regularly. Here, the services offered in restaurants such as Mc Donalds or Burger King influences consumer patterns and behaviors. People love personalized and engaging services thus, will visit restaurants which offer the above.
Apple is one of the leading successful brands in the world. As stated earlier, technology plays a crucial role in influencing consumer behaviors. Over the years, Apple has utilized evolving technologies in creating global brands that are recognized. An example is in the mobile industry where the firm keeps on adding new features to phones to keep customers loyalty in purchasing their phones like IPhone 6, 7 and 8. Facebook has revolutionized social networking platforms. The high and growing number of Facebook users shows the strength of the brand. Facebook has maintained customer users by constantly creating new features that connect people worldwide socially or even through social media marketing. People are taking advantage of the social networks on Facebook to market their commodities. This has enabled Facebook to remain a successful and competitive brand globally.
Grow Change Grow. Interbrand Best Global Brands. (2017). Retrieved from https://www.interbrand.com/wp-content/uploads/2018/02/Best-Global-Brands-2017.pdf