Scanning the Environment
China and India are emerging markets that will have a significant impact on the world in coming years. The term “Chindia” is used to describe the growing power of these two countries. Do some research on demographic and economic trends related to Chindia’s power, and its impact on marketers in the United States. Write a report, supporting your discussion of these trends with statistics/data. Note: Do not plagiarize information from the Internet research. Instead, explain in your own words these trends and their marketing impact. If you include a copy of a short data table or chart, you must interpret what it means in your own words.
Scanning the Environment
According to Whalen (2015), China and India are the two most populated countries in the world with china recording at least 1.266 billion people as per the latest census in 2000 while India recorded about 1.029 billion in 2001. 2010 estimates put the two countries at 1.33 billion in china and 1.173 billion in India. While the Chinese population is mostly aging as a result of the one-child policy, India has a more vibrant population. This clearly indicates that both countries are home to more than one-third of the global population. On the economic front, China and India are now referred as the emerging nations in the 21st century, with economic growth averaging at least 7.5% for the last decade, which is way higher than the global average, with a combined GDP of more than $10 trillion. This economic growth is driven by a huge domestic market and a growing export market in other parts of the world such as Africa, the rest of Asia and the Middle East and some western nations. The growth of key industries such as infrastructure, IT, healthcare and manufacturing are the anchors for the sustained economic growth and increasing impact on the global economic scale.
The above statistics indicate that marketers must notice that the US and Europe are no longer the most important market regions, but have been overtaken by the ‘Chindian’ market revolution. Marketers in the US will have to design marketing policies that will appeal to these two emerging markets if they have to compete in the global market (Joseph & Tellis, 2008). With almost a third of the world’s population domiciled in these two countries, marketers are called upon to ensure that they capture this growing market if they are to remain relevant in the global arena. Such marketing efforts must also take cognizance of the demographic factors such as the Chinese aging population in order to ensure efficiency in execution.
Whalen, C (2015) India vs. China: A 21st Century Economic Battle Royale. Retrieved from http://nationalinterest.org/feature/india-vs-china-21st-century-economic-battle-royal-12805
Joseph J,& Tellis, G (2008) Drivers of Success for Market Entry into China and India. Journal of Marketing: May 2008, Vol. 72, No. 3, pp. 1-13.