Question

Analyze and Explain: The international marketing manager at the University of Colorado is convinced there is a market in Latin America for a cuddly CU Ralphie mascot plush toy. She has learned about your experience in the Doing Business in Latin America course and needs your advice. Based on the chapters in Robles and Lascu, please list and briefly discuss five (5) key aspects of Latin American consumers that CU should consider in the Raphie marketing plan.

Answer 1

Answer:

A market in Latin America for a cuddly CU Ralphie mascot plush toy : The international marketing manager at the University of Colorado is convinced that there is a market in Latin America for a cuddly CU Ralphie mascot plush toy. She has learned about our experience in the Doing Business in Latin America course and needs our advice for the same. We would like to advise her on the below topic as per their request as below -

Five Key aspecst of Latin America consumers that CU should consider in the Raphie marketing plan as below –

• Online shopping Preference: The Latin American consumers preferred in doing the online business like shopping etc. So for any new business opportunity in the Latin America, we need explore the online option suitability based on the consumer preferences.

• Consumer Preferences towards foreign brands: The consumer trend is towards the foreign products in the Latin America. So branding with foreign brands will be more helpful based on the consumer interests in the Latin America.

• Brand loyalty/choice consumers: The consumer have high interest towards the famous brands. Consumer would like to buy high brand products.

• High Educated Society: The Latin America is a high educated society, so the business needs to have well literatures, terms and conditions, warranty system readiness for this market to suit consumer level in Latin America environment.

• Service preference mind set (Home delivery, after sales service etc): The Latin America consumers have service mindset and service based preferences. They prefer to have home delivery services, after sales service readiness to the new business in the location.

• Wealth Display Mindset: The rich population of Latin America preferred to display their wealth by showing interest towards the high brand and costly products.

These are some of the key aspects of the consumers of the Latin America which will be useful for the professor in carrying out their business over there.