DISCUSSION also interesting to note that mature teenagers

DISCUSSION AND MANAGERIAL
IMPLICATIONS

Localization
of Global brands is indeed an important strategy for big global brands to
increase market share in emerging economies. The study shows that mature
teenagers and young adults show preference for innovative aspects,  Special Offers  and advertisements ,  Utility and Convenience,   Brand Localization and Loyalty and  Discount and Freebies . It is also interesting
to note that mature teenagers are  more
in favour of Glocal brands , that is brands that have adapted to local
preferences. This is because as they age,  they become more rational in their approach
towards functional and utilitarian aspects of brands and products, rather than
just going for brand names. Also since G2 (young adults) are likely to be
financially independent , this segment 
becomes very  attractive
particularly  due to its size and purchasing
power.   Female young consumers are more likely to buy
brands as are sold in the international markets. With the popularization of
beauty pageants,  internet connectivity
and access to global trends at the fingertips through smart phones, this
segment  is an attractive segment  from the point of view of Global brands.
However Global brands can find it worthwhile to innovate and devise glocal
products for emerging economies.

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LIMITATIONS
AND DIRECTIONS FOR FUTURE RESEARCH

This
study substantiates innovation in existing global brands for catering to the
mature teenagers and young adults. Data was collected from three different
cities. The  respondents were students
from professional colleges with higher intellect and reasonably well-off
backgrounds. Therefore generalization of the results to other populations must
be established.  In further research, it
would be interesting to identify more demographic factors and  the specific categories of innovation desired
by young consumers  in global brands and its
impact on  actual purchase.The statute of ‘Innovate
or perish’ as professed by the great Peter Drucker has surpassed the boundaries
of time. Theodore Levitt in his  article,
the Globalization of Markets professed world standardized products by multinationals
selling uniform products and services across the globe      (
Levitt, 1983). His article included examples of brands like Coca Cola, Mc
Donald’s and Levi that are synonyms for the term globalization. For a long time
selling standard versions of products and services served well as a strategy.
However emerging economies were changing the scenario.  While the global brands were in the process of
strengthening their brand image by consolidating verdicts and homogenizing their
marketing strategy and practices, the world was changing. Facing competition in the
world’s major markets adds to the pressure to have a worldwide approach to
marketing strategy. Till some time back companies like MacDonald’s and Colgate
had universal product and marketing strategy. This strategy did not hold good for
many products. Only those with universal brand recognition like NIKE could
survive the onslaught of local competition. 
Do brands have the option of being homogenized for all marketers or do
they need to adapt (or Not) to regional / local markets?The next big evolutionary
step of going global now had to be going local (Searle & Ball, 2003) at the
same time. Organizations that have the resources
to develop an R lab to test and develop the next big thing are few.
Others organizations think it necessary to adapt their strategy and product mix
as effectively as, say, a giant like P does. Innovate and go Glocal.Companies have responded to
prospect customer needs by innovating and modifying their strategy revolving
around the four P’s. Hindustan Unilever is one such example.  The company developed Glocal brands with low
cost packaging and other options that allowed it to offer dramatically less
expensive offerings. This bold step led to the development of new market for
the company and developed brand loyalty that could be used further. Coca-Cola
India’s  innovative
plastic  bottle is driving growth for this beverage giant
multinational. The Affordable Small Sparkling Package, the new 250-milliliter
bottle was launched in India which addresses distribution issues and keeps
products both fresh and affordable. Due to its sheer size, India continues
to be a key market for Coca-Cola innovation. Some of them being  ‘Splash
Bar’, a new way shop owners are selling small, affordable servings
of Coca-Cola; Solar coolers, which make it achievable to keep
beverages cool in “off-the-grid” locations; and Vio Milk, which is the
first value-added dairy product from Coca-Cola India. More examples
include Starbucks Tandoori Paneer Roll, KFC’s Paneer Zinger and Burger King’s
Paneer King Burger. To woo Indian tradition­alists, as well as the
budget-conscious eater, the chain introduced what it called “Pizza Mania”—a
35-rupee (60-cent) pizza that takes exactly 2.5 minutes to make and six more to
bake.  The take away prophet Domino’s  offers a large dine-in space in small towns in
India where ‘eating out with the family’ is gaining strength.  A recent “Taco Indiana” dish was inspired by ­northern
India’s kebabs and parathas.It is obvious that companies
need to innovate, adapt and localize their products and brands, distribution,
logistics, and retailing infrastructure based on local consumer preferences. LITERATURE REVIEWMaterial possessions have
attracted humans since ages. With the world wide web opening doors for the flow
of information on big brands,  the use of
brands to put across oneself, opening up of economies for world trade and the
increase in disposable income levels, young consumers are having it all as
never before. Localization or “adaptation
strategy” considers the inherent multiplicity that exists in international
markets and treats consumers as “cultural beings” whose values and behaviors
are fashioned by the exclusive culture in which they live. Localization
strategy is geared toward understanding local consumer preferences and other
locale-specific requirements and then adapting the marketing mix and other
business strategies to best satisfy consumer needs and wants. Czinkota and Ronkainen (2004) have pointed out that it
is vital to note that companies have four basic alternatives when deciding to
internationalize their products. Firstly, selling the same product
everywhere;  secondly, making changes and
adjustments on already existing products for different markets; thirdly creation
of new products for foreign markets; and lastly merging all differences from
the markets into one product where this will be introduced as a global product.Other studies include
research done on brand relationships with global brands (Fournier 1998). As
regards young adults, consumers use a best buy strategy in connection with all
product categories (Gronhoj,2007). Standardization and globalization may be at
opposite ends of an evolutionary brand strategy process, whereas adaptation and
customization are intermediary stages (Duffy, 1998).  However
gaps exist in literature in factors affecting young consumer intentions  for purchase 
of innovative  glocal  brands in emerging economies. Hence this
research considers young age group of consumers and the drivers that influence
their intentions for purchase of Glocal (Global brands with local adaptation)
brands.