Dominance of Global Brands in the Consumer Shopping Cart: A Systematic Analysis of Customer Preferences
DOI:
https://doi.org/10.57125/FEL.2023.06.25.05Keywords:
Brand loyalty, Consumer behavior analysis, Cultural impact, Economic factors, Global marketing strategies, Price sensitivity, Statistical modelingAbstract
In this study, the aim is to explore why global brands are dominated in consumer shopping preferences by analyzing the ways marketing strategies affect culture globalization regarding economic conditions and price sensitivity which also have impact on demographic characteristics. Objectives of the study to explore and understand main determinants affecting consumer choice for global brands in varied location. The methodology includes a comprehensive analysis using Descriptive Statistics to summarize key variables, and a Correlation Analysis to explore relationships between consumer preferences and factors such as marketing strategies, cultural globalization, and economic conditions. The stationarity of the panel data is rigorously tested using the CIPS and CADF tests, ensuring robust results. Fixed and Random Effects Models are then employed to assess the impact of these factors while accounting for individual heterogeneity. The choice between these models is determined through the Hausman Test, which ensures the most appropriate model is selected for analyzing the data. The panel of seven significant trading nations (United States Germany China Brazil India Ukraine Japan) for the period from year 2010 to year. The main findings indicate that successful marketing strategies and cultural globalization exert a positive influence on the attitudes of consumers, while advantageous economic conditions contribute positively. In contrast an increase in the price sensitivity penalizes consumer preference, but generated a positive effect mainly because of demographic characteristics. These findings demonstrate how important the world of marketing will be, integrating into different cultures and structures to get recognized as an international brand. The study has practical impulse to guide global brand managers and international marketers concerning how the diversity in consumer behavior could be utilized for strategy development which can help them retain market dominancy.
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