Marketing in the Emerging Markets of Latin America
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1 Marketing in the Emerging Markets of Latin America
2 Also by Marin Marinov MARKETING IN THE EMERGING MARKETS OF CENTRAL AND EASTERN EUROPE: The Balkans INTERNATIONALIZATION IN CENTRAL AND EASTERN EUROPE FOREIGN DIRECT INVESTMENT IN CENTRAL AND EASTERN EUROPE (with Svetla Marinova)
3 Marketing in the Emerging Markets of Latin America Marin Marinov
4 Marin Alexandrov Marinov 2005 Chapter 2 Fernando Robles 2005 Softcover reprint of the hardcover 1st edition All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act First published 2005 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin s Press, LLC and of Palgrave Macmillan Ltd. Macmillan is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN ISBN (ebook) DOI / This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Marinov, Marin, 1948 Marketing in the emerging markets of Latin America / by Marin Marinov. p. cm. Includes bibliographical references and index. 1. Marketing Latin America Case studies. 2. Consumers Latin America. I. Title. HF L3M dc
5 To my wonderful family
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7 Contents List of Figures List of Maps List of Tables xi xiii xiv 1 Introduction: The Latin American Context 1 Brief historical background 2 Geographical location and features 3 Economic overview 7 Latin American economic integration 13 Internationalization 17 Intraregional investment 24 Outward FDI 25 Market potential 26 Consumer patterns 28 Retailing 31 Internet marketing 33 Conclusion 35 Recommended reading 36 2 Latin American Consumer Markets and Marketing 38 Fernando Robles Introduction 38 The size of the Latin American market 39 Drivers of buying power in Latin American markets 42 Economic insecurity 42 Demographic shifts 43 Increased concentration of buying power in urban centers 45 Dual-income families and female-headed households work 46 Unequal income distribution 47 Latin American consumption patterns 49 vii
8 viii Contents The Latin American consumer 52 Coping with economic cycles 52 Searching for value in uncertain times 54 Segmenting the Latin American market 57 The conventional approach: socioeconomic segmentation 58 Other segmentation approaches 61 Summary 63 Positioning strategies for Latin American markets 64 The conventional approach 64 An emerging approach: convergence towards the center 65 Brand strategies in volatile and uncertain markets 66 The power of global and domestic brands 66 Brand erosion and migration to the middle ground 67 Building brand equity in uncertain times 67 Telecommunications and the media 69 Telecommunications 70 Television 72 The internet 74 Retailing 76 Self-service retailing 76 Global retailers 77 Retail consolidation 79 Retail strategies for the future 79 Latin American markets in the twenty-first century 81 3 Marketing in Brazil 83 Brief historical background 84 Population 86 Economic overview 88 Brazilian companies 90 Foreign trade 91 Foreign direct investment 93 Consumer spending and buying behavior 95 The industrial market 97 The food market 98 Retailing 100 Promotion 104
9 Contents ix Conclusion 106 Recommended reading Marketing in Chile 108 Brief historical background 109 Economic overview 112 Foreign trade 114 Foreign direct investment 116 Market characteristics 117 Consumer behavior 118 Retailing 120 Advertising 123 Conclusion 126 Recommended reading Marketing in Mexico 128 Brief historical background 128 Economic overview 130 Foreign trade 134 Foreign direct investment 136 Consumer behavior 137 Retailing 140 Traditional food retailers 140 Modern retail outlets and chains 141 Advertising 144 Internet marketing 145 Conclusion 146 Acknowledgement 147 Recommended reading Marketing in Peru 148 Brief historical background 149 Economic overview 151 The service sector 152 Industry 152 Agriculture 152 The informal economy 153 Drug-related activities 154 Foreign trade 154
10 x Contents Foreign direct investment 156 Market characteristics and consumer behavior 157 Food retail 159 Advertising and market research 161 Conclusion 163 Recommended reading Concluding Remarks 165 Appendix 168 Notes 174 Bibliography 176 Index 180
11 List of Figures 1.1 Average annual inflation, Latin America, Latin American imports, exports and trade balance, Annual net FDI inflows, Latin America, Annual net FDI inflows, largest Latin American economies, FDI in emerging markets, Cumulative outward FDI from emerging markets, Latin American market clusters Age structure of the Brazilian population, Average regional per capita income, Brazil, Average GDP growth, Brazil, 1950s 1990s Annual changes in GDP, and per capita GDP, Contribution of the principal Brazilian economic sectors to employment and GDP, 1949 and Foreign trade, Brazil, FDI inflows and outflows, Brazil, Annual change in the number of supermarket outlets, Brazil, Market share of Pão de Açúcar, Carrefour and the ten largest retailers, Brazil, Share of food retail revenue, by type of outlet, Brazil, Advertising expenditure, Brazil, GDP, Chile, Average GDP growth, Chile and the world, Per capita GDP, Chile, Year-on-year change in national income and consumer demand, Chile, Foreign trade, Chile, Inward foreign direct investment, Chile, Share of total retail outlets, Chile, Advertising revenue, Chile, GDP and domestic demand, Mexico, xi
12 xii List of Figures 5.2 Annual inflation rate, Mexico, Foreign trade, Mexico, Exports to and imports from the United States, Mexico, FDI inflows and outflows, Mexico, Per capita GDP, Mexico Annual growth of GDP and per capita GDP, Peru, FDI inflows and outflows, Peru, GDP, Peru,
13 List of Maps 1 Latin America 1 2 Brazil 83 3 Chile Mexico Peru 148 xiii
14 List of Tables 1.1 GDP, population size and per capita GDP, Latin America, Average annual percentage change of real per capita GDP, developing regions, Characteristics of the principal Latin American economic blocs Cumulative inflow of FDI into the largest Latin American economies, FDI from the three major investing countries in the largest Latin American economies, Ranking of large Latin American economies according to market potential, Buying power of consumers in classes A to E, Share of the five largest retailers, selected Latin American countries, Large global retailers with operations in Latin America, Household buying power in Latin America, Urban household expenditure, selected Latin American countries, Per capita food consumption, selected categories and countries, Latin America, Total buying power in urban areas, by socioeconomic class, selected Latin American countries, Possession of and access to communication technologies, Latin America, TV viewing hours and preferences, Latin America, Demographic characteristics of the Brazilian regions Regional urban and rural consumption, Brazil, Value of sales by the five largest retailers, Brazil, Share of Brazilian media in advertising expenditure, 1997 and Principal retail chains, Chile, Companies with the highest advertising expenditure, Chile, Advertising expenditure by medium, Chile, 1997 and xiv
15 List of Tables xv 5.1 Share of media in advertising expenditure, Mexico, 1997 and Foreign trade, Peru, Value of principal exports and imports, Peru, Structure of imports, Peru, Characteristics of super- and hypermarket chains, Lima, Advertising expenditure in Latin America and Peru, by medium, A.1 Caribbean basin 168 A.2 Central America 171 A.3 North America 172 A.3 South America 172
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