MARKET AND SEGMENTATION IN AND INTERNATIONAL CONTEXT

MARKET AND SEGMENTATION IN AND INTERNATIONAL CONTEXTINTERNATIONAL MARKET SEGMENTATIONTHE NATURAL OF MARKETSINTERNATIONAL CONSUMER MARKET SEGMENTSCULTUREElements of cultureValuesNormsFolkways and MoresRoles and SchemasClutural CharacteristicsLanguage, Dialects, SlangCustoms and RitualsReligionsSocial Institutions and PracticesCommon Attitudes and BeliefsAesthetics (Concept about beauty)Views Toward Education (for both genders, by wealth, incom, or social status)CULTURE AND VALUESHofstede's Value Dimensions of CulturePower distanceIndividualism-CollectivismMassculinity-FemininityUncertainty AvoidanceShort-or Long-Term OrientationApply Cultural Values To Marketing ActivitiesValue LevelsCulture Constructs Developed in Project GLOBECountry Examples of High/Low Scores on Hofstede's Cultural ValuesIndividual-Level ValuesLinks Between National and Individual ValuesCULTURE AND BEHAVIORSCultural ImperativesCultural ElectivesCultural ExclusivesCULTURE AND PURCHASING BEHAVIORAestheticsReligionSubcultures and counterculturesCultural changeThe STP APPROACHSegmentation: consists of identifying all potential customer groups that are viable for purposes of marketing products and servicesTargeting: component of the STP approach involves selecting the market segments the firm intends to target or eachPositioning is creating perception in the minds of consumer about the nature of a company, it brands, and its products and service.A market segment is a set of businesses or group of individual consumers with distinct characteristicsFor a market segment to be segment to be viable in the eyes of the marketing team, it must pass four tests:(1) Those within the segment should be homogenous or have similar characteristics(2) These segment must differ from other groups and the population as a whole (3) Sufficient demand must be present to make the segment financially feasible(4) Methods to reach the market must exist, both in terms of physical delivery of the item and in term of the marketing messages that would entice customers to make purchasesDEMOGRAPHICSPSYCHOGRAPHICSGEOGRAPHIC AREAGEODEMOGRAPHIC SEGMENTATIONCONSUMER TYPEBENEFIT SEGMENTATIONUSAGE SEGMETATIONGenderAgeIncomeEducationEthicityGlobal ConsumersGlocal ConsumersLocal ConsumersINTERNATIONAL BUSINESS-TO-BUSINESS MARKET SEGMENTATIONMETHODS OF SEGMENTING BUSINESS-TO-BUSINESS MARKETSSegmentation by industrySegmentation by sizeGeograohic LocationProdcuct UsageCustomer ValueDUAL CHANNEL MARKETINGREGIONAL AND NATIONAL SEGMENTATIONWants and needsMoney to spendWillingness to spendLanguageRegionally bades market segmentsSEGMENTATION AND THE BOTTOM-OF-THEPYRAMIDPRODUCTPRICINGDELIVERYPROMOTIONGREEN MAREKTING AND SUSTAINABILITY-ORIENTED SEGMENTSCONSUMER PREFERENCESGREEN BY NECESSITYA MARKET SEGMENT ANALYSISASSESSING MARKET POTENTIALASSESSMENT CRITERIA1. Availability of financial resources2. Availability of potential substitutes3. Ability to offer attractive benefits4. Current product availability5.Consumer awareness of the productMeasurability: Can the segment be quantified and identified?Accessibility: Can the segment be reached?Profitability: Is the segment large enough to generate profits?Actionability: Can a marketing program be designed to stimulate interest and behavioral responses (purchases)?ETHICAL ISSUES IN INTERNATIONAL SEGMENTATION
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