Answer to Question #216470 in Marketing for keda

Question

After a company segments its chosen market, a key determination must be made as to the segment/s that are attractive and financially beneficial to target.

a. Discuss the variables that global marketers can use to segment global markets and provide an example of each.
b. Compare and contrast the three (3) main target market strategy options available to global marketers.

Answer 1

Question A

Segmentation by Location

Marketers need to segment their markets in this way because consumers from different places may have different needs. Water, for example, maybe scarce in some areas, driving up demand for bottled water, while it may be plentiful in others, driving down demand.

Segmentation by Demographics

Age, gender, marital status, family size, income, religion, race, occupation, and country are demographic data used to segment the market. Marketers use this as one of their most prevalent segmentation techniques. Demographic segmentation is used practically every industry, including vehicles, beauty goods, mobile phones, and clothes. It is based on the assumption that a customer's demographics significantly impact their purchasing behavior.

Segmentation Based On Behavior

Based on audience's behavior, usage, preference, choices, and decision-making are also used to segment the market. The segments are usually classified into two groups based on their product expertise and usage (Cortez, 2021). It is thought that an individual's understanding of a product and how it is used influences their purchasing decision.

Segmentation by Psychographics

This segmentation method is based on the idea that a person's personality and lifestyle might influence his purchasing decisions. Personality refers to the set of features that make up an individual's distinct personality. It includes things like habits, traits, attitude, temperament, and so on. A person's lifestyle refers to how they live their lives.

 

Question B

Coca-global Cola's marketing has become more standardized, with more intensive distribution, cheaper production, and lower expenses. Chanel, Estee Lauder, and other luxury brands use concentrated worldwide marketing to target a certain portion of the global market. Multi-segment marketing, with two or more target markets; differentiated global marketing Spices from the past.