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Segmenting international markets (Useful market segments # (After…
Segmenting international markets
Last one of the three segment markets
First two: Costumer and Business
Can segment by:
Geographic location
Regions
Economic
Political and legal
Feelings about using the mindmap:
Too time comsuming, way to hard when you are trying to remember a very heavy topic, because you often need space to express yourself and a mindmap does not provide you with this. Distracts with to focus on colours and presentation instead of subject. It is perfect if you just have to get a quick overview on a topic or a brainstorm. Also hard to get a good overview on your work. Rate: 5/10
Nicki Kruse Nielsen
https://www.youtube.com/watch?v=pCLQkgcjMjY
Useful market segments
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Measurable
Size, purchase power
Accessible
Effectively reached and served
Sustainable
Large or profitable enough to serve
Differentiable
Conceptually distinguishable and respond differently to different marketing-mix elements
Actionable
Programs designed to attract and serve segments
After choosing segment - Evaluate for the best one
Segment size and growth
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Structural activeness
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Company objectives and resources
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Collect and analyze data
Select target market segments
Undifferentiated marketing
Decide to ignore market segment difference and give 1 offer
Focus on what is common in the needs
Designs a product that will appeal to largest number of costumer
Have trouble competing with more focused firms
Differentiated marketing
Target several markets with seperate offers for each one
More expensive - research, analysis, promotion
Designs seperat offers for each
Concentrated marketing
Target a large share of one or a few smaller segments or niches through a strong market position
Many companies start like this
Market more effectively by targeting it's products
Can only focus on a small segment
Micromarketing
Tailor products and marketing to fit the taste of specific individuals and locations
Small geographic market = local marketing
Can drive up cost
Only one person = Individual market = Mass customization
Choose a targeting strategy
Consider many factors - which is best?
Company resources
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Product variability
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Product life-cycle
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Market variability
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Competitors marketing strategies
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