International Marketing 3
3. International segmentation (STP)
3. International segmentation (STP)
Set of flashcards Details
| Flashcards | 18 |
|---|---|
| Language | Deutsch |
| Category | Marketing |
| Level | University |
| Created / Updated | 24.11.2014 / 19.01.2019 |
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A market is...
"A market is a collection of buyers.”
- People or organizations with
- Needs or wants, and with
- ability and
- willingness to buy.
STP Process
Market Segmentation
1. Identify bases for segmentation
2. Develop profiles of segments
Market Targeting
3. Measure Segment attractiveness
4. Select target Market
Market Posistioning
5. Develop Positioning for each Segment
6. Develop marketing mix for each target market
Segmenting consumer markets (5 Types)
Geographic
Demographic
Geo-demographic
Behavioral
Psychographic
Demographic
- Race
- Culture
- Income
- Social Class
- Gender
- Age
Geographic
- State
- Nation
- Regions
- Countries
Behavioral
Attitude
Loyalty
User Status & Rate
Psychographic
Vals Framework
- Thinker
- Achiever
- Believers
- Makers
Segmention of business markets
- Geography,
- Benefits
- Usage rate
- Purchasing approaches
- Demographic
- Operating variables
B2B market segmentation criteria
Macrosegmentation
- Geographic
- Customer type
- Customer size
- Product use
Microsegmentation
- Purchasing criteria
- Purchasing strategy
- Personal characteristics
- Importance
Advantages Segmentation
• Analysis of potential and actual consumers
• Tailoring of products to market
• Assessment of demand potential
• Increased sales effectiveness and cost efficiencies
• Easy identification of opportunities
Disadvantages Segmentation
• Increased marketing costs
• Personalization is burdensome to manage
• Narrow segmentation can impact brand loyalty
• Ethics and stereotyping issues
INTERNATIONAL/GLOBAL SEGMENTATION
Standard country segmentation...
...classifies prospect countries on a single dimension (e.g., per capita GNP) or on multiple dimensions - cultural, socioeconomic, and political criteria available from secondary data sources
INTERNATIONAL/GLOBAL SEGMENTATION
Bases for country segmentation
- Demographics
- Socioeconomic variable (economic development indicator)
- Purchasing Power Parity (PPP)
- Human development index (HDI)
- Socioeconomic status (SES)
Socioeconomic variable
- Monetization of transactions within a country
- Gray and black market sections of the economy
- Income disparities
INTERNATIONAL/GLOBAL SEGMENTATION
Psychographic segmentation
- Using psychology and demographics to better understand consumers.
- Buyers are divided into different groups on the basis of psychological traits, lifestyle, or values.
INTERNATIONAL/GLOBAL SEGMENTATION
The international Sinus-meta-milieus
- Can be used as a tool for multi-national marketing
- Milieus for each country focusing on the national everyday life culture
- Represent a cross-country comparison that reduces complexity in a global world
INTERNATIONAL/GLOBAL SEGMENTATION
Behavioral segmentation
- Brand loyalty
- Usage rate
- Product penetration
- Benefits
Categorizes people in terms of usage rates and user status:
- How much and how often they use it
- Whether or not people buy or use a product
INTERNATIONAL/GLOBAL SEGMENTATION
Benefit segmentation is based on
- the problem a product solves,
- the benefit it offers, or
- the issue it addresses
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