INTERNATIONAL TARGET MARKETING:Market segmentation, Market positioning

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International Marketing MKT630

Lesson # 32

INTERNATIONAL TARGET MARKETING

International target marketing ... why?

Products & selling methods do not appeal to all buyers in the same way. Buyers for most products are

too numerous, too widely scattered, too varied in their needs and buying practices. Different companies

vary widely in their abilities to serve customers.

Since the foremost marketing objective of firms has been to satisfy the needs and wants of target

customers better than competition, firms need to focus and align their resources and efforts to suit the

target customers to succeed.

The point of target marketing is to identify consumer groups that are most likely to purchase specific

goods and services. Research into consumer behavior shows that marketing targeted at certain

demographic segments can influence that group's spending habits.

The best thing about using target marketing techniques is that sellers have a biographical sketch of their

customers. This sketch allows businesses to implement the marketing strategies that will most impress

their intended audience. Another benefit of target marketing is that it saves money. With a knowledge of

who their target is, companies save on advertising dollars and postage costs because they're sure to

receive more of a response from those who need their products.

Target Marketing is a Better Use of Resources:

A marketer's marketing budget is going to be most effective when he effectively reaches the selected

target market. When we look at the big picture and sort through the marketing jargon, the benefit of

target marketing is simple--efficiency. Solid target marketing is a method to more efficiently reach the

international customers. Target marketing is a better use of a marketer's most valuable resources, i.e.

time and money, to generate additional revenue. It is as straightforward as that. Now, let's talk more

about how to get there.

A marketer's goal is to get to know as much information as he can about his existing or prospective

customers. The more he knows about his customers, the better he will be able to make decisions that

will enhance his ability to communicate and connect with them.

As a marketer who do you consider will benefit the most from your products and services? Think of the

people and their most common characteristics and attributes. One of the best ways to identify your

target market is to look at your existing customer base. Who are your ideal clients? What do they have

in common? If you do not have an existing customer base, or if you are targeting a completely new

audience, speculate on who they might be, based on their needs and the benefits they will receive.

Investigate competitors or similar businesses in other markets to gain insight.

Steps in target marketing:

Target marketing is a three step process;

Market segmentation

dividing a market into distinct groups of buyers with different needs, characteristics, or behavior

who might require separate products or marketing strategies

Market targeting

the process of evaluating each market's attractiveness and selecting one or more segments to

International Marketing MKT630

enter

Market positioning

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing

products in the minds of target consumers

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