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International Marketing

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International Marketing ­ MKT630
VU
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
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International Marketing ­ MKT630
VU
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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Table of Contents:
  1. OVERVIEW OF INTERNATIONAL MARKETING:Domestic marketing, Multinational marketing, Globalization of markets
  2. INETRNATIONAL MARKETING PROCESS:Situation Analysis, Implementation and Control, Relationship
  3. INETRNATIONAL MARKETING PROCESS:The Product Concept, The Societal Marketing Concept
  4. INETRNATIONAL MARKETING PROCESS
  5. ENGAGING IN INETRNATIONAL MARKETS:Expansion of technology, Merchandize export and import
  6. INTERNATIONAL TRADE & INVESTMENT THEORIES:Theory of Comparative Advantage, Country Similarity Theory
  7. INTERNATIONAL TRADE & INVESTMENT THEORIES:Global Strategic Rivalry Theory,
  8. INTERNATIONAL MARKETING INFORMATION REQUIREMENTS:Foreign exchange info
  9. INTERNATIONAL MARKETING INFORMATION REQUIREMENTS:The Product
  10. FOREIGN NATIONAL ENVIRONMENTS:Political systems in the world, Political risks in international markets
  11. FOREIGN NATIONAL ENVIRONMENTS:Types of legal systems,
  12. FOREIGN NATIONAL ENVIRONMENTS:Conciliation, Mediation, Global relevance
  13. ROLE OF GOVERNMENTS IN INTERNATIONAL MARKETS:Industry-level needs, Promotion of exports by governments
  14. INTERNATIONAL CULTURAL AND SOCIAL ENVIRONMENTS:The concept of culture, Attitudes & beliefs,
  15. INTERNATIONAL CULTURAL AND SOCIAL ENVIRONMENTS:Culture is a human medium
  16. DETERMINING EXPORT POTENTIAL IN INTERNATIONAL MARKETS:Political Environment
  17. DETERMINING EXPORT POTENTIAL IN INTERNATIONAL MARKETS:Product Potential
  18. INTERNATIONAL MARKETING RESEARCH PROCESS:market structure, Implementing the research plan
  19. INTERNATIONAL MARKETING RESEARCH PROCESS:Identify alternative information sources
  20. INTERNATIONAL MARKETING RESEARCH PROCESS:Issues with primary global research:
  21. INTERNATIONAL MARKETING RESEARCH PROCESS:Problems with data, Comparative Analysis
  22. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Export intermediaries, Export and import management
  23. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Licensing contract, Licensing risks
  24. MODES OF ENTRY INTO INTERNATIONAL MARKETS:The franchiser’s balance,
  25. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Forms of countertrade, Specialized entry modes
  26. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Demand factors, Political factors
  27. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Drivers behind successful joint ventures
  28. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Distribution agreements, Critical mass & optimism traps
  29. INTERNATIONAL STRATEGIC ALLIANCES:Impetus for international alliances, Management of strategic alliances
  30. INTERNATIONAL CONSUMER MARKETS:Model of Consumer BehaviorThe Buyer Decision Process
  31. INTERNATIONAL BUSINESS MARKETS:Nature of buying unit, Major influences on international business buyers
  32. INTERNATIONAL TARGET MARKETING:Market segmentation, Market positioning
  33. INTERNATIONAL MARKET SEGMENTATION:Geographic, Behavioral, Situational factors
  34. INTERNATIONAL MARKET SEGMENTATION:Basis for country segmentation, Stages of economics development
  35. INTERNATIONAL MARKET SEGMENTATION:Cultural Variables,
  36. INTERNATIONAL MARKET SEGMENTATION:Market coverage strategy, Socio-economic variables
  37. INTERNATIONAL MARKETING MIX - PRODUCT POLICY:Individual product decisions, Branding
  38. INTERNATIONAL MARKETING MIX – PRODUCT POLICY:
  39. INTERNATIONAL MARKETING MIX - PRODUCT POLICY:Modular Approach
  40. INTERNATIONAL MARKETING MIX – PRODUCT POLICY:Issues in labeling, Pricing, Distribution
  41. INTRODUCING NEW PRODUCTS IN INTERNATIONAL MARKETS:The new product development process
  42. PRICING IN INTERNATIONAL MARKETS:Factors influencing international pricing,
  43. ITERNATIONAL MARKETING CHANNELS:Channel membership, Vertical marketing, Control over distribution
  44. PROMOTING IN INTERNATIONAL MARKETS:Advertising, Direct marketing, Public Relationing
  45. REVISION