Global Market Segmentation
Process of identifying specific segment whether they be country groups or individual consumer groups of potential customers with homogeneous attributes who are likely to exhibit responses to a company's marketing mix
Market Segmentation
Represent an effort to identify and categorize groups of customers and countries according to common characteristics
Targeting
Process of evaluating the segments and focusing marketing efforts on a country, region, or group of people that has significant potential to respond
Demographic Segmentation
Based on measurable characteristics of populations such as income, population, age distribution, gender, education, and occupation
Global Teens
Young people between the ages of 12 and 19
Global Elite
Affluent consumers who are well traveled and have the money to spend on prestigious products with an image of exclusivity
Psychographic Segmentation
Grouping people in terms of their attitudes, values, and lifestyles
Behavior Segmentation
Focuses on whether or not people buy and use a product as well as how often and how much they use or consume
Usage Rates
Heavy, medium, light or non-user
80/20 Rule
Assessing usage rates. Suggests the eighty percent of a company's revenue or profits are accounted for by 20 percent of a firms products or customers
Benefit Segmentation
Focuses on the numerator of at the value equation: V=B/P. Understanding of the problem a product solves, the benefit it offers, or the issue it addresses, regardless of geography
Product Market
A market defined by a product category
Marketing Model Drivers
Key elements or factors required for a business to take root and grow in a particular country market environment
Enabling Conditions
Structural markets characteristics who's presence of absence can determine where the marketing model can succeed
Frist Mover Advantage
Conventional wisdom is that the first company to enter a market has the best chance of becoming the market leader
Standardized Global Marketing
Analogous to mass Marketing in a single country. It involves creating the same marketing mix for a broad mass market of potential buyers
Niche
A single segment of a global market
Differentiated Global Marketing
Entails targeting two or more distinct market segments with multiple marketing mix offerings
Global Consumer Culture Positioning
Defined as a strategy that identifies the brand as a symbol of a particular global culture or segment
Foreign Consumer Culture Positioning
Associates the brand's user, us occasions, or production origins with a foreign country or culture
Local Consumer Culture Positioning
Strategy that associates the brand with local cultural meanings, reflects the local culture's norms, portrays the brand as consumed by local people in the national culture or depicts the product as locally produced for local consumers