Lynn University Stages of International marketing Involvement Discussion Watch the above videos and then write a 1 to 2 page paper. On what the speakers ad
Lynn University Stages of International marketing Involvement Discussion Watch the above videos and then write a 1 to 2 page paper. On what the speakers addressed and how it relates to the stages of international marketing. Your paper should be in APA format.You may need to push the Play button to begin the video.Video link Global Marketing 392
Dr. Carmen Castro
Associate Professor of International Business
Lynn University
Learning Outcomes
To understand the Stages of International
Marketing Involvement.
To understand the Global Economic
Environment.
To Understand the World´s Economy and
how it affects Global Marketing.
Stages of International Marketing
Involvement
Discussing the four phases of international
marketing involvement. According to Cateora,
Gilly and Graham (2011) the four phases of
international marketing involvement are (1)
infrequent foreign marketing, (2) regular
foreign marketing, (3) international marketing,
and (4) global marketing.
Stages of International Marketing
Involvement
Infrequent Foreign marketing: Temporary
surpluses caused by variations in production
levels or demand may result in infrequent
marketing overseas.
Stages of International Marketing
Involvement
Regular Foreign Marketing: At this level, the firm
has permanent productive capacity devoted to the
production of goods to be marketed
in foreign markets. A firm may employ foreign or
domestic overseas intermediaries or it may have
its own sales force or sales subsidiaries in
important markets.
Stages of International Marketing
Involvement
International Marketing – is the application
of marketing principles to satisfy the varied needs
and wants of different people residing across the
national borders. Simply, the International
Marketing is to undertake the marketing activities
in more than one nation.
Stages of International Marketing
Involvement
Global Marketing is defined as the process of
adjusting the marketing strategies of your
company to adapt to the conditions of other
countries. … If a business chooses not to extend
internationally, it can face domestic competition
from international companies that are extending
their international presence.
Market Segmentation and International
Marketing
International Market Segmentation and Bases
of International Market Segmentation.
International market segmentation, thus, is the
process of dividing the total market into one or
more parts (submarkets or segments) each of
which tends to be homogeneous in all significant
aspects.
What are the 4 types of Market
Segmentation?
Types of Market Segmentation:
1) Demographic segmentation.
2) Behavioral segmentation.
3) Psychographic segmentation.
4) Geographic segmentation.
Why do International Markets need
to be Segmented?
International Market Segmentation has become
an important issue in developing, positioning, and
selling products across national borders. It helps
companies to target potential customers at
the International-Segment level and to obtain an
appropriate positioning across borders.
What are the 5 Market Segments?
Characteristics of a market segment
include interests, lifestyle, age, gender, etc.
Common examples of market segmentation
include geographic, demographic,
psychographic and behavioral.
What are the basis of Market
Segmentation and explain its types?
It describes the human characteristics of
consumers. To define a market segment,
psychographic segmentation plays a crucial role.
In it, consumers are classified into market
segments on the basis of their personality, attitude,
values, self-image, interests, opinions, lifestyle,
etc.
What are the methods of Market
Segmentation?
Demographic Segmentation divides
the market on the basis of demographic
variables like age, gender, marital status,
family size, income, religion, race, occupation,
nationality, etc. This is one of the most common
segmentation practice among the marketers.
How do you identify Market
Segments?
Market Segmentation is the process of
breaking down a larger target market into
smaller segments with specific characteristics.
Here are three steps to follow when
identifying your market:
Identify Why A Customer Would Want To Buy
Your Product/Service.
Segment Your Overall Market.
Research Your Market.
Marketing: Segmentation – Targeting Positioning
Five Modes of Entry Into Foreign Markets
Selling on the Internet. Internet selling is the
fastest and easiest way to capture a share of
a foreign market. …
Exporting Your Goods. Exporting goods is
another fast way to tap foreign markets.
Franchising and Licensing.
Pursuing Joint Ventures.
Five Modes of Entry Into Foreign Markets
Methods of Entering International
Markets
Segmenting, Targeting and
Positioning (STP)
Segmentation comprises identifying the market to be
segmented; identification, selection, and application of
bases to be used in that segmentation; and development
of profiles.
Targeting is the process of identifying the most attractive
segments from the segmentation stage, usually the ones
most profitable for the business.[2]
Positioning is the final process, and is the more
business-orientated stage, where the business must
assess its competitive advantage and position itself in
the consumer’s minds to be the more attractive option in
these categories.[2]
The Process-data Model
A generic process-data model is given for the whole
process of segmenting and positioning as a basis
of deciding on the most effective marketing strategy
and marketing mix. This model consists of the three main
activities: segmenting, targeting and positioning. It shows
the chronological dependency of the different activities. On
the right side of the model the concepts resulting from the
activities are shown. The arrows show that one concept
results from one or more previous concepts; the concept
can not be made when the previous activities have not
taken place. Below the three main activities are shortly
described as well as their role as a basis for the next step
or their dependency on the previous step.
The Process-data Mode
Segmenting
Segmenting a market has widely been debated
over the years as researchers have argued over
what variables to consider when dividing the
market. Approaches through social, economic and
individual factors, such as brand loyalty, have been
considered[3] along with the more widely
recognized geographic, physiographic,
demographic and behavioral variables proposed
by Philip Kotler.[4]
Segmenting
Segmenting a market, therefore, is a process
of organizing the market into groups that a
business can gain a competitive advantage in.
They must, however, avoid over-fragmenting the
market as the diversity can make it difficult to
profitably serve the smaller markets.[5] The
characteristics marketers are looking for are
measurability, accessibility, sustainability and
actionability.
Segmenting
Measurability The understanding of size, purchasing
characteristics and value needs of a particular segment
Accessibility The ability to communicate with the
segment in an effective manner
Sustainability The segment is profitable enough to
differentiate itself from other segments in the market
and maintains the value the business offers.
Actionability The capability of an organization to
create a competitive advantage with its offering in the
specific segment of the market[5]
Segmenting Approaches
There are two approaches to segmenting a market a
discovery approach or an analytic approach. Each
approach is appropriate to the type of business and market
they are approaching.[6]
An analytic approach is a much more research and
data based approach, where two sets of information are
derived and used to segment the market.[5]
The discovery approach is more suited to a market
with a limited customer base, and the process of
discovering segments is based on interest in the offer or
a similar offer the business may be able to provide.[5]
Creating Segments
Market-segmentation research has the power to identify the
target consumers an organization should prioritize and
target. Market Segmentation can be achieved with 5 steps
focusing on the core elements of the segmentation.
Step 1: Define your target market, trends and scope of
segmentation – It is important to target the target market
for the product being sold as consumers that are not within
the target market are variables that do not provide any
useful information for your organization. It is important to try
and comprehend why the customer is within this specific
segment. What are their goals or purpose for being within
this market? What are they likely to be chasing within this
segment?
Creating Segments
Step 2: Perceptual Mapping and Market Mapping “A market map defines the distribution and value added
chain between final users and suppliers which takes into
account the various buying mechanisms found in a market,
including the part played by ‘influencers'”. (Mcdonald, M.,
Dunbar, I. 2012). Market Mapping is essential to correctly
determine the specific market that should be analyzed and
the people who should be segmented. This model aids the
identification of target consumers from Suppliers,
Distributors, Retailers and Final Users. This includes the
high potential market segments and what the size of it is.
Creating Segments
Step 3: Construct a Model of the market – A market is composed of
customers who have spending trends that are different from those of
other people. It is important to identify these trends and how they come
into play within your market model. Transactions made can offer a lot of
information about the consumer and it is important that this information
is utilized in order to gain the greatest knowledgeable advantage
available to your organization. “It requires you to record the key
features sought by the market when deciding between competing
offers. These are selected from the actual product and services on offer
(what is bought) and from the options presented by where it can be
bought when it is bought and how”. (Mcdonald, M., Dunbar, I. 2012).
Creating Segments
Step 4: Identifying Segments – Consumers at this stage
can be examined and observed to reveal key information
that drives their consumerism. After selecting attractive
micro segments it is important to think about the Key
discriminating features for these segments. What needs
need to be fulfilled? This question is imperative to selecting
the right segment as the need of the customer is reflected
in their Decisive Buying Criteria. “Decisive buying criteria
are the attributes of a purchase that customers evaluate
when choosing between alternative offers.” (Mcdonald, M.,
Dunbar, I. 2012)
Creating Segments
Step 5: Segmenting – Similar micro segments can be
grouped as bigger segments if they satisfy the same
need, segments must comprise only features that are the
almost the same or extremely similar.
Consumers can now be grouped via their characteristics
to form a ‘segment’. These characteristics include all
information that was obtained during steps 1-4 to create
specific segments of consumers that all have the same
kind of needs, wants, and benefits received from the
specific product within their segment.
Targeting
Targeting is a follow on process from segmentation, and is
the process of actually determining the select markets and
planning the advertising media used to make the segment
appealing.[6] Targeting is a changing environment.
Traditional targeting practices of advertising through print
and other media sources, has made way for a social media
presence, leading a much more ‘web-connected’ focus.[7]
Behavioral targeting is a product of this change, and
focuses on the optimization of online advertising and data
collection to send a message to potential segments.
Positioning
Positioning is the final stage in the ‘STP’ process and
focuses on how the customer ultimately views your product
or service in comparison to your competitors and is
important in gaining a competitive advantage in the
market.[8] Therefore, customer perceptions have a huge
impact on the brands positioning in the market. There are
three types of positioning that are key in positioning the
brand to a competitive advantage; these are functional
positioning, symbolic positioning, and experiential
positioning.[8
Industrial Market Segmentation
B2C and B2B – The process described above can
be used for both business-to-customer as well as
business-to-business marketing. Although most
variables used in segmenting the market are
based on customer characteristics, business
characteristics can be described using the
variables which are not depending on the type of
buyer. There are however methods for creating a
positioning statement for both B2C and B2B
segments.
Understanding Economic Systems
in Global Marketing
In order to succeed and have a very successful career in
Global Marketing you must understand the different kinds
of Economic System in order to learn how to better market
your product or services. Definition of economic system:
An organized way in which a state or nation allocates its
resources and apportions goods and services in the
national community.
The Four Types of Economies
There are four different types of economies;
traditional economy, market economy,
command economy and mixed economy. Each type of
economy has It’s own strengths and weaknesses.
Traditional Economic System
Command Economic System
Market Economic System
Mixed Economic System
Types of Economic Systems?
Questions
References
Moutinho, L., “Segmentation, Targeting, Positioning and Strategic Marketing,” Chapter 5 in Strategic Management in Tourism,
Moutinho, L. (ed), CAB International, 2000, pp. 121166
Jump up to:a b c Bowen, John (1998). Market segmentation in hospitality research: no longer a sequential process.
Jain, S C (1993). Marketing, Planning and Strategy. Cincinnati, OH, United States: South-Western Publishing Co.
Kotler, Philip (1997). Marketing Management Analysis, Planning, Implementation, and Control. New Jersey: Prentice Hall
International.
Jump up to:a b c d e f g Vitale, Robert; Giglierano, Joseph (2002). Business to Business Marketing. Mason, Ohio: South-Western
publishing.
Jump up to:a b c Levens, Michael (2012). Marketing: Defined, Explained, Applied. New Jersey: Pearson Education Inc.
Jaworska, Joanna; Sydow, Marcin (2008). Web Information Systems Engineering – WISE 2008. Warszawa: Springer Berlin
Heidelberg. pp. 6276.
Jump up to:a b c d e Klever, Alice (2009). Behavioural Targeting: An Online Analysis for Efficient Media Planning?. Hamburg,
Germany: Diplomica Verlag.
Kotler, Philip (1999). Kotler on Marketing: How to create, win and dominate markets. New York, United States: The Free Press.
References
https://www.coursehero.com/…/Discuss-the-four-phases-of-international-marketing-invo…
https://www.citeman.com/7460-stages-of-international-marketing-involvement.html
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priyankablogthoughts.com/international-market-segmentation-and-bases-of-internationa…
https://www.marketing91.com/4-types-market-segmentation-segment/
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https://www.feedough.com/market-segmentation-definition-basis-types-examples/
https://edwardlowe.org/how-to-identify-a-target-market-and-prepare-a-customer-profile/
https://www.youtube.com/watch?v=0srjdRDh99Y Market segmentation and positioning in Global Marketing
https://www.google.com/search?q=methods+of+entering+international+markets&tbm=isch&source=iu&ictx=1&fir=2pmsiTbJUh0TxM%2
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https://budgeting.thenest.com/five-modes-entry-foreign-markets-25303.html
https://www.youtube.com/watch?v=drK_S95gCJU Methods of Entering International Markets
References
https://en.wikipedia.org/wiki/Segmenting-targeting-positioning
https://www.youtube.com/watch?v=5xgwYRX19VU University Now Economic Systems
https://www.intelligenteconomist.com/types-of-economies/
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