Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Marketing Management
1. In a perfect world, a marketer wants to understand the target market as much as possible. Typically, only knowing one type of information about the target market is necessitated by data deficiency in the other areas.
Demographic information has the most obvious use cases, such as when the product is designed specifically for a target group, and would be relatively useless for others. An example of this might be if you are selling something that is specifically targeted at seniors – you want to know that seniors are buying, but also where and how to reach them. Products that target specific ethnic groups are another good example – if you import an unusual spice from West Africa that nobody else knows what to do with, the ideal scenario is to target an area with a lot of West African people. Another use case would be products like alcohol that have age restrictions. You have to market alcoholic beverages, typically, in a way that specifically does not appeal to minors.
Geographic segmentation's normal use case is for a small business. Where it would be awkward or onerous to sell outside of a certain geography, a business would want to ensure basic geographic targeting to avoid attracting customers it could not serve.
Psychographic targeting refers to targeting based on people's lifestyles and behaviors. There are some products where lifestyle-based marketing is most effective. This can be a means to differentiate a product in a field where there is otherwise not much differentiation. Psychographic targeting...
An example of this might be a crossword or Sudoku book. The behavior of the purchaser is to typically buy on impulse, so these books are sold adjacent to the checkout at the grocery store, or in airports and train stations – the product only appeals to people working off of certain behavioral cues, and that makes a big difference in the marketing of the product.
2. The first major segmentation that is required in Europe is by language group. Many companies that package in Europe simply choose to produce one package for all of Europe, where key things on labels are provided in all EU languages. Paliwoda (2007) points out that when the EU expanded it created a much more diverse Europe, forcing marketers to rethink their approach to the common market.
However, marketing in different countries goes beyond simply having more languages on the label. Each European country will have its own sets of consumer behavior and its own preferences with respect to distribution, advertising and other elements of the marketing mix. Thus, the best approach is to be narrower with geography, usually focusing on one of the larger markets and then expanding from there.
The second means of segmentation should be by psychographic, though this might depend on the country. If you are…
International Management The European Union is "a unique economic and political partnership between 27 European countries" (EU, 2012). The European Union describes its objectives are relating to the idea that "countries who trade with one another become economically interdependent and so more likely to avoid conflict" (Ibid). There are a number of stated objectives. The first is "to promote human rights both internally and around the world," including human dignity, freedom,
International Management: Managing Global Virtual Teams The global fiber optic network and the internet have played a key role in the development of long-distance communication, which has facilitated work interactions among people from all over the world. It offers global platforms through which people can, at the touch of a button, share work and knowledge, compete, play and collaborate with colleagues across national borders. The creation of virtual teams is one
Differences in international orientation include ethnocentric, polycentric, geocentric, and regiocentric. Each of these has varying levels of recognition of how diverse one culture is relative to another with the ethnocentric mindset being the most biased towards ones' own culture being the best. The one that sees a more accurate view of globalization is polycentric which sees the unique values of each culture on its own merits. Globalization has also seen
International Management When businesses go international, they have to face a number of issues and challenges from their external environment. The international business environment is much more complex and multifaceted than local environment. Business organizations have to deal with a number of environmental forces that directly or indirectly affect their business operations. These forces include political forces, economic forces, social, cultural, and demographical factors, technological forces, and competitive forces (Loudon, Stevens,
Global organizations occasionally put forth great labors to administer their expatriate workers while on an overseas job, but show modest concern for their repatriation, which should at all times be part of the entire course (Trudel, 2009). Coping with matters that are not related to work is a characteristic of Human Resource Management (HRM) that is more pertinent to expatriate HR function rather than domestic HR functions. In a study
International Management The cultural tourism is a part of cultural industry and it promotes cultural products of travelers as cultural practice (Craik, 1995; 87; Prentice, 2001). This tourism format is well thought-out as an organization which covers diverging activities. Traditional building or sites are of attraction for the tourists and this is used as an incentive by the cultural tourism industry. These buildings had their own distinct past but nowadays it is