International marketing - segments and research
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How might a market be segmented? Why is it important to segment a market? What is the difference between a segment and a niche? Is it possible to have a market segment of one individual? If so, how? If not, why not?
What are the goals of marketing research? Why is marketing research important? What are some of the different types of marketing research?
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Solution Summary
This solution discusses questions regarding international marketing. It discusses the importance of market segmentation and research.
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How might a market be segmented?
A market may be segmented based on many factors, such as:
- Geography: Location of the customer relative to the organization. The population of the market area.
- Demographics: Age, gender, ethnicity, occupation, education and marital status
- Behavioral: Price sensitivity, brand loyalty, customer expectations, and usage rate of a product.
- Psychographic: This includes religion, values, lifestyle and attitudes.
Why is it important to segment a market?
When markets are segmented, an organization is able to better identify and meet customer needs. They will be able to identify what each customer needs within any ...
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