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Market, Segmentation. Strategy and Product

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1. Distinguish between a generic market and a product-market. Provide an example.

2. In your own words, explain several reasons why marketing managers should consider international markets when evaluating possible opportunities.

3. Explain what market segmentation is.

4. Discuss the impact of the new teen cycle on marketing strategy planning in the U.S.

5. Explain why mobile consumers can be an attractive market. What products would you market to them?

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Please see the attached file, also presented below.

RESPONSE:

Now, let's look at these questions.

1. Distinguish between a generic market and a product-market. Provide an example.

A market is the set of all individuals and organizations that are actual or potential buyers of a product or service. This is considered the generic market. In other words, a generic market is where the target scope is broad (i.e., industry wide). To a marketer, a market is the set of all individuals and organizations that are actual or potential buyers of a product or service. This is referred to as the product-market. In other words, thus the marketer limits market to mean the buyer side of the economist's definition of market; the seller side is called the industry or competition. The marketer wants to know several things about the market, such as its size, purchasing power, needs, and preferences. In other words, product-market is where the target scope is narrowed (i.e., market segmentation). Best to use multiple approaches in order to identify smaller, better-defined target groups. Start with a single base and then expand to other bases (e.g., a company identifies and targets the affluent for luxury goods or when Honda markets its Reflex and Elite scooters, it appeals to the rebellious, independent kid in all of us).

See http://www.quickmba.com/strategy/generic.shtml for more detail.

2. In your own words, explain several reasons why marketing managers should consider international markets when evaluating possible opportunities.

- Recently, many of the international trade barriers have fall
- International opportunities provide competitive advantage
- Therefore, a well-designed global strategy can increase a competitive advantage (e.g. efficiency, strategic, risk, learning, and reputation are source of competitive advantage that need to be part of the overall strategy - see http://www.quickmba.com/strategy/global/) so the company must ...

Solution Summary

This solution discusses several marketing concepts e.g., distinguishes between a generic market and a product-market by example, provides reasons why marketing managers should consider international markets when evaluating possible opportunities, defines market segmentation, explains the impact of the new teen cycle on marketing strategy planning in the U.S., and why mobile consumers can be an attractive market. What products would you market to them.

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See Also This Related BrainMass Solution

New Products, Foreign Markets, and Market Segmentation

1. New product development: What is the most important thing to consider in new product development? Why? Why is it necessary to evaluate the new product idea at each and every stage of the development process? How can marketers best promote consumer adoption of a new product?

2. Foreign markets: What are some factors companies need to consider before attempting to enter foreign markets? If you were to set up a market program for a product in a foreign country, what should you take into consideration? What advertising strategy would you develop for the promotion of a new product. What are some things you should consider?

3. Differentiate brand extension from line extension Please identify a recent (1) brand extension and (2) line extension that you have seen and discuss the effectiveness of that brand. How could you maximize the odds of creating that effectiveness for each extension as a marketer?

4. Please choose an organization: e.g. Apple, Microsoft, Nike, etc. and discuss the market segmentation within that industry. Also discuss the target market of the selected company and the selection process for that target market. Please include the following:
- demographics, psychographic, geographic, behavioural characteristics for the target market for the selected company
- a positioning statement for the company with careful consideration of their brand and strategy
- demonstration of understanding of market segmentation for the selected company
- apply an understanding of customer behaviour to determine target market
- demonstrate an understanding alignment between company strategy and marketing decisions.

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