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Market, Segmentation. Strategy and Product

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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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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