International Management Term Paper

Tags: target market social media small business brand loyalty marketing mix consumer behavior marketing business behavior brand lifestyle alcohol geography college money university advertising

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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.

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Psychographic targeting can actually influence the product itself, as is the case with automobiles, where automakers will sometimes try to build vehicles that appeal to particular psychographics, if those groups are large enough.

The final segment is behavior, which can be different from psychographic. 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….....

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References

All Business (2018) What demographics and psychographics mean for small business marketing. All Bustiness.com. Retrieved August 28, 2018 from https://www.allbusiness.com/what-demographics-and-psychographics-mean-for-small-business-marketing-426-1.html

Investopedia (2018) Brand loyalty. Investopedia. Retrieved August 28, 2018 from https://www.investopedia.com/terms/b/brand-loyalty.asp

Paliwoda, S. (2007) The marketing challenges within the enlarged single European market. European Journal of Marketing Vol. 41 (3/4)
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