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Qualifying Market Market segments must be qualified Qualified markets have three characteristics: 1. Need or desire for the product 2. Ability to pay for the product 3. Authority to purchase *In some countries teens don’t have the ability or the authority
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Identifying Markets
Market Segmentation Pre Quiz
A market segment is a group of individuals or organizations that share similar characteristics Customers in the same segment will have the same response to
Product designPriceDistribution methodPromotional campaign
When you expand internationally your target markets tend to shift Jeeps are targeted to off-roaders in America but not in Europe
Qualifying Market
Market segments must be qualified
Qualified markets have three characteristics:1. Need or desire for the product2. Ability to pay for the product3. Authority to purchase*In some countries teens don’t have the ability or the authority
Qualifying Markets
Business markets are qualified the same way Need, Ability, & Authority
Industry includes businesses that produce similar products Same industry, same product needs
Segmentation Strategies
International Marketers follow three strategies:
Businesses look for profitable situations with low risk
Segmentation Strategy
What Occurs Why Implement?
Undifferentiated Segmentation Strategy(Mass Marketing)
All customers are viewed the same Market is too small to target, brand is dominant, or a small group uses the majority of the product
Concentrated Segmentation Strategy
Business focuses on one clearly defined market
Little competition in the marketplace
Differentiated Segmentation Strategy
Company targets two or more segments with unique strategies
Large or growing markets
Market Segmentation Variables
Consumer Market Variables
Factors
Demographics Age, race, income, education, genderCultural (Psychographics) Lifestyles, values, attitudes, etc…Geographics Climate, Economic Development, Product Usage (Behaviorial) How frequently a product is used, benefits of
product
Marketers pay close attention to trends when making decisions
Ads typically reflect the ideal lifestyle, not current ones
Industrial Markets
Segmentation Factor Examples
Type of organization Business size, ownership, geographic location, & the amount of product being used.
Industry being served Product categories and product benefitsIf selling to high schools, the needs are similar regardless of location
Purchasing situation Stage of the buying process & factors that affect the buying process such as culture. Example: First time customer versus Regular customer
Trading Blocs Look at industrial markets by country groups • Target countries in CAFTA, NAFTA, & EU
Domestic International Markets
United States can target international markets within America Asian-American Hispanic-Americans
Geographical Ties Polish population in Chicago Arab population in Dearborn, MI
Assignments
P. 109 Look at the characteristics that make up the Asian-American &
Hispanic-American population in the United States. Draw a picture of each group that illustrates at least 4 traits of that
population group. Label each picture based on the population you are identifying Include at least one image that reflects a geographical area that cater to
each group Example: Hispanics are popular in the southwest, Illinois, & New York.
Cuba & The United States
President Barack Obama will ease sanctions imposed against Cuba under the U.S. embargo
Video looks at life in Cuba from a baseball players perspective
https://www.youtube.com/watch?v=dHBws98Iv-I