Global Marketing Essay Example | Topics and Well Written Essays - 1000 words

Global Marketing - Essay Example egments, selecting one or more attractive market segments and deciding on the appropriate and effective market strategies to implement in these segments. The next step following target marketing is positioning, which refers to the process of creating a brand image, in consumers’ minds, that is unique, distinct and clearly different from that offered by competitors. Successfully positioning relies on the development of effective differentiation strategies. Differentiation is an aspect of marketing that entails development of unique strategies, which are difficult for competitors to imitate. There are several bases and approaches to market segmentation (Lynn, 2011). Firstly, marketers may use demographic variables including income, age, gender and education level. Secondly, marketers may use psychological variables including values, opinions, attitudes and interests. Thirdly, behavioral variables such as channel usage, brand preference, purchase frequency and media habits may also be used. Fourthly, segmentation may also be based on geographic variables including nation, state, region or neighborhood type. Dibb (1999) observes that apart from these variables, marketing experts also determines the attractiveness of the various market segments in relation to the responsiveness of customers to the marketing strategies, accessibility of the segments in terms of product distribution and communication, size and stability of the segment. Havaldar (2005) observes that market segmentation process involves three key steps namely market research, segment analysis and creation of segment profiles. Market research involves collection of relevant and appropriate information about the market. Typical information collected includes buyer purchase considerations, current and future market needs, competitor information and customer buying behavior. Once market data is collected, Havaldar argues that it is necessary to analyze and refine this information using analysis tools such