Segmentation, Targeting, and Position, Chapter 7, Global Marketing, Part 3
Terms in this set (30)
Conventional wisdom is that the first company to enter a market has the best chance of becoming the market leader.
First company to enter a market often makes substantial investments in marketing only to find that a late-arriving competitor reaps some of the benefits.
Ample evidence suggests that late entrants into global markets can also achieve success
One way they do this is by benchmarking established companies and then outmaneuvering them, first locally and then globally.
A company review of current and potential product offerings in terms of their suitability for the country market or segment
This assessment can be performed by creating a product-market grid that maps markets as horizontal rows on a spreadsheet and products as vertical columns.
After evaluating the identified segment in terms of segment size and growth rate, potential competition, and feasibility
A decision is made whether to pursue a particular opportunity.
If the decision is made to proceed, an appropriate targeting strategy must be developed.
The three basic categories of target marketing strategies are standardized marketing, concentrated marketing, and differentiated marketing.
Standardized Global Marketing
Analogous to mass marketing in a single country.
Standardized Global Marketing involves creating
The same marketing mix for a braod mass market of of potential buyers.
Standardized global marketing, also known as undifferentiated target marketing, is based
On the premise that a mass market exists around the world and that mass market is served with a marketing mix of standardized elements.
With standardized global marketing, product adaptation
Is minimized and a strategy of intensive distribution ensures that the product is available in the maximum number of retail outlets.
Appeal fo standardized global marketing
Lower production costs, which is true of standardized global communication.
A single segment of the global market
Concentrated Targeting is the strategy employed by the hidden champions of global marketing
Companies unknown to most people that have succeeded by serving a niche market that exists in many companies.
Hidden champions of global marketing define their markets
Narrowly and strive for global depth rather than national breadth
Differentiated Global Marketing, also known as multisegment targeting
Represents a more ambitious approach than concentrated target marketing. Entails targeting two or more distinct marketing segments with multiple marketing mix offerings, which allows a company to achieve wider market coverage.
The act of differentiating a brand in customers' minds in relation to competitors in terms of attributes and benefits that the brand does and does not offer.
Positioning is the process of developing
Strategies for "staking out turf" or "filling a slot" in the mind of target customers.
General Positioning Strategies include positioning by
Attribute or benefit, quality and price, use or user, or competitor.
Global consumer culture positioning, local consumer culture positioning, and foreign consumer culture positioning
Three other general positioning strategies that recent research has identified and are particularly useful in global marketing
Foreign Consumer Culture Positioning
In global marketing, it may be deemed important to communicate the fact that a brand is imported.
Foreign Consumer Culture Positioning, in global marketing, it may be deemed important to communicate the fact that a brand is imported.
Quality and Price can be thought of in terms of
A continuum from high-fashion/quality and high price to good value (rather than "low quality") at a reasonable price.
Marketers sometimes us the phrase "transformation advertising"
To describe advertising that seeks to change the experience of buying and using a product to justify a higher-price/quality position.
Use or User represents how a product
Is used or associates the brand with a user or class of users.
Implicit or explicit reference to competitors
Can provide the basis for an effective positioning strategy.
Global consumer culture positioning is a strategy that can
Be used to target various segments associated with the emerging global consumer culture.
Global Consumer Culture Positioning
A strategy that identifies a brand as a symbol of a particular global culture or segment.
Global Consumer Positioning, a strategy that identifies a brand as a symbol of a particular global culture or segment.
Global Consumer Culture Positioning has proven to be an effectie
Strategy for communicating with global teens, cosmopolitan elites, globe-trotting laptop warriors who consider themselves members of a 'transnational commerce culture" and otehr groups.
Certain categories of products lend themselves especially well to Global Consumer Culture Positioning (GCCP)
High-tech and high-touch products are both associated with high levels of customer involvement and by a shared "language" among users.
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