Summary
Globe Marketing - Keegan and Green - Chapter 7 (Summary)
- Institution
- Kings College London (KCL)
- Book
- Global Marketing
Book: Global Marketing by Keegan and Green Summary: Chapter 7
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Week 3 – International MarketingChapter 7 – Segmentation, Targeting and Positioning
Global Market Segmentation
- Definition: process of identifying specific segments – whether they be country groups
or individual consumer groups – of potential customers with homogeneous attributes
who are likely to exhibit similar responses to a company’s marketing mix
- Consumers in different countries increasingly seek variety; same new segments are
likely to show up in multiple national markets (pluralization of consumption and
segment simultaneity) opportunity to pursue one or more segments on a global
scale
- Companies attempt to identify consumers in different countries who share similar
needs and desires; but, adapt to consumer e.g. pizza can be found in many countries;
toppings are adjusted
Contrasting Views of Global Segmentation
- By performing market segmentation, generate insights needed to decide on whether
to use standardized or adapted market segmentation
- Process of global market segmentation begins with choice of one or more variables
to use as a basis for grouping customers
Demographic Segmentation
- Based on measurable characteristics of populations such as income, gender,…
- Market strategies need to be adjusted in response to aging population and other
demographic trends opportunities for marketing innovation
- First categories fall under demographic segmentation
Segmenting global markets by income (most important variable) and population
- While providing some measure of market potential, macro-level demographic data
should not be used as sole indicator of presence/absence market opportunity
- Actual purchasing power of local currency may be much higher than that implied
by exchange values
- For products whose price is low enough, population is a more important variable
than income in determining market potential
- Keep in mind that national income figures are averages possibility to
underestimate a market’s potential; do not assume homogeneity
Age segmentation
- One global segment based: global teens (12 – 19 years old): shared interest in
fashion, music,…; exhibit consumption behavior that is remarkably consistent
across border
- Global elite: affluent consumers who are well traveled and have money to spend
Gender segmentation
Based on the book ‘Global Marketing’ by Warren J. Keegan and Mark C. Green
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