Discussion Questions VI Essay Example | Topics and Well Written Essays - 750 words

Discussion Questions VI - Essay Example Market segmentation is a division of the population of consumers into identifiable segments. So within each segment are people with shared characteristics. This makes it easier to identify their needs and wants and identify market opportunities, as the purpose of a segmentation system is to target consumers better. This can affect the product, price, promotion and place in the marketing strategy. One of the determinants of the effectiveness of such an approach is the homogeneity of the segment in terms of consumer behavior. â€Å"The process by which managers make decisions about segmentation in the international consumer market† (Craft, 2004) is therefore an important part of the strategy of segmentation. Segmentation can be made along geographic, demographic, economic, technological or cultural lines. Multinational and global market challenges in any segment must be faced with strategic planning considerations. We shall discuss these in relation to segmentation based on cultural differences and analyze product branding, advertising and promotion for different cultural segments with rationale and examples. A segmentation system based on culture divides consumers according to their customs and traditions, language, beliefs, values, religion, and so on. Subcultures can also be a consideration for further precise segmentation. These aims affect strategic planning considerations involving â€Å"market demographics, sales channels, operational implementation, and adaptable approaches to niche markets currently being served or targeted.† (Bauman, 2002) Planning enables the decision makers to see greater opportunities arising out of the non-traditional core markets. It also makes them evaluate their core competencies, skill sets, product development, competitive advantages, and so on. This then also has implications â€Å"for functional tasks such as the sales planning and advertising† (Dix, 2002) and product branding. Product branding in China presents a