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Using examples of your choice, explain the importance of segmentation as a marketing tool. Discuss its effectiveness in the context of a developing country of your choice.

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Introduction

International and Global Marketing Module Coordinator: Mr. Mohammed Boussouara Essay Topic: Using examples of your choice, explain the importance of segmentation as a marketing tool. Discuss its effectiveness in the context of a developing country of your choice. Student name: Tsouris Ioannis M/N: B00119873 TABLE OF CONTENTS Introduction .......................................................................................... 2 The Importance of Segmentation................................................... 3-5 Segmentation effects in Bangladesh....................................................6-8 Conclusion ............................................................................................. 8 References ...........................................................................................9-10 Introduction Segmentation has been described as "the subdividing of a market into distinct subsets of customers, where any subset may conceivably be selected as a target market to be reached with a distinct marketing mix (Kotler, 1980)". Marketing theory indicates that customers display heterogeneity in their product and service requirements and buying behavior (Assael and Roscoe, 1976; Blattberg and Sen, 1976; Kalwani and Morrison, 1977; Wind, 1978). Market segmentation includes activities designed to attract customers with relatively homogeneous buying requirements in groups or segments. Market segmentation appears because it is necessary to balance different customer needs with the capabilities and resources of competing organizations in the marketplace. In most markets the breadth of customer requirements is quite extreme to allow single organizations to satisfy customer and service needs. Companies are more likely to accomplish a match between their particular assets and the dissimilarity of needs by concentrating efforts on customer groups with fairly homogeneous requirements (Choffray and Lilien, 1978; Webster, 1991). ...read more.

Middle

The key point of differentiation is its looks. As Steve Jobs, Chief executive at Apple, explains, 'if you look at it, our industry has done a pretty poor job of listening to its customers in the consumer market. The industry sold big, ugly beige...boxes that took up desks and everything else.' The result was the colourful, curvaceous all-in-one iMac. No consumer could mistake the distinctive design of the new product. As a result more than 2 million units have been sold and Apple's market share in the USA has risen to 11 per cent. Apple had to create a Competitive advantage and succeed it. A firm wants to develop customers in the segments that are most profitable by giving the customers in those segments what they want and communicating with them, in language that they can understand that we have done so. If we are able to do this in a way that keeps customers whom we do not want to attract from seeing or hearing our communications and thus staying away, so much the better. That is why Yavitz and Newman in another context have called "the right person and the right carrot". So, we need to be after the correct segment of customers and the correct offering. ...read more.

Conclusion

Second, how can companies get government supervision of companies so that they serve the needs of consumers in a better way. Finally, what can Bangladeshi companies themselves do in the area of conformance with product quality expectations of consumers, supply of more and reliable information to consumers and creating consumer oriented companies. Also, consumer confidences in locally produced products over foreign ones need to be established. Of course, there is a need for concerted promotional campaigns for the purpose of educating the public about the virtues and distinguishing features of domestic products over imported ones. The only way to do this is improving domestic product attributes to make them as equally acceptable and desirable as the foreign made products. Conclusion International segmentation studies have applied a wide range of segmentation bases and have provided preliminary data of consumer segments that exist in different countries. The globalization forces now at work push many companies to extend or reorganize their marketing strategies across borders and target international segments of consumers. It was one of the purposes to review a piece of the international market segmentation literature and to mention the segmentation as a marketing tool. I tried to describe the case study of Bangladesh in short, to illustrate and integrate the various issues and conclude with suggestions for future research to stimulate further advances concerning the segmentation process in this beautiful country. ...read more.

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