WK 3 DB 1
Prior to beginning this discussion, please read Chapter 7: Segmentation, Targeting, and Positioning. Global marketers must know whether a standardized or an adapted marketing mix is required to best serve consumer wants and needs. By performing market segmentation, marketers can generate the strategic insights needed to devise the most effective approaches. The process of global marketing segmentation begins with the choice of one or more variables to use as a basis for grouping customers.
In your initial post,
· Explain market segmentation variables and use a company as an example for that type of segmentation.
· Explain what variables were used by your mentor company (chosen during your Week 2 Global Marketing Plan Part 1 assignment) for segmenting the market and discuss your rationale for each.
· Analyze your mentor company’s targeting and positioning strategy in the region you chose.
Your initial discussion post should be 250 words and must reflect at least two theories or frameworks discussed in the text (do not forget in-text citations). Cite your textbook and any other sources used to support your ideas. You may refer to University of Arizona Global Campus Writing Center’s APA StyleLinks to an external site. resource for assistance.
Guided Response: Review several of your peers’ posts. Respond to at least two of your fellow students’ posts in a substantive manner. Each peer response should have a minimum of 100 words.
Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum. Continue to monitor the discussion forum until Day 7, and respond with robust dialogue to anyone who replies to your initial post.
Week 3 Lecture
Welcome to Week 3. This week our focus is on market segmentation variables and targeting and positioning strategies, in addition to looking at importing, exporting and sourcing.
Let’s start off by defining market segmentation and the variables that play a role in targeting and positioning strategies. According to Trackmaven (2019), “market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.” (para 1). The variables that are applicable in relation to market segmentation consist of several elements. As stated by Kokemuller (2019), “within each chosen strategy, certain variables contribute to the development of specific segments of customers with similar qualities” (para 1). These variables include; demographics, lifestyles and psychographics, geographic’s, and behavioristic. In terms of targeting and positioning strategies, “by arranging a company’s target market into segmented groups, rather than targeting each potential customer individually, marketers can be more efficient with their time, money, and other resources than if they were targeting consumers on an individual level” (Trackmaven, 2019, para 3).
Below are two videos that shares more on market segmentation variables.
Market Segmentation IntroductionLinks to an external site.
Types of Market Segmentation: Behavioral and Psychographic | Udacity Links to an external site.
The next section we will be focusing on is importing, exporting, and sourcing. It is good to know that “importing is also referred to as global sourcing” (Lardbucket, 2011, para 13). What is importing and exporting? According to Lumen Learning (n.d.) “exporting is defined as the sale of products and services in foreign countries that are sourced or made in the home country. Importing is the flipside of exporting. Importing refers to buying goods and services from foreign sources and bringing them back into the home country. Importing is also known as global sourcing” (para 3) . So why would a company be interested in importing or exporting? As stated in Lumen Learning (n.d.) “exporting is an effective entry strategy for companies that are just beginning to enter a new foreign market. It’s a low-cost, low-risk option compared to the other strategies. These same reasons make exporting a good strategy for small and midsize companies that can’t or won’t make significant financial investment in the international market” (para 5).
Here is a great video on exporting basics: the export process overview that was created by the International Trade AdministrationLinks to an external site. .
Exporting Basics: The Export Process Overview Links to an external site.
References
International Trade Administration. (2016, Oct. 18). Exporting basics; the export process overview Links to an external site. [Video]. Youtube. https://youtu.be/ExMvzRkTKqg
Karlsson, Logi. (2012, Jul 30). Market segmentation introduction Links to an external site. [Video]. Youtube. https://youtube.com/watch?v=luEQUFWJ6oY&feature=youtu.be
Kokemuller, Neil. (2019). Market segmentation variables & characteristicsLinks to an external site. . https://smallbusiness.chron.com/market-segmentation-variables-characteristics-69263.html
Lardbucket. (2011). Exporting, importing, and global sourcingLinks to an external site. . https://2012books.lardbucket.org/books/challenges-and-opportunities-in-international-business/s13-exporting-importing-and-global.html
Lumen Learning. (n.d.). Importing and exporting, and global sourcingLinks to an external site. . https://courses.lumenlearning.com/suny-internationalbusiness/chapter/9-1-what-is-importing-and-exporting/
Udacity. (2016, May 1). Types of market segmentation; behavioral and psychographic/Udacity Links to an external site. [Video]. Youtube. https://youtu.be/zumYa-gC0BI
Required Resources
Text
Green, M. C., & Keegan, W. J. (2020). Global marketing (10th ed.) . Pearson.
· Chapter 7: Segmentation, Targeting, and Positioning
· Chapter 8: Importing, Exporting, and Sourcing
· Chapter 9: Global Market-Entry Strategies: Licensing, Investment, and Strategic Alliances
· The full-text version of this ebook is available in your online classroom through the VitalSource platform. Chapter 7 discusses the variables that global marketers can use to segment global markets and how global marketers use a product–market grid to make targeting decisions. Chapter 8 discusses the various payment methods that are typically used in trade financing. In addition, this chapter looks at the stages a company goes through and the problems it is likely to encounter as it gains experience as an exporter. Chapter 9 discusses the factors that contribute to the successful launch of a global strategic partnership. Chapter 7 will assist you in your Segmentation Analysis for Target Marketing discussion forum. Chapter 8 and Chapter 9 will assist you in your Importing, Exporting, and Market Entry Strategies discussion forum this week
Multimedia
Business Insider India. (2020, Nov. 5). How to build your personal brand on Linkedin? Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?app=desktop&v=G7p_Rk3LdCM
· This video provides information about how to build your personal brand and will assist you in your Personal Branding Activity Part 1 journal this week. This video has closed captioning and a transcript. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
Schinkten, O. (2021). Digital footprint: Build your brandLinks to an external site. [Course video]. In Learning LinkedIn for students. LinkedIn. https://www.linkedin.com/learning/learning-linkedin-for-students-2021/digital-footprint-build-your-brand-8349590?autoplay=true&resume=false
· This video from the LinkedIn course Learning LinkedIn for Students contains tips for building your brand, and will assist you in your Personal Branding Activity Part 1 journal this week. This video has closed captioning and a transcript. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
Schinkten, O. (2021). Search for jobsLinks to an external site. [Course video]. In Learning LinkedIn for students. LinkedIn. https://www.linkedin.com/learning/learning-linkedin-for-students-2021/search-for-jobs-8348628?autoplay=true&resume=false
· This video from the LinkedIn course Learning LinkedIn for Students contains resources to help with conducting job searches and will assist you in your Personal Branding Activity Part 1 journal this week. This video has closed captioning and a transcript. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
Webpages
Marr, B. (2015, June 2). How to create a killer LinkedIn profile that will get you noticed Links to an external site. . LinkedIn. https://www.linkedin.com/pulse/how-create-killer-linkedin-profile-get-you-noticed-bernard-marr
· This webpage article discusses ideas for how to create a LinkedIn page that can generate more views and will assist you in your Personal Branding Activity Part 1 journal this week. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
University of Arizona Global Campus. (n.d.). Career ServicesLinks to an external site. . https://www.uagc.edu/student-experience/career-services
· This webpage provides various resources to aid with career development and will assist you in your Personal Branding Activity Part 1 journal this week. Accessibility StatementLinks to an external site. Privacy Policy doesLinks to an external site.
Websites
CanvaLinks to an external site. . (n.d.). https://www.canva.com/
· This website will allow you to design your own business card, which will assist you in your Personal Branding Activity Part 1 journal this week. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
LinkedIn Links to an external site. . (n.d.). http://www.linkedin.com/
· This website provides information about your personal brand and will assist you in your Personal Branding Activity Part 1 journal this week. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
QR code generator Links to an external site. . (n.d.). https://www.qr-code-generator.com/
· This website provides information about how to create your own QR code and will assist you in your Personal Branding Activity Part 1 journal this week. Accessibility Statement does not exist. Privacy PolicyLinks to an external site.
Supplemental Material
University of Arizona Global Campus Career Services. (2021, March 15). Create an effective LinkedIn profile Links to an external site. [Handout]. https://content.bridgepointeducation.com/curriculum/file/e7917569-6968-4959-8cbb-69feaeb3ab69/2/Create%20an%20Effective%20LinkedIn%20Profile.pdf
· This document serves as an outline to guide you when creating/editing a LinkedIn profile and will assist you in your Personal Branding Activity Part I journal this week. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
Recommended Resources
Multimedia
Schinkten, O. (2021). Learning LinkedIn for students Links to an external site. [Open course]. LinkedIn. https://www.linkedin.com/learning/learning-linkedin-for-students-2021
· This course contains video resources that provide tips for using LinkedIn and may assist you in your Personal Branding Activity Part 1 journal this week. These course videos have closed captioning and a transcript. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
Webpage
LinkedIn. (n.d.). Jobs Links to an external site. . https://www.linkedin.com/jobs/
· This website provides information about job descriptions and hiring information, and may assist you in your Personal Branding Activity Part I assignment this week. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
Websites
CareerBuilder Links to an external site. . (n.d.). https://www.careerbuilder.com/
· This website provides information about job descriptions and hiring information, and may assist you in your Personal Branding Activity Part I assignment this week. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
IndeedLinks to an external site. . (n.d.). https://www.indeed.com/
· This website provides information about job descriptions and hiring information, and may assist you in your Personal Branding Activity Part I assignment this week. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.
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