The Effectiveness of Marketing Segmentation and Targeting in a Global Market

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Effectiveness of Marketing Segmentation and Targeting In a Global Market

Introduction

Impact of Globalization on Trade and Commerce

Trade and commerce these days , unlike in the past , are no more restricted by geographical boundaries . The regional fences , which were once the greatest barriers for businesses to prosper into new regions have now almost liquidated . Brands , these days , are invited to initiate their operations by different countries providing several benefits which at times are not even provided in the home

country . With the extreme trend of globalization , it is not just feasible for firms to take their products into the new geographical regions , while at the same time there are enterprises that are moving towards outsourcing Outsourcing is the underlying phenomenon when organizations give out their non-core operations to firms where these operations are their core-operations for many reasons however , there are two reasons that stand out . Firstly , the firms , outsourced to , are specialized in these operations the second reason derives from the first one , that since they are specialized and have bulk processing of the same task going on it is easier for them to achieve economies of scale . Therefore outsourcing means better quality at lower cost for any enterprise Outsourcing can not just be of the operations apart from the core manufacturing processes , however , it may include the later as well . With the growing competitions , firms need to cut down cost , therefore , there may be real life examples where by a firm originating in the US may have its manufacturing plant working in China and the products being sold all over or in any part of the world . In such a scenario , rationally , the firm 's presence becomes rather synonymous to that of a distributor (intermediary ) rather than the traditional manufacturer

Reaching Global Markets

Global markets can be reached by any means of production it doesn 't matter that the production facility is placed in the home town or abroad , the basic reason for such strategic move is to cut down cost This cutting of cost can be translated to reduced cost of production lesser transportation cost , ease of laws and regulations , port facilities , etc however , the bottom-line remains the same that the manufacturer would now be incurring lesser costs . Once the production facility is placed outside the hometown , the firm has already taken a strategic step towards reaching the global market as the products are there . The task that remains incomplete is the fact that the product is just produced , it is not promoted , nor distributed , and neither is priced in the local market . On the contrary , an enterprise producing a product in its hometown may decide on going global by having is distributed , priced and promoted to the international markets . At this point , both the hometown producer and the international producer stand at the same point , ignoring the transportation of goods for the hometown producer to the target country

Importance of 4P 's

Now what stands most important...