Product’s attributes dan market segmentation

Summary

This video lecture introduces the concepts of global marketing strategies, focusing on key topics like product adaptation, distribution strategies, and market segmentation. The lecturer, Abu Diandra, explains how companies must adjust their marketing mix to suit local cultures and markets when expanding internationally. Key elements discussed include product features, pricing strategies, promotional techniques, distribution channels, and segmentation based on demographics, social culture, and psychology. The importance of aligning marketing strategies with local needs and behaviors is emphasized, providing essential knowledge for students of international business.

Takeaways

• 😀 Marketing strategies need to adapt products to the culture, preferences, and market demands of each destination country.
• 😀 Distribution strategies vary depending on the target country and its unique business environment.
• 😀 Choosing the right distribution strategy is crucial for the success of global marketing efforts.
• 😀 Effective communication is essential in international business; understanding both verbal and non-verbal barriers is important.
• 😀 The four key elements of the Marketing Mix are Product, Price, Place, and Promotion, which guide global marketing efforts.
• 😀 Product development should focus on meeting consumer needs and differentiating from competitors in international markets.
• 😀 Promotion involves convincing, influencing, and reminding consumers about the existence and benefits of a product.
• 😀 Distribution (Place) refers to how and where products are made available to consumers, including sales locations and ease of transaction.
• 😀 Price should reflect the value perceived by consumers and consider factors like discounts, competitor pricing, and customer expectations.
• 😀 Market segmentation helps businesses target specific consumer groups based on demographics, social culture, and psychology.
• 😀 Segmenting markets based on demographic factors (like age, gender, income, location) helps tailor marketing strategies more effectively.

Q & A

What is the focus of the lecture in international business?

The lecture focuses on global marketing strategies, including how companies should adjust their marketing mix and distribution strategies based on the target country, as well as understanding market segmentation in international business.

What does 'product-market fit' mean in the context of global marketing?

Product-market fit refers to the alignment between a product and the local market. It ensures that the product is suitable for the target country's culture, preferences, and needs.

What are the four key elements of the marketing mix?

The four key elements of the marketing mix are: 1) Product, 2) Price, 3) Place (distribution), and 4) Promotion.

Why is 'promotion' an important element in the marketing mix?

Promotion is important because it helps inform and persuade consumers about the product, creating awareness and driving sales. It includes messaging, delivery methods, timing, and the influence of competitors or endorsers.

How does the element of 'place' or distribution play a role in global marketing?

Place refers to the channels through which the product is delivered to consumers. In global marketing, it involves considerations such as location, transaction ease, access for customers, and how competitors distribute similar products.

How is pricing determined in international business?

Pricing in international business is influenced by several factors, including perceived value, local market conditions, competitor prices, and consumer willingness to pay. It must be adapted to meet local expectations while remaining competitive.

What is market segmentation and why is it necessary in global marketing?

Market segmentation is the process of dividing a market into distinct groups based on factors like demographics, socio-cultural characteristics, and psychological traits. It's essential for tailoring marketing strategies to different consumer needs and behaviors in diverse international markets.

What are the main factors involved in demographic segmentation?

Demographic segmentation includes factors such as gender, age, income, ethnicity, race, and location. These factors help businesses identify specific target groups for their products in different markets.

How do socio-cultural factors affect market segmentation?

Socio-cultural factors include social class, values, religion, and lifestyle. These factors influence how consumers perceive products and what they prioritize, making it important to adapt marketing strategies to align with local cultural preferences.

What challenges do companies face when marketing globally, compared to local marketing?

Global marketing is more complex because it requires understanding and adapting to different cultural, economic, and legal conditions in various countries. Companies need to adjust their marketing strategies to fit the diverse needs and preferences of international markets.