Companies utilize market segmentation to meet the needs of various consumer preferences. It is difficult, if not impossible, for one company to meet the needs or wants of every customer.
Describe three (3) ways that the global marketing approach to segmentation differs from the domestic marketing approach to segmentation (possible classifications: geography, culture, language, political, wealth, population, age, macro, micro, etc.).
Next, determine the main advantages or disadvantages that a regional marketing strategy has compared to a global marketing strategy.
Marketers use demographic information to segment markets because it is widely available and often related to consumers’ purchasing and consumption behavior.
List five common bases used by marketers for demographic segmentation. For each base listed, give an example of a product specifically targeted to the needs and wants of the segment identified within the base.
Question: Does marketing reflect the needs and wants of consumers or does marketing shape consumer needs and wants?
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