Market Segmentation

Assignment 4.1: Discussion: Segmentation (SEE ATTACHMENT)

As we have seen in Module 4, when globalization is contemplated, the most natural marketing approach is to look for similar countries and segments. But careful market research still needs to be done.

In this assignment, you will look at a major transnational business opportunity—the growing number of affluent Muslim consumers around the world. You will explore how to use research-based segmentation strategies in serving this market.

Procedure
Read the article “The Biggest Thing since China.” (Jones e-global library®: LexisNexis Academic). For directions to access this article, refer to theReadingspage.(Optional) You might also find “Young, Connected and Muslim” an interesting addition. (Jones e-global library®: Business Source Premier)Now, imagine that a senior manager has also read this article. This manager is excited about the prospect of new opportunities, and wants you to provide a first sketch of ideas on where and how to start marketing to the Muslim youth market. Use a product or service your company provides; if this is not appropriate, think this through for a consumer electronics product of your choice.Answer the following questions:How will you approach the market research to develop ideas on market choice and segmentation? Please comment on the kinds of data you might need and your methods of obtaining them.Which segmentation approaches might be viable and why? Please discuss.Which country or country-clusters might you recommend?What additional information might you relay to the manager at your next meeting?What insights have you gained from this exercise that you can apply to your course project and/or your current professional situation, respectively?Please post your comments to the Forum by the middle of the week (Wednesday).Read the posts from your peers.Respond to at least two of your peers’ posts, asking a follow-up question or making a substantive comment related to the content of this module.Answer any questions directed to you by your peers or instructor.

Answer preview

Effective and efficient markets are a product of market choice and segmentation. The market choice has the right target customer market. Ideas on market choice and segmentation are crucial in order to determine the right marketing mix strategies for each market segment. The market research should be able to identify the different kinds of ways through which markets can be segmented in order to maximize opportunities and be able to handle threats that come up with segmentation. The market choice and segmentation should target the Muslim customers. On the basis of psychographics, the market research should focus on the lifestyle of the Muslims to maximize the opportunities of providing goods and services that fit their lifestyle. On the basis of the behaviors of the target market, the market research should consider whether most Muslims are online shoppers or shopping centre customers………………….

WORD COUNT:693WORDS

FORMAT:APA