International Marketing Essay

8416 WordsDec 11, 201334 Pages
Chapter 7 Sharpening the Focus: Target Marketing Strategies and Customer Relationship Management Chapter Overview As small children, we are often taught to treat everyone alike. But after reading this chapter, students will quickly learn that this strategy doesn’t work in marketing. The goal of marketing is to create value and satisfy needs. However, everyone’s needs are not the same. Understanding needs is a complex task. In this chapter, students learn why segmentation is important and the different dimensions used by marketers to segment the population. How marketers evaluate and select potential market segments is explained as is the development of a targeting strategy. Students understand how a firm develops and implements a positioning strategy and creates a customer relationship management strategy to increase long-term success and profits. After careful study, students will learn that it’s not only okay to treat people differently but is a requirement in successful marketing. Chapter Objectives • Understand the need for market segmentation in today’s business environment. • Know the different dimensions marketers use to segment consumer and industrial markets. • Explain how marketers evaluate and select potential market segments. • Explain how marketers develop a targeting strategy. • Understand how a firm develops and implements a positioning strategy. • Know how marketers practice customer relationship management to increase long-term success and profits. Chapter Outline 1. Decision Time at Reebok Reebok became known in the 1980s primarily for its aerobics shoes. Women were buying the shoes but not men. At the same time, Nike became known as the shoe for champions, signing world-class athletes to endorse its shoes. Reebok was slow to react and saw its overall market share quickly decline. To

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