Refining Broad Markets

How might you refine broad market segments into focused target markets? Discuss at least three ways that you might segment markets when developing your target markets

By refining broad market segments we would break them down into different categories. Which is refined into a more focused market that would possibly look like a family tree. I have done this with my family tree. By breaking it down in sections allows us to see the broader part of the market that we are trying to sell our product too. Which will allow the owner to see what type of customer you are. Who made the product like the manufacturer which if they were interested in your product for promotional purposes. If car owner was interested in your product for recreational use of the product. The retailer would like to use your product to make a profit within their establishment. By dividing the product even further in the broader markets we are able to see the difference in monetary departments. Many business like these want to know how big the product is and what type of incentive it has to entice customer’s to purchase the product within these broader markets.

Foreign Markets

3) What might be the special problems of small businesses entering foreign markets? Discuss at least two problems that might be encountered. How might these problems be approached to create a successful marketing campaign? When might it be best to market a product or service only locally?
There are two significant problems that either a large or small business can run into when entering the foreign market place. Failing to adapt a product and to make it market appropriate can cause marketing issues for the business. Going through the wrong distribution channels will cause a desired product to never reach the destination that is intended. Many restaurants have different types of products on their menu’s depending on what type of customer’s they have coming into their establishment. Not every McDonald’s is going to have the same menu items that we have here in my home town. Every culture and every business has their own taste’s and marketing techniques. It is up to the business to know how to market to the right types of consumer’s in order to make the product a success. All business’s have different items for different types of customer’s. Waffle House serves eggs and different types of items to their customer’s while Cracker Barrel offer’s more with the dinner’s they serve. The whole idea behind being in business is attracting different types of people to your establishment and by offering items or products that will entice the consumer to come in. It will also give the word of mouth marketing that every company seeks to find from the customer’s. Finding that niche within the market will also help in getting the product or service to be a success.

Foreign Markets

When a company is looking at the foreign markets and selling their products within those markets the seller needs to be aware of the different cultures and customs or beliefs of that market. Many times people forget that all markets are not the same. What may be okay here in the United States may not be the same in another country. Researching is the main key into the success of a product aside from the price of the product which is just as important. I have seen many shops close down because they were in a conservative spot. A lingerie shop in a small town is not anything people want to see and as a matter of fact there used to be one in this small town but it moved to another county because of the commotion that it stirred. People around here are very conservative in their thinking and thought that it should not be allowed to be a business here. Most of the products that we purchase in the United States comes from another country which means that we will pay a higher cost for that product or service because it can be sold here for a higher price.