Discussion: Segmentation
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
1.Read the article "The Biggest Thing since China." (Jones e-global library®: LexisNexis Academic). For directions to access this article, refer to the Readings page.
2.(Optional) You might also find " Young, Connected and Muslim" an interesting addition. (Jones e-global library®: Business Source Premier)
3.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.
4.Answer the following questions:
a.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.
b.Which segmentation approaches might be viable and why? Please discuss.
c.Which country or country-clusters might you recommend?
d.What additional information might you relay to the manager at your next meeting?
e.What insights have you gained from this exercise that you can apply to your course project and/or your current professional situation, respectively?