consumers with similar characteristics‚ wants‚ and needs. Few organizations are big enough to satisfy the needs of an entire market. Most companies are forced to split the total demand into several segments and select only those that they are best equipped to handle. Experts suggest that a market segment should be: Easily and clearly identifiable Measurable Accessible by promotion‚ communication and distribution channels Different in its response to a marketing mix Stable (not changing too quickly)
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of spare parts due to economies of scale. The other advantage of standardization is a strong brand image. International uniformity creates customer`s awareness of your product and loyalty. For example‚ no matter in which country I bought a watch Rolex I can be absolutely sure in its quality. As for adaptation in my opinion‚ this strategy is widely used and can be utilized by all companies in the world. This marketing strategy implies that new products are based on modification or some improvement
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1. Introduction Luxury can be defined as an indulgence rather than a necessity. It comes with a heavy price and only the up-market population can afford to enjoy it. This does not make the market any smaller or short of demand. The luxury goods market include- fashion‚ fragrances‚ watches‚ automobiles‚ drinks etc. The size of the market was US$ 175bn and grew at 7.9% in 2000 and faced its first recession in 6 yrs in 2009 where the growth went down to about 3% in 2008‚ due to the financial crisis
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Week four MKT Assignment 1. What are benefits to firms that decide to engage in global marketing? The benefits to firms that decide to engage in global marketing is that they get additional revenue‚ get insight into consumer behavior‚ alternative distribution strategies‚ and advance notice of new product. Also‚ they acquire new approaches to distribution‚ or clever new promotions that they may apply successfully in their domestic market or in other international markets. 2. Why is a nation’s
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She won 13 Double Grand Slam Title and hasn’t lost anything so far. In her career she has won 3 gold medals in the Olympics. She won a gold in Sydney‚ Beijing‚ London. She has won three awards which was the WTA newcomer of the year‚ Tennis Magazine/Rolex Rookie of the year and WTA Most Improved Player of the Year.
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The simplest gifts are the best ones; a thought spoken so often yet continues to remain true to this day‚ why this is the case is a difficult concept to grasp. After all humans by their very nature are complex beings & in the 21st century we are taught to toil over our work so we can splash our cash on the latest gadgets & gismos‚ gifts which are far from simple.` Yet my best gift & most treasured possession by far was a handmade‚ created from scratch card made by my friend for the Eid celebration
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brands have loyal customers and are successful and reliable in market. Sophistication: Sophisticated brands are those brands which targets upper class and have charming look. They promote executives and decent style. Example: Mercedes and Rolex both brands have similar image in customer’s mind‚ both offer luxury and charm. These both brands target upper class and their advertisements are not for everyone‚ there advertisements are very rare and in some specific regions.Their customers are
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The first factor goes to compensating wages differentials which arises due to non-monetary characteristics of different jobs. Jobs considered intrinsically less attractive compared to average jobs will tend to pay higher wages. For example‚ coal miners who work at high risk due to unpleasant working environment are paid more than others with similar levels of education. Besides that‚ odd working hours such as night shifts pays negative compensating differentials as well. The second factor is
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Competitive advantage and strategy for Diversification * External and Internal Analysis and Competitive Advantage Considerations for Present Strategy: * Cost (low cost?) * Quality (superior quality?) * Customer based (broad or narrow segment) * Product-distribution (logistic‚ inventory strategy) Performance can be evaluated by * Growth of sales * Acquiring new and retaining existing customers * Profit margin * Trends on return on investment (ROI) * Efficiency in production
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The History of Marketing Aims: * The origins and development of the marketing concept * Definitions of marketing and marketing orientation * The role of marketing in adding value to the firm * Marketing: “Marketing is the activity‚ set of institutions‚ and processes for creating‚ communicating‚ delivering‚ and exchanging offerings that have value for customers‚ clients‚ partners‚ and society at large.” American Marketing Association‚ 2007 * * History: * The Three
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