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International Marketing - Essay Example

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International Marketing Table of Contents International Marketing 1 Table of Contents 2 Market Feasibility Study 3 Segmentation and Target Market 4 Demographical Segmentation 4 Geographical Segmentation 5 Socioeconomics 7 Psychographic 7 Behavior 8 Marketing Mix 9 Product Strategy 9 Place 9 Price 10 Promotion 10 Recommendations 12 References 13 Market Feasibility Study The juice market of the USA is based on health platform…
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Download file to see previous pages In the year 2000, almost 44% of fruits were devoted to juice industry and the business is even expected to grow in future. Among all the juices, orange juice is the most accepted one which covers almost 60% of the juices. The people of the USA prefer to maintain their health and thus choose vitamin, mineral and other nutrients drink as their healthy diet (Thor and Savitry 2001). Source: (Thor and Savitry 2001). Segmentation and Target Market For developing any business, market segmentation is the vital element which can manage the target customers. In the juice business, the target customers will be divided according to geographical, demographical, socioeconomics and psychographic variables (Croft 1994). Demographical Segmentation Boost Juice will focus on every age groups of customer but the primary targets of Boost Juice would be fitness conscious middle-age customers, young customers and teenagers. The first segment is predominantly the adult customers. These types of customers are adequately health conscious and they fall under the age group of 25–32 years. They are not much price sensitive and are always ready to pay the solicited price. These types of customers normally spend above average and do not prefer to bargain much. The second category consists of those customers who are very much health conscious. These customers fall under the age group of 18–25 years. They prefer healthy, nutritious and less calorie drinks. They want to control their cholesterol and fat. These customers are dieters and fitness professionals. The third demographic segmentation is young teenage customers of the age group between 14 to 18 years. These types of customers are not health conscious and prefer taste to health. These customers are in between adult and child age group and thus they prefer to consume adult drink without sacrificing the taste (Pania et al 2006). Geographical Segmentation The second type of segmentation is geographical segmentation. Based on geography, the target market will be segmented in two ways, one will be region-wise and other will be area-wise. The region-wise segmentation will be further divided into two sub segmentations. The first segmentation will be Northeast region of the US. The reason for choosing Northeast region is because of the fact that juice consumption of orange was large in that region according to data of 2001. The people of Northeast region prefer orange drink more than other regions of the US. Per Capita Consumption of Orange in 2001 Source: (Pollack, Lin and Allshouse 2003) The second segmentation will be the south region. The reason for choosing this region is that the per capita consumption of apple juice was highest out there according to 2001 data. It had been observed that people of south region prefer apple juice more than other regions. Per Capita Consumption of Apple in 2001 Source: (Perez, Lin and Allshouse 2001) In case of area-wise segmentation, the market is divided into three sub segments: metropolitan, sub urban and rural. The first target market will be concentrated on sub urban areas of the US. The reason for choosing sub urban areas is that almost 47% of people reside in sub urban areas and the rest 53% people live in metropolitan and rural areas. So demand for processed fruit products is higher in the sub urban areas. The second target customer will be the people of ...Download file to see next pagesRead More
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