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The keywords that denote diagram templates in this segment are: Circular process diagram PowerPoint, Circular flow chart, circular flow diagram, circular diagram model and PowerPoint cycle. After you segment buyers and develop a measure of consumer insight about them, you can begin to see those that have more potential. Ita€™s not already swamped by competitors, or you have found a way to stand out in a crowd. Most firms tailor their offerings in one way or another to meet the needs of different segments of customers.
Some firmsa€”especially smaller ones with limited resourcesa€”engage in concentrated marketing.
MicrotargetingmicrotargetingThe process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to market to them., or narrowcasting, is a new effort to isolate markets and target them.
Firms that compete in the global marketplace can use any combination of the segmenting strategies we discussed, or none at all. Most companies, however, tailor their offerings to some extent to meet the needs of different buyers around the world. Pizza Hut has franchises around the world, but is products, their packaging, and advertising are tailored to different markets.
Sellers are increasingly targeting consumers in China, Russia, India, and Brazil because of their fast-growing middle classes.
Other strategies for targeting markets abroad include acquiring (buying) foreign companies or companies with large market shares there. Why might it be advantageous to create low-cost products for developing countries and then sell them in nations such as the United States?
The diagrams in this template help you explain steps in a circular process or looped process.
For example, the middle class of India is growing rapidly, making it a very attractive market for consumer products companies.
Accessibility, or the lack of it, could include geographic accessibility, political and legal barriers, technological barriers, or social barriers. Consider TerraCycle, which has made its mark by selling organic products in recycled packages.
Mass marketing is also efficient because you dona€™t have to tailor any part of the offering for different groups of consumers, which is more work and costs more money. Because these organizations dona€™t have all their eggs in one basket, they are less vulnerable to competition.
A microcosm of the targeting strategies used in global markets is shown in FigureA 5.9, a€?Targeting Strategies Used in Global Marketsa€?. To tap the Indian market, Kraft made a bid to buy the candymaker Cadbury, which controls about one-third of Indiaa€™s chocolate market.

However, because the countrya€™s population is so large (nearly 1.5 billion people), more cars are sold in China than in Europe (and in the United States, depending upon the month).
People under thirty make up the majority of the Indian population, fueling the demand for a€?Bollywooda€? (Indian-made) films. However, after the marketplace became crowded with competitors, IBM sold the product line to a Chinese company called Lenovo. For example, to overcome geographic barriers, the consumer products company Unilever hires women in third-world countries to distribute the companya€™s products to rural consumers who lack access to stores.
Fertilizer made from worm excrement and sold in discarded plastic beverage bottles is just one of its products. For example, the growing number of people too old to travel have the option of moving into one of Marriotta€™s a€?Senior Living Servicesa€? facilities, which cater to retirees who need certain types of care. If youa€™re a seller of a metal like iron ore, you might sell the same product across the entire world via a metals broker. Mattel has created thousands of different Barbie offerings designed to appeal to all kinds of people in different countries.
Companies tailor products not only for different countries but also for different customers in different countries. Likewise, to compete against Corona beer, the Dutch brewer Heineken recently purchased Mexicoa€™s Femsa, which makes the beer brands Dos Equis, Tecate, and Sol.[105] However, some countries dona€™t allow foreign firms to buy domestic firms.
A multisegment marketing strategy can allow a company to respond to demographic and other changes in markets, including economic downturns. It wouldna€™t be a good idea for TerraCycle to open up a polluting, coal-fired power plant, no matter how profitable the market for the service might be.
If a competitor comes along and offers these groups a product (or products) that better meet their needs, you will lose business. A multisegment strategy can also help you weather an economic downturn by allowing customers to trade up or down among your brands and products. Concentrated marketing can be a risky strategy because you really do have all of your eggs in one basket. Microtargeting involves gathering all kinds of data available on peoplea€”everything from their tax and phone records to the catalogs they receive. The broker would worry about communicating with customers around the world and devising different marketing campaigns for each of them.
For example, Procter & Gamblea€™s China division now offers products designed for different local market segments in that country.
Suppose you take a pay cut and cana€™t afford to stay at Marriotta€™s Ritz-Carlton hotels anymore.
Brazilians are extremely looks-conscious and increasingly able to afford cosmetic products as well as plastic surgery.[103] So attractive are these countries that firms are changing how they develop goods and services, too.

Other regulatory and cultural barriers sometimes prevent foreign firms from a€?invadinga€? a country. Boone Pickens, an oil tycoon who is attempting to develop and profit from the wind-power market. A room at a JW Marriotta€”the most luxurious of the Marriott-brand hotels but cheaper than the Ritza€”is available to you. Traditionally, many North American auto parts makers have supplied parts exclusively to auto manufacturers.
For a fee, Acxiom can provide you with a list of Hispanic consumers who own two pets, have caller ID, drive a sedan, buy certain personal care products, subscribe to certain television cable channels, read specified magazines, and whose income and education are within a given range.[101] Clearly, microtargeting has ethical implications. IKEA, the Swedish home-furnishings maker, eventually left Russia because it found it too hard to do business there. Microtargeting, or narrowcasting, is a new, effort to a€?super targeta€? consumers by gathering all kinds of data available on peoplea€”everything from their tax and phone records to the catalogs they receive. A multisegment strategy can also help you deal with the product life cycle issues discussed in ChapterA 2, Strategic Planning. But when General Motors, Ford, Chrysler, and other auto companies experienced a slump in sales following the recession that began in 2008, the auto parts makers found themselves in trouble. Data privacy issues will be discussed more in ChapterA 14, Customer Satisfaction, Loyalty, and Empowerment.
Firms that compete in the global marketplace can use any combination of these segmenting strategies or none at all. Now, says Govindarahan, companies are creating low-cost products to capture large markets in developing countries and then selling them in developed countries. Having saturated other markets, the hamburger chain is hoping to continue to grow by opening hundreds of new stores in the country.
Acera€™s $250 laptop and General Electrica€™s ultrainexpensive $1,000 electrocardiogram device are examples.
Firms are creating low-cost products to capture large markets in developing countries such as these and then selling the products in developed countries.
Other strategies for targeting markets abroad include acquiring foreign companies or forming partnerships with them.

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