Question

The goal of global market segmentation is to break down a new foreign market for a product or a service into different groups of consumers so the firm can:_____.

Answer 1

The goal of global market segmentation is to break down a new foreign market for a product or a service into different groups of consumers so the firm can tailor its marketing mix to each individual segment.

More about marketing mix:

The marketing mix is the collection of activities, or methods, that a business employs to sell its brand or merchandise. A typical marketing mix is comprised of the four Ps: price, product, promotion, and place. Today, however, the marketing mix is progressively including several more Ps as essential mix components, such as Packaging, Positioning, People, and even Politics.

Price mix is the cost incurred by the company to deliver a product to the customer. Product mix exemplifies the nature of the good that the company is selling to the customer. Place mix is the method used to distribute the goods at a time and place that are convenient for the consumer.

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