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Problem

Assume you are the marketing vice president for a firm selling interior lighting equipment. How might you go about segmenting your markets on a worldwide basis?

Step-by-step solution

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Step 1/3

The marketing vice president of a firm selling interior lighting equipment faces the challenge of segmenting the global market to effectively target and position their products.

Step 2/3

The following steps can be followed to segment the global market:

1. Identify the market: Define the target market and gather data on consumer behavior, cultural differences, and market conditions.

2. Conduct market research: Use surveys, focus groups, and other research methods to gather information on consumer needs and preferences.

3. Evaluate segmentation variables: Consider demographic, psychographic, geographic, and behavioral factors to determine the most relevant segmentation variables for the global market.

4. Develop market segments: Based on the segmentation variables, develop market segments that are distinct and homogeneous.

5. Evaluate segments: Evaluate the size, growth rate, profitability, and accessibility of each segment to determine which segments to target.

6. Select target segments: Select the target segments that offer the best opportunity for success and align with the firm's marketing objectives.

Step 3/3

Segmenting the global market is a complex process that requires a comprehensive understanding of consumer behavior, cultural differences, and market conditions. By conducting market research, evaluating segmentation variables, developing market segments, and selecting target segments, the marketing vice president of the interior lighting equipment firm can create a successful worldwide marketing strategy that effectively targets and positions their products in the global market.