INTERNATIONAL MARKETING STRATEGIES: ORIENTATIONS, SEGMENTATION, AND TARGETING

International marketing strategies are essential for businesses that wish to leverage their resources and expand internationally. These strategies involve orientations, segmentation, and targeting of markets in different countries in order to maximize profits and gain access to new markets. Orientation involves determining how a company should be marketing its products and services to customers in different nations and selecting strategies that will allow a company to perform successfully in those markets. Common orientations include expansion strategies, localization strategies, and global standardization. Segmentation is the process of diving an international market into different groups based on demographic, geographic, and/or psychographic characteristics. For example, a company may choose to segment their consumer base based on gender,location, or lifestyle. Targeting is the process of selecting which segments of the international market to focus marketing efforts on. Companies may choose to target high-income consumers, consumers in high-growth markets, or those that have the greatest brand loyalty. In order to maximize profits and gain market access, companies must carefully consider the orientations, segmentation, and targeting decisions that can lead to success in their international markets.