BSB126 Study Guide - Niche Market, Sales Promotion, Global Marketing

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20 Jan 2017

Document Summary

Protectionism - practice of shielding one or more industries within a country"s economy from foreign competition through tariffs or quotas. Multi-domestic marketing strategy - multinational firms have as many different product variations, brand names and advertising programs as countries in which they do business. Global marketing strategy - used by transnational firms to standardise marketing activities when there are cultural similarities and adapts them when cultures differ. Market segmentation is the process of dividing the total market for a good or service into several smaller, internally homogenous groups. Differences in the way the good or service is used. Different motives for buying it is dangerous to treat all customers the same. Business users - use in business, make other product or resell. Geographic segmentation divides the market based upon the geographic distribution of the population. Demographic segmentation uses the vital statistics that describe a population (age, ethnicity, social class).