edf40wrjww2CF_PaperMaster:Desc
I. Cross-border market segmentation
The world economy has globalised. Believing that globalisation was the crucial end goal of a connected world, the number of companies that spend a great deal of time, attempt, and money preparing for global business has grown dramatically. As a result, there has been a growth of global brands in clothing, computers, and many other categories (Kotler, 2004). However, it is not a wise decision to target the world market as a whole since the consumers may differ in their wants, resources, locations, buying attitudes, and buying practices. Through market segmentation, companies divide large, heterogeneous markets into smaller segments that can be reached more efficiently and effectively with products and services that meet their unique needs.
Miller (1996) suggested that marketers must look for the common denominator in other countries that signal the potential for success in translating established offers across other borders in cross-border market segmentation. Seabolt (2006), on the other hand, defined cross-border segmentation, which segments customers on consumer preferences independent of geography. The above verifications indicate that marketers are advised to target the customers that share the relatively homogenous characteristics and geographical borders are no longer relevant. Nike, for instance, after dominating the US market successfully expands its business across the border. The shoe maker company executes Nike’s World Shoe project by launching a shoe line designed specifically for poor people in Asia, Africa, and Latin America (Hammond and Prahalad, 2004).
II. Global youth culture
To older generation, youth s ...