Asia Customer Segmentation Research
The notion of what makes up a market is changing. Soon we may no longer define markets by country as borders lose their meaning. Thus, the standard way of splitting up global markets has also begun to lose impact.
What is Asian Customer Segmentation Research?
Market Segmentation is the strategy by which a firm divides a market. These submarkets or segments are likely to respond to marketing inputs similarly. The goal is to find the segments on which a firm can focus its efforts and resources. In that way, it can achieve success as it starts selling to that market.
Companies need a go-to-market strategy if they want to do better than the other sellers of the goods or services they provide. This strategy will allow them to create a global brand position. Asian market segmentation research should respond to global market trends melting away the borders between countries. It also allows people to enjoy the same culture at the same time.
Why is Asian Market Segmentation Research Important?
Are you interested in selling to Asian consumers? Then you need to know that global segmentation is a thorny issue. Firms need help with embracing global marketing strategies. They use the same system across national borders to get cost reductions. There are many key issues in selling to Asian consumer markets. One is to develop segments of buyers in different countries. These should be the segments likely to show similar responses to marketing efforts. Still, there has been a recent upsurge in interest in Market Segmentation. Asia Customer Segmentation has become another key issue in cross-border marketing research. It helps companies that target Asian countries.
Why Businesses Need Asian Customer Segmentation Research
In 1996, researchers Susan Tai and Jackie Tam found striking contrasts in a study. For this study, they compared ethnic Chinese consumers in Hong Kong and Singapore. The leading ethnic group in both areas was Chinese. This study shows why firms need customer segmentation research. The Singapore residents tended to be more home-oriented. They placed a higher value on higher learning. They were also more concerned about the environment.
In contrast, Hong Kong residents were more fashion-conscious. They also had a more gloomy outlook on the future economy. Firms doing business in both locales can come up with further Go-to-Market Strategies. They can tweak them to find what will work well for each one.
Firms need a broad view of segmentation to achieve a winning position on the world market. Thus, they can form what is known as strategically equivalent segments. These segments transcend national borders. Such firms base their marketing strategy on the premise that world markets consist of similarities and differences that exist across and within markets. The best strategy reflects full knowledge of that premise.
Key Success Factors in Asian Customer Segmentation Research
One of the key success factors in Asian consumer research is good benchmarks. Cultural factors and consumer values are two examples. These factors have a strong impact on product ratings for non-durable goods. Examples of these goods include food, drinks, cosmetics, and medical substances.
Another key success factor is knowing the value of popular culture. And what is popular culture? Most people accept the general and universal culture type of the era. The mass media, such as radio, TV, film, and newspapers, deliver popular culture to the public. Popular culture then forms new trends in beliefs or lifestyles. We see the effects of the spread of popular culture across borders. Furthermore, consumer groups who pursue similar buying behaviors and lifestyles are growing. That shift is taking place even though they live in different countries.
About Asian Customer Segmentation Research
Asian customer segmentation research is helpful. It helps firms to find ways of looking at the market. It does so without the constraint of always seeing cultural differences as a barrier. Instead, it can help firms compete with each other on a global scale. Moreover, all planners should examine market segments from this standpoint. It can enable them to take a much more unified approach to their Market Entry Research.