bentley Essay - 1168 Words

International market segmentation is the dividing of market into segments, this allow marketers to effectively determine whether business can thrive in a particular area. Segmentation is based on four factor namely geographical, psychographic, demographic and lastly behavioral segmentation. Geographical segmentation refers to grouping markets geographically such as nations, states or cities. Psychographic segmentation is the dividing of buyers into groups based on lifestyle or social class/status. Demographic segmentation uses factors like age, gender, occupation and etc to separate markets into groups. Last but not least, behavioral segmentation, this kind of segmentation divides buyer into groups by their knowledge about particular†¦show more content†¦Bentley uses different kinds of market segmentation to segment their international market. By using variables like nation’s economic development and gross domestic product, markets like United States, UK and Europe ar e recognized and had been Bentley’s traditional market. Those markets gave Bentley a lot of sales especially during the economic boom in the 80s. As sales slowly declined in the 90s, Bentley had a hard time keeping up. That leads to a major investment in facility, new product development and brand repositioning. As sales drop again in 2008, Bentley began to realize that their use of variables for market segmentation like age, education, gender and etc is not how the market behave, with the increasing buying power of the rich from BRIC. This force them to segment market based on number of sales in that market and not based on developed or developing nations like they used to. This results in targeting market that are growing, despite those market have low per capita income, but the buying power of consumers in those market is the greatest. Young consumers in economically growing nations are being targeted. As they are young and less educated, they would like to possess branded things as a sign of their social class and since Bentley is a strong brand which comes along with luxury design and innovative technology, there is no doubtShow MoreRelatedMarketing Plan of Bentley Motors Limited Essay1492 Words   |  6 PagesMarketing Plan of Bentley Motors Limited 1. Executive Summary 2. Company Description Bentley Motors Limited is a British Manufacturer of automobiles, founded on the 18th of January 1919 by Walter Own Bentley. In the First World War, Bentley was known because of their rotary aero-engines. After the war Bentley designed and produced cars that won the Le Mans race in 1924, 1927, 1928, 1929 and 1930. 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