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    What are PEST and SWOT analysis?

    PESTcPEST analysis (political, economic, social and technological) describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. It is part of an external analysis when conducting a strategic analysis or doing market research, and gives an overview of the different macro-environmental factors to be taken into consideration. It is a […]

    What are the information sources for market analysis?

    The information sources used to gain knowledge and understanding of the current business environment of the organization, which can be split into two categories: External and internal information sources. The external sources aren’t always those in a published form and can include verbal sources such as ‘word of mouth’. The external information sources include: Personal […]

    What is the scanning of environment and its process for a better marketing?

    Environmental scanning is one of the essential components of the global environmental analysis. Environmental monitoring, environmental forecasting and environmental assessment complete the global environmental analysis. The global environment refers to the macro environment which comprises industries, markets, companies, clients and competitors. Consequently, there exist corresponding analyses on the micro-level. Suppliers, customers and competitors representing the […]

    What are Micro and Macro Environment consideration in marketing?

    Micro Environment A firm’s micro-environment comprises factors pertinent to the firm itself, or stakeholders closely connected with the firm or company.A firm’s micro-environment typically spans : Customers/consumers Employees Suppliers The Media In contrast to the macro-environment, an organization holds a greater degree of control over these factors. Company aspect of micro-environment refers to the internal […]

    Segmentation models: Psychographic, Behavioral and Generational

    Psychographic segmentation Like other forms of market segmentation, psychographic segmentation divides consumers into sub-groups based on shared characteristics. As the adjective ‘psychographic’ suggests, those characteristics relate to psychological influences, including subconscious or conscious beliefs, motivations, and priorities. Very broadly, psychographic segmentation applies behavioral and social sciences to marketing research. In other words, psychographic segmentation focuses […]

    Segmentation models: Geographic and Demographic

    Geographic segmentation Geographic segmentation divides markets according to geographic criteria. In practice, markets can be segmented as broadly as continents and as narrowly as neighborhoods or postal codes. Typical geographic variables include Country e.g. USA, UK, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand Region e.g. North, North-west, Mid-west, South, Central Population density: e.g. […]

    What are the bases for segmenting consumer markets?

    A major step in the segmentation process is the selection of a suitable base. In this step, marketers are looking for a means of achieving internal homogeneity (similarity within the segments), and external heterogeneity (differences between segments). In other words, they are searching for a process that minimises differences between members of a segment and […]

    Market segmentation strategy, targeting and positioning

    A key consideration for marketers is whether to segment or not to segment. Depending on company philosophy, resources, product type or market characteristics, a business may develop an undifferentiated approach or differentiated approach. In an undifferentiated approach, the marketer ignores segmentation and develops a product that meets the needs of the largest number of buyers […]

    History of Marketing

    The business historian, Richard S. Tedlow, identifies four stages in the evolution of market segmentation: Fragmentation (pre-1880s): The economy was characterised by small regional suppliers who sold goods on a local or regional basis. Unification or Mass Marketing (1880s–1920s): As transportation systems improved, the economy became unified. Standardised, branded goods were distributed at a national […]

    What is marketing and purpose of segmenting the market?

    Marketing is the study and management of exchange relationships. The American Marketing Association has defined marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.  Marketing is used to create, keep and satisfy the customer. With the customer […]

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