International Marketing – Topic 4: Market

Segmentation, Target Market Selection &

Positioning
1. Introduction to STP in International Marketing
Globalization has profoundly reshaped the way organizations understand and reach their customers.
Once dominated by mass marketing and uniform advertising campaigns, modern international markets
now require strategic precision. The segmentation–targeting–positioning (STP) framework provides
that precision. It enables firms to identify the right customers, design relevant offerings, and
communicate distinct value propositions across diverse cultures and economies.

In domestic marketing, segmentation is already important; in international marketing, it becomes

essential. Differences in culture, language, income, infrastructure, and regulation make markets
across borders inherently heterogeneous (Cavusgil et al., 2022). Companies must determine not only
which consumers to serve but also which countries to enter and how to position their brands for
cultural resonance.

The STP process lies at the heart of global strategy:

1. Segmentation divides a broad market into distinct groups with common characteristics.
2. Targeting selects the most attractive and feasible groups to serve.
3. Positioning defines how the brand will be perceived relative to competitors within those target
markets.

When applied internationally, STP decisions link macro-level country attractiveness with micro-level
consumer insights to ensure sustainable competitive advantage (Kotler & Keller, 2022).

2. The Need to Segment and Target in International Markets

2.1 Why Segmentation Is Essential

Markets are rarely uniform. Consumers differ in their wants, preferences, and behaviors because of
demographic, psychological, economic, and cultural diversity. Attempting to serve all customers with
one product and one marketing mix generally leads to mediocrity. Segmentation allows firms to
allocate resources more efficiently and to differentiate strategically (Hollensen, 2020).

From an international perspective, segmentation addresses four managerial realities:

Managerial
Why Segmentation Helps Example
Reality
Cross-country Adjust products, pricing, and Unilever adapts detergent formulas to
diversity communication to suit local norms hard vs. soft water conditions
Limited marketing Tesla initially targeted premium EV
Concentrate effort on profitable markets
budgets segments before mass market
Competitive Find uncontested niches or underserved LUSH targets eco-conscious consumers
intensity segments avoiding chemical cosmetics
Strategic focus Align global brand identity with select IKEA targets young urban households
 Managerial
Why Segmentation Helps Example
Reality
market needs worldwide

Segmentation also facilitates the measurement of market potential, guides entry sequencing, and
supports adaptive learning as firms expand globally.

2.2 Consequences of Not Segmenting

Without segmentation, international marketers face:

 Wasteful spending on markets with low responsiveness.

 Cultural misalignment of messages or product features.
 Brand dilution through inconsistent positioning.
 Strategic confusion about which customers define success.

A well-defined segmentation and targeting strategy transforms marketing from a cost into an
investment.

2.3 Theoretical Rationale

Economic and behavioral theories both justify segmentation. From an economic view, market
heterogeneity violates the assumption of homogeneous demand; differentiation therefore increases
welfare by matching supply to varied preferences. From a behavioral view, consumers form
preferences based on psychological, social, and cultural factors, which segment them naturally
(Kotabe & Helsen, 2022).

In international business, segmentation also intersects with institutional theory, recognizing that local
norms and governance structures shape consumption patterns (Johansson, 2021).

3. International Market Segmentation

3.1 Definition

International market segmentation is the process of dividing a world market into distinct subsets of
consumers with similar needs, characteristics, or behaviors that can be targeted with specific
marketing programs (Keegan & Green, 2020).

It links macro segmentation—where entire countries or regions are treated as units—with micro
segmentation, focusing on individual consumer differences across borders.

3.2 Segmentation Bases

Segmentation variables help marketers describe, compare, and predict customer behavior. The main
bases are summarized below.

Segmentation Base Examples Relevance to International Marketing

Continent, climate, population Useful for logistics and product adaptation
Geographic
density, urban/rural patterns (e.g., snow tires vs. tropical air-conditioners)
Age, gender, family size, income, Data are widely available and comparable
Demographic
education, occupation across countries
Segmentation Base Examples Relevance to International Marketing
Religion, language, ethnicity, Crucial when values and consumption are
Socio-cultural
traditions culturally embedded
Lifestyle, interests, values, Important for global lifestyle brands (Nike,
Psychographic
attitudes, personality Apple)
Purchase occasion, benefits Connects directly with marketing mix
Behavioral
sought, brand loyalty, usage rate decisions
Technographic / Internet penetration, device Growing importance in digital marketing and
Digital usage, e-commerce readiness platform strategy

Successful international segmentation often combines two or more of these bases to create richer
profiles.

3.3 Criteria for Effective Segmentation

According to Kotler and Keller (2022), effective segments must be:

1. Measurable – size and purchasing power can be quantified.

2. Substantial – large or profitable enough to serve.
3. Accessible – reachable through distribution and communication channels.
4. Differentiable – clearly distinct in response to marketing efforts.
5. Actionable – resources and programs can effectively target them.

International marketers must also ensure cross-national comparability—data and definitions should
be consistent across countries.

3.4 Approaches to International Segmentation

1. Country-as-segment approach (Macro segmentation)

Each country is considered a single segment.
o Advantage: simplicity, secondary data availability.
o Limitation: ignores within-country diversity.
Example: The World Bank classifies nations by income level (low, middle, high).
2. Cross-national consumer segmentation (Transnational)
Groups consumers across countries who share similar lifestyles or needs.
Example: “Global youth culture” or “digital nomads.”
o Advantage: larger homogeneous markets, economies of scale.
o Limitation: costly data collection, cultural interpretation risk (Steenkamp & Ter
Hofstede, 2002).
3. Micro-segmentation (Behavioral/Individual level)
Uses digital footprints and analytics to target individuals globally.
Example: Spotify recommending playlists based on listening behavior worldwide.
o Advantage: personalization; precise ROI measurement.
o Limitation: privacy laws, data management, high technology cost.

3.5 Analytical Techniques

 A-priori segmentation (based on theory or managerial judgment) – e.g., classify markets by

GDP per capita.
 Post-hoc segmentation (data-driven) – statistical clustering, factor or latent-class analysis.
 Benefit segmentation – identifies desired outcomes, such as convenience vs. prestige.
 Hybrid methods – integrate macroeconomic and behavioral variables.
These methods rely on robust data quality and comparable measurement scales. Firms often
supplement secondary data with primary surveys and syndicated research (e.g., Euromonitor, Nielsen).

3.6 Data Sources and Measurement Issues

Reliable segmentation requires standardized data. Common sources include:

 Macro data: World Bank, IMF, UN statistics.

 Market data: trade publications, national statistics offices, industry associations.
 Consumer data: survey panels (GfK, Kantar), digital analytics platforms.

To ensure validity, researchers must test for measurement equivalence/invariance—the same

concept must be interpreted consistently across cultures (Steenkamp & Ter Hofstede, 2002). Failure to
do so may lead to false segmentation conclusions.

Part 2 – Target Market Selection in

International Marketing
4. Target Market Selection: Strategies and Methods
After identifying potential segments, international marketers must decide which segments or
countries to enter and how intensively to serve them.
The goal is to balance opportunity (market potential) with risk (cultural, political, financial, and
operational).

Target-market selection is both an analytical and strategic decision: analytical because it relies on
data and evaluation models, and strategic because it must align with the firm’s vision, resources, and
global ambitions (Kotabe & Helsen, 2022).

4.1 The Target Market Selection Process

The process typically unfolds through five stages (Johansson, 2021; Hollensen, 2020):

Stage Key Task Outcome

1. Identify segmentation Define macro and micro segmentation Preliminary list of potential
variables criteria markets or segments
2. Develop segment Describe each segment’s characteristics, Detailed consumer or country
profiles size, and purchasing behavior profiles
3. Evaluate segment Ranked list of market
Apply quantitative and qualitative criteria
attractiveness opportunities
4. Evaluate company– Compare firm’s strengths, resources, and Assessment of competitive
market fit objectives with each segment advantage
Choose markets to enter and resource Targeting decision and market
5. Select target segments
allocation level entry plan

This structured approach ensures that marketing decisions are evidence-based and consistent with
corporate strategy.

4.2 Criteria for Evaluating Market Attractiveness

According to Keegan and Green (2020) and Kotabe and Helsen (2022), key factors for evaluating
international markets include:

Dimension Criteria Illustration

Size, growth rate, consumption patterns, Smartphone adoption rates in
Market potential
income distribution Southeast Asia
Competitive Number and strength of rivals, barriers to Beer market competition in
environment entry, local substitutes Germany vs. Vietnam
Exchange-rate volatility, inflation, credit
Economic/financial risk Emerging vs. developed markets
stability
Policy stability, corruption level, trade Foreign investment laws in India
Political and legal risk
barriers vs. Singapore
Value systems, product fit, Starbucks adapting menu flavors
Cultural compatibility
communication styles to Asian tastes
Infrastructure and Amazon assessing e-commerce
Transport, retail networks, internet access
logistics readiness in Africa
Synergy with corporate Strategic alignment with the firm’s Tesla’s expansion into
goals competencies renewable-energy markets

Each criterion can be weighted according to company priorities.

For instance, a technology firm may assign higher importance to digital infrastructure, while an
FMCG brand might emphasize distribution and cultural fit.

4.3 Quantitative Scoring Models

Managers often employ multi-criteria decision models to compare markets systematically.

A simplified scoring approach might follow this equation:

Market Attractiveness Index (MAI)=∑(Wi×Si)\text{Market Attractiveness Index (MAI)} = \sum (W_i

\times S_i)Market Attractiveness Index (MAI)=∑(Wi×Si)

Where:

 WiW_iWi = weight assigned to criterion i

 SiS_iSi = standardized score for criterion i

The resulting composite index ranks countries by attractiveness, facilitating objective selection
(Hollensen, 2020).
Example:
If “market size” (0.30), “growth” (0.25), “risk” (0.20), “infrastructure” (0.15), and “cultural fit” (0.10)
are weighted and scored, Vietnam may achieve a total of 8.1 vs. Thailand’s 7.5 → indicating higher
entry priority.

5. Strategies for Targeting International Markets

After ranking potential markets or segments, firms must decide how to serve them.
Kotler and Keller (2022) identify four main targeting strategies adapted for international use:

Strategy Description Advantages Limitations Example

Undifferentiated Same marketing Economies of scale, Low local Coca-Cola’s “One
(mass marketing) mix for all markets global brand relevance Brand” global
 Strategy Description Advantages Limitations Example
consistency campaign
Different mixes for Unilever or Nestlé
Differentiated High customer fit, Costly; complex
different markets adapting brands
marketing flexible positioning coordination
or segments regionally
Focus on one Ferrari focusing on
Concentrated Strong expertise, Risk if niche
specific segment or high-income
(niche) marketing loyal customers declines
region enthusiasts
McDonald’s
Tailor-made Maximum local
Customized Expensive and localizing menus
products for each adaptation and
marketing time-consuming (e.g., India’s McAloo
market responsiveness
Tikki)

The choice depends on firm size, resources, brand equity, and competitive environment.

5.1 Global vs. Regional Targeting

 Global targeting treats the world as one integrated market, leveraging standardization.
 Regional targeting recognizes geographic clusters (e.g., ASEAN, EU, MERCOSUR) to
balance scale and adaptation.
 Multi-domestic targeting fully adapts marketing for each national context, common for
consumer goods sensitive to culture.

5.2 Managerial Considerations in Targeting

1. Competitive Position: Does the firm have distinctive advantages in technology, brand, or
distribution?
2. Risk Appetite: Is management willing to accept political or financial risks for high growth?
3. Resource Commitment: Can the company sustain local adaptation in multiple markets?
4. Synergy Potential: Are there spillover benefits between markets (e.g., shared advertising or
supply chains)?
5. Sustainability Alignment: Does the target segment align with the firm’s ESG goals and
ethical commitments?

International targeting is not static; segments evolve, consumer lifestyles change, and digital platforms
redefine boundaries.

6. Selecting Target Countries

6.1 The Rationale

Selecting which countries to enter is a macro-level extension of targeting.

Because each national market involves unique political, economic, cultural, and technological factors,
firms must evaluate not only demand potential but also risk exposure.
Country selection thus integrates marketing analysis with international business strategy (Cavusgil
et al., 2022).

6.2 Four-Stage Country Screening Model

Adapted from Hollensen (2020) and Kotabe & Helsen (2022):

 Stage Objective Illustrative Tools / Data
1. Preliminary Eliminate politically unstable or legally Corruption index, sanctions list,
screening restricted countries currency risk
2. Secondary Identify countries with strong economic and GDP, growth rate, imports,
screening demographic potential population size
3. In-depth Analyze industry, competition, infrastructure, Porter’s Five Forces, cultural
evaluation and consumer behavior analysis, trade data
Choose entry priority and mode (export, JV, Market attractiveness vs.
4. Final selection
subsidiary) competitive strength matrix

6.3 The PESTEL and CAGE Frameworks

PESTEL analysis examines macro-environmental forces:

 Political: trade policies, governance stability.

 Economic: inflation, interest rates, currency trends.
 Social: demographics, education, lifestyle shifts.
 Technological: R&D intensity, internet use.
 Environmental: sustainability regulations, climate impacts.
 Legal: taxation, IP laws, consumer protection.

CAGE distance framework (Ghemawat, 2001) complements PESTEL by evaluating how “distant”
foreign markets are from the firm’s home base:

Distance
Key Factors Example
Dimension
Advertising messages adapted for Japan vs.
Cultural Language, religion, social norms
Brazil
Legal systems, colonial ties, trade EU common regulations aid intra-EU
Administrative
agreements expansion
Physical distance, time zones,
Geographic Proximity advantages for logistics
transport links
Income levels, infrastructure Entry costs lower in markets with similar
Economic
quality development stages

The combination of PESTEL and CAGE provides both macro risk–opportunity mapping and
institutional distance evaluation.

6.4 The Market Potential Index (MPI)

The MPI aggregates quantitative indicators to rank country attractiveness.

Typical MPI variables include:

1. Market size (population, consumption value)

2. Market growth rate
3. Market intensity (income per capita)
4. Market consumption capacity (share of middle class)
5. Commercial infrastructure (retail density, logistics, internet)
6. Economic freedom and country risk

A sample simplified scoring table is shown below.

 Country Size Growth Risk (reverse) Infrastructure Total (0–10)
Vietnam 8 9 7 8 8.0
Thailand 7 8 8 8 7.8
Indonesia 9 8 6 7 7.5

Firms interpret these scores relative to competitive presence and resource capacity.

6.5 Country Attractiveness vs. Competitive Strength Matrix

A widely used analytical tool visualizes strategic priorities (Kotabe & Helsen, 2022):

Figure 1 – Country Attractiveness–Competitive Strength Matrix

High Competitive Strength Low Competitive Strength

High Invest/Grow – allocate major resources, Selectively Invest – develop
Attractiveness pursue leadership partnerships or alliances
Low Harvest/Defend – maintain limited Divest/Avoid – exit or deprioritize
Attractiveness presence market

This matrix integrates both external opportunities (attractiveness) and internal capabilities
(strength).
Managers can use it for portfolio-level decision-making across multiple international markets.

6.6 From Country Selection to Entry Strategy

After selecting target countries, firms decide how to enter:

 Exporting: minimal investment; low control.

 Licensing/Franchising: leverage local partners.
 Joint Venture: share resources and risk.
 Wholly-Owned Subsidiary: full control; high commitment.

These modes link directly to targeting intensity—mass targeting suits exporting, while customized
targeting favors direct presence (Johansson, 2021).

Part 3 – Positioning in International Markets

7. Positioning in International Markets
7.1 Concept and Importance

Positioning refers to how a company designs its offering and image so that it occupies a meaningful
and differentiated place in the minds of target consumers (Kotler & Keller, 2022).
In international marketing, positioning becomes more complex because perceptions vary by culture,
language, and local market maturity.

An effective positioning strategy enables a brand to:

 Communicate a clear and consistent value proposition worldwide.

 Build brand equity by aligning meaning with consumer values.
  Differentiate from competitors in both global and local contexts.
 Create emotional resonance that transcends functional benefits.

The challenge is to find a balance between global consistency (to maintain brand identity) and local
relevance (to fit cultural expectations). This balance forms the foundation of the concept known as
“glocalization.”

7.2 The Role of Positioning in the STP Framework

Segmentation identifies the “who,” targeting selects the “where,” and positioning defines the “how.”
Once a firm selects its international target markets, it must decide how to be perceived by consumers
in those markets. Positioning is implemented through every element of the marketing mix (4Ps):

Marketing Mix Element Role in Positioning

Product Attributes, design, quality, packaging, brand name
Price Perceived value, affordability, prestige
Place (Distribution) Accessibility, convenience, availability
Promotion Message content, tone, spokesperson, cultural symbols

Inconsistent positioning across the mix confuses customers and weakens global brand image.

7.3 Global vs. Local vs. Hybrid Positioning

Approach Description Advantages Risks Example

Global Maintain a single Strong global brand May ignore Apple –
(Standardized) brand identity and equity, lower cultural nuance or “Innovation &
Positioning message worldwide marketing costs local taste Premium Design”
High local Expensive, may KFC adapting
Local (Adapted) Tailor positioning to
relevance and fragment brand menus to local
Positioning each national market
acceptance image preferences
Core global identity Balances global Requires Coca-Cola’s
Hybrid (Glocal)
+ localized consistency and sophisticated “Happiness” with
Positioning
expressions local fit coordination localized festivals

Example: McDonald’s global essence is “fun, family, and convenience,” but the expression varies:

 In India, vegetarian-friendly menus.

 In France, café ambience.
 In Japan, limited-edition regional flavors.

7.4 Cultural Dimensions and Positioning Strategy

Cross-cultural frameworks such as Hofstede’s dimensions and Schwartz’s value theory help
marketers adapt positioning messages:

 Individualistic cultures (U.S., U.K.): emphasize personal success and independence.

 Collectivist cultures (China, Vietnam): stress harmony, family, and belonging.
 High power-distance markets favor status-oriented or luxury positioning.
 Low uncertainty-avoidance cultures accept novel or experimental brands.
Example:
Luxury brands like Louis Vuitton stress craftsmanship and exclusivity (status appeal) in Asia, whereas
in Western markets they emphasize self-expression and lifestyle freedom.

7.5 The GCCP–LCCP–FCCP Model

Alden, Steenkamp, and Batra (1999) proposed three approaches for global brand communication:

Type Full Form Core Idea Example

Global Consumer Associates the brand with a global Nike: “Just Do It” appeals to
GCCP
Culture Positioning lifestyle or cosmopolitan culture global youth
Local Consumer Embeds the brand in local cultural KFC China: local celebrities and
LCCP
Culture Positioning meanings and symbols Lunar New Year campaigns
Foreign Consumer Utilizes the aura of another culture Häagen-Dazs using European
FCCP
Culture Positioning as a brand attribute imagery for global appeal

Choosing among GCCP, LCCP, or FCCP depends on brand heritage, market maturity, and consumer
aspirations.

7.6 Crafting an International Value Proposition

A value proposition summarizes what makes the brand meaningful and different for a given target.
A helpful structure:

“For [target segment] in [country/cluster], our [product/category] delivers [key benefit]

because [reason-to-believe], unlike [main competitors].”

Example:

“For eco-conscious urban commuters in Vietnam, our electric scooter provides affordable,
stylish, and zero-emission mobility because of our swappable-battery technology and wide
charging network—unlike gasoline scooters that pollute and cost more.”

This formula links target segment → benefit → proof → differentiation, ensuring coherence and
customer relevance.

7.7 Positioning Maps (Perceptual Mapping)

Perceptual maps visualize how consumers perceive brands relative to each other on key dimensions.
Common axes include price vs. quality, innovation vs. tradition, or performance vs. eco-friendliness.

Steps to create a perceptual map:

1. Identify relevant attributes through focus groups or surveys.

2. Collect consumer ratings or preference data.
3. Plot brands on a two-dimensional map.
4. Locate the “ideal points” of each target segment.
5. Identify gaps or overcrowded areas.

Example – Smartphone Market:

 X-axis: “Price Level”

  Y-axis: “Innovation”
 Apple = High price, high innovation
 Xiaomi = Low price, medium innovation
 Samsung = Mid–high price, high innovation
→ Opportunity: Mid-price, high-design aesthetics (OnePlus).

Managerial use: Positioning maps guide decisions on differentiation, communication, and new
product development.

8. Integrating STP for Global Strategy

8.1 STP as a Strategic System

Segmentation, targeting, and positioning are not separate steps but an integrated system (Kotabe &
Helsen, 2022).
Segmentation provides insight, targeting commits resources, and positioning delivers perceived value.
In international marketing, the STP system must also coordinate across levels of analysis:

Level Focus Example

Evaluate country attractiveness and Assess ASEAN region for cosmetics
Macro (Country/Region)
entry potential expansion
Identify cross-national consumer
Meso (Segment/Cluster) Global “eco-conscious millennials”
groups
Micro (Individual Personalize offers and Netflix recommending titles based on
Consumer) communication viewing habits

A company’s success depends on aligning these levels into a coherent global marketing strategy.

8.2 Managerial Checklist for Effective STP

1. Data validity: Ensure data comparability across countries.

2. Analytical rigor: Use both qualitative and quantitative inputs.
3. Strategic alignment: Choose targets consistent with long-term objectives.
4. Cultural sensitivity: Respect values, norms, and consumer interpretations.
5. Organizational capability: Train teams to execute localization effectively.
6. Dynamic adaptation: Review segmentation and positioning annually.

9. Case Study: Starbucks Global Segmentation and Positioning

Background:
Starbucks began as a U.S. coffeehouse but evolved into a global lifestyle brand. Its success rests on
mastering glocalization—combining global identity with local customization.

STP Element Implementation

Middle- to upper-income urban consumers seeking an aspirational “third place”
Segmentation
between home and work.
Young professionals, students, and travelers who value social experience and brand
Targeting
authenticity.
Premium yet accessible café culture emphasizing experience, personalization, and
Positioning
ethical sourcing.
Local Adaptation Examples:

 Japan: Matcha beverages and minimalist interiors reflect Zen aesthetics.

 China: Larger, more social spaces; tea-flavored drinks.
 Middle East: Gender-sensitive seating and regional desserts.

Strategic Outcome:
Starbucks maintains consistent global imagery (logo, quality, ethics) while adapting product and
experience cues to local cultures.
This case exemplifies how STP coherence builds sustainable global equity.

10. Review and Discussion

10.1 Key Terms

Segmentation bases – cross-national segmentation – targeting strategies – market attractiveness –

CAGE distance – Market Potential Index – glocalization – positioning map – GCCP/LCCP/FCCP –
value proposition.

10.2 Discussion Questions

1. What are the trade-offs between global standardization and local adaptation in positioning?
2. How can cultural dimensions influence brand perception in emerging markets?
3. Using the CAGE framework, compare two countries of your choice for potential market entry.
4. Choose a global brand and identify whether it uses GCCP, LCCP, or FCCP positioning.
Justify.
5. Develop a perceptual map for an international category (e.g., skincare, smartphones) and
recommend repositioning opportunities.

10.3 Mini Exercise

Working in groups, select one international company (e.g., IKEA, Tesla, H&M).

 Identify its segmentation bases.

 Select its main target market in Asia or Europe.
 Draft a 40-word positioning statement.
 Illustrate your positioning on a two-dimensional perceptual map.
Present your findings in class.

11. Summary of Key Learning Points

 International segmentation identifies groups of countries or consumers with similar
characteristics and needs.
 Target-market selection evaluates market attractiveness and company fit using models such as
MPI and Attractiveness–Strength matrix.
 Country screening applies PESTEL and CAGE frameworks to reduce risk and prioritize
opportunities.
 Positioning determines how the brand will be perceived, requiring balance between global
coherence and local relevance.
 The GCCP–LCCP–FCCP typology helps firms decide cultural orientation for brand
communication.
  Successful international marketing depends on integrating STP decisions with entry mode,
marketing mix, and brand management systems.

12. References
Alden, D. L., Steenkamp, J.-B. E. M., & Batra, R. (1999). Brand positioning through advertising in
Asia, North America, and Europe: The role of global consumer culture. Journal of Marketing, 63(1),
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Cavusgil, S. T., Knight, G., Riesenberger, J. R., & Yaprak, A. (2022). International Business: The
New Realities (6th ed.). Pearson.

Ghemawat, P. (2001). Distance still matters: The hard reality of global expansion. Harvard Business
Review, 79(8), 137–147.

Hollensen, S. (2020). Global Marketing (8th ed.). Pearson.

Johansson, J. K. (2021). Global Marketing: Foreign Entry, Local Marketing, and Global Management
(8th ed.). McGraw-Hill.

Keegan, W. J., & Green, M. C. (2020). Global Marketing (10th ed.). Pearson.

Kotabe, M., & Helsen, K. (2022). Global Marketing Management (9th ed.). Wiley.

Kotler, P., & Keller, K. L. (2022). Marketing Management (16th ed.). Pearson.

Levitt, T. (1983). The globalization of markets. Harvard Business Review, 61(3), 92–102.

Steenkamp, J.-B. E. M., & Ter Hofstede, F. (2002). International market segmentation: Issues and
perspectives. International Journal of Research in Marketing, 19(3), 185–213.
[Link]