Define Psychic Proximity and Explain Why It Is Important for Companies

question 97

Essay

Define psychic proximity and explain why it is important for companies engaged in exporting products.

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Definitions:

Homogeneous Products

Products that are essentially identical in nature and can easily be substituted for one another, typically found in highly competitive markets.

Undifferentiated Selling

describes a marketing strategy where a company offers the same product or message to all potential customers, without segmentation or personalization.

Homogeneous Selling

A sales approach where the products or services offered are uniform or very similar in characteristics.

Account Segmentation

The process of dividing customer accounts into distinct groups based on similarities like needs, behaviors, or demographics to tailor marketing strategies.