The El Salvador market
The main aim of writing this paper is to perform an in-depth analysis of the El Salvador market considering various economic, social, political, technological and environmental factors of the economy. Apart from just discussing these points that have been stated, the paper also focuses on analyzing and giving a description about the country’s balance of payments, its currency, trade policies and practices that are being followed in El Salvador.
El Salvador is situated in the Central America part of America specifically between the south and north. The country is spread over an approximate area of 21,040 square kilometers. The country is surrounded by more than 150 odd islands and four major islands within the country. Yet, many people in the country are able to understand the foreign language English.
The population of El Salvador is more than 6 million and most of them live in densely populated urban localities of the country. The government of El Salvador is a constitutional monarchy with a government that has a parliament.
Market segmentation involves the systematic analysis of market characteristics: the relationship between the demand and certain consumer traits, needs and preferences and the manner in which specific goods fits into certain market segments in the process of need – satisfaction.
In most cases market segmentation is applied on the basis of geographical, demographical and psycho graphical information or a combination of such data. Every marketing problem however must obviously be approached in the light of particular objectives and circumstances. Consequently the research needs and the criteria used for purposes of marketing segmentation will differ from one product to another and one type of market segment to another.
In traditional marketing research survey were mainly aimed at collecting information on standardized demographical and social economic variables such as age, population group, language differences, and levels of education, occupation and income groups. A more recent development in research for market segmentation purposes is the analysis of the market in terms of consumer motivation and expectation as well as actual buying behavioral patterns.There are a certain groups of variables which are employed for the purposes of segmenting market for consumer goods. These include geographical, demographical, socio –economic and psycho graphical factors in an analysis of consumer characteristic and behavior. Depending on the nature of the relevant products and the distinguishing nature of market segments, the analysis of certain variables might be superfluous and it might be necessary to give special attention to the other variables.
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