MARKET TARGETING Selecting Target Market Segments Figure 72 Market Targeting

Market targeting selecting target market segments

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MARKET TARGETING Selecting Target Market Segments
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Figure 7.2 Market-Targeting Strategies. MARKET TARGETING
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Undifferentiated marketing targets the whole market with one offer. Mass marketing Focuses on common needs rather than what’s different MARKET TARGETING Selecting Target Market Segments
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Differentiated marketing targets several different market segments and designs separate offers for each. Goal is to achieve higher sales and stronger position More expensive than undifferentiated marketing MARKET TARGETING Selecting Target Market Segments
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Concentrated marketing targets a large of a smaller market. Limited company resources Knowledge of the market More effective and efficient MARKET TARGETING Selecting Target Market Segments
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Micromarketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. Local marketing Individual marketing MARKET TARGETING Selecting Target Market Segments
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Local marketing involves tailoring brands and promotion to the needs and wants of local customer segments. Cities Neighborhoods Stores MARKET TARGETING Selecting Target Market Segments
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Individual marketing involves tailoring products and marketing programs to the needs and preferences of individual customers. Also known as: One-to-one marketing Mass customization MARKET TARGETING Selecting Target Market Segments
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Choosing a targeting strategy depends on Company resources Product variability Product life-cycle stage Market variability Competitor’s marketing strategies MARKET TARGETING Selecting Target Market Segments
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LEARNING OBJECTIVE 4 Discuss how companies differentiate and position their products for maximum competitive advantage.
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DIFFERENTIATION AND POSITIONING Product position is the way the product is defined by consumers on important attributes.
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Positioning maps show consumer perceptions of marketer’s brands versus competing products on important buying dimensions.
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  • Spring '19
  • Judy
  • Marketing, Effective Segmentation

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