Differentiation Differentiation is a second strategy that businesses often use

Differentiation differentiation is a second strategy

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Differentiation: Differentiation is a second strategy that businesses often use to set themselves apart from competitors it means our toys are differentiating from our competitor. In a differentiation strategy, low cost is only one of many possible factors that may set aside a business from others. Businesses that differentiate themselves typically look for one or more marketable attributes that they have that can set them apart from their competitors. They then find the segment of the market that finds those attributes important and market to them. The process can also work in the other direction with businesses conducting research to determine which things consumers find most important and then developing a niche market for those products or characteristics. Defensive Strategies for our smart toys company: Another way for a business to gain a competitive advantage is to utilize a defensive strategy. The advantage gained by this type of strategy is that it allows the business to further distance itself from its competition by, in some sense, maintaining a competitive advantage it has gained. Therefore, this strategy is closely related to differentiation and cost leadership because it is a method used by businesses to keep those advantages in place once they have been attained. Whereas the other two strategies are more offensive in nature, this strategy becomes an actual advantage as it becomes increasingly difficult for so-called competitors to offer any real opposition to the business.
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6. Customer Analysis A target market for our smart toys company is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. A well- defined target market is the first element of a marketing strategy. Product, price, promotion, and place are the four elements of a marketing mix strategy that determine the success of a product or service in the marketplace. It is proven that businesses must have a clear definition of their target market as this can help reach its target consumers and analyze what their needs and suitability are. A target market is a group of people considered likely to buy a product or service. A target market consists of customers (children and parents) that share similar characteristics, such as age, location, income and lifestyle, to which a business directs its marketing efforts and sells its products. As marketing efforts are becoming increasingly online based, the need to find the right market for marketing campaigns is essential. One of the first steps in developing an effective marketing campaign is determining an appropriate target market so that marketing goals can be set and implemented. Target markets can be separated into primary and secondary target markets.
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  • Spring '16
  • Sir Abdul salam
  • Marketing, Smart Toys

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