Market targeting how many and which segments to serve

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MARKET TARGETING – how many and which segments to serve - Evaluating segments on growth, segment size, and attractiveness (shouldn’t have many competitors or substitutes or powerful suppliers) - Target market : selecting several segmentations in which a company will decide to serve - Undifferentiated (mass) marketing : target a whole market rather than one offer - Differentiated (segmented) marketing : requires a strategy - Concentrated (niche) marketing : firm goes after a large share of one or a few smaller segments or niches; firm achieves a strong market position b/c it serves consumers’ needs - Micromarketing : tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
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- Local marketing : in needs and wants of local segments; drawbacks: drives up manufacturing and marketing costs by reducing economies of scale, logistics problems - Individual marketing : tailoring to personalize the experience - Socially responsible target marketing: cereal targeted to the youth, even though it shouldn’t be - DIFFERENTIATION AND POSITIONING - Company must decide on value proposition – how it will create differentiated value for segments.
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