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4.2 Marketing planning (The four P's of he marketing mix (An…

- - - - Undifferentiated marketing
        
        Also known as mass marketing, in this strategy a firm ignores the differences in the specific market segments and targets the entire market
      - Differentiated marketing
        
        A differentiated or segmented marketing strategy targets several market segments and develops appropriate marketing mixes for each of these segmentsf
      - Concentrated marketing or niche marketing
        
        This is a strategy that
        appeals to smaller and more specifc market segments
    - - This considers the varying
        characteristics of the human population in a market
    - - This is where the market is divided
        into different geographical sectors
    - - This divides the market based on
        people's lifestyle choices or personality characteristics
- - - - helps to establish a firms competitive advantage in its product
        offering and, as a result, helps to attract more customers
      - leads to customer loyalty as customers can identiy something special about the product in comparison to rival products, resulting in increased sales