Please enable JavaScript.
Coggle requires JavaScript to display documents.
Important Marketing concepts, Advantages of one are the disadvantages of…
Important Marketing concepts
1.Adding value
Create an exclusive retail environment to make consumers feel they are being treated as important. Customers will be more prepared to pay higher prices.
Use high-quality packaging to differentiate the product
Promote and brand the product so that it becomes a "must-have" brand name.
Create a unique selling point (USP) that differentiates the product among the others,
2. Mass marketing and niche marketing
Niche marketing:
Identifying and exploiting a small segment of a larger market by developing products to suit it.
Adv.
Small firms able to survive
If no competitors, high prices can be established
Create status and image
Mass marketing
: Selling the same products to the whole market with no attempt to target groups within it.
Adv.
Benefit from economies of scale
Fewer risks
More consumers
3. Market segmentation
It is when the market identifies different segments within itself and target different products or services between them
Market segments are parts of a market which contains people who have similar preferences for their products. The Marketing department should know which segment their product fits the most, so that they can advertise and sell their products to that target of people.
Instead of selling only one product to the whole market, different products are targeted at different segments
Example
Coca-cola not only makes the standard cola drink but also diet coke for weight-concious consumers.
sometimes, firms only market their products and services to one segment like nike shoes that are only for sports
Advantages of one are the disadvantages of the other.