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Market targeting - Coggle Diagram
Market targeting
Choosing a targeting strategy depends on:
Product life cycle stages
Market variability
Product variability
Competitors' marketing strategies
Company resources
Selecting target market segments
differentiated marketing
Goal is to achieve higher sales and stronger position
More expensive than undifferentiated marketing
Undifferentiated marketing
Mass marketing
Focuses on common needs rather than what's different
Concentrated marketing
Limited company resources
Knowledge of the market
More effective and efficient
Micromarketing
individual marketing
Local marketing
Tailoring brands and promotion to the needs and wants of a customer groups
Cities
Neighbourhoods
Stores
Benefits and challenges
Benefits
More clients specific offerings
Increased marketing effectiveness
Challenges
Increased manufacturing and marketing costs
Less economy of scale
Logistics
Dilution of company image
Evaluating market segments
Segment size and growth
Growth potential
Smaller versus larger segments
Segment structural attractiveness
Competition
Substitute products
Power of buyers
Power suppliers
Company objectives and resources
Availability resources
Consistent with company objectives
Competitive advance
Socially responsible target marketing
Benefits customers with specific needs
Concern vulnerable segments
Alcohol
Cigarrettes
Children