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See all Premium member Presentation Transcript Slide 1: By:- BIPUL KUMAR PARIMAL Marketing Strategies Once We Have Our Segments We Need to Target Them With a Marketing Mix : Once We Have Our Segments We Need to Target Them With a Marketing Mix Three options: Undifferentiated Differentiated Concentrated Slide 3: The classic mass marketing, all things to all people approach Ignore segments One mm Rarely used today – Name an undifferentiated product? Targeting Strategies FIGURE 7.2 Slide 4: FIGURE 7.2 Slide 5: The firm decides to target several separate segments and designs separate marketing strategies for each GM’s “a car for every purpose, purse, and personality” vs. Fords one car for every purpose for every purse for every personality” Typically, for most firms, this means you go for a small share of the larger, total aggregate market (one or two mm for one or two segments (out of maybe six or seven) Differentiated Strategy (cont.) Slide 6: Concentrated Marketing The firm goes for a large share of a single (or very few) segments. Scorpio vs. Scoda Can be niched or larger FIGURE 7.2 IT IS CRITICAL TO UNDERSTAND THAT : IT IS CRITICAL TO UNDERSTAND THAT Mass marketers do not often practice mass marketing today They practice differentiated marketing They likely do not change the product to appeal to different segments They change price, place, and promotion Stereotyping vs. Marketing : Stereotyping vs. Marketing Does marketing “discriminate?” Slide 9: Target Market Selection Process FIGURE 7.1 Focus of Sept. 27 Focus for today Slide 10: Recall: Market SegmentationLevels of Market Segmentation Through Market Segmentation, Companies Divide Large, Heterogeneous Markets into Smaller Segments that Can be Reached More Efficiently And Effectively With Products and Services That Match Their Unique Needs Mass Marketing Same marketing mix (mm) directed at all consumers (no segmentation, i.e.,Ford Model T ) Segment Marketing Different marketing mix (mm) to one or more segments (some segmentation, i.e. GM) And That Today, Mass Marketers Rarely Practice Mass Marketing : And That Today, Mass Marketers Rarely Practice Mass Marketing In other words Mass Marketers do target almost everyone, but they do not do it with one marketing strategy They develop unique marketing strategies for each major target market Product strategy does not equal marketing mix strategy As we will see you can target the same product to different segments using different promotion, pricing, or distribution strategies Slide 12: Mass Marketing One mm for all Segment Marketing One or more mm targeted to one or more segments Niche Marketing One or more mm targeted to one or more sub-segments Micro Marketing (1-1) One or more mm targeted to specific individuals or communities Slide 13: FIGURE 7.3 The Classic Segmentation Variables for Consumer Markets Slide 14: Some Definitions Market Segmentation – dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors who might require separate products OR marketing mixes (mm). Market Targeting – evaluating each segments attractiveness and selecting one or more to enter. Market Positioning – setting the competitive positioning for the product and creating a detailed mm. - Terms often used often interchangeably, esp. targeting and positioning Step 1: Identify The Appropriate Targeting Strategy : Step 1: Identify The Appropriate Targeting Strategy Three Basic Targeting Strategies: Undifferentiated Differentiated Concentrated Slide 16: Targeting Strategies Classic mass marketing, all things to all people approach Ignore segments One mm for all customers Rarely used today – Name an undifferentiated product? Slide 18: Differentiated Strategy (cont.) The firm targets several separate segments and designs separate marketing strategies for each GM’s “a car for every purpose, purse, and personality” vs. Fords one car for every purpose for every purse for every personality” For most firms, this means they go for a small share of the larger, total aggregate market (one or two mm for one or two segments (out of maybe six or seven) Slide 19: Concentrated Marketing The firm goes for a large share of a single (or very few) segments Jeep vs. GM Can be niched or larger Target Marketing Strategies : Target Marketing Strategies Undifferentiated Marketing : Undifferentiated Marketing Focus is on common (not different) needs of consumers. Product and marketing program are geared to the largest number of buyers. Uses mass advertising and distribution. Differentiated Marketing : Differentiated Marketing Firm targets several market segments and designs separate offers for each. The goal is to have higher sales and a stronger position with each market segment. This approach increases the costs of doing business. Concentrated Marketing : Concentrated Marketing The focus is acquiring a large share of one or a few segments of niches. Generally, there are fewer competitors. The Internet is ideal for targeting small niche markets. There is some risk in focusing on only one market. Micromarketing : Micromarketing Tailoring products and marketing programs to suit the tastes of specific individuals and locations. Local Marketing: Tailoring brands and promotions to the needs and wants of local customer groups—cities, neighborhoods, specific stores. Individual Marketing: Tailoring products and marketing programs to the needs and preferences of individual customers. Slide 25: THANK u !! You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.