Customer-Driven Marketing Strategy: Creating Value for Target Customers - Market Targeting
17 important questions on Customer-Driven Marketing Strategy: Creating Value for Target Customers - Market Targeting
Structural factors that that affect long-run segment attractiveness?
Choosing a segment, a firm must take into account three factors. Which three are that?
2. Segment attractiveness (using Porter's 5 forces)
3. Company objectives an resources
Why can some attractive market segments be dismissed quickly?
- The company lacks the skills and resources to succeed in the segment.
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What's the difference between undifferentiated, differentiated, concentrated and micro marketing?
Differentiated marketing; you decide to target segments and serve one or a few segments and adapt your approach offers to it. E.g. Tooth brushes.
Niche marketing; you decide to serve a large share of one or a few smaller segments, instead of a small share of a large market. E.g. Apple
Micro marketing; local or individual marketing. E.g. Machines that develop a custom made shoe for you.
What is the definition of a target market?
Choosing a targeting strategy depends on the companies resources, product variability, product's life cycle, market variability, and competitor's strategy. Elaborate on this.
Product variability; product that can vary in design are more suited for differentiation.
Product life-cycle when a firm introduces a new product, most practical is undifferentiated or concentrated marketing. However, when the product is in a mature stage, differentiation makes more sense.
Market variability; if most buyers have common Taste, amount they buy etc, undifferentiated marketing is more suitable.
Competitors; consider those and don't do something controversial!
What is undifferentiated marketing?
Why is niche targeting a stronger positioning for the firm? (4)
2. Effective to coordinate the programs on products and prices
3. Efficient to target consumers' channels
4. Communication programs for the specific segment
Characteristics of undifferentiated marketing:
- Mass marketing
- Focuses on commons needs rather than what's different
What is differentiated marketing, and what are the characteristics?
- Goal is to achieve higher sales and a stronger position
- More expensive than undifferentiated marketing.
What is concentrated marketing?
- Limited company resources
- Knowledge of the market
- More effective and efficient
What factors determine the targeting strategy? (4)
2. Product variability
3. Market variability
4. Competitors' marketing strategy
What are the pros and cons of concentrated marketing?
Sensitive to large competitors, or if the segment turns sour you lose a lot of business.
Name the most suitable targeting marketing strategy for the below:
1. Limited resources
2. Product variability
3. Products that vary in design
4. New products
2. Undifferentiating marketing
3. Differentiation or concentration
4. Undifferentiated or concentrated
What is micromarketing? (local or individual)
What is local marketing?
- Cities
- Neighbourhoods
- Stores
Characteristics of individual marketing:
Mass customization: Like designing your own shoe
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