2.2 Target Market Selection Strategy

Question 1

WHAT IS TARGETING?

Answer 1

instead of a single product and marketing programme aimed to the mass market, companies identify relatively homogeneous segments and accordingly develop suitable products and marketing programmes matching the needs and preference of each target segment. target market is a collection of people inclined to similar product and respond to similar marketing techniques and promotional stratergies,

Question 2

WHAT IS TARGET POSITIONING STRATEGIES?

Answer 2

1. Undifferentiated approach
2. Differentiated approach
3. Niche marketing ( Single-segment specialisation)

Question 3

WHAT IS DIFFERNTIATED MARKETING?

Answer 3

There are several market segments to target, each
being attractive to the marketing organization. To exploit market segments, a marketing strategy is developed for each segment.
Loss of economies of scale and increased cost.
EG: HP, Maruti Udog, Bathing soap

Question 4

WHAT IS UNDIFFERNTIATED MARKETING?

Answer 4

There is no delineation between market segments and
instead, the market is viewed as one mass market with one marketing strategy for the entire market.
ignoring differences in market segments, focus of what is common in consumer needs
economies of scale
EG: coca cola, olympics

Question 5

WHAT IS SINGLE SEGMENT SPECIALISATION?

Answer 5

also called niche marketing, Where there are only a few market segments, this
approach (also known as a niche marketing strategy) is often adopted by firms that either have limited resources to fund their marketing strategy or wish to adopt a very exclusive strategy in the market.
EG: Aston martin sports car, recycled paper for greetingn card

Question 6

WHAT ARE THE PATTERNS OF SEGMENT TARGETING?

Answer 6

1. SIngle segment concentration
2. product specialization
3. selective specialisation
4. market specialisation
5. full market coverage