MKT 100 Lecture Notes - Lecture 7: Startup Company, Future Shop, Hearing Aid

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Gennadi Gevorgyan

Document Summary

Mass marketing = targeting everyone (not a good strategy since there are too many differences amongst consumers) Mass undifferentiated strategy = same benefits for everyone. Companies usually use one of the following targeting strategies: Niche/concentrated strategy = one product, one segment, one target audience: usually start-up companies or with products with limited appeal, ex: hearing aids. One to many = one product, many segments: ex: future shop offers both online or in-store purchases. Many to many = many products, many segments: this can be expensive, but provides lower risk, ex: household products can be for the kitchen or the washroom. One to one/micro marketing/mass customization = one custom product, one customer: e(cid:454): le(cid:448)i"s offer (cid:272)usto(cid:373)ized jea(cid:374)s, ex: travel companies allow customers to decide their own vacations. Competitive position: less competition means more attractive the segment. This is ho(cid:449) (cid:272)o(cid:374)su(cid:373)ers per(cid:272)ei(cid:448)e a (cid:271)ra(cid:374)d relati(cid:448)e to (cid:272)o(cid:373)petitors" (cid:271)ra(cid:374)d i(cid:374) the sa(cid:373)e (cid:272)ategor(cid:455) Based on image, as opposed to tangible differences.