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MKC3140 Study Guide - Final Guide: Strategy First, Mass MarketingPremium

2 pages39 viewsSummer 2018

Business - Marketing - MKC
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MKC3140 Notes
Marketing Strategy First Principles
All Customers Differ
Most basic issue facing managers, as they make strategic
marketing decisions for their firms is that all customers differ
Customer heterogeneity is variation among customers in terms of
their needs, desires, and subsequent behaviors
In response, firms are targeting smaller & smaller segments
Mass marketing niche marketing 1 to 1 marketing
Competitive race as firms target smaller segments
But, it is hard to effectively compete in all segments
Matches inherent customer desires (real, perceived)
Faster response to customer trends and changes
Technology enabled (more economical to target/customize)
Only limited by tradeoff in efficiency (cost) versus benefit of better
match to need (solution)
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