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Lecture 10

MKT 100 Lecture 10: Week 6 Audio Files

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MKT 100
Yanina Chevtchouk

Week 6: Audio Files Targeting • Mass Marketing: targeting to everyone (un-affective) o Too many differences among consumers in terms of wants, dislikes, needs o Product/Service provides same benefits for everyone and has same volume o Ex: Commodity products (Salt)- differentiated o Sea-salt is now offered in addition to regular salt • Targeting Strategy- Niche o One product o Single Segment with a limited range of products o Niche Strategy- focusses all its resources on meeting the needs of one identified group of consumers, choice of small start up companies that don’t have the resources to do a good job in more then on segment or products that can only target one segment • Targeting Strategy- One too many o One product o Many segments o Companies avoid extra production cost o Occur extra promotion cost because strategy has to be different for different target markets o Retail offer in store and online o Ex: Future stop- purchase same products using different methods (online, in store) o Targeting people with different purchase preference • Targeting Strategy- Many to Many o Many products o Many segments o Large consumers package (Colagte) use this strategy for their household cleaning and personal care products o Startegy allows company to obtain a larger share of the market by increasing the market for their products overall o Multiple products & Multiple segments, if market share falls low for one product and one segment, others are there to lower the risk o can be expensive for different products and implementing different marketing mix • Targeting Strategy- Customization o Strategy- one to one, micro-marketing or mass customization o One custom product o One consumer o Technology allows companies to custom design products for 1 consumer at a cost reasonsable for consumer to purchase but still make a profit o Levis- jeans can be customized o Technology companies- allows companies to build their own laptops • Considerations o Market Size ▪ Market too small= no upsize to pursuing it cause no profit ▪ Fixed cost (rent and admin) still needs to be covered o Expected Growth ▪ Segment that are growing is much more attractive ▪ Seniors market will be growing dramatically o Competitive Position ▪ Less competition = more attractive segment o Cost ▪ Inaccessible to a company should not be pursue ▪ Geographically dispurse whereas people aren’t able to get products from a different country o Compatibility ▪ Commercial dry cleans by pressing machine for men shirt which isn’t suitable for women blouses because smaller and more details ▪ Not appropriate for dry fit machine that excludes women Positioning • How consumer perceive a brand relative to a competitors brand • Based on image, tangible differences and features between brands in the same category • Companies seek to answer “who are our target consumers, what do we want to be known for, what do we stand for, what do we wan
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