MKC1200 Study Guide - Final Guide: Marketing Week, Mass Marketing, Target Market
8 Aug 2018
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Market = group of customers w/ heterogeneous needs & wants. Three types of market strategies: mass marketing / undifferentiated. Everyone in the market is treated as the same: one-to-one marketing / differentiated. Every customer has tailored marketing mixes: target marketing / concentrated. The market is divided into smaller segments, each with different marketing mixes. Production-oriented = uses mass marketing as everyone is seen as similar. Factors for an organisation to consider when choosing target markets: Its own resources if little money is available, might only target one segment if large demand in one segment, might focus on that one if high competition in one segment, might avoid that one. Product specialisation = all efforts are on a single product range which are offered to various market segments. Market specialisation = all efforts are on meeting the wide range of needs within a single market segment. One single product is offered to one single market segment.
