Accounting MRK108 Chapter Notes - Chapter 7.7.8: Marketing Mix, Target Market, Product Design
24 Dec 2016
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Target market: a group of people/organization for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges. A single marketing mix is unlikely to attract all segments: appeal to multiple markets. Undifferentated targeting strategy: a marketing approach that view as one big market. A single marketing mix: assumes customers have similar needs, first firm in an industry uses this strategy, save in production and marketing. Single channel of distribution: example: one grocery stores in a small town = marketing mix of. Multisegment targeting: a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each, stores + shopping formats. Potential benefits: greater sales volume, higher profits, largest market share, economies of scale in manufacturing and marketing, product design, production, promotion, inventory, market research, management cost.
