Textbook Notes (381,123)
CA (168,361)
UTSC (19,305)
MGM (268)
MGMA01H3 (184)
Chapter 4

Chapter 4

4 Pages
68 Views

Department
Management (MGM)
Course Code
MGMA01H3
Professor
Ingrid L.Stefanovic

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INTRODUCTION
Selecting an appropriate strategy depends on a variety of internal and external variables
facing the firm
ALTERNATIVE MARKET MATCHING STRATEGIES
The very core of the firms strategy is to match product offerings with the needs of
particular market segments.
Following factors are taken into consideration
oCompany Resources
Must be adequate to cover product development and other marketing costs
oDifferentiability of products
Some products can be easily differentiated from others. Some can be
produced in versions designed specially for individual segments
oStage in the product cycle
As a product matures, different marketing emphases are required to fit
market needs
oCompetitors’ strategies
Strategies and product offerings must be continually adjusted in order to
be competitive
oSize of segment
The potential segment must be large enough to make it worthwhile to
develop
Single-offer strategy is the attempt to satisfy a large or a small market with one product
and a single marketing program
oIf its focused on one segment it is often called concentrated marketing
oaimed at mass markets is often called indifferentiated or mass marketing
multi-offer strategy is the attempt to satisfy several segments of the market very well
with specialized products and unique marketing programs aimed at each segment
owhen its aimed at a large market is called differentiated marketing
a successful match of products to segments through developing a marketing program with
the appropriate product design, pricing strategy, distribution strategy, and communication
strategy is vital to the market success of the firm
in order for a multi-offer approach in a small market to be successful, the marketer must
identify a high value niche in which customers can afford to pay for small production runs
or, in some instances, customized products
The company with a multi-offer marketing strategy should produce more sales by
providing higher satisfaction for each of several target markets than would be possible
with only a single-offer strategy
oWhether a firm chooses either strategy depends on the managements goals,
resources and profits
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Description
INTRODUCTION Selecting an appropriate strategy depends on a variety of internal and external variables facing the firm ALTERNATIVE MARKET MATCHING STRATEGIES The very core of the firms strategy is to match product offerings with the needs of particular market segments. Following factors are taken into consideration o Company Resources Must be adequate to cover product development and other marketing costs o Differentiability of products Some products can be easily differentiated from others. Some can be produced in versions designed specially for individual segments o Stage in the product cycle As a product matures, different marketing emphases are required to fit market needs o Competitors strategies Strategies and product offerings must be continually adjusted in order to be competitive o Size of segment The potential segment must be large enough to make it worthwhile to develop Single-offer strategy is the attempt to satisfy a large or a small market with one product and a single marketing program o If its focused on one segment it is often called concentrated marketing o aimed at mass markets is often called indifferentiated or mass marketing multi-offer strategy is the attempt to satisfy several segments of the market very well with specialized products and unique marketing programs aimed at each segment o when its aimed at a large market is called differentiated marketing a successful match of products to segments through developing a marketing program with the appropriate product design, pricing strategy, distribution strategy, and communication strategy is vital to the market success of the firm in order for a multi-offer approach in a small market to be successful, the marketer must identify a high value niche in which customers can afford to pay for small production runs or, in some instances, customized products The company with a multi-offer marketing strategy should produce more sales by providing higher satisfaction for each of several target markets than would be possible with only a single-offer strategy o Whether a firm chooses either strategy depends on the managements goals, resources and profits www.notesolution.com
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