Principles Of Marketing
17th Edition
ISBN: 9780134492513
Author: Kotler, Philip, Armstrong, Gary (gary M.)
Publisher: Pearson Higher Education,
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Question
Chapter 7, Problem 7.1DQ
Summary Introduction
To discuss: The reasons through which companies have moved away from mass marketing to target marketing and the steps in customer driven marketing strategy.
Target market is a group of purchasers or organizations well on the way to purchase an organization's goods or services. Since those purchasers are probably going to require or need an organization's contributions, it bodes well for the organization to concentrate its marketing efforts on contacting them.
Expert Solution & Answer
Explanation of Solution
The reasons through which companies have moved away from mass marketing to target marketing are as follows:
Most organizations have pushed far from mass marketing in the direction of target marketing:
- Distinguishing the various market segments
- Choosing at least one of them
- Creating products
- Marketing programs customized to each
The four primary steps in structuring a customer value driven marketing strategy is as follows:
- Market segmentation: It includes partitioning a market into particular groups of purchasers who have various necessities, attributes or practices and who may require separate marketing mixes or strategies.
- Market targeting: It comprises of assessing every market segment's appeal and choosing at least one market portions to supply.
- Differentiation: It includes the separating of a company's market offering to make a prevalent customer value.
- Positioning: It comprises of organizing a market offering to involve a reasonable, unmistakable and attractive spot with respect to contending goods in the brains of target customers.
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