CALVINDOL
VIP Contributor
There are several different approaches that companies can use to select a target market, however the approach that a company chooses will depend on factors such as the company's resources, the product or service being offered, and the size and characteristics of the market. It's important for a company to conduct market research and carefully evaluate the different segments of the market before choosing a target market. Let us briefly explain some of this marketing approach.
UNDIFFERENTIATED MARKETING: This approach involves targeting the entire market with a single marketing strategy. This approach is typically used by companies with a strong brand or when the product or service has a wide appeal.
DIFFERENTIATED MARKETING: This approach involves targeting multiple segments of the market with different marketing strategies. This approach is typically used by companies with a product or service that can be customized to meet the needs of different segments.
CONCENTRATED MARKETING: This approach involves targeting a single segment of the market with a specific marketing strategy. This approach is typically used by smaller companies with limited resources or when the product or service has a unique appeal to a specific segment.
MICROMARKETING: This approach involves targeting a specific geographic area or community with a marketing strategy. This approach is typically used when a company wants to reach a specific group of people in a specific area.
NICHE MARKETING: This approach is focusing on a small, specific market segment that is often overlooked by larger companies. This approach is typically used by companies with specialized products or services that have a specific appeal to a specific segment.
UNDIFFERENTIATED MARKETING: This approach involves targeting the entire market with a single marketing strategy. This approach is typically used by companies with a strong brand or when the product or service has a wide appeal.
DIFFERENTIATED MARKETING: This approach involves targeting multiple segments of the market with different marketing strategies. This approach is typically used by companies with a product or service that can be customized to meet the needs of different segments.
CONCENTRATED MARKETING: This approach involves targeting a single segment of the market with a specific marketing strategy. This approach is typically used by smaller companies with limited resources or when the product or service has a unique appeal to a specific segment.
MICROMARKETING: This approach involves targeting a specific geographic area or community with a marketing strategy. This approach is typically used when a company wants to reach a specific group of people in a specific area.
NICHE MARKETING: This approach is focusing on a small, specific market segment that is often overlooked by larger companies. This approach is typically used by companies with specialized products or services that have a specific appeal to a specific segment.