1. Market: A market is the set of all actual and potential
buyers of the product.
Market Targeting: Evaluating each market segment’s
attractiveness and selecting one or more segments to enter.
3. Selecting a Target Market
Before a marketing mix strategy can be implemented,
the marketer must identify, evaluate, and select a
target market.
Market: people or institutions with sufficient
purchasing power, authority, and willingness to buy
Target market: specific segment of consumers most
likely to purchase a particular product
4. Strategies for Reaching
Target Markets
Undifferentiated Marketing: when a firm produces only
one product or product line and promotes it to all
customers with a single marketing mix.
Differentiated Marketing: when a firm produces
numerous products and promotes them with a different
marketing mix designed to satisfy smaller segments.
Concentrated Marketing (niche marketing): when a
firm commits all of its marketing resources to serve a single
market segment.
Micromarketing: involves targeting potential customers
at a very basic level, such as by ZIP code, specific
occupation, lifestyle, or individual household
5. Selecting and Executing a Strategy
No single, best choice strategy suits all firms
Determinants of a market-specific strategy:
Company resources
Product homogeneity
Market homogeneity
Stage in the product life-cycle
Competitors’ strategy
6. Market Positioning
Positioning:a marketing strategy that emphasizes
serving a specific market segment by achieving a
certain position in buyers’ minds
Attributes: Price/quality
Competitors
Benefits products offer
Product user
Product class
7. Exercise
Go to the website of a major brand of resorts.
Study how they use appeal to different segments,
through the website.
