The market is very large and it takes some measure of organizing in order to be able to learn who it is you may want to serve or what it is you want to offer. The means that the entire marketing process will need to involve the proper identification of the customer segments being targeted. There is also a need to analyze and determine the marketing strategy that a particular salesperson will use to offer a particular product or service. Enumerated below are several strategies currently being used:
Single segment strategy – this is also known as concentrated strategy because it entails providing a specific target market alone for a particular service or product offering. In most cases, firms who use this type of strategy are still new in the business or quite small.
Differentiated strategy – this type is known by other terms like multi-segmentation or selective specialization. It also caters to more than just one target market with a product that may or may not be the same. There might be differences with the manner of advertising or even the branding itself. An example of this is like how Toyota markets its Camry to various customers in different locations. There may be differences in some designs or even features but they will tend to be the same when it comes to the need for spare parts.
Undifferentiated marketing strategy – this type of marketing strategy caters to all market segments through the offering of a single product or particular service. One of the key benefits of this approach is the lower production and developmental costs involved. This was especially true in previous years when selections for particular products and/or services were very limited. Unfortunately, with modern times giving plenty of options and selections for clients to choose from, this type of approach may not be as feasible as it used to be.
Micro-marketing strategy – this strategy focuses on specific target market groups and offering these groups with a myriad of services and/or products. This type of approach has an inherent need for the marketer to be technically capable and adept at reaching the target market in question. As a caveat, the Internet is quite notable for providing a good medium for this type of marketing strategy. These days, many marketing people are using this approach more often on the Internet in order to market their services and product offerings.
These are some of the available marketing strategies that can be utilized. Choosing the right one will prove to be of great benefit to the entire sales and marketing process.
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