Micromarketing-is the practice of tailoring products and marketing programs to suit the tastes of specificindividuals and locations. Rather than seeing a customer in every individual,micromarketers see the individual in every customerLocal marketing-involves tailoring brands and marketing to the needs and wants of local customersegments like cities, neighbourhoods, and even specific stores.Individual marketing-involves tailoring products and marketing programs to the needs and preferences ofindividual customers.Mass customization-is the process by which firms interact one to one with masses of customers to designproducts, services, and marketing programs tailor-made to individual needs.Factors to consider before choosing a targeting strategy:Company resources-When limited, concatenated marketingProduct variability-Undifferentiated marketing for uniformProduct’s life-cycle stage-Practical to lunch only one version at the beginningMarket variability-All people are the same? So, undifferentiated marketing.Competitors’ marketing strategies Show
-Competitors use differentiated? Don’t suicide! If they use undifferentiated, gainadvantage!Socially responsible:Controversy and concern of target marketing-Vulnerable or disadvantaged consumers are targeted with controversial or potentiallyharmful products.Socially responsible target marketing should be done to serve both the interests of the companyand the interests of those targeted.Objective summary:To target the best market segments, the company first evaluates each segment’s size and growthcharacteristics, structural attractiveness, and compatibility with company objectives andresources. It then chooses one of four market-targeting strategies—ranging from very broad tovery narrow targeting. The seller can ignore segment differences and target broadly usingundifferentiated (or mass) marketing. This involves mass producing, mass distributing, and masspromoting the same product in about the same way to all consumers. Or the seller can adoptdifferentiated marketing—developing different market offers for several segments. Concentratedmarketing (or niche marketing) involves focusing on one or a few market segments only. Finally,micromarketing is the practice of tailoring products and marketing programs to suit the tastes ofspecific individuals and locations.Micromarketing includes local marketing and individual marketing. Which targeting strategy isbest depends on company resources, product variability, product life-cycle stage, marketvariability, and competitive marketing strategies.6.4 Discuss how companies differentiate and position their products for maximumcompetitive advantage.Differentiation and positioning:•Firms must decide which segments to target and on the value proposition. Students also viewedMarketing Ch. 730 terms atacconelli Marketing Chapter 721 terms Madison_Newman58 Chapter 7 Mini Sim on Segmentation, Targeting, and…11 terms
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Is tailoring brands and marketing to the needs and wants of cities Neighbourhoods and even specific stores?Answer and Explanation: The correct option is e. Local marketing tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even stores.
What is another name for differentiated marketing?A differentiated marketing strategy can be defined as a marketing strategy that allows you to target different business market segments with separate offerings. Because of this reason, the strategy is also called multi-segment marketing.
What marketing means that each customer serves as his or her own segment?One-to-one marketing is at the other extreme. It means that each customer serves as his or her own segment. This approach sounds appealing from the customer's point of view because the product would be tailored specially for each person's idiosyncratic desires.
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Is tailoring products and marketing programs to the needs and preferences of individual customers?
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