MARKETING STRATEGIES

Assignment 5: Marketing Strategies



Objective3

Basis And Approaches To Market Segmentation3

Strategic Consumer Targeting4

Market Segmentation7

Strategies For Competing9

Differentiation Strategy10

Risks of Differentiation11

The Competitive Landscape12

The Role of Integrated Marketing Communication13

Pricing Strategies and Distribution Channels15

Strategic Marketing Mix18

Assignment 5: Marketing Strategies

Objective

The purpose of this report is to analyze the marketing framework and evaluate the basis for market segmentation and approaches to segmentation. In order to do so adequately, the report will also incorporate an evaluation of the target customer segments and positioning products within customer segments. This will require the research process (underlying the report) to examine the different types of products in the marketing exchange process and recommend dynamic strategies for competing. This will also include a discussion on relevant branding strategies for existing and new products; as well as the role and relevance of pricing strategies and distribution channels for products. Furthermore, the report will also analyze integrated marketing communications and its relationship to advertising strategy while highlighting customer satisfaction evaluation processes and marketing research tools involved in the marketing process; particularly those that can be expected to facilitate in performance assessment operations and help in achieving marketing goals.

Basis And Approaches To Market Segmentation

A market segment is formed by a specific group of consumers who own needs, buying behaviors and / or similar features. Thus, segmentation is the process of dividing the market into groups of potential consumers needs and / or similar characteristics and are likely to have the same buying behavior. The basis of market segmentation is relatively simple (Wilson & Gilligan, 2005). It is based on the idea that a product is not able to satisfy the needs and desires of all consumers, since they are many, are scattered in various regions and have buying habits and tastes different, and different needs, desires and preferences. Thus, one cannot treat all the same, and one cannot treat all differently. So what can be done is to bring together groups of people with characteristics, preferences and tastes like and treat them as if they were equal.

The basis of this discussion are the differences between consumers, which should be considered in the decision making process of the company. Hence the importance of market segmentation as a strategic tool, as the critical point in marketing planning is undoubtedly the identification of target market. The basic goal of segmentation is to focus marketing efforts on specific targets that the company considers appropriate to be exploited commercially, since it has the capacity to satisfy the demand of those outbreaks properly (Wiggin, 2002). Each segment should consist of groups of consumers with minimal differences between themselves and the maximum differences from other segments. Through market segmentation, the organization can know better and in a more judicious needs and desires of consumers. Such knowledge is deepened as new segmentation variables are combined together, providing more knowledge of the individual consumer.

Within the concept of segmentation, there is something even more special and what we call niche market. The niche is much more specific in their characteristics and particularities ...