Differentiated marketing targets several different market segments and designs separate offers for each
Goal is to achieve higher sales and stronger position
More expensive than undifferentiated marketing
Concentrated marketing targets a small share of a large market
Limited company resources
Knowledge of the market
More effective and efficient
Micromarketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations
Local marketing
Individual marketing
Local marketing involves tailoring brands and promotion to the needs and wants of local customer groups
Cities
Neighborhoods
Stores
Individual marketing involves tailoring products and marketing programs to the needs and preferences of individual customers
Also known as:
One-to-one marketing
Mass customization
Markets-of-one marketing
Choosing a Target Market
Depends on:
Company resources
Product variability
Product life-cycle stage
Market variability
Competitor’s marketing strategies