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Marketing Exam Study!

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        A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

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        Offering product and marketing variations to segments, companies hope for higher sales and a stronger position within each market segment

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        Differentiated marketing also causes increase in costs of doing business

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    Concentrated (niche) Marketing

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      A market-coverage strategy in which a firm goes after a large share of one or a few segments, or niches

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        Instead of going after a small share of a large market, the firm goes after a large share of one or a few segments or niches

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        It can market more effectively by fine-tuning its products, prices, and programs to the needs of carefully defined segments

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        Concentrated marketing can be very highly profitable, at the same time, it involves higher-than-normal risks

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    Micromarketing

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        Differentiated and concentrated markets tailor their offers and marketing programs to meet the needs of various market segments and niches

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        Micromarketing is the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups

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        Includes:

        • Local Marketing

        • Involves tailoring brands and promotions to the needs and wants of local customer groups – cities, neighbourhoods and even specific stores

        • Individual Marketing

        • Tailoring products and marketing programs to the needs and preferences of individual customers – also labelled “markets-of-one marketing”, “customized marketing”, and one-to-one marketing”.

Market positioning

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    Products position

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      The way the product is defined by customers on important attributes – the place the product occupies in customers’ minds relative to competing products

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    Choosing a positioning strategy

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        The positioning task consist of three steps:

        • Identifying possible competitive advantages

        • The key to winning customers and building profitable relationships with them is to understand their needs better than competitors do and deliver more value

        • You must deliver the quality service you advertise

        • Identify your competitive advantages, differentiate through:

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            Product differentiation

            • Physical design your product differently

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              Services differentiation

              • Provide speedy, convenient, or careful delivery

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              Channel differentiation

              • Gain competitive advantage through the way they design their channel’s coverage, expertise, and performance

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              People differentiation

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