MKT 220 Module 6th Homework Task Essay



King with the South

A University

Creator Note

This paper was prepared to get MKT 220, MODULE six HOMEWORK TASK taught by simply PROFESSOR KATHERINE HANSEN. January 15th, 2013

PART I: Targeting Approaches

For each in the targeting strategies listed below, determine one company (large or small) which utilizes that approach. Describe their particular market(s) and tell why you believe they may be utilizing that one strategy. Support your response clearly. п‚·Undifferentiated Target Strategy: As discussed by Lamb, Hair, and McDaniel, " this strategy essentially adopts a mass-market philosophy, viewing the market as one big market without having individual sectors, (p. 274). Gas stations can be good examples of companies involving this strategy mainly because gasoline is known as a widely consumed product or good that will require little advertising, yet still keeps a wide audience with enormous sales quantities. It doesn't matter what sort of car you drive. All in all, you have to gas up and gas just isn't made specially for one customer. It is 1 for all. I believe gas stations employ undifferentiated goal strategy because little research is required for their advertising therefore low marketing and or promoting costs. п‚·Concentrated Target Technique: this strategy is ideal when targeting a single part thereby allowing a company to focus on its target's very certain needs, wants, and satisfaction. A good example of a company that employs this strategy can be Crye Accuracy who produce multi-cam camouflage clothing pattern standard for the U. T Army. This plan works best for them because it will not require mass advertising or distribution as its main consumer (the U. S. Army) only makes up about 1% of the U. S human population. They also may stand a risk or perhaps failing for the reason that Army is not going away and with it, the demand for outfits for every pattern of soldiers joining the service. п‚·Multi-Segmented Target Approach: This strategy objectives two or more industry segments. An example would be a health club such as LA Fitness that lets users decide how then when they want to exercise but additionally token provide group health like zumba dance, and aerobic workout to focus on women. Furthermore, they have saunas, spars and children club that are all incredibly lucrative to women who can participate in all of the above listed occasions with the reassurance of knowing that their kids are experiencing fun inside close closeness. They also have hockey courts and pools to target teens. For guys, they might offer self-defense classes such as punch boxing or perhaps wrestling classes

PART 2: Marketing Plan Development (Continued)

For this week's assignment, Revealed: -

1 . The actual customers pertaining to my item. This process of determining who also my customers are/ will be is commonly reported in advertising as " market segmentation” and as mentioned by Hair, Lamb, and McDaniel, " market segmentation” plays a key role in the marketing strategy of almost all successful organizations which is a powerful instrument, ” (p. 240). This can be so mainly because nearly all markets include categories of people with diverse needs, and in my case, people with several health requires. I will be segmenting my marketplace for two major reasons. 1, it will enable me to recognize customers together with the same demands and two, it will help me satisfy my own customers' demands while concurrently meeting the company's objective, to make income. Before moving forward, I have to question myself, is going to my marketplace segment satisfy the following promoting criteria? a. Substantiality: Certainly, because my own segment, which is the United States in its entirety is definitely huge enough to maintain my marketing mix. b. Identifiability and measurability: Yes, mainly because with the Us being inside the forefront scientifically, collecting data about clients geographic, market, psychographic features should be fairly easy as well c. Accessibility: Yes,...

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