Texas Chicken has already begun making a bid to become the Middle East\'s largest fried chicken franchise, building on its already successful worldwide market p PDF

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Texas Chicken has already begun making a bid to become the Middle East's largest fried chicken franchise, building on its already successful worldwide market p...

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1) Key Points Undifferentiated targeting occurs when the marketer ignores the apparent segment differences that exist within the market and uses a marketing strategy that is intended to appeal to as many people as possible. For certain types of widely consumed items (e.g., gasoline, soft drinks, white bread), the undifferentiated market approach makes the most sense. The benefits to undifferentiated targeting include a wide audience, lower (relatively) research and marketing costs, and a higher potential for sales volume. Key Terms Mass Marketing: A market coverage strategy in which a firm decides to ignore market segment differences and appeal to the whole market with one offer or one strategy.

Undifferentiated targeting occurs when the marketer ignores the apparent segment differences that exist within the market and uses a marketing strategy that is intended to appeal to as many people as possible. In essence, the market is viewed as a homogeneous aggregate. Traditionally, undifferentiated marketing (also known as ” mass marketing “) has focused on radio, television, and newspapers as the medium used to reach this broad audience. By reaching the largest audience possible, exposure to the product is maximized. In theory, this would directly correlate with a larger number of sales or buy in to the product. It is the technique of trying to spread our marketing message to anyone and everyone who are willing to listen. A truckload of general advertising is done to the mass market in the hope that some of them will hit a target. It enables us to reach a wide range of services to take any job that comes on our way.

2) Definition of 'Target Market' Definition: Target market is the end consumer to which the company wants to sell its end products too. Target marketing involves breaking down the entire market into various segments and planning marketing strategies accordingly for each segment to increase the market share.

Description: In simple words, not all products can be consumed by all customers and each product has a different set of consumers who want to purchase the product. In order to attract a particular segment of the market, the company at times, modifies the product accordingly. Creating the target market involves conceptualizing the product, understanding the need of the product in a market, studying its target audience etc. Target marketing would revolve around deploying marketing techniques for a particular segment of markets which could be key to attract new customers, expand business opportunities across geographies

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There are various steps involved in defining the target market. The first is to understand the problem of a customer whom you are addressing. Once it is done, the customers can be identified who are interested in that product. For example, you make water purifiers – so you address the problem of contaminated water quality. We know that farm houses do not have a regular water connection and the water they get from underground is hard. So, there is a wide opportunity for water-purifier makers to enter into this segment and tap the market. The next step is to understand your customer according to the region, income level, etc. Always think about the market, know your competition and the pricing of the product. It will help you in creating a benchmark. There are two important features, which the company should always consider before it decides to capture a separate market segment. First is the attractiveness of the segment, which means that it has less competition, high margin business etc. The second is that it falls in line with the company’s objective, vision etc.

3) What is Undifferentiated Marketing?

Marketing helps an organization sell its products or services. The target market is the group of consumers that a marketing strategy orients toward. Organizations use different marketing strategies to appeal to varied target markets. Undifferentiated marketing is one such marketing strategy commonly used by businesses, and it's used to sell products or services that appeal to a broad customer group.

Undifferentiated marketing treats all buyers, or potential buyers, as a homogeneous group, explains FutureLearn. Another term for undifferentiated marketing is mass marketing. Rather than producing different marketing strategies for different segments of society, or even different products for different groups, undifferentiated marketing attempts to reach all potential buyers using one marketing strategy.In this way, undifferentiated marketing treats all segments of the population the same, and the strategy is to use one approach that aims to appeal to as many people as possible.

4) Undifferentiated marketing It is used by companies that produce everyday products for common use. Campaigns created with this strategy don’t require in-depth research to reveal the needs and preferences of your target audience. The strategy aims at influencing and reaching as many people as possible. To achieve this goal, marketers use radio, TV, and newspapers as product promotion channels. As a result, the company exposes the product to a wider audience, which directly correlates with the number of sales and total revenue.

This approach makes the most sense for widely consumed items like gasoline, soft drinks, dairy products, bread, personal hygiene products, etc. Companies selling these kinds of products should always monitor the values, attitudes, and behaviors of customers since they are constantly evolving.

1) https://courses.lumenlearning.com/boundless-marketing/chapter/identification-of-targetmarkets/ 2) https://economictimes.indiatimes.com/definition/target-market 3) https://smallbusiness.chron.com/undifferentiated-marketing-20797.html 4) https://sendpulse.com/support/glossary/undifferentiated-marketing 5) https://sendpulse.com/support/glossary/differentiated-marketing

5)Differentiated Marketing Strategy By using this marketing strategy, a brand can create several campaigns that communicate a message to at least two segments of their audience. Let’s take an accessories store, for example. It could create an email campaign to promote a limited-time offer and appeal to people in different countries and cities, or clients from different age groups. With this approach, your company can target even more segments. Shoe brands often develop marketing campaigns that aim at not only men and women but also customers from various age groups. Besides, companies can create different messages in the same campaign to reach various segments. To create this target market strategy, consider several steps: 1. Determine your target audience. The most essential step is to define who your main customers are. For this purpose, you need to single out the main traits of your customers such as their age, location, gender, marital status, employment, income, and all the necessary information that can help you segment them into groups. 2. Define the unique needs of your customers. With the help of surveys, for example, find out what products your customers prefer and what services help them deal with their problems. Additionally, use analytics tools to track your consumers’ buying habits to figure out which products they purchase regularly. 3. Create offers for different segments. Now that you know the needs of your customers, it’s time to provide them with your unique offers. For example, imagine one of your target segments prefers to purchase organic food. Keeping this in mind, and you can develop a special offer for this segment. 4. Identify the promotional channels you want to use. To reach your customers, you need to select the appropriate ways to promote your products. For example, if your target groups most often use social networks then give a thought to developing promotional and advertising campaigns for social media channels.

Undifferentiated (Mass) Marketing – Broad Market Targeting If we look at the whole market as a pie, following the undifferentiated market targeting strategy, we would focus on the whole pie. We would not select the slice that appears to be most delicious, but try to eat all of them. Thus, there is actually no targeting at all. Following an undifferentiated (mass) market targeting strategy, the company decides to ignore differences between market segments and to focus on the whole market with one offer. Therefore, the firm has to focus on what the whole market has in common in terms of the needs of consumers, rather than focusing on what is different. Since the company wants to address the whole market, it needs to design a product and a marketing programme that will meet the needs of and appeal to the largest possible number of buyers. There might be some doubts whether this market targeting strategy is the right one. Certainly, difficulties can arise in developing a product that is capable of satisfying all consumers. In addition, companies that follow this strategy often struggle to compete with those companies that pursue a more focused strategy. Those focused companies simply do a better job at satisfying the unique needs of specific segments and niches, whose presence cannot be denied.

Differentiated (Segmented) Market Targeting A differentiated market targeting strategy means that we decide to target several market segments and also design separate offers for each. To return to our previous example, the pie, we would now select the most delicious ones and focus on eating these. Most large companies follow the differentiated market targeting strategy. For instance, a car company produces several different models of cars, and often even offers different brands. Fiat, for example, consists of more than the core brand Fiat. Think of Ferrari, Alfa Romeo and Lancia. Each brand targets its own segment of car buyers. P&G, to give another example, markets more than one detergent brand, each targeting a different segment. Thus, we select several segments to serve and design separate offers for each. The reason of pursuing this market targeting strategy is that higher sales and a stronger position within each segment can be the consequence. Certainly, a strong position within several segments generates higher total sales than an undifferentiated marketing across all segments. However, differentiated market targeting strategies also increase costs. These come from the fact that different offerings have to be developed for each segment. Instead of producing one product 10,000 times, the company has to produce 10 products 1,000 times each. Also, the development of separate marketing plans for each segment involves additional research, analysis, planning and forecasting. Consequently, the company should weigh increased costs against the benefits when deciding on a differentiated market targeting strategy.

Concentrated (Niche) Market Targeting To stay with our example: If we do not want to eat the whole pie, neither several slices, but only one small slice that has a special criterion others do not have such as a nut on top, we go for the concentrated (niche) market targeting strategy. Following the concentrated market targeting strategy, the company focuses on one or a few segments or niches in a market. The aim is then to reach a large share in this segment or niche, instead of going after a small share of a large market. Why should a company do so? Clearly it will be able to achieve a stronger market position in the chosen segment because its knowledge of the consumer needs in the niche is larger. Also, it may acquire a special reputation for delivering exactly what the consumer wants in that niche. The company can fine-tune its products, marketing programmes and prices to the specific needs of consumers in the niche. Therefore, its marketing becomes more effective. But marketing may also become more efficient, because the company can tailor its offerings, channels and programmes to the needs of those consumers it can serve best and most profitably. The difference between a niche and a segment is the size. While a segment is rather large and will in most cases attract several competitors, a niche is quite small and may be focused on by few competitors only. Niching thus allows especially small companies to focus their limited resources on serving niches. The key is to find those niches that are overlooked by larger competitors.

Micromarketing – Narrow Market Targeting In our example, micromarketing would mean to eat the nut on the already special slice only. In fact, micromarketing means nothing else than tailoring the marketing programmes and products to the needs and wants of individual consumers or local customer segments. This is the narrowest market targeting strategy possible. Instead of seeing a customer in every individual, we see the individual in every customer. We can tailor our products and programmes to suit the tastes of specific locations of specific individuals. Therefore, micromarketing can take the form of local marketing and individual marketing. Under the local marketing strategy, we tailor brands and promotions to the specific needs and wants of groups of local customers. These may be cities, neighbourhoods etc. The most extreme market targeting strategy option is individual marketing. Then, we tailor our marketing programmes and products to the needs of individual customers. This is also called one-to-one marketing, markets-of-one marketing and mass customisation. Today, this customisation for individual customers is facilitated by new technologies, such as databases, robotic production and flexible manufacturing. In micromarketing, relationships with the few customers the company focuses on is of utmost importance. The company can simply not afford to lose one of the few, but highly profitable customers.

https://marketing-insider.eu/market-targeting/

1. Personal Selling This is the face to face communication process that occurs between a customer and the store’s sales representative. In addition to promoting products personal selling strives to build long term relationships with the customer. Generally, it is an expensive option when you consider the costs associated with employing staff. The store’s image will influence the level of personal selling and service it offers and this is usually reflected in the store’s pricing policy.

2. Advertising Advertising is any form of paid, non-personal presentation by an identified sponsor. It incorporates television, radio, print and digital methods. This form of promotion is the most common communication strategy used by retailers. While it can be expensive, if used sensibly advertising can be a very effective tool. It is critical that the message and the medium reflect the store’s image and be appropriate to the target market. For example, a poor quality letterbox flyer would be inappropriate for an up market retailer to use to promote their upcoming sale. 3. Sales Promotion

Sales promotions are designed to supplement and extend other promotional activities (usually advertising). Sales promotions generally offer short-term incentives to encourage the customer to purchase a specific product within a designated time. Sales promotion activities include:

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In store displays (Promoting a single brand or product range) Free samples (Giving customer’s sampler packs of a new product) Brand promotional products (Cooler bags or T-shirts).

The store’s merchandising efforts are part of its sales promotion activities and frequently overlap into the store’s advertising efforts. 4. Direct Marketing These are generally non-personal efforts to gain a direct response from the customer. Direct marketing tends to use interactive communication with the customer i.e. television advertising supported by a plea to ‘call now’. While, classed as non-personal, they can incorporate a personalised message or salutation. Direct mail is a commonly used example of this strategy.

5. Public Relations Public relations are the planned efforts of a company to influence the attitudes and opinions of existing and potential customers. The focus of public relations is to ‘build a good public image’ or to head off negative rumours or events. Unlike publicity, the promotional messages created by public relations efforts are paid for. The retailer has total control over the message, who will receive it and where it will be delivered. The release of information designed to create good publicity is a function of public relations.

While there are many types of promotional activities available to the retailer, each has a limited impact if it’s not relevant to the customers that you are trying to communicate with. The first step in this process is to identify your customers and their needs. This usually requires some form of research and data collection.

https://www.dlsweb.rmit.edu.au/Toolbox/retail/toolbox/index.htm? unit_mm/concepts/mmc0201.htm

https://www.marketing91.com/promotional-mix/...