Marketing a group of activities designed to expedite transactions by creating, distributing, pricing and promoting goods, services and ideas

Marketing Strategy

• A plan of action for developing, pricing, distributing and promoting products meeting the needs of specific customers

The Oreo cookie

• Market segmentation is geographic
• Variations in the cookie recipe
• Packaging may vary
• Some countries pair the brand name with different company names
• Promotions change based on cultural subtleties

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Market

• A group of people who have a need, purchasing power and the desire and authority to spend money on goods, services and ideas

Target Market

• A more specific group of consumers on whose needs and wants a company focuses its marketing efforts

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Total-Market Approach

• A firm tries to appeal to all consumers and assumes that they all have similar needs
• Salt, sugar, flour and white bread are all examples of products that typically are sold using a total market approach

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Market Segmentation

• A strategy to divide the total market into groups of people with relatively similar product needs

Market Segment

• A collection of individuals, groups, or organizations sharing one or more characteristics, thus having relatively similar needs and desires for products

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Segmentation Approaches

Concentration Approach

• A market segmentation strategy whereby a company develops one marketing strategy approach for a single market segment

Multisegment Approach

• A market segmentation strategy whereby a company aims its efforts at two or more segments, developing a marketing strategy for each

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Niche Marketing

• A narrow segment focus usually on one small well-defined group with a unique and specific set of needs
• Inland Marine Supply
• Based in Houston
• Fills grocery orders for ships with limited time at dock
• Delivers to ships in refrigerated vans
• Small added fee

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