Targeting Strategies

Question 1

What are the different Target-Market Strategies?

Answer 1

Niche Marketing, Concentrated Marketing, Multi-Segment Marketing

Question 2

Multi-Segment Marketing

Answer 2

Tailoring offerings to meet different target markets

• Allows firms to respond to demographic changes and market trends, weather economic downturns, and deal with product life cycle issues

Question 3

Niche Marketing

Answer 3

Targeting an even more select group of consumers

• Goal: Being the only one to capture the market
• “Being a big fish in a small pond instead of a small fish in a big pond”

Microtargeting - isolating markets and targeting them

Question 4

Concentrated Marketing

Answer 4

Targeting only one segment and making sure to serve their needs best

• Having all their eggs in one basket