'Companies need to consider many factors when choosing a market-targeting strategy. Which strategy is best depends on company resources .. and on the degree of product variability. The product’s life-cycle stage also must be considered. When a firm introduces a new product, it may be practical to launch only one version, and undifferentiated marketing or concentrated marketing may make the most sense. In the mature stage of the product life cycle, however, differentiated marketing often makes more sense.
Another factor is market variability. If most buyers have the same tastes, buy the same amounts, and react the same way to marketing efforts, undifferentiated marketing is appropriate. Finally, competitors’ marketing strategies are important. When competitors use differentiated or concentrated marketing, undifferentiated marketing can be suicidal. Conversely, when competitors use undifferentiated marketing, a firm can gain an advantage by using differentiated or concentrated marketing, focusing on the needs of buyers in specific segments.' (book page 192)
The target market for Phileas Fogg's Seaweed Snack will be adults and people who like beer. It is assumed that younger people are more likely to try new things so as such, those under 50 will be targeted first.
The product will initially be given away or sold to bars cheaply in an effort to gain market penetration so people who like the taste can go to the liquor store or convenience store and buy some to eat at home. As this is a new product, initially there will only be one size, the 2 ounce bag. Later other sizes will be added.
Social media like websites, a blog, and google ads, will be created to promote the product to the younger adults, ages 21-35, who aren't always reachable by traditional media.
The marketing strategy will depend to some extent on the competition's strategy. If the competition is using undifferentiated marketing then market research will be used to conduct targeted marketing to specific market groups, like for example, young males of drinking age who watch certain sports.
[NOTE: For purposes of these blogs, all references to 'book' refer to Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing]
The target market for Phileas Fogg's Seaweed Snack will be adults and people who like beer. It is assumed that younger people are more likely to try new things so as such, those under 50 will be targeted first.
The product will initially be given away or sold to bars cheaply in an effort to gain market penetration so people who like the taste can go to the liquor store or convenience store and buy some to eat at home. As this is a new product, initially there will only be one size, the 2 ounce bag. Later other sizes will be added.
Social media like websites, a blog, and google ads, will be created to promote the product to the younger adults, ages 21-35, who aren't always reachable by traditional media.
The marketing strategy will depend to some extent on the competition's strategy. If the competition is using undifferentiated marketing then market research will be used to conduct targeted marketing to specific market groups, like for example, young males of drinking age who watch certain sports.
[NOTE: For purposes of these blogs, all references to 'book' refer to Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing]
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