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Flashcards in STP - Targeting Deck (4)
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1

What are the three targeting options?

- Market concentration which is focusing on a single market segment and attempting to gain max share in that segment
-Multi-segment approach which is attracting buyers in more than one segment
- Niche marketing which focuses marketing efforts on one small defined market

2

What is a concentrated strategy?

This involves specialising in servicing one specific segment
- Leads to detailed knowledge of that target market yet can reduce the the chance of being diverse in other markets

3

What is a differentiated strategy?

This involves the development of a number of individual marketing mixes that each serve a different segment r.g Citeron has cars low priced for young people and highly priced for older
- Allows the organisation to tailor its offering to suit the individual segments
- Spreads risk across more than one market

4

What is an undifferentiated strategy ?

- Assumes the market is one unit with no significance between them
-Best suited for products with little psychological appeal
-Little costs and max of economies of scale