Marketing plan memo + power points main points
txs584
COM5111Week4SemB2019-20-C.pdf
COM5111 Fundamentals of Marketing Communication
Week 4 Sem B 2019-20
Segmentation and Targeting
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Learning Objectives for Week 4
1. What are the different levels of market segmentation?
2. In what ways can a company divide a market into segments?
3. What are the requirements for effective segmentation?
4. How should consumer and business markets be segmented?
5. How should a company choose the most attractive target
markets?
6. Conclusion
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Importance of Market Segmentation
• Companies cannot connect with all customers in large, broad, or diverse
markets
• A company then needs to identify which market segments it can serve
effectively
• This decision requires a keen understanding of consumer behavior and
careful strategic thinking
• To develop the best marketing plans, managers need to understand what
makes each segment unique and different
• Identifying and satisfying the right market segments is often the key to
marketing success
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Target Marketing
• To compete more effectively, many companies are now
embracing target marketing
• Effective target marketing requires that marketers:
a. Identify and profile distinct groups of buyers who differ in their
needs and Preference (market Segmentation)
b. Select one or more market segments to enter (market
Targeting)
c. For each target segment, establish and communicate the
distinctive benefit(s) of the company’s market offering (market
Positioning)
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CONSUMER MARKETS
Geographic Segmentation
Demographic Segmentation
Psychographic Segmentation
Behavioral Segmentation
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Bases for Segmenting Consumer Markets (up to slide number 40) • Market segmentation divides a market into well-defined groups
• A market segment consists of a group of customers who share a similar set of needs
and wants
• The marketer’s task is to identify the appropriate number and nature of market
segments and decide which one(s) to target
• There are two broad groups of variables are used to segment consumer markets
a. Descriptive characteristics: geographic, demographics, and psychographic
(slide number 6 - 25)
b. Behavioral considerations: consumer responses to benefits, usage occasions, or
brands (slide number 26 - 40)
• Regardless of which type of segmentation scheme we use, the key is adjusting the
marketing program to recognize customer differences
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Major Segment Variables for Consumer Markets
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Major Segment Variables for Consumer Markets (cont’d)
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Geographic Segmentation
• Geographic segmentation calls for dividing the market into
different geographical units such as nations, states, regions,
counties, cities, or neighborhoods
• The company can operate in one or a few areas, or operate in
all but pay attention to local variations
• In that way, it can tailor marketing programs to the needs
and wants of local customer groups in trading areas,
neighborhoods, and even individual stores
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Kit Kat 2016 Japan
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Geographic Segmentation
Procter & Gamble—In China, P&G’s customer
research managers discovered that while low
prices help sales in villages, it is also important
to develop products that are consistent with
cultural traditions. Thus, urban Chinese pay
more than $1 for Crest toothpaste with exotic
flavors such as Icy Mountain Spring and Morning
Lotus Fragrance; while those in the villages
prefer 50-cent Crest Salt White since many rural
Chinese believe that salt whitens teeth. Such
geographic segmentation is also practiced for its
Olay moisturizing cream, Tide detergent, Rejoice
shampoo, and Pampers diapers.
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Geographic Segmentation: Grassroots Marketing
In a growing trend called grassroots marketing, such activities
concentrate on getting as close and personally relevant to
individual customers as possible
Hewlett-Packard—Hewlett-Packard positions itself as a company implementing “e-inclusion,”—
the attempt to help bring the benefits of technology to the poor. Toward that end, HP began
a three-year project designed to create jobs, improve education, and provide better access to
government services in the Indian state of Kuppam. Working with the local government, as well as
a branch of HP Labs based in India, the company, through grassroots marketing, provides the rural
poor with access to government records, schools, health information, crop prices, and so on. Its
hope is to stimulate small, tech-based businesses. Not only does this build goodwill and the HP
brand in India, it also helps the company discover new, profitable lines of business.
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Geographic Segmentation: Regional Marketing
• More and more, regional marketing means marketing right down to a
specific district
• Some companies use mapping software to show the geographic locations
of their customers
• By mapping the densest areas, the retailer can resort to customer cloning,
assuming that the best prospects live where most of his customers
come from
• Some approaches combine geographic data with demographic data to yield
even richer descriptions of consumers and neighborhoods
• Called geo-clustering, it captures the increasing diversity of the population
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Demographic Segmentation
In demographic segmentation, we divide the market by variables such
as age, family size, family life cycle, gender, income, occupation,
education, religion, race, generation, nationality, and social class
Reasons for Popularity of Demographic Segmentation
• First, consumer needs, wants, usage rates, and product and brand
preferences are often associated with demographic variables
• Second, demographic variables are easier to measure
• Even when the target market is described in non-demographic terms (say,
a personality type), the link back to demographic characteristics is needed
to estimate the size of the market and the media that should be used to
reach it efficiently
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Age and Life-Cycle Stage
• Consumer wants and abilities change with age
• Nevertheless, age and life cycle can be tricky variables
• The target market for some products may be the
psychologically young
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Life Stage
• People in the same part of the life
cycle may differ in their life stage
• Life stage defines a person’s major
concern, such as going through a
divorce, going into a second
marriage, taking care of an older
parent, deciding to cohabit with
another person, deciding to buy a
new home, and so on
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Gender
• Gender differentiation has long been applied in
clothing, hairstyling, cosmetics, and magazines
• Men and women tend to have different attitudinal
and behavioral orientations, based partly on genetic
make-up and partly on socialization
• Examples:
– Women tend to be more communal-minded and men tend to be
more self-expressive and goal-directed
– Men often like to read product information; women may relate
to a product on a more personal level
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Gender Segmentation
The beauty industry in Japan—Japanese women continue to sustain the beauty business.
Tokyo’s fashionable Marunouchi business district has seen beauty outlets sprouting. One such
outlet, Café de Make-up, specifically targets office ladies. It offers them an orange seat, a cup of
coffee, a choice of five colors of nail polish or lipstick, the services of a beauty advisor, and a
chance to apply make-up at leisure at a vanity table for a low price of 500 yen. Men are also a
fast-growing segment in the beauty market. Mandom, one of Japan’s leading makers of men’s
cosmetics, says that sales of face care products like cleansing gels, toning lotions, and mud packs
are strong and growing. One explanation for this is the slew of boyish, clean-cut actors and pop
singers who have become the rage among young Japanese women. These celebrities have been
engaged as endorsers of more and more beauty products.
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Income
• Income segmentation is a long-standing practice in product and service
categories
• Increasingly, companies are finding their markets are hourglass-shaped
as middle-market consumers migrate toward both discount and premium
products
Banyan Tree—Singapore’s Banyan Tree, famous for its
upmarket pampering with a distinctive Asian touch, runs a
multimillion dollar spa resort in Bahrain, where money is no
object to guests. Set in a lush oasis, next to Bahrain’s
Formula One motor-racing circuit and a wildlife reserve, the
spa resort has been billed as the ultimate in exclusivity and
luxury. Catering to the “blank check” segment, the spa resort
has 78 villas with traditional Middle Eastern design, private
open-air swimming pools, oversized infinity bathtubs, and
sprawling master bedrooms. To deliver the ultimate level of
privacy, guests, if they wish, can be kept away from view of
other guests. Besides the high-end Banyan Tree resorts, it
also has the Angsana Hotels and Resorts that are more
affordable.
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Example of Income Segmentation: Kraft in Rural Indonesia Kraft—In Indonesia, consumer goods companies are adapting their marketing strategies to target this
group of consumers. Although tastes are becoming more Westernized, rural consumers are still extremely
price sensitive. Television ads are thus adapted to make the products more approachable and affordable.
These ads are increasingly peppered with rural scenes and down-to-earth-looking characters peddling
products in small-pack sizes. Kraft’s confectionery and cheese products are sold by 1 million outlets
throughout Indonesia. Its Bisquat milk biscuits sells more than 200 million packets each month. The small
packets costs 500 rupiah (6 cents) and are also available in a softcake version called bolu. Kraft has
researched on the Indonesian rural consumers. A typical young Indonesian boy’s dietary and personal
preferences meant he requires snacks four times a day, of which two may be served outside the home.
Hence, Kraft offers products in biscuit and softcake forms, and in smaller packages to be sold at snack
kiosks in towns and villages.
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Generation • Each generation or cohort is
profoundly influenced by the
times in which it grows up
• Demographers call these
groups cohorts
• They share similar outlooks
and values
• Marketers often advertise to
a cohort by using the icons
and images prominent in
their experiences
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Gen Y
• A generation group of interest to marketers is the Gen Y
• Because Gen Y members are often turned off by overt branding practices
and “hard sell,” marketers use different approaches to reach and persuade
them
• These include online buzz, student ambassadors, product placements in
computer games, and sponsoring cool events
China’s Gen Y are more entrepreneurial, more Internet connected, and know more about Westerners than
Westerners know about them
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Psychographic Segmentation
• Psychographics is the science of using psychology and demographics to
better understand consumers
• In psychographic segmentation, buyers are divided into different groups on
the basis of psychological/personality traits, lifestyle, or values
• People within the same demographic group can exhibit very different
psychographic profiles
• One of the most popular commercially available classification systems
based on psychographic measurements is Strategic Business Insights’
VALSTM framework
• VALS classifies adults into eight primary groups based on personality traits
and key demographics
• The segmentation system is based on responses to a questionnaire
featuring four demographic and 35 attitudinal questions
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Four groups with HIGHER resources
1. Innovators—Successful, sophisticated, active, and “take-
charge” people with high self-esteem. Purchases often
reflect cultivated tastes for relatively upscale, niche-
oriented products and services
2. Thinkers—Mature, satisfied, and reflective people who are
motivated by ideals and value order, knowledge, and
responsibility. Favor durability, functionality, and value in
products (guided by knowledge and principles)
3. Achievers—Successful career- and work-oriented people
who value consensus and stability. They favor established
and prestige products that demonstrate success to their
peers (look for p/s->success)
4. Experiencers—Young, enthusiastic, and impulsive people
who seek variety and excitement. Spend a comparatively
high proportion of income on fashion, entertainment, and
socializing (social/physical activity; risk)
Consumer motivation Consumer resources
Diff levels of resources enhance or constraint a person’s expression of his or her primary motivation
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Four groups with LOWER resources
1. Believers—These consumers are conservative,
conventional, and traditional. They prefer familiar,
established brands and staying loyal to them
2. Strivers—These consumers are trendy and fun-loving.
They seek the approval of others. However, because they
have fewer resources, they emulate the purchases of those
with more wealth by buying stylish products
3. Makers—Focusing on their work and home, these
consumers are pragmatic, self-sufficient, traditional, and
family-oriented. As such, they favor functional products
4. Strugglers—Loyal to their favorite brands, these elderly
consumers are passive and display a sense of resignation.
They are concerned about change
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Behavioral Segmentation
In behavioral segmentation, buyers are divided into groups on
the basis of their knowledge of, attitude toward, use of, or
response to a product
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Needs and Benefits
• Not everyone who buys a product has the same needs or
wants the same benefits from it
• Needs-based or benefits-based segmentation is a widely used
approach because it identifies distinct market segments with
clear marketing implications
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Needs and Benefits Segmentation – P&G
Procter & Gamble, for instance, has
different shampoo brands according to
the needs of each segment
• Head & Shoulders is for those who
need to control their dandruff problem
• Pantene is for those who want to
protect their hair from environmental
damage from the sun
• Rejoice is for those who want a mild
shampoo for everyday use
Procter & Gamble offers a range of shampoo brands that satisfies
different hair care needs
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Decision Roles
• It is easy to identify the buyer for many products
• People play five roles in a buying decision: initiator,
influencer, decider, buyer, and user
• Different people are playing different roles, but all are crucial
in the decision process and ultimate consumer satisfaction
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User and Usage—Real User and Usage-related Variables
Many marketers believe that behavioral variables—occasions,
benefits, user status, usage rate, loyalty status, buyer-
readiness stage, and attitude—are the best starting points for
constructing market segments
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Occasions
• Occasions are determined by a time of
day, week, month, year or other well-
defined temporal aspects of a
consumer’s life
• Buyers can be distinguished according
to the occasions when they develop a
need, purchase a product, or use a
product
• For example, air travel is triggered by
occasions related to business, vacation,
or family
• Occasion segmentation can help firms
expand product usage
Occasions are another way to segment the market. In Japan, marketers celebrate different occasions with appropriate promotions.
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User Status
• Markets can be segmented into non-users, ex-users, potential
users, first-time users, and regular users of a product
• Each will require a different marketing strategy
• The key to attracting potential users, or even possibly nonusers, is
understanding the reasons they are not using
• Market-share leaders tend to focus on attracting potential users
because they have the most to gain
• Smaller firms focus on trying to attract current users away from the
market leader
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Usage Rate
• Markets can be segmented into light, medium, and heavy
product users
• Heavy users are often a small percentage of the market but
account for a high percentage of total consumption
• Marketers would rather attract one heavy user than several
light users
• A potential problem is that heavy users are often either
extremely loyal to one brand, or never stay loyal to a brand
and are always looking for the lowest price
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Usage Rate—The Chinese Internet Market
The Digital Junkies are the most
intensive Internet users among
the Chinese. They spend more
than 34 hours a week with digital
media compared to the average
of 15.8 hours.
Chinese Internet market—Consulting firm McKinsey found
seven consumer segments among Internet users in China. The
Traditionalists spend a large portion of their media time on
traditional forms such as television and are less likely to own or
want to own other digital devices. They are less educated than
the rest of the Internet users and many live in smaller cities. The
Digital Junkies are the most intensive Internet users. They spend
more than 34 hours a week with digital media compared with an
average of 15.8 hours for all users. They are young and are
always on the lookout for the latest gadget. Another segment is
the Gamers who spend most of their time on PC games and are
heavy users of social networks. Mobile Mavens are heavy mobile-
Internet users, preferring listening to music and reading. Info-
centrics look for information to increase productivity at work.
Basic Users spend the least amount of time online, and play
games on mobile phones. Finally, the Traditionalists are light
users of the Internet. They have little interest in high-tech
devices and spend more time watching television.
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Buyer Readiness Stage
• Some people are unaware of the product, some are aware,
some are informed, some are interested, some desire the
product, and some intend to buy
• To help characterize how many people are at different stages
and how well they have converted people from one stage to
another, some marketers employ a marketing funnel
• See Figure 1: The Brand Funnel
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Figure 1: The Brand Funnel
The relative numbers of consumers at different stages make a big difference
in designing the marketing program
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Loyalty Status
Buyers can be divided into four groups according to brand
loyalty status:
1. Hard-core loyals—Consumers who buy only one brand
all the time
2. Split loyals—Consumers who are loyal to two or three
brands
3. Shifting loyals—Consumers who shift loyalty from one
brand to another
4. Switchers—Consumers who show no loyalty to any
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Marketing Applications
A company can learn a great deal by analyzing the degrees of
brand loyalty:
i. By studying its hard-core loyals, the company can identify its
products’ strengths
ii. By studying its split loyals, the company can pinpoint which
brands are most competitive with its own
iii. By looking at customers who are shifting away from its brand,
the company can learn about its marketing weaknesses and
attempt to correct them
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Attitude
Five attitude groups can be found in a market:
1. enthusiastic
2. positive
3. indifferent
4. negative
5. and hostile
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Behavioral Segmentation Breakdown
Combining different
behavioral bases can help to
provide a more comprehensive
and cohesive view of a market
and its segments
Figure 2 depicts one possible
way to break down a target
market by various behavioral
segmentation bases
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BUSINESS MARKETS Segmentation variables and marketing applications
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Bases for Segmenting Business Markets (up to slide number 48)
• Business markets can be segmented with some of the same
variables used in consumer market segmentation, such as
geography, benefits sought, and usage rate, but business
marketers also use other variables
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Major Segmentation Variables for Business Markets
• This table shows one set of these. The demographic variables are
the most important, followed by the operating variables
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Major Segmentation Variables for Business Markets (cont…)
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Marketing Applications of Business Segmentation
• The table lists major questions that business marketers
should ask in determining which segments and customers to
serve
• Within a chosen target industry, a company can further
segment by company size. The company might set up
separate operations for selling to large and small customers
• Within a given target market industry and customer size, a
company can segment further by purchase criteria
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Segmenting Business Markets
• Business marketers generally identify segments through a
sequential process
• The company first undertook macrosegmentation
• It looked at which end-use market to serve: automobile, residential,
or beverage containers
• It chose the residential market, and it needed to determine the
most attractive product application: semi-finished material, building
components, or aluminum mobile homes
• Deciding to focus on building components, it considered the best
customer size and chose large customers
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Segmenting Business Markets
• The second stage consisted of microsegmentation
• The company distinguished among customers buying on
price, service, or quality
• Because it had a high-service profile, the firm decided to
concentrate on the service-motivated segment of the market
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Segmenting Business Markets
• Business-to-business marketing experts Anderson and Narus
have urged marketers to present flexible market offerings to
all members of a segment
• A flexible market offering consists of two parts: a naked
solution containing the product and service elements that all
segment members value, and discretionary options that some
segment members value
• Each option might carry an additional charge
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MARKET TARGETING
Effective Segmentation Criteria
Evaluating and Selecting the Market Segments
Possible Levels of Segmentation
Full Market Coverage
Multiple-Segment Specialization
Single-Segment Specialization
Individual Marketing
Legal and Ethical Issue with Market Targets
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Market Targeting
• Once the firm has identified its market-segment
opportunities, it has to decide how many and which ones to
target
• Marketers are increasingly combining several variables in an
effort to identify smaller, better-defined target groups
• This has lead some researchers to advocate a needs-based
market segmentation approach
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Steps in the Segmentation Process
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Effective Segmentation Criteria
1. Measurable—The size, purchasing power, and characteristics of the
segments can be measured
2. Substantial—The segments are large and profitable enough to serve. A
segment should be the largest possible homogeneous group worth going
after with a tailored marketing program
3. Accessible—The segments can be effectively reached and served
4. Differentiable—The segments are conceptually distinguishable and
respond differently to different marketing-mix elements and programs
5. Actionable—Effective programs can be formulated for attracting and
serving the segments
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Porter’s Five Forces Model and Segment Attractiveness
Michael Porter has identified
five forces that determine the
intrinsic long-run
attractiveness of a market or
market segment:
• industry competitors
• potential entrants
• substitutes
• buyers
• suppliers
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Porter’s Five Forces Model and Segment Attractiveness
1. Threat of intense segment rivalry—A segment is unattractive if it already
contains numerous, strong, or aggressive competitors
2. Threat of new entrants—The most attractive segment is one in which entry
barriers are high and exit barriers are low
3. Threat of substitute products—A segment is unattractive when there are actual
or potential substitutes for the product. Substitutes place a limit on prices and
on profits
4. Threat of buyers’ growing bargaining power—A segment is unattractive if
buyers possess strong or growing bargaining power
5. Threat of suppliers’ growing bargaining power—A segment is unattractive if the
company’s suppliers are able to raise prices or reduce quantity supplied
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Evaluating and Selecting the Market Segments
• In evaluating different market segments, the firm must look
at two factors:
– The segment’s overall attractiveness and
– The company’s objectives and resources
• Does a potential segment have characteristics that make it
generally attractive, such as size, growth, profitability, scale
economies, and low risk?
• Does investing in the segment make sense given the firm’s
objectives, competencies, and resources?
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Possible Levels of Segmentation
• Marketers have a range or continuum of possible levels of segmentation
that can guide their target market decisions
• As this figure shows, at one end is a mass market of essentially one
segment; at the other are individuals or segments of one person
• Between lie multiple segments and single segments
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Full Market Coverage
• The firm attempts to serve all customer groups with all the
products they might need
• In undifferentiated marketing, the firm ignores segment differences
and goes after the whole market with one offer
• In differentiated marketing, the firm operates in several market
segments and designs different products for each segment
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Full Market Coverage
Samsung identified six segments of mobile phone users
based on their need for style, infotainment, business,
multimedia, connection, and basic necessities. It has a
slew of mobile phones for full market coverage.
Samsung—Its climb to be the second largest
mobile phone maker is grounded on
understanding customer needs. Samsung realized
that it needed to design more products for people
in India, China, and other emerging markets that
are providing most of the industry’s growth. Its
research showed that there are six segments of
users based on their needs: style, infotainment,
business, multimedia, connected, and basic. The
latter two are most relevant in emerging markets.
The “connected” segment consists of people
whose main concern is communicating with family,
friends, and business associates; while people in
the “basic” segment just want a low-cost device
that allows them to talk and text message.
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Undifferentiated Marketing
• In undifferentiated marketing or mass marketing, the firm ignores segment
differences and goes after the whole market with one offer
• It designs a product and a marketing program that will appeal to the broadest
number of buyers
• It relies on mass distribution and advertising
• It aims to endow the product with a superior image
• Undifferentiated marketing is “the marketing counterpart to standardization
and mass production in manufacturing”
• The narrow product line keeps down costs of research and development,
production, inventory, transportation, marketing research, advertising, and
product management
• The undifferentiated advertising program also reduces costs
• Presumably, the company can turn its lower costs into lower prices to win the
price-sensitive segment of the market
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Differentiated Marketing
• In differentiated marketing, the firm operates in several market
segments and designs different products for each segment
• Differentiated marketing typically creates more total sales than
undifferentiated marketing. However, it also increases the costs of
doing business
• Because differentiated marketing leads to both higher sales and
higher costs, nothing general can be said about the profitability of
this strategy
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Differentiated Marketing – Lenovo
Lenovo practices differentiated marketing to reach out more effectively to consumer and business customers
Lenovo—China’s IT service market is
estimated to grow by leaps and bounds. To
capitalize on this, Lenovo differentiated its
retail channel to reach consumer and
business customers. It doubled its chain of
1+1 Special Shops to more than 500 stores
aimed at consumers. It also established a
chain of about 400 commercial IT specialty
shops, aimed at business customers. In so
doing, Lenovo can sell bundled products like
Internet services with hardware. It can also
identify those customers, especially small-
and mid-sized businesses, who might buy
additional services. Lenovo has two
departments working on its service
business—one on bundling, the other
offering after-sale services such as systems
integration.
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Multiple Segment Specialization
• With selective specialization, a firm selects a subset of all
the possible segments, each objectively attractive and
appropriate
• There may be little or no synergy among the segments, but
each promises to be a moneymaker
• Keeping synergies in mind, companies can try to operate in
super segments rather than in isolated segments. A super
segment is a set of segments sharing some exploitable
similarity
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Multiple Segment Specialization
• With product specialization, the firm sells a certain product to
several different market segments
• This leads to a strong reputation in the specific product area
• The downside/risk is that the product may be supplanted by an entirely
new technology
• With market specialization, the firm concentrates on serving many
needs of a particular customer group, such as by selling an
assortment of products only to university laboratories
• The firm gains a strong reputation among this customer group and
becomes a channel for additional products its members can use
• The downside/risk is that the customer group may suffer budget cuts or
shrink in size
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Single-segment Concentration
• With single-segment concentration, the firm markets to only
one particular segment
• Through concentrated marketing, the firm gains deep
knowledge of the segment’s needs and achieves a strong
market presence
• Further, the firm enjoys operating economies through
specializing its production, distribution, and promotion
• If it captures segment leadership, the firm can earn a high
return on its investment
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Niche Marketing
• A niche is a more narrowly defined customer group seeking a
distinctive mix of benefits within a segment. Marketers
usually identify niches by dividing a segment into sub-
segments
• Niche marketers aim to understand their customers’ needs so
well that customers willingly pay a premium
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Individual Marketing
• The ultimate level of segmentation leads to “segments of one,” “customized
marketing,” or “one-to-one marketing”
• As companies have grown more proficient at gathering information about
individual customers and business partners (suppliers, distributors,
retailers)
• Consumers increasingly value self-expression and the ability to capitalize
on user- generated products as well as user-generated content
• Customization is not for every company. It may be very difficult to
implement for complex products such as automobiles
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Legal and Ethical Issue with Market Targets
• Market targeting sometimes
generates public controversy (Make a
hit? fun? good? bad? offended?)
• The public is concerned when
marketers take unfair advantage of
vulnerable groups (such as
children) or disadvantaged groups
(such as rural poor people), or
promote potentially harmful
products
• Example, the fast-food industry has been
heavily criticized for marketing efforts
directed toward children
Ethical Choice of Market Targets
• Socially responsible marketing calls
for targeting that serves not only the
company’s interests, but also the
interests of those targeted
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Conclusion 1. Target marketing includes three activities: market segmentation, market targeting, and market positioning.
Market segments are large, identifiable groups within a market
2. Two bases for segmenting consumer markets are consumer characteristics and consumer responses. The
major segmentation variables for consumer markets are geographic, demographic, psychographic, and
behavioral. Marketers use them singly or in combination
3. Business marketers use all these variables along with operating variables, purchasing approaches, and
situational factors
4. To be useful, market segments must be measurable, substantial, accessible, differentiable, and actionable
5. We can target markets at four main levels: mass, multiple segments, single (or niche) segment, and
individuals
6. A mass market targeting approach is adopted only by the biggest companies. Many companies target multiple
segments defined in various ways such as various demographic groups who seek the same product benefit
7. A niche is a more narrowly defined group. Globalization and the Internet have made niche marketing more
feasible to many
8. More companies now practice individual and mass customization. The future is likely to see more individual
consumers take the initiative in designing products and brands. Marketers must choose target markets in a
socially responsible manner at all times
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References
Kotler, P., Keller, K. L., Ang, S.H., Tan, C.T., Leong, S.M.
(2018). Marketing Management: An Asian perspective
(7th ed.). Harlow, United Kingdom: Pearson Education
Limited.
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