Customers

So after we divide the market up in the segments our next major task in marketing 0:01 is targeting. And that's when we decided out of all of these different groups that we've 0:06 created or all these different ways that we've divided the market up which group or groups 0:11 are you as a marker are going to try to serve. That's targeting. 0:17 Now in targeting there are four main strategies. That's 0:23 what I'm going to talk about in this video. These are undifferentiated marketing, 0:28 also known as mass marketing. Differentiated marketing also known as segmented marketing. 0:34 Concentrated marketing also known as niche marketing and micro marketing 0:39 can be customized, local or individual marketing. So there's a lot of 0:45 names going around here. But just remember undifferentiated and mass go together. Differentiated 0:50 and segmented go together. Concentrated and niche to go together. And micro marketing 0:55 goes with customized local and individual marketing. Let me tell you a little bit more about each 1:00 of these. I'm differentiated marketing is when you actually ignore segments. 1:05 You sort of just targeted anyone with your product or service. So you provide an offering 1:11 that would appeal to a lot of different people and you focus on common needs 1:16 across customers rather than on differences. You'll try to get your message 1:22 out as widely as possible. Usually maybe on the radio 1:27 or on TV, you know, any mass communication that you 1:32 can. And as a marketer you're going to be one of many marketers trying to serve 1:37 a common need that many people have. You just basically provide 1:42 an offering that's a one size fits all right. You're not making 1:47 different strategies for different groups of people. You're just providing something similar or exact 1:52 the same. Anyone interested. That's undifferentiated or mass marketing. 1:58 Next up we have differentiated marketing or segmented marketing. And this is when you decided 2:05 to target one or more segments or actually definitely more than one 2:11 segment and you devise a slightly different strategy for each segment. 2:16 So for example, maybe you segmented the market into to male 2:22 versus female and you create slightly different offerings and slightly different 2:27 strategies for these two consumer groups. Right. You come up with his 2:32 and hers offerings. That's gonna be differentiated marketing. 2:38 Next up we have concentrated or niche marketing and that's when you target one 2:44 or more very specific and usually very small segments. 2:49 Right so, usually you're selling sort of a specialty product. We're selling 2:56 to a very narrow group of people. Right. A very small, very specific 3:01 group of people. Much more specific than just male versus female. 3:06 Maybe it's something as specific as females interested in 3:11 at antique tea pots. That's a very specific 3:16 market and as a marketer you're one of the only people who specializes 3:22 or serves that particular consumer group. Lastly 3:27 we have micro marketing and this is our most focused, most narrow approach 3:32 to marketing. When you get your micro marketing, you'er tailoring products just 3:38 to suit specific individuals or specific locations. Maybe 3:43 you sell specific products and services in specific neighborhoods. For 3:48 example, the Meijer here in Mount Pleasant sells T-shirts with the CMU 3:53 logo on it. Probably other Meijer in the United States don't sell CMU 3:59 apparel right? Because that's not something that would appeal to the local neighborhood 4:04 everywhere in the United States. So micro marketing is when you're detailing your offering 4:09 to either an individual person, a really small location or neighborhood 4:15 or create really customized offerings in some other way. 4:20