Tailoring products and marketing programs to the needs and preferences of individual customers?

Micromarketingis the practice of tailoring products and marketing programs to the needsand wants of specific individuals and local customer segments. It includes:Local marketingwhich involves tailoring brands and promotions to the needs andwants of local customer segments - cities, neighbourhoods and specific stores.Individual marketingwhich involves tailoring products and marketing programs to theneeds and preferences of individual customers - also labelled 'one to one marketing','customised marketing' and 'markets of one marketing'Choosing targeting strategy: best strategy depends on company’s resources. When they are limitedconcentrated marketing is the most suitable. Undifferentiated marketing is better for uniformproducts, and those that vary in design work better with differentiation and concentration. Life cyclestage of product should also be considered. New products should use undifferentiated orconcentrated marketing. With low market variability (buyers with same tastes) undifferentiatedmarketing work best. Finally, the opposite of competitors’ strategies provides better competitiveadvantage.Socially responsible target marketing: targeting can generate controversy and concerns if vulnerableor disadvantaged customers are targeted with potentially harmful products. Also problems mayappear when marketing of adult products also move onto children. Especially internet allows fortargeting most vulnerable with questionable products. Socially responsible marketing call fortargeting with consideration of consumers’ interests and focusing on how and for what they aretargeted3

MARKETING FUNDAMENTALS – MMK1017. DISCUSS HOW COMPANIES DIFFERENTIATE AND POSITION THEIR PRODUCTS FOR MAXIMUMCOMPETITIVE ADVANTAGE.Choosing differentiation and positioning strategy: the strategy must serve the needs to identifiedtarget segment. The task consists of 3 steps:1.To identify a set of differentiating competitive advantages on which to build position marketersmust understand needs and deliver value and gain competitive advantage - an advantage overcompetitors gained by offering greater customer value, either by having lower prices or providingmore benefits that justify higher prices. The company needs to definitely deliver what it offers in theposition. Companies can differentiate themselves along the lines of:Product – features, performance, style and design.Services – speedy, convenient, careful delivery.Channels – coverage, expertise, performance.People – hiring and training better.Image – conveying distinctive benefits and positioning.2.Choosing the right competitive advantages entails deciding how many differences to promote andwhich ones:How many differences to promote: one opinion is that company should develop a unique sellingproposition and focus on one difference and become number one brand in it. The other is thatcompanies should use more than one differentiator to avoid situations where more than one firmclaims to be the best in the attribute.

Micromarketing-is the practice of tailoring products and marketing programs to suit the tastes of specificindividuals and locations. Rather than seeing a customer in every individual,micromarketers see the individual in every customerLocal marketing-involves tailoring brands and marketing to the needs and wants of local customersegments like cities, neighbourhoods, and even specific stores.Individual marketing-involves tailoring products and marketing programs to the needs and preferences ofindividual customers.Mass customization-is the process by which firms interact one to one with masses of customers to designproducts, services, and marketing programs tailor-made to individual needs.Factors to consider before choosing a targeting strategy:Company resources-When limited, concatenated marketingProduct variability-Undifferentiated marketing for uniformProduct’s life-cycle stage-Practical to lunch only one version at the beginningMarket variability-All people are the same? So, undifferentiated marketing.Competitors’ marketing strategies

-Competitors use differentiated? Don’t suicide! If they use undifferentiated, gainadvantage!Socially responsible:Controversy and concern of target marketing-Vulnerable or disadvantaged consumers are targeted with controversial or potentiallyharmful products.Socially responsible target marketing should be done to serve both the interests of the companyand the interests of those targeted.Objective summary:To target the best market segments, the company first evaluates each segment’s size and growthcharacteristics, structural attractiveness, and compatibility with company objectives andresources. It then chooses one of four market-targeting strategies—ranging from very broad tovery narrow targeting. The seller can ignore segment differences and target broadly usingundifferentiated (or mass) marketing. This involves mass producing, mass distributing, and masspromoting the same product in about the same way to all consumers. Or the seller can adoptdifferentiated marketing—developing different market offers for several segments. Concentratedmarketing (or niche marketing) involves focusing on one or a few market segments only. Finally,micromarketing is the practice of tailoring products and marketing programs to suit the tastes ofspecific individuals and locations.Micromarketing includes local marketing and individual marketing. Which targeting strategy isbest depends on company resources, product variability, product life-cycle stage, marketvariability, and competitive marketing strategies.6.4 Discuss how companies differentiate and position their products for maximumcompetitive advantage.Differentiation and positioning:•Firms must decide which segments to target and on the value proposition.

Is tailoring products and marketing programs to the needs and preferences of individual customers?

Is tailoring brands and marketing to the needs and wants of cities Neighbourhoods and even specific stores?

Which is a strategy firms use to tailor goods and services to meet the needs of a particular segment of the market quizlet?

What is the process of developing pricing promoting and distributing products?