Marketing strategy Essay Example | Topics and Well Written Essays - 2000 words

Marketing strategy - Essay Example When organizations pay emphasis and use its resources towards a small part of the consumers, they are involved in the business of market niche and by serving this portion of the market; businesses can perform better and gain an added advantage over their competitors. The process of market segmentation lies between an organization’s marketing strategy that targets a huge market by producing goods and services that satisfy the needs and wants of a huge market or the overall market and a marketing strategy that is used to serve the needs and wants of individual consumers by producing goods and services that are unique and only appeal to a specific portion of the overall market. Those organizations and marketers who follow niche marketing strategy and work on their market segmentation practices are of the belief that one product does not has the ability to satisfy a huge market as consumers have different needs and wants. Secondly, they are even aware that an organization can neve r have enough resources to satisfy needs and wants of consumers on the individual level. This is why marketers are involved in the process of marketing segmentation and they divide a huge market into smaller segments and then the marketers create marketing strategy as well as products that satisfy the needs and wants of a particular segment. Market segments are created while giving importance to the characteristics of consumers, these characteristics are regarded as segmentation bases and can be utilized to create segments of a market, and the most commonly used segmentation bases include: consumer’s age, the place they live in, their income levels and the purchasing behaviors (STEVENS, 2012, p.32). There are several strategies of marketing that a marketer can use for his/her product, one such strategy is recognized as marketing at the mass level, and this is even recognized by the name of undifferentiated marketing (FERRELL, 2011, p.168). Such a marketing strategy