Differentiated Marketing Strategy
Differentiated marketing strategy refers to a strategy for growing sales where several population segments or market niches are identified and targeted with various products for every segment or niche. This strategy refers to integration of sets of actions with an aim of producing or delivering services or goods that customers see as being different in certain ways that are crucial to them.
After identifying prospective consumers for a brand via a process known as segmentation, marketers come up with a strategy that enables them to target and reach the prospective consumers. There are different routes that marketers can take and differentiated marketing strategy is one of them.
To ensure their long-term growth, companies that have significant budget use differentiated marketing strategy. The basic step in developing a differentiated marketing strategy is usually segmenting the market into distinct demographic groups. This is followed by development of a strategy that will help in covering the market and determining how best to approach each of the segments.
When using a differentiated marketing strategy, a company develops various brands that meet specific needs of the segments of the consumers. For instance, if a company produces breakfast cereals it can target children by producing a brand of sweet cereals. It can also produce high-fiber and health conscious cereal for the dieters. The main tactic to the success of differentiated marketing strategy is ensuring that each brand in the group of brands produced by the same company has an independent marketing plan.
The main advantage of differentiated marketing strategy is that it can establish brand loyalty increasing the number of repeat buyers or purchases for each brand depending on the unique needs of the consumer segment that it targets. In a saturated market differentiated marketing strategy can aide a new brand in gaining traction.
For instance, a company that wants to conquer a mobile phone market instead of introducing a new phone brand can be better off when it develop a phone that target senior persons with bigger buttons and different types of mobile phones that address specific needs of other smaller consumer groups.
Nevertheless, differentiated marketing strategy has its disadvantages as well. For instance, this marketing strategy might not be a cost-effective marketing means for a small manufacturer. This is because conducting research and coming up with different brands can be costly.
A company that sells services instead of products can easily tailor its offerings for various audiences. When following this marketing strategy, it is important to segment consumers into different groups with different needs to avoid risking single brand cannibalizing. This is where the brand of a company steals the sales of the other rather than appealing to new buyers.
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