Instead of being product-centric, customer-focused marketing is completely focused on the customer’s actions. These companies are more interested in developing a mutually beneficial relationship with customers and are positioned to meet their expectations.
What are the two measures of market concentration
The concentration of firms in an industry is of interest to economists, business strategists, and government agencies.
Here, we discuss two commonly-used methods of measuring industry concentration: the Concentration Ratio and the Herfindahl-Hirschman Index.
How is market concentration measured
The most common measure to calculate the market concentration is the Herfindahl-Hirschman Index (HHI).
This index is calculated by adding the square root of the percentage market share of each individual firm in the industry.
What causes market concentration
When producers in competitive markets drive down profit margins and out-compete inefficient rivals, market concentration will rise and will likely correspond to lower prices and higher productivity growth.
Which of the following strategies assumes that individual customers have similar needs that can be met with a common marketing mix
A firm that adopts an undifferentiated targeting strategy assumes that individual customers have similar needs that can be met with a common marketing mix.
What are the 3 market coverage strategies
There are three market coverage strategies: Undifferentiated Marketing – the goal is to focus on the most common need of consumers.
Differentiated Marketing – specialized for each individual target market. Concentrated Marketing – focuses on a section of the market place.
What is an example of mass marketing
Think about a product that nearly every person uses. Toothpaste. Brands like Crest and Colgate utilize mass marketing by running commercial spots on TV, placing magazine ads, and pushing their product on other channels like social media and city billboards.
How do you focus on target customers?
- Identify The Target audience and Potential Opportunity
- Establish The Action Plan To Reach Your Target Audience
- Find The Relevant Marketing Channels
- Be Ultra Specific
- Form An Emotional Connection With Your Target Audience
- Analyze Existing Reports and Statistics
What is an example of differentiated marketing
Differentiated marketing focuses on a specific market, a “different” market, that is interested in buying a certain type of product.
For example, a business selling organic dog food is looking to target a specific type of person – a health conscious, animal loving and eco-friendly individual.
What is the difference between niche marketing and micro marketing
In niche marketing, You focus on the larger broader type of audience without going into depth of different characteristics of the audience in a topic, and in micro marketing, you target a more deep audience who are interested in a specific product or a topic.
What are the levels of marketing?
- Strategy
- Tactics
- Initiatives
- Action steps
What are niche examples
For example, within the market for women’s shoes are many different segments or niches.
Shoes for vegan women would be a niche market, as would shoes for plus-sized women or shoes for nurses.
Nearly every market can be further refined, or divided, by the specific needs and preferences of its constituents.
Which of the following is the primary measurement tool for assessing the effectiveness of direct response communication
T or F A form of action response, inquiry tests measure the number of responses to an advertisement and are the primary measurement tool for direct-response communication.
Is Nike differentiated marketing
One of the best brand examples to illustrated differentiated marketing in action is Nike.
Nike is a sports and lifestyle brand that create a variety of products and offers for many different market segments.
What are the 3 levels of market coverage
There are three different types of target market coverage every marketing manager should know; Intensive distribution, Exclusive Distribution, and Selective Distribution.
Which of the following is an example of individual marketing
Examples of individual marketing Potential buyers who receive personalized promotional messages on their devices, for example, may be more interested in making a purchase.
For instance, a customer who frequently purchases digital cameras may receive more promotions for new models.
What is an example of undifferentiated marketing
A classic example of undifferentiated marketing would be just about any Coca-Cola campaign. Coca-Cola uses the same bottle design, the same ads and the same distribution channels to sell its iconic soda and, with just a few exceptions, has used the undifferentiated approach for most of its history.
Who uses undifferentiated marketing
M&M’s. A brand famous for its button-shaped chocolates of different colors is a great example of undifferentiated marketing.
The company addresses people of all ages and appeals to everyone looking for sweets in its funny commercials on TV.
The same M&M’s product that the brand has used years remains the same.
Which of the following best describes differentiation
The correct answer is (d) Creating a unique offering to provide customer value. Differentiation is a marketing activity where firms try to differentiate their offering in the market.
What are 3 types of distribution
The three types of distribution channels are wholesalers, retailers, and direct-to-consumer sales.
What is undifferentiated market
Undifferentiated marketing occurs when a company creates one campaign for its entire audience, with all segments seeing the same message.
This usually means the message is more general in order for it to appeal to such a wide range of people.
Which of the following actions can help develop a good customer relationship?
- Communicate
- Exceed expectations
- Ask for feedback
- Connect
- Show appreciation
What is the similarity between a stock market and a labor market group of answer choices
Which of the following is a similarity between a stock market and a labor market?
Both have people with the necessary resources to buy desired products or services. The purpose of market segmentation is to: enable a marketer to tailor marketing mixes to meet the needs of one or more specific segments.
What is difference between undifferentiated and differentiated
The main difference between differentiated and undifferentiated cells is that differentiated cells are specialized cells to perform a unique function in the body whereas undifferentiated cells are responsible for replenishing old, injured or dead cells.
Which brand uses undifferentiated marketing
Undifferentiated Marketing Example (Coca-Cola) The Coca-Cola brand represents a perfect example of undifferentiated marketing.
Does Coca-Cola use undifferentiated marketing
For instance, Coca-Cola uses an undifferentiated marketing strategy to vocalize its entire audience. Some top brands use such a marketing approach globally.
Even if you are planning to use this tactic, make sure you can learn from these brands to get ideas for your own mass marketing game.
References
https://www.jstor.org/stable/4164933
https://www.lotame.com/what-is-market-segmentation/
https://quizlet.com/125060567/mktg-ch8-flash-cards/
https://www.marketingark.com/concentrated-marketing.html
https://entrepreneurshipera.com/niche-vs-micro-niche-marketing/
