State a few strategies that are used for target-market strategies

Target Market Strategies -

Strategies for target market tells about how a marketer will compete in serving the targeted market. There are few general strategies that could be used in targeting a specific segment of the market. These are as follows -

1) Undifferentiated Marketing : Under this strategy, same marketing strategies are used for all target markets, with little differences, because of low point of differences among the target groups. Here, the same product is being served to all targeted markets, with almost same sales promotion and distribution system and at same price. There could be some very minimal differences in strategies. For example, selling a specific type pf biscuit to all target groups (young and old).

2) Multi Segment Targeting : Under this strategy, for every target market, separate marketing mix will be designed and implemented. All the four Ps (product mix, place mix, price mix and promotion mix) will be decided specifically for a specific target group and such mix will not be used for any other group. For example, selling cream biscuits to children and selling oats biscuits to adults.

3) Focus Targeting : Under such marketing, only a specific group is targeted and not all people in the market. The firm will serve to that sub market, which is actually niche in nature. Niche group is that group which is left unattended or very low focus has been given to it. So, all the marketing activities are designed and implemented to serve this specific small group. For example, selling biscuits to those consumers who have diabetes.