I’m stuck on a Marketing question and need an explanation.
*****500 words or more, I dont have the book so just use peer related material
Before describing the concept of market share, it is important to understand the marketing management process and different types of marketing. When engaging in the marketing management process, two kinds of marketing need to be considered: mass marketing and target marketing. Mass marketing assumes that everyone is a potential customer of a product or service. Consider the example of the product of salt, which is assumed to be in demand by all. A salt company such as Morton’s might then market the same way to all users, because most users have the same needs and wants for salt.
A target market is a fairly homogeneous group of customers to whom a company wishes to appeal. For example, the maker of a particular brand of cereal that is oriented toward health or weight loss may need to target a different group than would the maker of a cereal with a lot of sugar. Target marketing is the process of tailoring a set of marketing strategies to meet the needs of a specific group of target customers. While mass marketing might be considered a “shotgun” approach, target marketing might be considered a “rifle” approach.
Marketing strategy defines the marketing mix—the variables that the company employs to attract and meet the needs of a target market. The field of marketing refers to the controllable variables of the marketing mix as the four Ps of marketing: product, place (distribution), promotion, and price. Why are marketing strategies important? Companies use marketing strategies to increase their profitability by growing their market share.
For this week’s Discussion, you examine marketing strategies to explore how a company can expand its market share.
To prepare for the Discussion:
- Read this week’s course text chapters. Consider the roles marketing plays in firms and the two essential elements of a marketing strategy: a target market and a marketing mix.
- Read the Comstock, Gulati, and Liguori (2010) article.
- After reviewing the Readings, select a company that currently operates domestically in the United States.
- Consider the marketing strategies the company you selected can employ to grow its market share in the United States.
- Then, consider whether the company should use the same marketing strategy or a different one to gain market share in an international market.
By Day 3
Post the following:
- A brief description of the company you selected, including its products or services and the market or markets it serves.
- Describe two marketing strategies that firms can select for growing their market share domestically.
- Explain which of the two marketing strategies you selected should be adopted by your chosen company to continue its growth in its current domestic market and explain why this strategy would be effective.
- Explain whether the company should use this same marketing strategy to grow internationally or into other markets or regions or whether it needs to employ a different one.
- Give an example of how the marketing strategy (or strategies) you have selected would apply in the domestic and international context. Provide a rationale to support your conclusions.