If we find those looking for us, we wont need to sell! Looking at the factors in selecting potential customers to whom a business wishes to sell products (goods & services).
Lets explore the three main targeting Strategies:
- Undifferentiated/ Mass market
- Differentiated /Concentrated /Niche market
- Multi-segment market
It's important to note, the 3 basic Targeting Strategies I've talked about in this video are the beginning or basic targeting strategies, and by no means the end or the only strategy a business can adopt.
In reality based on the 3 basic strategies, further targeting strategies can be developed based on the market and organisational capabilities.
This video is an introduction to the various aspects, however for a better understanding please check out the links from the "Additional Reading" section below and continue on your learning journey.
Note: Videos have been made with international students in mind, as such if your finding the speed of speech slow, please increase playback speed to 1.25 in YouTube.
I hope the video takes you beyond the definition & helps to make the learning process a little more tangible. Please subscribe & feel free to share.
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Video Content
0:00 - Introduction to Targeting Strategies
0:17 - What is Target Market?
0:40 - What are Targeting Strategies?
0:54 - What is Undifferentiated/ Mass market targeting Strategies?
1:07 - What is Differentiated /Concentrated /Niche market targeting Strategies?
1:20 - What is Multi-segment market targeting Strategies?
1:34 - What are the Advantages & Disadvantages of the Targeting Strategies?
- Undifferentiated/ Mass market targeting
- Differentiated /Concentrated /Niche market targeting Strategies
- Multi-segment market targeting Strategies
3:46 - What is Cannibalisation?
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Came across a great saying:
If a strategy meets a goal: It's working. If a strategy meets a target: It's a success. - Michael Porter
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Additional Reading:
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School of Learning
Arnav Dutta
https://www.linkedin.com/in/arnav-dutta-a2020a44