Marketing Management Essay Example | Topics and Well Written Essays - 1000 words - 3

Marketing Management - Essay Example Therefore, more and more companies today resort to differentiated marketing through highly focused segmentation and targeting strategies. Product categories ranging from Fast Moving Consumer Goods (FMCG’s) to Luxury vehicles or Holiday packages to Hospital services are all using differentiation tactics to market their products and services to the desired market segments. Various levels of market segmentation can be observed from Mass marketing to Segment marketing, Niche marketing and Micro marketing. Mass marketing represents no segmentation in one end of the spectrum while micro marketing involves complete segmentation. For segmentation to be effective, the market segments should be Measurable, Accessible, Substantial, Differentiable and Actionable (Armstrong & Kotler 2000). Segmenting can be done on the basis of geographic, demographic, psychographic or behavioral factors. The effectiveness of the product’s marketing mix depends upon whether it conveys the desired message to the consumer and whether it finally prompts the potential consumer to become a customer. When the marketing mix is combined in a such as way to project the correct image in the mind of the consumer and offer a right price as well as be accessible to customer depending upon his lifestyle, the effectiveness will increase. For example, being a collage student, the income levels are low and thus price factor should be average.