Mass Marketing Is Dead

Contents

1. – Introduction

2. -Why markets are segmented ?

1. – Segmenting Consumer Market

2.2 - Segmenting Business Market

3.0 – Target Marketing

4.0 – Is Mass Marketing Dead ?

5. - Conclusion

Mass Marketing Is Dead

1.0 - Introduction

It is established that a company/organization cannot cater for all customers in large, broad or diverse markets. Consumers vary on many dimensions and often need to be grouped according to one or more characteristic. They may have different wants, buying preferences or product use behaviour. In some markets this differences are relatively minor and the benefits sought by consumer can be satisfied with a single marketing mix. In other markets, consumers are unwilling to make the compromises and necessitated by a single marketing mix. As a result, the segments must be targeted individually with different marketing mix.

2.0 – Why markets are segmented?

Market segmentation is defined as a process of dividing total market for a good or service into several smaller, internally homogenous groups. The essence of segmentation is that the members of each group are similar with respect to the factors that influence demands. The major element in a company’s success is the ability to segment its market effectively. The marketers task is to indentify the segments and decide which one(s) as to target. Segment marketing offers key benefits over mass marketing.

There are four levels in target marketing ie segments, niches, local areas and individuals. Market segments consist of a group of customers to share a similar set of needs and wants. A niche marketing is a more

narrowly defined customer group with distinctive mix of benefits. Local marketing is a marketing programme tailored to the needs and wants of local customer groups. Lastly the individual marketing, also known as one to one marketing. Customers seek information as to the product or service and even design the product...