It's important to tap the most attractive segment for maximum profit. To help you achieve this, here are some target marketing strategies.
1. Single Segment Strategy :
This strategy involves the use of only one marketing mix for one market segment. Usually small scale companies with limited budget and resources opt for this form of target marketing strategy.
2. Selective Specialization Strategy :
In this strategy, several marketing mixes are implemented in different segments. The same product is marketed differently in different segments, which is why this target marketing strategy is also known as differentiated strategy.
3. Product Specialization :
The product manufactured is customized and then marketed, so as to cater to different market segments.
4. Market Specialization Strategy :
In this form of target marketing, the company first finalizes the market segment they wish to cater to and then manufacture a variety of products exclusively for this segment.
5. Full Market Coverage Strategy :
The company uses this strategy when they wish to serve the mass market. This means a single marketing mix combination can be used or even several marketing mixes are used to cater to segments made in this entire market.