Marketing and Market Share Discussion

Marketing and Market Share Discussion

Marketing and Market Share Discussion

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.

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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.

 

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www.hbr.org When GE realized that its products would no longer sell themselves, it had to invent a formidable marketing function from scratch. Unleashing the Power of Marketing by Beth Comstock, Ranjay Gulati, and Stephen Liguori Included with this full-text Harvard Business Review article: 1 Article Summary Idea in Brief—the core idea 2 Unleashing the Power of Marketing Reprint R1010H This document is authorized for use only by Douglas Kiger in MGMT-6659-6/WMBA-6060-6/WMBA-6060B-6-Marketing for Competitiveness2020 Spring Sem 01/06-04/26-PT4 at Laureate Education – Walden University, 2020. Unleashing the Power of Marketing Idea in Brief Not long ago, GE viewed its marketing department as little more than a support function. But beginning in 2003, the company’s marketing leaders rigorously applied GE’s process orientation and standards