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MarketingStrategyMarketSegmentationandTargetStrategyAmarketconsistsofpeopleororganizationswithwants,moneytospend,andthewillingnesstospendit.However,withinmostmarketsthebuyer'needsarenotidentical.Therefore,asinglemarketingprogramstartswithidentifyingthedifferencesthatexistwithinamarket,aprocesscalledmarketsegmentation,anddecidingwhichsegmentswillbepursuedadstargetmarkets.Marketingsegmentationenablesacompanytomakemoreefficientuseofitsmarketingresources.Also,itallowsasmallcompanytocompeteeffectivelybyconcentratingononeortwosegments.Theapparentdrawbackofmarketsegmentationisthatitwillresultinhigherproductionandmarketingcoststhanaone-product,mass-marketstrategy.However,ifthemarketiscorrectlysegmented,thebetterfitwithcustomers'needswillactuallyresultingreaterefficiency.Thethreealternativestrategiesforselectingatargetmarketaremarketaggregation,singlesegment,andmultiplesegment.Market-aggregationstrategyinvolvesusingonemarketingmixtoreachamass,undifferentiatedmarket.Withasingle-segmentstrategy,acompanystillusesonlyonemarketingmix,butitisdirectedatonlyonesegmentofthetotalmarket.Amultiple-segmentstrategyentailsselectingtwoormoresegmentsanddevelopingaseparatemarketingmixtoreachsegment.PositioningtheProductManagement'sabilitytobringattentiontoaproductandtodifferentiateitinafavorablewayfromsimilarproductsgoesalongwaytowarddeterminingthatproduct'srevenues.Thusmanagementneedstoengageinpositioning,whichmeansdevelopingtheimagethataproductprojectsinrelationtocompetitiveproductsandtothefirm'sotherproducts.Marketingexecutivescanchoosefromavarietyofpositioningstrategies.Sometimestheydecidetousemorethanoneforaparticularproduct.Hereareseveralmajorpositioningstrategies:1.PositioninginRelationtoacompetitorForsomeproducts,thebestpositionisdirectlyagainstthecompetition.Thisstrategyisespeciallysuitableforafirmthatalreadyhasasoliddifferentialadvantageoristryingtosolidifysuchanadvantage.Tofendoffrivalmarkersofmicroprocessors,IntelCorp.launchedacampaigntoconvincebuyersthatitsproductis1superiortocompetitors.Thecompanyevenpaidcomputermakerstoincludetheslogan,IntelInsideintheirads.Asthemarketleader,Coca-Colaintroducesnewproductsandexecutesitsmarketingstrategies.Atthesametime,itkeepsaneyeonPepsi-Cola,beingsuretomatchanyclever,effectivemarketingmovesmadebyitsprimarycompetitor.2.PositioninginRelationtoaProductClassorAttributeSometimesacompany'spositioningstrategyentailsassociatingitsproductwith(ordistancingitfrom)aproductclassorattributes.Somecompaniestrytoplacetheirproductsinadesirableclass,suchasMadeintheUSA.Inthewordsofoneconsultant,Thereisastrongemotionalappealwhenyousay,'MadeintheUSA'.Thusasmallsportswearmanufacturer,BostonPreparatoryCo.isusingthispositioningstrategytoseekanedgeoverlargecompetitorssuchasCalvinKleinandTommyHilfiger,whichdon'tproducealloftheirproductsintheU.S..3.PositioningbyPriceandQualityCertainproducerandretailersareknownfortheirhigh-qualityproductsandhighprices.Intheretailingfield,SakeFifthAvenueandNeimanMarcusarepositionedatoneendoftheprice-qualitycontinuum.DiscountstoressuchasTargetandKmartareattheother.We'renotsaying,however,thatdiscountersignorequality;rather,theystresslowprices.Penney'stired—andforthemostpartsucceededin—repositioningitsstoresontheprice-qualitycontinuumbyupgradingapparellinesandstressingdesignernames.Thewordbrandsiscomprehensive;itencompassesothernarrowerterms.Abrandisanameand/ormarkintendedtoidentifytheproductofonesellerorgroupofsellersanddifferentiatetheproductfromcompetingproducts.Abrandnameconsistsofwords,letters,and/ornumbersthatcanbevocalized.Abrandmarkisthepartofthebrandthatappearsintheformofasymbol,design,ordistinctivecolororlettering.Abrandmarkisrecognizedbuysightbucannotbeexpressedwhenapersonpronouncesthebrandname.Crest,Coors,andriderforRalphLauren'sPoloBrand.GreenGiant(cannedandfrozenvegetableproducts)andArm&Hammer(bakingsoda)arebothbrandnamesandbrandmarks.Atrademarkisabrandthathasbeenadoptedbyasellerandgivenlegalprotection.Atrademarkincludesnotjustthebrandmark,asmanypeoplebelieve,butalsothebrandname.TheLanhamActof1946permitsfirmstoregistertrademarkswiththefederalgovernmenttoprotectthemfromuseormisusebyother2companies.TheTrademarkLawRevisionAct,whichtookeffectin1989,istendedtostrengthenthetheregistrationsystemtothebenefitofU.S.Firms.Forsellers,brandscanbepromoted.Theyareeasilyrecognizedwhendisplayedinastoreorincludedinadvertising.Brandingreducespricecomparisons.Becausebrandsareanotherfactorthatneedstobeconsideredincomparingdifferentproducts,brandingreducesthelikelihoodofpurchasedecisionbasedsolelyonprice.Thereputationofabrandalsoinfluencescustomerloyaltyamongbuyersofservicesaswellascustomergoods.Finally,brandingcandifferentiatecommodities(Sunkistoranges,Mortonsalt,andDominosugar,forexample).PricingPricingisadynamicprocess,Companiesdesignapricingstructurethatcoversalltheirproducts.Theychangethisstructureovertimeandadjustittoaccountfordifferentcustomersandsituations.Pricingstrategiesusuallychangeasaproductpassesthroughitslifecycle.Marketersfaceimportantchoicewhentheyselectnewproductpricingstr