Question

. Assume that a multispecialty medical group has decided to segment the market in the community by income level. The group has decided to target a small niche of middle-aged, white-collar professionals who are married, with both spouses work ing outside the home. How might this medical group tailor its marketing mix to appeal to this segment?

Answer 1

Targeting the market is an important aspect within marketing. Organizations can decide to target any and all consumers or just a specific group using various marketing strategies. By employing marketing segmentation strategies, “marketers are in effect being sensitive to the diversity within the population and the need to more efficiently allocate scarce resources” .Marketing segmentation is “the process of grouping into clusters of consumers who have similar wants or needs to which organization can respond by tailoring one or more elements of the marketing mix” . In using this process, one specific segment of the market can be targeted, which is referred as a concentration strategy. By focusing on just one specific market segment, a firm is able to “tailor its strategy in an attempt to solidify its position in the marketplace”. The concentration strategy has many different forms, one variation in particular that focuses on niches is called a niche strategy.