Question

What is total market strategy, and why do marketers use this approach? Provide a recent example of a product or service that uses the total market strategy approach and discuss the components that make it effective or ineffective.

Answer 1

The markets in every country has become so much diverse due to globalization and immigration. Many people often settle down in other countries making the products availability much more wider. Total market strategy can be simply defined as the strategy which serves the entire market as a whole by making different product available in different segments of the market is termed as total market strategy.

Why Total Market strategy?
It's because of the opportunities that the environment is posing to the business environment. Due to several multicultural forces, business has a chance to get diversified with respect to its products and business opportunities. A sociological shift has been done and the domestic markets are no longer seen due to globalization and market boundaries are discarded. So in way to reap the benefits of globalization and multi cultural markets business has adapted the approach of Total market strategy. Recently we can see that even Coca-Cola and McDonald's have tend to adapt these strategies in order to gain the international competitive advantages. These multi national companies use the same marketing mix for all the customers they have to sell all their products in the markets.  .

Components shaping TMA (Total Market Approach):

• Identifying and separating the international and domestic activities
• Resonating with the local and international trends.
• Crafting and implementing the strategies
• Local teams must be made to energize their campaigns
• Monitoring the strategic processes and reviewing them
• Assessing the final consequences

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