Understanding Mass Marketing Strategy
Mass marketing strategy is also called undifferentiated marketing. Here, you cast a wide net. It is the opposite of target marketing. Organizations use mass marketing in order to promote a single product to as many potential customers as possible within the market and without considering how different segments of the market are likely to respond. Thus, a mass market refers to a general population, which a company targets for sale and marketing of its products. A better way of understanding mass marketing is comparing it to niche marketing where a small segment of the market exists. For example, tractors are a niche market since they are only applicable in farming.
A mass market is larger with varying demographics. For example, automobiles always target a mass market with diverse ages, preferences and locations worldwide. Since one can diversify these markets into smaller segments, products targeting a mass market have different promotion strategies, which suit the market. This means that individual segments exist within the mass market.
Benefits of Mass Marketing Strategy
The main target of every company is to generate customers. This largely determines the success of an organization. A successful company thus, is that which has more customers as compared to other players within the same market and industry. However, for this to happen, people must know that your product exists in the market. If no one knows about your products and services, then expect no sales at all. The best ways of letting people in need to recognize your products is through mass marketing strategy.
Mass marketing gives a chance to serve the entire market with a single product or service. A practical example of this is Coke, which targets every family in the world with its soft drinks. If the whole market recognizes your product, then you are better than a company that targets a segment of the market.
The main advantage of mass marketing is that you have a greater audience, which should translate into increased sales if your promotion mix is effective. Nonetheless, the main task would be winning customers in a mass market since they have varied tastes and preferences. Market analysis and research would help to identify trends within the market that are likely to have an impact on your business.
Why mass marketing is not the best
While mass marketing strategy can work well in publicizing your products and services in the entire market, it does not always guarantee you success. In fact, it could the beginning of your downfall. The greatest undoing of this approach is that it has limited appeal to potential customers. Customers think differently. This means that what is appealing to one demographic region could be a repellant to another demographic region.
Secondly, mass marketers experience lower profits. Even though they make higher sales in large quantities, they risk making losses because of high cost of doing business within a mass market. To penetrate the entire market within a single product, the company has to employ high-level marketing and promotion, which may turn out to be counterproductive.
In addition, mass marketing does not meet particular of the market. Unlike niche marketing where a company targets a specific segment of the population and satisfies their needs, mass marketing assumes that everyone is need of the product. This leaves parts of the market with unmet needs because of the varied tastes and preferences in any market.
Tips for a successful mass marketing strategy
A mass marketing strategy can be effective where the company understands the market through research and analysis. The first thing to do is to have short-term measures to evaluate your strategy. Have parameters that you will use to gauge the impact of your efforts within a specified period. You may choose to use total sales, customer satisfaction ratings, increased revenues or transaction costs among others.
Secondly, it is important to know your customers. Knowing your customers allows you to address their needs holistically. It implies that you understand their tastes and preferences and are aware of their expectations. It is essential to keep in touch with your customers through emails and mobile phone numbers. This will allow you to monitor buying patterns, likes and dislikes among others.
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