Marketing Techniques

Research and marketing practice have widened undoubtedly, from focusing on marketing as an available executive concept to a broader discussion on the specific importance of marketing in the general organizational approach (Kotler, 2000). Firm executives around the world understand the rising need for the organization to having marketing techniques in play to compete efficiently in the global market. Formulation of crucial marketing techniques is preceded by the firm determining the target market, specification of the market strategy, and development of tactical approaches.

Mass marketing is the aspect of treating the whole market as a sole target market and appealing to the greatest group. In this marketing technique, customers are seen as relatively undifferentiated in what they prefer (Roman, 1988). This approach tries to meet the needs of the largest number of buyers with a single commodity.

On the other hand, market concentration technique entails pursuing a single subset of the market segments. In choosing only a single segment, a firm must be able to defend its option in the face of competition. The firm must, therefore, offer personalized commodities or services.

Cost leadership marketing technique is another practical approach firms can apply in marketing their commodities to increase the total income. In this case, the organization works on increasing its market share by charging reduced prices, while still recording a reasonable profit. Within a single sector, one firm usually tries to be the market leader.

Lastly, multi-segment marketing is another technique whereby a different marketing approach is developed for each group.  The organization does comprehensive research to understand the needs and preferences of each group in a segment and creates commodities or services that meet these needs.

In conclusion, the implementation of a marketing strategy requires the firm to understand the needs of the target market and then specifying the market strategy (Usunier, 2000).