Marketing Strategy for Targeting Niche, Mass and Growth Markets

This article discusses the marketing strategies for targeting niche, mass and growth markets. It explains the advantages and disadvantages of each strategy and provides insights on how to implement them effectively. The article also highlights the importance of generating content, choosing the right advertising platform, and forming partnerships to show unique selling points. It also emphasizes the need to reduce costs and optimize resources for growth marketing strategies.

Running Head: MARKETING STRATEGY 0
MARKETING STRATEGY

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Targeting Niche Market
In Niche Marketing, the focus of the organization is to target a specific population.
This type of market needs the organization to be specialised in any particular service or
product, which can be served to the particular demographics under the target audience
(Toften & Hammervoll, 2013).
The major conditions to target Niche market are to enhance the customer relationships
by delivering them products or services which are personalised to their needs. Other
conditions include reducing the competition, increasing the visibility (with online presence),
and delivering the product and services by optimum use of the resources.
Considering the marketing strategy, the company should focus more on generated
content, and the corporation should choose the advertisement platform wisely. Companies
can also form a partnership so that it can show its unique selling point. They can also use
offline marketing, as every segment cannot be reached using the internet or mobile app. One
of the major disadvantages of Niche Marketing strategy is that the growth is limited because
the customer group is relatively small who buy a particular product.
Targeting Mass Market
In Mass Marketing, organizations target the whole population irrespective of the age
groups, customer preference and lifestyle. In this market, the people belong from all
demographics and sectors, different culture and casts, sex and heritage in relation to all their
common needs.
An organization do mass marketing with an objective to optimize sales, brand
building, enhancing brand recall efforts and introduce new products in the market. If an
organization wants to increase the awareness in the market about product, services and
company, then it can opt for the mass marketing strategy.
However, there are certain limitations working as a barrier to this marketing strategy.
Due to the rise in the competition, the company now needs a differentiation strategy. For
gaining competitive advantage, they need to focus on reducing the cost, however, in mass

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marketing, high cost and expenditure is involved because of buying media and executing the
strategy in an appropriate manner.
Targeting Growth-Market
Growth marketing strategy is never static. These strategies impact the entire funnel
which leads in growing the business as a whole. Organizations that follow these strategies in
the market are mainly profited oriented.
Some of the common growth-market strategies include market penetration, product
expansion, diversification and acquisition. The company also tries to save costs at every level
so as to increase their profitability. Such costs include operational costs, adverting costs,
R&D costs, and various other financial costs so that they can achieve their objectives
effectively (Fornell, Rust & Dekimpe, 2010). For achieving these objectives, the company
make various strategies relating to the employee training, choosing the advertising media
wisely as well as making optimum use of resources while manufacturing and delivering the
product or service to the consumer. The key disadvantage of this strategy is that competitors
may be able to take market share by adopting similar strategy. Thus, this strategy is suitable
for markets with low competition.

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References
Fornell, C., Rust, R. T., & Dekimpe, M. G. (2010). The effect of customer satisfaction on
consumer spending growth. Journal of Marketing Research, 47(1), 28-35.
Toften, K., & Hammervoll, T. (2013). Niche marketing research: status and
challenges. Marketing Intelligence & Planning, 31(3), 272-285.