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Differences: Differentiated & Multi-segmented Mkt?
2/12/2018 at 7:21 PM ET
I am attempting to define the differences between Differentiated Marketing and Multi-segmented Marketing targeting strategies and would appreciate any feedback.
I know they are similar, however, am I wrong in thinking there is a difference between these two targeting marketing?
I have written a paragraph below to go into our Marketing Mix Plan. Please review and any feedback would be greatly appreciated.
"At first glance, it can appear that (rental company) use undifferentiated marketing as its tactics due to initial fixed hire rates and the majority of standardised advertising used to help appeal to and attract a greater number of potential consumers. In hindsight, when evaluating the company at a closer level, the use of multi-segmented targeting market is evident, and although similar to differentiated marketing, multi-segmented marketing differs as the service provided, product supplied, and marketing strategies are all similar regardless of target market, however, pricing tactics alter between each segment depending on hire terms which only alter within one of the target markets.
For example; a company within the machinery hire industry, the more often machinery and equipment are out on hire the greater the overall income for the business. To achieve this, it is ideal that hire-able goods are out for longer periods of time per customer as opposed to sporadic hires. When looking that the two target markets for (rental company), 'Trade Hires' who hire for up to several months at a time are the best segment for this approach as 'Private Hires' do not hire for longer than a one to three-day period. However, with long-term hires comes pricing negotiations to ‘win’ the customer’s business. This tactic appears to work best for this industry due to the level of competition, consumer segment needs, and the multitude of brands used within a single hire company for the same hire purposes."
Is it me or is this missing something or not sound right?
ANY prompt feedback is greatly appreciated :)
2/13/2018 at 11:08 AM
There may be a difference between "differentiated" and "multi-segmented," but it is not obvious from your paragraph(s). In fact, I'm having a problem deciphering your write-up.
Can we step back and address the reason for the question in the first place? If it's only a semantic thing, it's probably not worth the time and effort. If there is actually some decision that depends on having the answer to your question, we need to understand that decision.
2/13/2018 at 8:28 PM
Segmentation pertains to slicing a target market into sub-markets based on some measurable dissimilarity. Differentiation refers to contrasting the company or product against competition or alternatives.
2/21/2018 at 1:57 PM
The point of segmentation is to develop distinctively different addressable target groups (or segments). This helps you focus a benefits-based message to each segment.
Differentiation is about finding why your product or service is better for the prospect than the competitors product.
Differentiation is in the mind of the consumer. It follows, therefore, the differentiation may differ by target segment. Which means the Message needs to be tailored to the segment to reflect how they will perceive the differentiation in order to be most effective.
Hope that helps.
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