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What is Concentration Approach for selecting target markets?
Concentration Approach:
As an organization directs its marketing efforts in the direction of a single market segment by a single marketing mix, this is using a concentration approach. This permits a company to focus all its marketing efforts onto a single segment. A main restriction of the concentration approach is that, when a company depends onto a single market segment for its entire sale and which segment’s demand for the product declines, sales and profits of the company will also decline.
Explain the selling of a product correspond to the views of customers. In condition, the company is preparing an offering mix of products, prices and services and utilizing a c
Procedure of the environmental analysis: Step 1: assess the nature of the environment: it is useful to take a view of the nature of the organization's environment in terms of
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Facilitating function: These functions make the marketing process easy and include financing, pricing, risk bearing, standardization and the market information etc. 1.
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