The company has two marketing alternatives. The first alternative is the use of a new target marketing strategy. This strategy involves breaking the market into segments, and then targeting the most profitable market (Camilleri, 2018). The second alternative is the use of 4 P’s of marketing to get the product in front of the potential buyers at the right price. The 4 P’s, that is, product, price, placement, and promotion, could utilized to maximize the potential of the product (Goi, 2009).
Through the targeting strategy, the company will identify different segments of the German market by dividing the broad customer base into sub-groups. Then, the most profitable group will be identified (Camilleri, 2018). The second alternative is the use of marketing mix. The company will build on the 4 P’s to increase customer satisfaction for a competitive advantage. The price should be appealing to the target segment. The product should be conveniently available to the customers (Goi, 2009). Lastly, the company should consider various promotional strategies.
Both strategies have pros and cons. Target marketing has the following pros. First, it improves the understanding of the needs of the consumers making it easy to offer accurate products (Camilleri, 2018). Second, it allows evaluation of strengths and weaknesses of competitors. However, target marketing can be time-consuming and lead to the omission of some potential customers. The marketing mix strategy has several advantages. First, it brings marketing concepts into one, making it easy plan and manage marketing. Second, it allows delegation of marketing tasks to experts. This improves the likelihood of success. However, the strategy ignores consumer behavior. Second, it considers consumers as passive.
I recommend a combination of both marketing strategies to completely satisfy the customers. After selecting the most profitable population, the company should use the marketing mix to ensure customers are satisfied.
Camilleri, M. (2018). Market Segmentation, Targeting and Positioning. In Travel Marketing, Tourism Economics and the Airline Product (Chapter 4, pp. 69-83). Springer, Cham, Switzerland.
Goi, C. (2009). A Review of Marketing Mix: 4Ps or More? International Journal of
Marketing Studies, 1 (1).