The Meredith Corporation is the most leading marketing and media company in the world, specifically targeting American women. (www. Meredith. com/ about Meredith) There are four major steps in going into a customer-driven marketing strategy. (Principles of Marketing Chapter 7 PG 189) I believe that Meredith follows all four steps into their market strategy. They first use market segmentation which divides the total market into smaller segments which they break down but customers needs.For example, the Meredith company sends out surveys and do research on what many women are going through in their time of life.
They focus on gender, age, income, children, hobbies and ect. This also falls under another step which is Targeting which they are trying to target different magazines. If someone is having a kid they will target a children’s magazine or maybe a baby magazine.
If someone is into fitness they will target more of a fitness approach which will have healthy food magazines or work out methods.If they are home owners they will be targeting them into magazines in which homeowners will be interested in. Now for the last two steps which are Differentiation and positioning, the company doesn’t really differentiation its customers because it has such a big variety of selections. They do position their customers into a certain market offer. For example, the Hispanic population can order a whole section on more Hispanic orientated magazines rather than American living.
To sum up these four steps, Meredith uses all four to create a value for targeted customers in which why they are so successful with their products. (Principle Of Marketing Chap 7 PG 191) Moving on to the four generic market targeting strategies they are also four different strategies that are targeted and there is one that describes Meredith the best. Undifferentiated marketing focuses on one whole market to offer in one deal, they will ignore others and stick with one approach, this is not what Meredith does.Concentrated Marketing focuses on going after large shares in smaller segments which I don’t believe Meredith approaches.
Differentiated marketing is where a company will target many market segments and have different offers for each one, Meredith I believe shares all segments just focuses on what they have on their surveys, so options don’t differentiated or at least they don’t focus on that. I believe out of all four of the steps Micromarketing fits Meredith the best in which they practice advertising their products in which fits their customers the best.That’s why they send out surveys and do research to figure out what that person is doing in life. They don’t wont to send out millions of different segments and waste their time because you may be sending a bunch of stuff on children to someone who does not even have a kid. That’s why Meredith narrows down on their segments to figure out their customers needs and hobbies which will be easier for them to send out the correct information. I believe Meredith uses more than one positioning strategy for all its products.Each product has its own strategy, obviously there are different products that focus on different peoples needs such has homeowners, fitness people, couples, families, children and all other things that people go through in life.
I looking over the various value propositions, I believe the company is in the green for the most part with all their products. I think they fall under the same for less category, which is a very powerful proposition for its customers. If you told a customer that you are selling the same product for less, you would think right away that you are getting the better deal.Now Meredith offers a broad full of choices on their products in which you will be getting a great deal and most likely discounts on their products compared to if you just went to that certain company. They may differentiate because they are working with other companies as well, I was listening in some point of the video where they were saying if they subscribed to a certain company that deals with new born, they would promote a free subscription to Meredith which only helps on both of the companies.
To sum up Meredith’s strategy they are not only sending out magazines but they also have a big digital media network too, this generation is going more towards the digital side more than the magazines. Like newspapers nobody really reads them anymore because they can pull an article online. The Meredith corporation will continue to be successful with their marketing strategies. BIBLIOGRAPHY www. meredith.
com/mission statement internet source Kotler. P, Armstrong, G. (2012).
“Principles of Marketing” Chapter 7. PG 188-221. Retrieved on February 17, 2013.