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How does Eaton target business and consumer markets? Are there any differences? Eaton Corporation’s business market is made up of two major groups, electrical and industrial. These groups can be broken down further to allow for a wide variety of product. It is this wide variety of products that help target large and small businesses.
For the business-level, Trader Joe’s adopted a differentiation focus strategy. According to our textbook with this strategy, Trader Joe’s seeks to differentiate in its target market. They rely on providing better service than broad-based competitors. Specifically, they focus on the special needs of the buyer in other segments (Dess, Page 159). Joe’s differentiates its self from other grocers by providing a unique shopping experience fortified with their private label goods and great service from their crew members.
1. Rivalry among existing competitors The retail industry is extremely competitive. Here in Canada we enjoy large well established retailers such as Hudson Bay, Costco, and Canadian Tire. According to Statistics Canada “Chain stores, defined as operating four or more locations within the same industry group and under the same legal ownership, have been incrementally increasing market share for more than 10 years” .
The Hudson’s Bay Company focused on creating consumer confidence just after World War II using multiple approaches. The company was capable of dealing with corporate strategies while at the same time decreasing any potential buyer risks to increase customer confidence within the company. The Hudson’s Bay Company approach was to develop brand reputation, credibility, and trust. Due to the creation of market niches, the expansion of businesses increased in terms of the number of locations of a single wholesale provider domestically and locally owned businesses continued to strengthen relationships between customers. Implementing the retail strategy of going from a single outlet of goods to a diverse company with a variety of goods
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6.1 Marketing Mix Marketing mix is a set of controllable marketing tactics used by business to promote their product and achieve its marketing objectives. (L. Lake, 15 June 2017) Marketing mix is also called the 4Ps which consist of Promotion, Place, Product and Price. (M. J. Baker, 2001, p.54) 6.1.1 Product
