Can we take undifferentiated market as homogeneous market like all producer have similar needs, or differentiated as heterogeneous market like all producer have same products is it right ? But what we call Concentrated market and Custom Marketing or Micro-marketing Strategy?
This is a mass marketing strategy wherein mass production of a standardized product is done and is distributed on mass scale. In a way you can say that in homogeneous market the needs of a consumer are the same and in heterogeneous market the needs of the customers are not similar and thereby heterogeneous market can be segmented in different segments.
Differentiated Market
In differentiated marketing the companies segment the market with dissimilar needs on the basis of demographics, psycho graphics or behavioral characteristics and then approach the various segments of market with differentiated marketing strategy.
Example
A company may segment the shampoo market in segments like normal hair, oily hair, dandruff conditions, damaged hair etc. Now the company can approach these segments with a differentiated marketing product catering to every segment separately.
Concentrated Market
As far as concentrated marketing is concerned it focuses on a niche. A niche is a narrowly defined group within a segment or a sub segment with distinctive and peculiar sets of needs and benefits. Niche marketing is aimed at this segment. E.g. a herbal natural make-up for extra sensitive skin conditions.
Micro Marketing
Micro Marketing is the practice of tailoring and customizing the product according to the specific and individual needs of customers. E.g. a fashion designer customizing the dresses of customers according to their specifications or a dentist doing dental treatments for each one of its clients
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