Mass Markets and Mass Production

Many companies and business entities achieve higher levels of market success through extensive supply chain management. Market success within these industries and companies is possible through implementation of mass customization strategy. Mass Customization represents an approach within the business entity that seeks to be innovative, enhance quality, minimize cycle time, improve agility, and generate consumers who want to only associate with the firm or organization. The main objective of the mass customization strategy rests on the provision of products and services to satisfy unique tastes and preferences at affordable prices that relate effectively with target groups. A visit to Lutron Organization generates clear indication of how mass customization applies in relation to its application in business entities. Lutron organization adopts the strategy of mass customization to meet the needs and expectation of the consumers. Mass Customization is also effective and efficient in developing competitive advantage over other entities within the same industry. The approach of maximizing revenue while expanding the market coverage by Lutron draws from new technologies and knowledge in relation to forces of consumers and company demands. The main aim of the strategy within Lutron is to enable consumers acquire any product or service they want, anytime, in any way, and anywhere while enhancing the profit levels.

Step 1: The business strategy goals are to capitalize on specialty products and offer products for all incomes. The business strategy is a collaboration of the broad differentiation strategy and focused market niche strategy. The broad differentiation strategy concentrates on “seeking to differentiate the company 's product offering from rivals ' in ways that will appeal to a broad spectrum of buyers.” The focused market niche strategy principles are differentiation and concentrating on a narrow buyer segment that may outcompete rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals ' products” (Thompson, Gamble, & Strickland, 2006, p. 114).

Specialized products, being marketed to a specific sector, also have a unique opportunity to market directly to a target audience. Being aware of the differences in marketing to mass audiences and the targeting of specific groups, is a valuable arrow in the quiver of a marketer. Comparing the differences in the older generations gives the marketer an insight into how to mass market, while targeting the groups as a whole. There is also an interesting opportunity for the marketer to target a very specific group for specialized products. While the job of the marketer remains the same, the methodology must be different to reach the intended audiences.

A niche product is made and marketed for use in a small capacity and specialized, but very profitable. Niche strategy targeting the most intensely involved super-premium consumers who look for superior skin care products.

As a result, historically small niche markets are gaining an increasing prevalence within the U.S. marketplace and have substantially higher buying power. If companies are to continue to thrive in this modern economic environment they must be able to recognize and understand the implications of these demographic shifts. This includes the ability of a company to improve marketplace understanding as well as to implement business practices that will retain a diverse and talented

The strong competition among rivals pursuing a similar strategy is vastly based on product differentiation and a niche market attraction, as companies are constantly working to surpass their competitors and seek to provide just what certain consumers want.

Mass production affects conflicts with society, business and international affairs because it can ultimately cause positive or negative impacts on these areas depending on the end result of the sales of the items in question. I believe that this can lead to the outcome going either way causing a ripple effect and ultimately bringing a positive or negative impact on these areas depending on several factors such as marketing, sales, etc.

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On the other hand, prices are the most insignificant buying criterion in High End, Performance and Size segments. No matter how high the prices are, customers in these segments are more preferable to high-tech product. In particular, for the High End and Size segments, ideal position occupies 43% and products’ ideal age is 29%. Furthermore, reliability is the most important consideration to customers in Performance segment. Hence, Niche Differentiation is a proper alternative for these three segments.

Market Niche: Consumer tastes and desires evolve over time. Consumers are now wanting a more inviting

In simple terms, niche (marketing) can be defined as fulfilling the needs of a tightly-defined market segment (Kotler and Keller 2006).

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.(Kotler, Armstrong, Saunders, Wong page 5)

Niche marketing refers to the submarket where specific products are marketed. More specifically niche marketing refers to narrow market segment where products with special offering survives. Niche marketing basically works with a concept of `Big fish in small pond. ` By targeting a niche market, the marketer can serve in more specialized manner and can create a situation of monopoly. The market notices the difference in the value of services provided by a niche marketer and generates loyalty. Now the companies are realizing the power of niche marketing and

According to Angelo Biasi, General Manager of SMART Marketing Solutions, LLC, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. Fenix niche marketing segment can be classified as psychographic segmentation where buyers are divided into different groups on the basis of psychlogical traits, lifestyle or values. Fenix catered to innovators who are successful, upsacle, sophisticated, active, take – charge people with high self estem who wants to make a

I am in the mindset to believe that mass marketing is becoming less and less significant and is on the road to meeting its demise. The idea of Mass marketing is for a company to get its message across to as many people as they can, and by doing this, they will filter out those who are not interested in their product, while still getting others who are interested to become customers, and then hopefully advocates. The only problem with this is that so many companies have used this approach throughout the years that many people are beginning to find ways to completely ignore these messages and ads all together.