Problem: Need assistance with the following Marketing questions:
One of the fundamental elements of theoretical marketing is that no single product or brand can fulfill the universal needs of all potential consumers thereby necessitating an organization to undergo the process of segmentation revealing a refined target market ultimately based on similar needs. However, a dichotomy exists in applicable marketing practices in that this mentality tends to be replaced with guidelines supporting more generalized marketing efforts. These efforts tend to be fundamentally based on the idea of marketing the product or brand to every potential consumer reachable by the organization.
What are the potential benefits and consequences of developing, implementing, and executing a marketing strategy targeted at a specific market segment versus one that is aimed for the general population? Is one type of strategy universally better to use than the other or will it vary based on industry? What examples of both in today's market can you provide to support your response?