Designing Customer Driven Marketing Strategy

A firm wants to expand its marketing efforts. Which market segmentation criteria should be considered?

report. The segments include political/legal forces, economic forces, social forces, technological forces, and threats and opportunities which are facing the company.

Markets consist of buyers that differ in their needs, wants, resources, locations, buying attitudes and buying practices. To reach customer insight, it is important to understand the needs of different segments and to communicate pertinently to them (Brown L, Brown C, Gallagher SM, 2008).

Organizations usually employ market segmentation in competitive markets for appropriate targeting of customers. This paper provides an analysis of how market segmentation can be utilized for competitive advantage as well as the need for ensuring diversification for sustainable growth.

Assess how these segments affect the corporation you chose and the industry in which it operates.

If the retailer were able to obtain purchasing information for individual costumers, several new approaches could be utilized to increase the effectiveness of its marketing and strategic plans. Finch (2012) explains that market segmentation is the important process “of dividing the total market into distinct groups or submarkets based on similar wants, needs, behaviors, or other characteristics” (P. 1-1). In creating segment

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications

- Marketing Segmentation: is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match

Carefully evaluate the pros and cons of the segment markets and determine the market where the product has definite advantages over other

As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

Diversifying will also help in the process and it has been seen that consumers have appositive attitude for those enterprises which work towards better customer satisfaction, ensure high class service and quality of the products, give value to the money of the people and the amount spent by them, are fast in their transactions, have transparency in the marketing process and are reliable as far as after sale services are in question.

‘Market segmentation represents an effort to identify and catergorise groups of customers and countries according to common characteristics’ (Keegan and Green 2016, p.228). For any business, it is crucial that they segment their market accordingly or they will risk forgoing sales opportunities. Fahy and Jobber (2015) identify the objective of market segmentation as distinguishing groups of customers with similar requirements so

“A task force concluded, the past segmentation did not fully address the emerging shift in customer needs” “(Xiameter Case Study). Dow Corning had to thus try different segmentation variables, alone and in combination to find the best way to view the market structure. (Kotler et al, 2008).