Customer Driven Marketing Strategy-Creating Value for Target Customers
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The document discusses designing customer-driven marketing strategies. It explains that companies' goal is to build relationships with the right customers through targeted marketing rather than mass marketing. It outlines a 4-step process: 1) segmenting the total market, 2) selecting target segments, 3) differentiating offerings to create value for targets, and 4) positioning offerings in customers' minds. Key segmentation topics covered are segmenting consumer markets by geography, demographics like age, gender, income, and segmenting business and international markets.
Customer Driven Marketing Strategy-Creating Value for Target Customers
- 3. Companies’ G O A L : To design customer-driven marketing strategies that build the right relationships with the right customers.
- 4. Thus, MASS MARKETING “shotgun approach” TARGET MARKETING “rifle approach” ☺Identifying market segments ☺Selecting one/more of them ☺Developing marketing products & marketing programs tailored to each
- 6. 4 Steps in Designing a Customer-Driven Marketing Strategy Segmentation Divide the total market into smaller segments Targeting Select the segment or segments to enter Differentiation Differentiate the market offering to create superior customer value Positioning Position the market offering in the minds of target customer Create value for targeted customers Select customers to serve Decide on a value proposition
- 7. MARKET SEGMENTATION Dividing a market into smaller groups with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
- 8. 4 Important Segmentation Topics ☺Segmenting Consumer Markets ☺Segmenting Business Markets ☺Segmenting International Markets ☺Requirements for Effective Segmentation
- 10. GEOGRAPHIC SEGMENTATION Dividing a market into different geographical units such as nations, provinces, regi ons, parishes, cities or neighborhoods.
- 11. DEMOGRAPHIC SEGMENTATION Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, educati on, religion, race, generation, and nationality.
- 12. Age & Life-Cycle Segmentation Dividing a market into different age and life-cycle groups.
- 13. Gender Segmentation Dividing a market into different groups based on gender.
- 14. Income Segmentation Dividing a market into different income groups.