To succeed in today’s competitive marketplace, companies must be customer-centered. Companies must know how to create value for customers and build a profitable customer relationship. For this, the customer-driven market strategy must be followed.
SEGMENTATION:
Market Segmentation is the process of dividing a market up into distinct groups of buyers who have different needs, characteristics or behaviors, and who might require separate products or marketing programs.
For example, take a look at the automotive industry. You will find small, economical cars for those who care mainly about price and big, sportive cars with large engines for those who want the best-performing cars regardless of price. It would not be wise for the car manufacturer to try to create one offering for both segments.
Instead, the company should focus on meeting the distinct needs of each individual market segment it wants to serve.
TARGETING:
Targeting is about evaluating each segment’s attractiveness & selecting one or more segments to enter. A target market is a group of customers for whom a seller designs a particular marketing mix.
For example, clothing companies often target more than only one segment: males, females, children and so on. A large company such as a major car manufacturer might even decide to serve all market segments by offering a complete range of products.
DIFFERENTIATION AND POSITIONING:
Positioning is the battle for a place in the consumer’s mind. Positioning means owning a credible and profitable position in the consumer’s mind, either by getting there first or by adopting a position relative to the competition. Positioning depends on differentiation, by which we actually differ our product from competing ones so that it gives consumers more value. After the
Company has chosen the desired position, it can take the steps necessary to deliver and communicate that position to target customers by differentiation.
For example, Porsche is positioned as a performance car. BMW is positioned as a luxury car.
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