A marketing strategy requires decisions about the. Specific customers the firm will target and the marketing mix the firm will develop
To appeal to that target market. We can organize the many marketing mix decisions. it is useful to think of the marketing strategy planning process as a narrowing-down process. A key objective of marketing is to satisfy the needs of some group of customers. That the firm serves. Broadly speaking, then, in the early stages of a search for opportunities we’re looking for customers with needs that are not being satisfied as well
As they might be. Of course, potential customers are not all alike. They don’t all
Have the neither same needs nor do they always want to meet needs in the same way.
Part of the reason is that there are different possible types of customers with many
Different characteristics. For example, individual consumers often have different needs than organizations, and people with certain attitudes or interests have different preferences for how they spend their time, what shows they watch, and the like.
In spite of the many possible differences, there often are subgroups (segments) of
Consumers who are similar and could be satisfied with the same marketing mix.
Thus, we try to identify and understand these different subgroups with market segmentation.
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