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Explain Four Steps To Design A Customer Driven Marketing Strategy

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Customer Driven Marketing Strategy
 Learning Objectives
After reading this chapter you will be able to understand these concepts
1. Briefly explain the concept of Marketing Mix
2. Four major steps to design a customer driven marketing strategy: market segmentation, targeting, differentiation and positioning.
3. Steps for effective market segmentation.
4. Bases for segmenting consumer and business markets.
5. Target-marketing strategies.
6. Guidelines selecting target market.
7. Three steps to develop a positioning strategy.
8. Discuss how the companies differentiate and position their products to gain higher competitive advantage.
Marketing Mix
Marketing mix is one of the major concept in modern marketing. Almost all big companies uses this concept. Marketing mix is the set of …show more content…

There is no single way to segment market. The marketer has to try combination of variables or single variable according to the need of the market. Here is the 4 bases of consumer market geographic, demographic, psychographic and behavioral.
Geographic Segmentation
Dividing the market into segments based on countries, cities, region, nation and neighborhoods. Now it depends upon company that it want to operate in all segments or one or more segments. Because customers who belong to different geographic segmentation have different needs and wants.
For Example: National Bank provides banking services to facilitate the customers and apply the same rules and regulations in every city.
Demographic Segmentation
Dividing the market into different groups based on age, gender, income, family size, family life cycle, education, occupation, social class, religion, generation and nationality. Demographic variables are most popular bases for segmenting consumer market. Demographic variables are much easy to access in respect of other variables. Because marketer must observe the demographic variables first for segmenting the

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