Market Segmentation

Marketing is an art to deliver messages and values added for products or services to the customer. Moreover, different messages should be delivered to different customers according to their needs. Thus, segmentation of customer in the market is requisite in order to fulfil customer needs and demand and to gain a competitive advantage over their competitor by satisfying the customer. In order to serve a particular segment of customer, identification of customer profile with its speciality characteristic is required to build a long-term relationship. The segmentation of market will lead a company to establish their brand and corporate image to the customer after targeting and positioning according to the specific portion of market.

1.2 Explain different methods of segmenting and characterising customers The key to a successful business is to find out who our customer base is, what the customer wants, the age, gender, spending patterns etc. This is the reason we have marketing research because it can identify different customers and recognise what we need to do as a company to meet the demands of the market and keep us competitive.

Internal customers, including marketing and product development, depend on the data collected from customer service contacts to improve existing products and services. This data can include information related to safety issues, production problems and poor performance. The internal benefits of good customer service also stretch beyond current products and services. Good customer service departments capitalize on the ideas customers provide for suggested products and services, leading to opportunities for new innovations and revenue

These are explained below. B2B’s and B2C’s are both communications directed to people. Whether this be towards a business or to a customer, they are trying to market their products and services to their desired target audience. Another similarity is B2B’s and B2C’S both need to build a brand. If a brand has a good reputation, customers and businesses, are more likely to purchase that brand.

Boosting the economy, not only benefits a person, but it benefits the whole society. Advertising provides valuable information about products or events in an efficient and cost-effective manner. Not only does it provide valuable information in a cost-effective manner it also creates competition between companies. The article “Pros & Cons of Market” states, “Consumers promotes their interests by looking for the lowest prices and best quality” (Metcalf). The competition between businesses will ensure better quality of their goods and service they provide.

This also allows the company to improve its learning and growth perspective by decreasing employee turnover rate, improving the company?s ability to attract and retain new employees, and it will increase employee satisfaction. Making the company a highly desired company to be employed

There are many benefits that the BIS can bring to an organization such as boost productivity, sales and market intelligence, the setting of more accurate and realistic goals, positive return on investments, gain insights into consumer behaviors, operational visibility and identification of key trends (Holley, A. 2015). Recommendations for developing and using the BIS described in this case, include the use of an effective BIS that incorporates different factors or circumstances in the internal and external environment of the organization such as sales, costs, weather, items or services offered by the company, and trends. Another reason to implement BIS is to reduce voluminous amounts of irrelevant data, poor data quality, and user resistance that affect the effectiveness of

It means that the business as a whole is better able to relate to a larger people. So it is vital companies retain the best talents at all levels. This will create a better working correlation, and help avoid misinterpretations based on cultural differences and ignorance about other groups. It saves time and money and having

They are responsible for retail store tracking, bringing in new inventory based on consumer demand, creating sound financial plans that reduce company spending, and increase overall profit (Bordelon). Since the main goal of a Merchandise Planner is customer satisfaction their job can be best described as “being a liaison between the customer and the marketing and buying department, ensuring what the customer wants is available” (Bordelon). They review forecasts, use past performance to make projections, make recommendations for promotional markdowns, and manage inventory to maximize profitability. Additionally, merchandise planners research market trends to increase create more attractive

Strategies like CRM provide companies with forms of management that allows the customers to have an active role within the company. The active role is indicated by the customers having input or “Free Choice” of their product. They use this information to aid in the marketing process as a form of direct advertisement. This method helps to formulate brands to share information with the customers, tracking devices when acknowledge senior consumers opposed to new consumers. These factors are essential for improving their websites and appeasing the consumers for success!