Enhancing the Value of Segmentation *

Sep 15

posted by Dr. Art Weinstein in Market Segmentation | 34 Comments

Does your company suffer from any of the following marketing deficiencies – fuzzy business mission, unclear objectives, information that is not decision oriented, lack of agreement as to segmentation’s real role in the organization, products/services that reflect corporate desires rather than customer needs, unfocused IMC strategy, and/or failure to attack niche markets and customize offerings?

Over the years, many top B2B marketing executives have asked me how to build and implement a true segmentation-driven culture in their organizations.  Based on my more than 20 years of experience as a professor, researcher, and consultant, here are a few of my thoughts on how to get the segmentation process in high gear.

1. Create a 1-day segmentation training workshop for the marketing group to generate excitement and stimulate project development. This will lead to a set of specific, market-based strategic initiatives and research opportunities. Bayer Diagnostics, Citrix Systems, Motorola and other companies have implemented such a plan. 
2. Begin with 3-5 small, focused and low-cost initiatives to demonstrate success and build enthusiasm. Realize that all segmentation projects may not be a resounding success (good news -- most will be if properly designed and executed). Cordis, a Johnson & Johnson company, benefited from the strategy of hitting many singles rather than going for grand-slam homeruns.
3. Review previous segmentation studies and make sense of the summary reports. Via a meta-analysis methodology, a fresh set of objective eyes can add significant value to good work and extend segmentation reports buried in computer files or file drawers. At one time, Blue Cross Blue Shield of Florida had undertaken 18 segmentation studies with no synthesis, integration or strategic analysis.
4. As Intel learned, segmentation audits with marketing managers, channel members and customers can pinpoint current and potential problems as well as overlooked market opportunities and niches.
5. Successful segmentation means being able to answer these 6 “what” questions -- what do you want to accomplish? (e.g., find new markets, get better customers, upgrade business relationships, align products to customer desires, create a segmentation model/typology, etc.); what methodologies will help you get the necessary information?; what is unique about your segmentation view of the world?; what is your budget?; what is your timeline?; and, what are reasonable expectations for the work?

B.C. Forbes said, “You can drive your business or be driven out of business.” I leave you with 5 thoughts to share with your management team to get them inspired and on-board to invest in segmentation thinking.

• I am convinced that market leadership is dependent upon how successful firms are at defining and selecting markets appropriate to their capabilities, resources and competitive situation.

• Segmentation findings provide a systematic basis for controlled market coverage as opposed to the hit-or-miss, random efforts of mass or unfocused marketing.

• Segmentation-based marketing is the essence of sound business strategy and value creation.

• Segmentation will continue to grow in stature as a fundamental marketing tool and foundation for marketing strategy in business organizations, large and small.

• A more thoughtful approach for market selection can assist marketers design winning target marketing strategies.

Realize that firms in all industry sectors are discovering the power of strategic segmentation as a marketing tool for attracting and retaining customers in fast changing, globally competitive markets. How about you?

*Post reprinted from LinkedIn, May 16, 2015

Image source: www.b2binternational.com, 2016.

 Art Weinstein, Ph.D., Professor of Marketing, Nova Southeastern University and author of Handbook of Market Segmentation, 3rd Edition. Professor Weinstein can be reached at art@nova.edu

This entry was posted on September 15, 2016 at 8:45 AM and has received 4679 views. There are currently 34 comments. Print this entry. Download attachment.

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• #1 by Julibeth Alvarado on 9/27/16 - 9:34 PM

  

  I agree that market segmentation is an integral part for any company’s marketing strategy. When a company carefully breaks down a larger target market into more specific market segments it is more likely to have a better idea of who the consumers are and what are their needs and wants. It is crucial to know the specific characteristics of this market segment to be able to create, communicate, and deliver value to the end consumer. It is also important to be able to define effective pricing and promotional strategies that will be profitable for the company and that will not only attract new consumers, but will also retain and build loyalty with existing consumers.
  For example, Estee Lauder Companies (ELC) Travel Retail Services in the Americas, segments its large target market (Airports and Travelers) into different segments. Each segment is completely different and have different needs and wants. Segments such as the Asian consumer, the Hispanic consumer, the Brazilian consumer all have different buying behavioral tendencies. Although all consumers are looking for the best value offering they could find, some are more price sensitive than others, some are more focused on the benefit of the product, and others are more loyal to the brand itself. Clinique, one of ELC’s brands, is a well-known brand in Asia and when Asian passengers travel to United States, the brand better have promotions going on in the airport stores with items where the value sought is higher. The Asian consumer is very likely to spend a lot of money if you entice their purchase with a free gift or sample. We are always running promotions in Los Angeles, San Francisco, Hawaii, Vancouver airports specifically driven to Asian Consumer. Promotions like ‘Receive a free saleable size moisturizer with your purchase of $200 or more” is very successful to us as the Asian consumer would spend the $200 to get that free product. The Asian consumer is looking for skincare products in jumbo sizes rather than makeup. On the other hand, a successful promotion is a Cancun airport would be “Receive a free Lipstick (a $18) with your purchase of 3 Clinique makeup products” which in this case, the purchase can add up to more or less $55-$65 depending on the product. The Hispanic consumer is more likely to buy makeup products, so promotions run around the makeup category.
  Knowing your market and your consumers has a tremendous effect on how you conduct business. It helps you put in place the necessary strategies to be successful.

• #2 by Carenthia Williams on 9/28/16 - 8:56 AM

  

  I concur.
  
  It is important to drive the importance and pervasiveness of segmentation. Businesses will succeed if they implement a framework consisting of the consumer’s needs, behavior and purchasing patterns. Businesses must stay abreast of any market opportunities by correcting and revising segments in regards to new data on behaviors and data on economic, social, and technological trends. Effective marketing segmentation needs to be dynamic because consumers do change as well as the world consumers live in. Businesses who strive to build and implement valuable marketing segmentation principles within their organization will obtain sustainable growth, customer retention, a respected brand and industry leadership.

• #3 by Camilo Correa on 9/28/16 - 1:13 PM

  

  As working in a marketing driven organization, we see daily the impacts of our image,sales, and products. The process professor Weinstein outlines in his notes 1-5 perfectly describes the gradual work flow to set the tone in the endeavor. As in our IT projects, note 1 is to set a day for segmentation training workshop. We incorporate this as a kickoff meeting, and by bringing enthusiasm to the meeting you set fourth the pace that will dictate the projects success.
  The process is very similar to what we call "sprints" which is instead of the whole shebang being deployed, you release bits or features so that you see steady progress, instead of waiting for the end. With this methodology you have a greater control of the enhancements and less risk of failure.

• #4 by Cory Perry on 9/28/16 - 2:24 PM

  

  The blog post is an interesting discussion that should be looked at by the majority of businesses, large and or small. The main thing that I learned so far in my graduate marketing class is that the majority of businesses fail due to improper target segmentation and trying to sell a product to any customer. During my reading of the blog, I can say that the one section that stood out, in my perspective, was the part about the need to answer the six what questions. Those questions, especially “what do you want to accomplish?” or “what is unique about your segmentation view of the world?”, can reveal if they are selling the right products to the right audiences and or are there any risk that can come up and be avoided. Another thing that I like about the blog is that show that in order to be successful and be a true marketing leader, one has to know their customers’ likes and dislikes. For example, Amazon is a very popular company that understands its customers. By allowing customers to shop from their computers, tablets, or smartphones, give customers the sense of ease; also, they give customer great prices on items and free two-day shipping. They understand what customers want, ease of buy, value prices, and no charge shipping. These are reasons why I also conduct business with Amazon because they fit my needs.

• #5 by Carlos Nascimento on 9/28/16 - 4:39 PM

  

  Very good article. It makes me think about these ideas being implemented in small and medium enterprises (SMEs). Many large companies have well structure marketing departments. We could begin a discussion about whether these large companies do a good job with their huge marketing resources or not, but definitely, small and medium companies with well structured marketing efforts are much more difficult to see, so these guidelines are more than welcome for them as well.
  
  Any strategic plan must have the definition of the goals and the resources that need to be allocated for achieving the goals, unfortunately defining the right goals for the company with the existing resources available is always taken for granted, as if that were an easy or obvious task, and it is not. If the company doesn't know where to target properly it won’t be able to define its goals properly, compromising its strategic plan as a whole.
  
  In small and medium companies, to train the decision makers about what is market segmentation and how to use it properly would be extremely beneficial to make them do it right. Gathering people from finance, sales and operations without a proper marketing experience and teaching them important concepts about market segmentation could provoke important discussions and findings about where and how to allocate the company's resources for the best results. Maybe, bringing some clients to these training sessions could also be extremely beneficial for both companies. The client would benefit from a free training and in exchange could provide vital information about its needs to the company.
  
  The idea of focusing on more low budget efforts instead of betting in a fewer bigger efforts is also more suitable for SMEs that generally have limited budgets for marketing efforts. We shouldn't disregard the power of small but well though actions.

• #6 by Chelsea McPherran on 9/28/16 - 5:17 PM

  

  Dr. Weinstein’s article presents many ways with segmentation in which either a small or large business can better market their company. I do particularly agree on the five thoughts that he presented at the end of the article. Each thought gives small and large companies ways that can aid in becoming more successful. It is truly important to incorporate strategic segmentation into any company’s marketing plan for success. The marketing executives should also consider to ask the six questions that Dr. Weinstein presents in his article in order to discover ways they need to improve their company. Segmentation can assist marketing executives on developing a better system to portray the company’s public relations so they can target the specific consumers to utilize their services or purchase the products from their company. Once the specific company target their specific consumers, the company’s workers can then ask the consumers on their personal feedback regarding issues such as the level customer service or if the products were fairly priced. By utilizing segmentation, it will enable marketing executives to create a distinct value proposition for their company and also allow their company to grow in a positive direction in the present and in the future. In the current time of rapidly changing and competitive company markets, it is important for all companies to be proactive in implementing segmentation into the company’s marketing plan to ensure success as well as finding ways to stand out from the rest of the global competition.

• #7 by Shirley S Villanueva on 9/28/16 - 5:32 PM

  

  As Dr. Art Weinstein mentions in this article, I agree that market segmentation is not only the first activity of target marketing process, it is the most important one. This activity could determine the success of the company. Companies should divide the market into several segments; this market segmentation activity allows the company to analyze each segment in order to decide and attack the target market more effectively.
  I can provide a real example of how segmentation can help companies to be success or help to increase profitability. The company, where I work, implements laboratory information management systems. Several years ago, the company had only one core system which it was developed and implemented in several types of laboratories; every new project was using this unique core system and the system was customized in order to meet the laboratory’s needs. Sales team had hard time to sell the system because most of the lab requirements did not exist in the system and they should be customized, these customizations increased the system implementation time and thus the price of the system. As the company was growing and the demand of laboratories (of having an automated system) increased, managers noticed that they should attack the market in a different way. They segmented the market (laboratories) by type such as public health, petrochemical, pharmaceutical, environmental, forensic, among others. Then managers focused on public health laboratories segment and started developing a system based on common requirements and needs of this type of laboratory. Sales process improved considerably, the number of sales increased due to the fact that implementation time decreased and the system was designed based on common public health laboratories requirements
  Now the company owns different types of systems, one for each segment (laboratory types) identified above. Sales process has better results since almost all lab requirements exist already in the system and the implementation time decreased significantly, which attracts more prospect customers.

• #8 by Keren Magen on 9/28/16 - 10:38 PM

  

  I agree with the blog post and the other commentators of the importance in defining a clear market segmentation plan and not rely on a hit or miss strategy. As a small business owner, I can relate with many of the marketing deficiencies stated, specifically vague objectives and an unclear mission statement. Professor Weinstein lays out a clear plan just how to create a functional path to segmentation success, which I feel even our company can utilize. This five step plan can be benefit any sized business and with minimum costs. By making use of segmentation our company can send a clearer message to our target audience; and assist us in defining and reaching goals more effectively.
  To summarize, “selecting markets appropriate to each company’s capabilities, resources and competitive situation”; will result in focused resources and maximum benefits. Strategic marketing can benefit any sized company and the path to define the segment market is feasible.

• #9 by Andrea Asti Brun on 9/29/16 - 12:52 PM

  

  I completely agree with Professor Weinstein. Segmentation is one of the most powerful tool to attract and retain customers in today’s dynamic and fast changing world. Many companies insist they focus on the customer, but sometimes the research may be superficial. The difference with design-driven companies is that they seek to go far beyond understanding what customers want to truly uncovering why they want it (Kilian, Sarrazin & Yeon, 2015). I believe that the essential feature of a successful segmentation is awareness. The firm must be aware of what the goals to accomplish are, of the kind of information needed, of the available budget and what outcomes are expected. Gathering valid and specific information is a key point in the segmentation process. For example, when one large North American bank tracked consumer behavior for 30 days (including what and when bills were paid, how frequently consumers used ATMs, and how often they got cash) it discovered, contrary to expectations, that consumers didn’t care about the typical banking products that institutions usually try to push on them. As a result, the bank provided services as needed and it became much more judicious about recommending the right products to meet their needs (Kilian, Sarrazin & Yeon, 2015).
  
  References:
  Kilian, J., Sarrazin, H., & Yeon, H. (2015, September). Building a design-driven culture. Retrieved from http://www.mckinsey.com/business-functions/marketi...

• #10 by Nicolò Rosiglioni on 9/29/16 - 12:55 PM

  

  I agree with this statement; today, a successful business has to follow a proper segmentation strategy in order to achieve its goals. Market segmentation allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions. In the current market, it is impossible to target everyone at once, so you need to concentrate on your core audience in order to create your perfect consumer.

• #11 by Christian Olsen on 9/29/16 - 2:40 PM

  

  Businesses have come to the realization that they need to further grasp and understand who their true audience is. Throughout the life span of a company, many have lost touch on their short and long-term objectives, the needs of their customers, and goal-oriented strategies. In order for an organization to alleviate themselves from these marketing flaws, the company should specifically define and select the appropriate market that best suits their product/service, with the capabilities of the company in mind. The 5 steps listed by Dr. Weinstein are a great guide for a company to implement with their marketing team in order to narrow their market segment. This plan involves a thorough analysis and research of the industry/market as it assists in the re-development of the company as the marketing team sets small, but focused goals based off of the competencies of the organization.

• #12 by Valerie Melhado on 9/29/16 - 3:21 PM

  

  A family member owns a small business and from my understanding of marketing the company suffers from lack of agreement as to segmentation’s real role in the organization and products/services that reflect corporate desires rather than customer needs to name a few. I believe market segmentation provides the necessary research base in which all other marketing strategies can be successfully which includes all aspects of marketing, product and service development, pricing and fare programs, and communications. After segmentation, the company can select target markets, one or more groups that will respond favorably to certain product or service configurations and messages about these products or services. The company can then position its products and services by developing unique marketing strategies to appeal to the selected target market(s). Segmentation research analyzes markets, finds niche opportunities, and capitalizes on a superior competitive position which enables you to better serve the needs of your customers. Segmentation driven strategy can help companies design responsive products, develop effective promotional strategies, understand emerging trends in the marketplace, and fine-tune current market initiatives. Dr. Weinstein five step segmentation plans is something I will definitely share with him as I believe it will be a brilliant new approach for him.

• #13 by Pierina Mejias astaphan on 9/29/16 - 6:00 PM

  

  Segmentation of consumers or target markets may be the best way for less complications within the business and it is the best way to figure out which target segment is best for the company or product, which segment will bring the most profit or recognition or customer loyalty. In my opnion this is the most important part of initiating a product or business. This helps narrow down what the product should do to satisfy ccustomers.

• #14 by Lauren Gehl on 10/11/16 - 1:12 PM

  

  I think that Dr. Weinstein has created a good plan for companies who are struggling with identifying their core market and how to proceed with a clear mission statement. Basically they are unable to build their marketing process into segments that will target customers.
  
  I often find that many companies have good intentions and also a good product offering but lack the ability to answer what Dr. Weinstein has outlined as the 6 "what" questions when it comes to their company. By having a clear objective of what your company stands for then they will be able to successfully market their product to the correct segment.

• #15 by zakia nakad on 10/28/16 - 11:53 AM

  

  segmentation for any company is crucial for its success. it is good to begin small to demonstrate enthusiasm just in case something does not go right. segmentation creates business value and great strategy for a well run company. it is continuing to grow as a marketing tool in all types of businesses.

• #16 by MELISSA CLARKE on 10/28/16 - 11:44 PM

  

  I work for a small LLC research firm and, without asking, have always wondered how they decided which customers to target in the pharmaceutical Industry. Initially, the company only sold patent research to Hedge and Mutual funds and over the years have expanded their target audience to Health Plans and Hospitals. From a strategic stand point, I imagine they "went back to the drawing board" and looked at pharmaceutical industry as a whole and segmented the high yield players for their target markets. Each segment has different needs therefore the approach to selling is different as so are the price point for our company's service. Though each group uses our Drug patent analysis, the Wall Street Sales Associate will only our pitch our analysis on pharma companies that present an opportunity to long/short a stock. Health plans require more of a macro look at a disease state or a drug class, so my firm ensure they hired workers with a pharmacy and scientific research backgrounds. If I am correct in assuming that the firm applied market segmentation, the approach seems to be really effective. In the past 10 years, they have managed to identify new sub markets, find a new customer base, build a better relationship with their existing clientele and continue to align their service to meet customer needs.

• #17 by Eduardo on 10/30/16 - 1:34 PM

  

  Great article that Dr. Weinstein wrote, those steps are a great way to improve your company's marketing strategies. I now realize that I have done some of these in the past without having any knowledge about this article, next time I will definitely use all of these ideas with my marketing team.

• #18 by Jeff Ramos on 10/30/16 - 8:40 PM

  

  Marketing segmentation is fundamental in the success of small or big businesses. Companies that control or dictate the market are companies that have a great definition their specific audience and selects their audience by factoring the companies potential, resources, and competition. I agree with Dr. Weinstein, the power of strategic segmentation is crucial for a company to attract new customers, adapt to changes, and possess a competitive advantage in the market.

• #19 by Karen Hill on 10/30/16 - 11:28 PM

  

  I am sure many companies can benefit from segmentation thinking. Many companies lack a clear focus on their goals and how to achieve them. With implementing these strategies, it can help with a better marketing plan. I found the guidelines given in the blog very helpful and a great start to improving an organization’s segmentation. The blog went into step by step instructions, making it easy to follow.

• #20 by Pei-Hsuan Mu on 10/31/16 - 9:16 AM

  

  I agree that segmentation can help channel the focus and cost of marketing, generating analysis and strategic plan for more focused markets. Also, finer segmentation is helpful to capture niche markets. However, segmentation is useful in a more conventional market-red ocean of strategizing marketing, compared to a blue ocean strategy. According to Kim and Mauborgne, “blue ocean strategy works in the reverse direction. It is more about de-segmenting markets by focusing on the commonalities across buyer groups that will open up and capture a blue ocean of new demand.” (Kim and Mauborgne, 2005). Companies should position themselves whether they are competing in a red ocean or trying to create a blue ocean before they incorporate segmentation in the marketing tool.

• #21 by Paul DeCosta Solomon on 10/31/16 - 7:50 PM

  

  The article is very important for marketing manager as a guide to market segmentation. Since market segmentation is such an integral part of understanding and reaching target market. Therefore, it is critical for marketer and company to plan strategic and customer needed goods and service to be deliver at the right time and place. For segmentation to be successful company marketer must have thorough knowledge of competitors influences.
  For example, my company provide service in the healthcare industries which is very competitive in South Florida. Based on the strength of competitors the company launched a new segment to marketing health care service by providing virtual visit with your doctor. The CEO had a vision to attract the busy schedule of the American public. In addition, the company understand the value of customer's time and the overwhelming use of electronic across the world. As a global leader in healthcare it was necessary for this type of access to a Cleveland Clinic doctor. This virtual visit which is known as "Express Care Online" have 24/7 access for minor care and is covered by most major insurance companies. This virtual clinic is visited by over 600 patients per day both domestic and international and involved consultation and a variety of medical issues.
  Finally, I must agree with author in saying understanding the market and react to customers need requires knowledge and skills of marketing experts to use or make know the opportunities that exist within industries and apply all applicable resource to allow segmentation of services to target new or current clients.

• #22 by Asia Williams on 11/1/16 - 11:03 AM

  

  Companies and organizations, just like individuals, need direction and structure. Without the proper direction companies become dysfunctional and ineffective. Strategic marketing segmentation allows company's to breakdown their overarching target market and cater to the needs, wants, and interest of their customer base. When an organization is equipped to tailor to those aspects of their customers they will inevitably become successful and sustainable within their industry.Of course, it is challenging to set all four segmentation categories as top priority within an organizations marketing strategy but like the blog pointed out, small integration practices can be beneficial if executed correctly.

• #23 by Adriana Montenegro on 11/1/16 - 3:16 PM

  

  I agree with Dr. Weinstein and think that his blog post has shows a great strategy to help companies who are struggling with unclean mission statements, objectives, desires, organization and needs. I feel as that setting up the workshop will help generate enthusiasms and excitement as well as hitting many lower segmentation projects to demonstrate success. I believe its important to do a strategic analysis on the reports and by being able to answer the 6 “what” questions a company could efficiently and effectively create a successful market segmentation.

• #24 by alfredo perez on 11/1/16 - 8:41 PM

  

  As a business owner in the middle of a project start up I will apply market segmentation to start operating in a couple of weeks. By offering the service to a very small portion of the market we will have more control over delivering quality and satisfaction to our customers thus enriching our service through their feedback for future growth in the market share.

• #25 by Alexandra Montenegro on 11/1/16 - 9:37 PM

  

  I agree that market segmentation is needed for a company’s marketing strategy. I feel that the company I work for would benefit from this post. Certain things we offer are more corporate desires opposed to customer needs. On our website we say we offer all of these things when you book a certain room type because corporate wants us to, but day of execution is anything but. Customers rarely ask for the missing things and out response if usually that we ran out or waiting for a shipment and offer a service recovery. I feel that we are painting a false image, but our cliental rarely notice therefore it doesn’t initiate change.

• #26 by Vanessa Perez on 11/1/16 - 10:00 PM

  

  I agree with Dr.Weinstein and his thoughts in this article. Market segmentation is an important part for any business. Unfortunately many small businesses have unclear mission statements and unfocused strategies. Companies small and large alike can find out many things from answering the set of questions in this blog. Having a clear view on things will help any company move forward and come up with a plan that will lead them into the future. It is important to know what the company wants to accomplish and most importantly what market and what product the company needs to provide in order to be successful.

• #27 by Rafael Perez on 11/1/16 - 10:12 PM

  

  After reading this blog I have to say I agree with the points presented. Companies all sizes can really take advantage of the points made by Dr. Weinstein. Every company should have a clear focus on what they want to accomplish in the future as well as if they are taking the proper steps to get there. It is of high importance to have a clear understanding of the product you are providing, the specific group of customers you are selling to, and the best way to do it. The 1-day segmentation training workshop is a great idea to get things moving and new ideas on the table.

• #28 by Alejandro Lozano on 11/1/16 - 10:13 PM

  

  There is a plethora of research, which illustrates the importance of segmentation. It is easier to focus on doing several little tasks correctly than trying to focus on attacking the big picture. Most often, as professionals, we neglect the little pieces that encompass all that is the bottom line. Working on conquering several small tasks is beneficial because it allows us to build momentum, and it isn’t such a daunting task. Overall, there has to be a balance between focusing on the whole, but never allowing it to remove your understanding of all of its working parts.

• #29 by Fabiana Salcedo on 11/1/16 - 11:23 PM

  

  Market segmentation is an integral part of marketing strategies for any industry. This makes it easier or the companies to not only target a certain pool of individuals, but most importantly it allows to target the right individuals for the product that is being marketed. Having the focus on the target audience, the company can adapt and mold the marketing strategy and key points to a specific population demographic that will respond favourably to the strategy, therefore granting the much sought after success of the campaign.

• #30 by Laura Hernandez on 11/1/16 - 11:42 PM

  

  This is an interesting post that should be analyze in daily basis to keep the right perspective and to attract the right customers, there are multiple techniques in market segmentation and the implementation is in our hands. I work for AT&T to mention an example, a company with a penetration rate over 81%. They decided to break down a larger market into more specific market segments to really personalize the products and services the company offers. The advertising and marketing campaigns reflect the diversity of the million of communities they provide service to. Also, their campaigns allow consumers to be up to date with what the company is offering by connecting with them through culturally smart ways.It is essential to communicate and identify with consumers to maintain and improve customer retention. It does not matter whether your company is small or large segmentation can assist to portray the strategy and the real vision of the company based on different characteristics.

• #31 by Maryim Alfaro on 11/2/16 - 2:16 PM

  

  I agree with Dr. Weinstein on the importance of successfully implementing segmentation within your business. Determining who your target market is and aligning your goals and values towards attracting these customers and retaining them is vital to the success of a business. Engaging in this step early on during strategic planning allows for an adequate marketing plan to be created in order to grow the business and enhance value to customers.

• #32 by Mekha Mathew on 11/4/16 - 11:21 PM

  

  I agree with the post about how segmentation can design a marketing mix that matches exactly the expectations of customers in the targeted segment. It is a great tool to enable marketers to meet the customers needs. As mentioned in the blog, most of the companies suffer nowadays because of not having a true segmentation driven culture in their organization. Knowing these different strategies can significantly improve efficiency of a marketing team.

• #33 by Yonathan Afework on 11/8/16 - 5:12 PM

  

  Market Segmentation allows business to focus their efforts on distinct areas in the market. If a company or organization does not utilize market segmentation, it may lead to exhausting company resources. If your selling a product that is appealing to a younger generation, there would be little use to market to a baby boomer crowd. It is vital to pick and choose marketing efforts wisely. That time and resources can be used in a way that could be more beneficial to the company if you are able to find out what consumers are you trying to attract and what are there needs.

• #34 by email databasae on 12/31/16 - 6:25 AM

  

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