What's marketing?
... for any product can be split into individual segments, where each segment describes a number of customers with similar requirements, tastes, characteristics, interests, lifestyles, etc. A basis for segmentation is a factor that varies among groups within a market, but that is consistent within groups. One can identify four primary bases on which to segment a consumer market: · Geographic segmentation is based on regional variables such as region, climate, population density, and population growth rate. · Demographic segmentation is based on variables such as age, gender, ethnicity, education, occupation, income, and family status. · Psychographic segmentation is based on variables such as values, attitudes, and lifestyle. · Behavioral segmentation is based on variables such as usage rate and patterns, price sensitivity, brand loyalty, and benefits sought. The optimal bases on which to segment the market depend on the particular situation and are determined by marketing research, market trends, and managerial judgment. Effective segmentation can indicate gaps in the market and provides insights into the requirements of different types of users, enabling potential product offerings to be carefully positioned to meet those needs. Customer and prospect orientation This is the focus on meeting the needs the customers. This means that the product profile is seen from the end users point of view, which must be researched before any action is taken in design/ development and launch activities. This service establishes specific customer satisfaction standards and actively monitors client satisfaction, taking steps to clarify and meet customer needs and expectations (both expressed and unexpressed). At lower levels the service involves courteous and timely responsiveness to the requests of customers, while at the higher levels, it involves developing the relationship of partner and trusted advisor. The needs and wa...