Question

Explain the four major steps in designing a customer-driven marketing strategy. Why is the process of market segmentation considered necessary to the formulation of marketing strategy?

Answer 1

A customer-driven marketing campaign starts with the identification of which customers to represent, and the creation of a value proposition that better suits the consumers. The four phases include; market segmentationis the process of splitting a market into distinct groups of consumers with specific desires, requirements or habits that may entail distinct goods or marketing mixes;

market targeting assesses the desires of each market segment attractiveness and picks one or more customers to serve

; differentiation simply means differentiating the market offering in order to generate greater consumer value;

positioning consists of placing the market offering in the eyes of the intended clients.