To compete successfully in today's volatile and competitive business markets, mass marketing is no longer a viable option for most companies. Marketers must attack niche markets that exhibit unique needs and wants. Market segmentation is the process of partitioning markets into groups of potential customers with similar needs or characteristics who are likely to display similar purchase behavior.
Market segmentation is the foundation on which all other marketing actions can be based. It requires a major commitment by management to customer-oriented planning, research, implementation, and control.
The overall objective of using a market segmentation strategy is to improve your company's competitive position and better serve the needs of your customers. Some specific objectives may include increased sales, improves market share, and enhanced image.
The authors, John A. Quelch and David Kenny do confess the "lure" of product line extensions. Line extensions come closer to meeting the needs of smaller and smaller market groups. Such products allow for "something different". They sanction pricing breadth, aiming higher prices at select markets, with "superior" quality. They aid in fixing the excess capacity many firms are experiencing today. They offer short-term (short-lived) gain at low cost, catering to the desires of today's managers. They help to assure sufficient shelf space. Product line extensions also help to meet retailer's demands, providing packaging that will suit their particular marketing needs.
Today, more than ever, the ability to develop and launch new products successfully and quickly is the key to business success...
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...eting efforts across the line; in an effort to be more clear and convincing, price your brand consistently. Work with channel partners; develop teams within the firm so that you can work efficiently at producing a winning product. Expect product line turnover; anticipate product line deletions-keep it simple or you will incur costs. Manage the deletions; deletions allow for the better management of new items, but be aware of costs associated with taking a product off the line.
Ultimately, it comes down to what you know. You need to be aware of how marketing is done effectively and efficiently. Check your motives-are you in this business for quick cash or to satisfy. There is a lot of money to be made out there, but if you are not careful, there is just as much-or more-money to be lost. It is no longer about your share of the shelf space-it's about profit.
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