Market Segmentation Marketing
In conventional marketing, ie marketing of 20th century, concentrated more on mass selling. A million mill produced products being sold to millions of people out there. But, in the 21st century, this scenario has been changing. Sales of many popular products suddenly started falling which required a change in the way each product was being depicted.
That’s when market segmentation emerged on the horizon. Market segmentation is an important concept because it lets the business segregate a broad market into smaller groups or segments which can be easily concentrated on. This is based on the principle that not all the products available in the market are applicable to everyone.
For example, a fast food chain restaurant concentrates more on teens and young adults more than on someone who’s in late 40’s or 50’s. A life insurance company will concentrate more on 30 to 50 year olds rather than concentrating on teens and kids. This is simply because, each of their priorities is different and hence, the kind of attention they require would also greatly differ.
Nowadays, many sellers are not only catering to segmented markets, but each of the customer is also being treated as a separate market in himself. The notion each customer is unique to the point that his or her needs as well as their ideas about a product or service and the kind of value that they expect from the product differs. And this gives rise to the concept of customerization or customized marketing. In other words, the consumer specifies exactly what he or she wants and the seller or manufacturer makes the product. Dell Computers is a classic example of customization. People calling in Dell specify what’d they expect in a computer and what goes into their computer. For doing this consistently over many years, Dell is considered as one of the best companies with regards to customer satisfaction. And at the same time, Dell made millions of Dollars in profits over the years.
We can see this pattern emerging in many other sectors and taking different forms per se. A recent ad of Allen Solly is an example. You can customize your apparel by choosing the color and the design that you want online, pay for it and they’ll be delivered to your door step. In the same way, some mobile carriers are offering plan where you can customize everything ranging from the number of calls, number of text messages, the amount of data usage, etc. All these customizations can be considered as attempts of reaching out closer to their customers.
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