Good Evening fellows, I want also to reflect on the benefits of Market Segmentation.
This simply means dividing our market along age, gender, ethnic groups, life-cycle, class, education, behaviours..etc.
It allows you to Focus on Customers needs so as to employ you resources efficiently.
It really pays to have the right Market segmentation for your Products or Services.
I do agree with you. I also think that a better and perhaps efficient way is to apply alongside your points, the penetration strategy, sometimes called cost leadership strategy. Alternatively, you could use a differentiation strategy. With either approach, you will arrive at a good market segment. Whereas cost leadership aims to capture as many customers to a new product or service by offering relatively low prices, a differentiation approach aims to target a group with defined characteristics including social standing, value sensitive/not cost sensitive, ego, class, preference, options to choose among others. I believe a good market analysis and research on the processes life cycle of existing products or service or predicted life cycle of new products or service would can provide information on which strategy to choose when entering a new market or when creating a new market.
Thank you for sharing this here.
Thank you Martins. Differentiation Strategy’!!, I learnt a new one today. Thank you Martins. I believe it will help one pin point the exact group that uses your product and Services. We will carefully adopt that in Eteicon to get a more clearer figures on our statistics.