Customer relationships: To ensure the survival and success of any businesses, companies must identify the type of relationship they want to create with their customer segments.An organization can reach its clients through its own channels (store front), partner channels (major distributors), or a combination of both. Effective channels will distribute a company's value proposition in ways that are fast, efficient and cost-effective. Channels: A company can deliver its value proposition to its targeted customers through different channels.A credit card company will provide services to credit card holders while simultaneously assisting merchants who accept those credit cards. Multi-sided platform/market: For a smooth day-to-day business operation, some companies will serve mutually dependent customer segments.Diversify: A business serves multiple customer segments with different needs and characteristics.In the segmented situation, the business may further distinguish its clients based on gender, age, and/or income. Segmented: A company applies additional segmentation within existing customer segment.Niche market: Customer segmentation based on specialized needs and characteristics of its clients: e.g.Mass market: There is no specific segmentation for a company that follows the mass market element as the organization displays a wide view of potential clients: e.g.The different types of customer segments include: ![]() Various sets of customers can be segmented based on their different needs and attributes to ensure appropriate implementation of corporate strategy to meet the characteristics of selected groups of clients.
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