Designing Customer Driven Marketing Strategy

Designing Customer Driven Marketing dodge Now-a-days companies recognize that they female genitalia not appeal to all buyers in the martplace or at least not to all buyers in the same way. Buyers ar too numerous, too scattered, and too varied in their postulate and buying practices. Moreover, the companies themselves vary widely in their abilities to practice different shargons of the food market. There atomic number 18 4 steps of designing customer driven selling strategy. They atomic number 18 described below (i) Market divisionBuyers in any market differ in their wants, resources, locations, buying attitudes, and buying practices. Through market segmentation, companies select large heterogeneous markets into smaller segments that can be reached more(prenominal) efficiently and effectively with ingatherings and services that compeer their unique needs. Market segmentation is of two types A) Segmenting consumer market There is no single way to segment a market. A ma rketer has to try different segmentation variables, al unitary and in combination, to find the beaver way to view the market structure. There be four segments of consumer market . Geographic Segmentation It calls for dividing the market into different geographical units such as nations, regions, states, provinces, cities or even neighborhoods. ECONO DX mainly does their business in villages. They be also supplying their pens in big cities of Bangladesh but, in few amounts. 2. Demographic Segmentation It divides the market into groups found on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and nationality. Demographic factors are the most popular bases for segmenting customer groups.One reason is that consumer needs, wants and usage rates often vary closely with demographic variables. Another is that, demographic variables are easier to measure than most other types of variables. As example, old people will buy ECONO DX because memorable events are related to it. Another example is lower income people uses ECONO DX pen as it is cheap. 3. Psychographic Segmentation It divides buyers into different groups found on social class, life style or personality characteristics. People in the same demographic group can have very different psychographic makeups.Mainly middle and lower class people are the target customers of ECONO DX. 4. Behavioral Segmentation It divides buyers into groups based on their knowledge, attitudes, usage or response to a intersection. This sort out is done depending on occasion, benefit sought, user status, user rate, loyalty status etc. As example, nationalistic people will want to buy ECONO DX Ball pen because, it is an old brand and they are development this brand whitethorn be from the time of liberation war. B) Segmenting Business Market Consumer and business markets use more a(prenominal) of the same variables to segment their markets.Yet, business markete rs also use some additional variables, such as customer operating characteristics, purchasing approaches, situational factors, and personal characteristics. By going after segments instead of the whole market, companies can yield just the right value pro military post to each segment served and captured more value in return. When ECONO DX was initiatory introduced in the market, the knowledgeer of the conjunction was very cleaver to grab the market for his product. He made a contract with BD government that- in all government official sectors ECONO DX will be the only thud pen to be used as official accessory.Requirements for effective segmentation Clearly there are many ways to segment a market, but not all segments are effective. To be useful, market segments must be- 1. Measurable The size, purchasing power and profiles of the segments can be measured. 2. Accessible The market segments can be effectively reached and served. 3. Substantial The market segments are large or pro fitable enough to serve. 4. Differentiable The segments are conceptually distinguishable and respond differently to different marketing mix elements and programs. 5. Actionable Effective programs can be designed for attracting and serving the segments.ECONO DX fulfills all these five criterions. (ii) Market Targeting Market segmentation reveals the tightens market segment opportunities. The firm now has to evaluate the various segments and decide how many and which segments it can serve best. In evaluating different market segments, a firm must look at three factors segment size and appendage, segment morphologic beautifulness, and company objectives and resources. Firstly, the company must collect and analyze data on current segment sales, growth rates and expected profitability for various segments.But right size and growth is a relative matter. The largest, fastest-growing segments are not always the most attractive ones for every company. Smaller companies may lack the skill s and resources needed to serve the larger segments. Secondly, the company also needs to examine major structural factors that affect long-run segment attractiveness. For example, a segment is less attractive if it already contains many toughened and aggressive competitors. The existence of many actual or potential substitute products may limit prices and the win that can be earned in a segment.The relative power of buyers also affects segment attractiveness. Buyers with brawny bargaining power relative to sellers will try to force prices down, demand more services, and set competitors against one another- all at the expense of seller profitability. Finally, a segment may be less attractive if it contains powerful suppliers who can control prices or reduce the quality or quantity of ordered goods and services. even if a segment has the right size and growth and is structurally attractive, the company must consider its own objective and resources.Some attractive segments can be di smissed quickly because they do not mesh with the companys long-run objectives. Selecting Target Market Segments After evaluating different segments the company must decide which and how many segments it will target. A target market consists of a set of buyers ho share common needs or characteristics that the company decides to serve. Market targeting can be carried out at several different levels- dedifferentiated marketing strategy, Differentiated marketing strategy & Concentrated or Niche marketing.ECONO DX is following undifferentiated marketing strategy. Undifferentiated marketing Using an undifferentiated marketing or voltaic pile marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer. This mass marketing strategy focuses on what is common in the needs of consumers rather than on what is different. The company designs a product and a marketing program that will appeal to the largest number of buyers. (iii)Diffe rentiation and PositioningA products position is the way the product is defined by consumers on important attributes- the place the product occupies in consumers minds relative to competing products. Products are gaind in the factory, but brands are created in the mind. Consumers are over-loaded with information rough products and services. They cannot reevaluate products every time they make a buying decision. To simplify the buying process, consumers organize products, services, and companies into categories and position them in their minds.A products position is the complex set of perceptions, impressions and feelings that consumers have for the product compared with competing products. They must final cause positions that will give their products the greatest advantage in selected target markets, and they must design marketing mixes to create these planned positions. Choosing a Differentiation & Positioning outline Some firms find it easy to choose a differentiation and posi tioning strategy. The differentiation and positioning strategy of ECONO DX is, ECONO DX in different generation. Competitive returnTo build profitable relationships with target customers, marketers must understand customers needs better than competitors do and deliver more customer value. To the extent that company can differentiate and position itself as providing superior customer value, it gains rivalrous advantage. The competitive advantage of ECONO DX is its lower price. Selecting an Overall Positioning Strategy The full positioning of a brand is called the brands value proposition- the full mix of benefits upon which the brand is differentiated and positioned. It gives the answer to the customers that wherefore they will buy this brand.Overall positioning strategy can be of five types. Among them ECONO DX follows More for the Same Strategy. This strategy says about, companies can attack a compititors more-for-more positioning by introducing a brand fling comparable quality but at lower price. From past till present, time has changed a lot. sometimes it was hard to pass the time, and sometimes time became a matter of joy. So, as shown in our video advertisement- by the side of type-writer or keyboard using, ECONO DX ball point pen became something that supports all the time.