Tailoring Success: Crafting Business Strategies Through Customer-Centric Market Segmentation
In general, existing and potential customers are not homogenous.
They have different preferences and value the attributes of the product or service differently.
A strategy formulation process using in-depth market research should reveal the different market or customer segments and their preferences along dimensions like price, quality, functionality, image, reputation, relationship, and service.
The business strategy can then be defined by the customers and market segments that it chooses to target.
Key indicators can also be identified through phone conversations about their preferences, and the business can then collect documents from customers and analyze the information from there.