The Foundation of Marketing Strategy
One purpose of marketing is to identify customers’ needs and consequently determine the best way to meet those needs. However, it is nearly impossible for organizations to satisfy every customer’s unique needs. Instead, it is more efficient to allocate resources to target specific groups of customers. Because customers’ needs vary, marketers must identify common needs within similar groups of customers and recognize distinctive needs between different groups of customers. This understanding of the market is the basis for Gelb’s Growth Playbook.
Read Segmentation: Foundation of Marketing Strategy for an outline of marketing research techniques for effective market segmentation.
