The Customer-Driven Marketing Strategy Essay Sample
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Essay Title- “The Customer-Driven Marketing Strategy”
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The Customer-Driven Marketing Strategy
For any company marketing strategy is the core policy. It is made by the management with due consideration of all externalities and quality services. Marketing strategy includes lots of components and is broad in nature. It cannot be explained by only one component. For the right allocation of resources, the right strategy is required for marketing. Every single strategy can have the long terms effect on the sale. The marketing strategy of a company is the base on which the pillars of success are built.
There are four steps of any marketing strategy
- Segmentation of the markets
- Customers Targeting
- Differentiation of customers and markets
- Placing the strategy.
Whatever the strategy is customers are the center of all. Any company that wants to draw long term profits tries to make good relations with customers. The customer-driven marketing strategy tries to add value to customer relationships. By segmenting the market it tries to understand the difference in customers, their satisfaction and their attitude.
After segmenting it tries to target the potential customers. After that a differentiation is made to implement the strategy then in last the strategy is being placed. This strategy focuses to draw more customer satisfaction and then more profit.
The four Ps of any company are the key to implement a customer-driven market strategy. The P’s are product quality, its price, its place, and promotion. To draw the profit the aim is not to win the competition by the low price but with the offering price give the best services and customer satisfaction.
Customer-Driven Marketing Strategy
In the competitive world, customer-driven marketing is important as it is not easy to cut down the prices every time. For the long term, it is required to fulfill the changing demands and service requirement for the customers.
As there are lots of products with competitive prices in the market, service makes the product distinguished. It is important to understand that a customer product means goods and services both. Marketing strategy should be including the promotion of both and must be trying to be different than the other products.
So there should be a mix up an integrated strategy to capture the attention of the customer. The product means goods and services should be promoted after a deep research of the market and customers. The price should be competitive and what a customer will be willing to pay rather than go without it. It means the price should be given a bit of the consumer surplus to the customers.
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Then placing the strategy with proper differentiation of the region and customers’ preference should be researched. In last promotion should not only promote the good itself but with due care of the customer preferences, it should promote the services also.
Examples of Customer-Driven Marketing
So in a Customer-driven marketing strategy, all kinds of psychological, social and preferences should be clearly defined with the segmented marketing strategy. For examples,
- Mobile companies segmented the markets like for the Asian market there are cheap mobiles available in the market where on the other hand the prices are higher in the western world with the different kinds of services available in both the markets. So in this example segmentation and differentiation is clear with the different offer prices.
- Another example is selling the product which has some emotional connection. Like the diamond rings for the engagement purpose. In selling that the prices are not being changed as diamond is the costly product but through an advertisement that emotional quotient is being used to see that diamond ring. It will be coming under the promotion of products with psychological research.
- In different cultures, different products are being sold. For example Christmas. On this occasion there are lots of decorating materials available, lots of variety of gifts with different services, are available. If a company tries to fetch the occasion of Christmas it will offer lots of discount on the product and the advertisement will be based on the Christmas related activities. This is called the placing of the product.
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