How To Develop A Strategic Plan for a Business To many people, strategic planning is something meant only for big businesses, but it is equally applicable to small businesses.
Define Customer Segments Customer-focused organizations recognize that they cannot appeal to all buyers in the same way. Buyers are too numerous, too widely scattered, and too varied in their needs and buying practices.
Rather than trying to compete in the entire market, you must identify parts of the market that you can serve best and most profitably. The most effective way to do this is to segment customers. The goal of creating customer segments is so you can target specific customers that have similar needs and wants with the same message, products, pricing, and through the same distribution channels.
When done correctly, your target market will respond similarly to your marketing efforts. After you have identified your segments, determine what they need and how you can best satisfy them by providing value. Many organizations are committed to doing the right things, but they fail to understand what their people value.
Then evaluate how to best provide value for each segment and set goals accordingly. Some examples of customer segments include: Small businesses located in Oregon: Small body shops seeking rapid insurance reimbursement in Oregon. Agencies in the marketing industry: An agency focusing on public relations for local and state government community programs.
Field sales people constantly on the road: A nationwide retail store: She has a natural curiosity about the world. Her identity is a tangle of connections to activities, places, interests, values, and aspirations.
She is affluent but not materialistic. She lives in the suburbs but would never consider herself a suburbanite. Who are your biggest customers? Do your customers fall into any logical segments based on needs, motivations, or characteristics? Are there one or two characteristics that will help you segment your customers?
Have you described them well enough to picture shaking their hand? After you have identified your customer segments, evaluate them based on the following criteria: Can you measure the size of the segment?
Can you reach this segment through clear communication channels? Are there enough customers in the segment to make it profitable? Will this segment respond differently to product and service offerings than other segments identified? List the needs or wants of this customer segment.
Target customer segments can be grouped based on similar needs, motivation, or behavior. For example, the U. List the characteristics that describe this segment.
To help you segment your target customers, a detailed list of major categories of characteristics is provided at the end of this section.
If you have a consumer product or service the major categories of characteristics are: If you have a business-to-business product or service, the major categories are: Remember there is no best way to segment a market; it requires your creativity. Create a customer profile that uniquely describes this target customer segment.
Add any descriptive words that you did not include under customer needs and customer characteristics. How big is this customer segment and what is the growth potential?
Is this segment substantial? Can you reach these customers?Abstract. The profitability of a firm is jointly determined by it's organizational structure and the market structure.
To explore the effects of market factors on optimal organizational structure we develop a real-time information processing model of a multi unit firm in a dynamic duopoly environment.
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