MKTM028 The Traditional Marketing
advancement (such as the invention of Internet) lead to the discipline of marketing to evolve considerably as the traditional model based solely on the product (mass marketing) was no longer enough (Hooley et al., 2012). Companies realized that the marketplace is composed of a heterogeneous mass of different customers with different characteristics, needs and objectives and that offering the same product (with the same characteristics, price and “value”) was simply not beneficial in this hypercompetitive market (Weinstein, 2004).
Marketing evolved from the more tactical model of product management to a more strategic and modern model based on the customer and the brand rather than the product (Nijssen, 2017). This shift in focus lead to the introduction and development of the concepts of segmentation, targeting and positioning, which are distinctive parts of the modern marketing strategy process but are all linked to customer needs (Hooley et al., 2012). Segmentation involves dividing the whole heterogeneous market into distinct groups (called segments) of homogeneous customers
using specific characteristics (called bases) (Kotler, Keller and Armstrong, 2012). Targeting refers to the evaluation of these segments in order to choose the most attractive ones.
• Companies should select the appropriate base or bases for market segmentation based on their long-term objectives, resources and capabilities.
• Companies should attempt to segment the market based on customer behaviour because it is based on the actual behaviour of consumers in the marketplace.
• Companies should be creative in their segmentation approach to be able to gain competitive advantage over their competitors.
• Companies should evaluate the attractiveness of each segment identified and classify them by priority
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