Targeting - ANSWER-- Selection of ideal customer segments
- Serve the segments whose needs match the firms abilities
Why target? - ANSWER-- Better serve customers
- Not a one size fits all
Targeting Methods - ANSWER-- Top Down
- Bottom Up
Top Down - ANSWER-- Strategic
- Understand the firms resources, strengths, weaknesses, personalities, etc.
- "Does this market fit who we are?"
Bottom Up - ANSWER-- Profitability
- Current market size, anticipated growth, competition, behavior, expectations,
etc.
- "How profitable will this segment be?"
Strategic Criteria - ANSWER-- Attractiveness of market related to profitability for
the company
- Assess strengths and how they align with the segment
Go for it! - ANSWER-Corporate strengths + Market is attractive
Hmm... - ANSWER-- Corporate strengths + Market doesn't look so hot
- Less capable + Market is attractive
Avoid - ANSWER-Less capable + Market doesn't look too hot
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