ABSTRACT
Market segmentation (or, if you insist, customer profiling) is one of the basics of good marketing strategy. The ‘ mass market ’ is long dead and today one size no longer fits all.
Levitt said that if the organisation isn’t talking segments, it isn’t talking markets. That means that without an understanding of the different groupings of needs and wants in the marketplace no organisation can hope to have the necessary customer focus required to stay relevant. That’s fine, at least for some organisations. In Chapter 2 we looked at the Product Life Cycle; the importance of segmentation for you depends on the position of your organisation on the life cycle:
● Introduction and Growth: If you’re here, you don’t need to segment. As long as you are still on the upwards path, and customers are
happy to get whatever is on offer then you can focus on making and selling.
