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... This is known as market segmentation. This essay will start by discussing how segmentation can achieve competitive advantage, then move on to the implications it has for product planning and then finally talk about the changes to the segmentation approach over the product life cycle. ... Dibb says that, “until competitors copy your segmentation, you have competitive advantage”. However, even if another company has the same segmentation strategy as you, it is still possible to have the competitive edge over them. ... Segmentation allows the business to become more in tune with the behaviour of both the customer and the competitor, which results in a better understanding of customers needs and wants. ...
Segmentation plays a big role in product planning. ... So what is the connection between segmentation and product planning? Well, segmentation helps firms to make decisions on the direction of the planning they wish to take. ... So why is the connection between segmentation and product planning so important? It is important because the decisions that a firm makes on the planning of a product, is directly aligned with the segmentation strategy of the business. ...
Marketers need to understand the product life cycle because different approaches to segmentation need to be taken when moving along it. ... This segmentation strategy allows firms to obtain a deep position within each market segment to strengthen consumer’s overall (Hoffman, 2002), which is exactly what a firm needs to do at this stage in the product life cycle; get as many consumer’s to buy their product(s) as possible.
Approximate Word count = 1099
Approximate Pages = 4.4
(250 words per page double spaced)
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