It has recently become the norm for companies to focus and design their marketing strategies and plans towards a target market. A successful customer-driven marketing strategy must develop the right relationships with the right customers. The steps for the customer-driven marketing strategy include segmentation. differentiation, targeting and positioning. To ensure that an effective marketing strategy is designed and developed companies must understand how the market is segmented. The four key elements associated with segmentation of a market are geographic, demographic, psycho-graphic and behavioural(Armstrong, Adam, Denize, Volkov, Kotler, 2019).. Differentiation allows a higher form of customer value to be offered as it makes an organisation and its product unique(Armstrong, Adam, Denize, Volkov, Kotler, 2019). Targeting enables a company to select the segment that would be most advantageous to its cause. Positioning is key as it allows the company to situate itself within the minds of target customers (Armstrong, Adam, Denize, Volkov, Kotler, 2019).
The group will implement a customer driven strategy to assist the Red Cross in creating value for targeted customers. The first step is arguably the most important as it allows the organisation to identify the various segments within the total market. By dividing the market into segments it will be easier to manage the different types of customers to serve. Differentiation will commence after segmentation, a method will be devised to make Red Cross unique. After analysis of the segments is complete the one that will aid in the Red Cross’ cause most will be targeted. Positioning will then occur allowing the Red Cross to create value for targeted customers.
References: Armstrong, G. Adam, S. Denize, S. Volkov, M. Kotler, P. (2019). Principles of Marketing. Melbourne, Victoria. Pearson Australia.
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