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Ceo Strategy

In: Business and Management

Submitted By tejastud
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4) If you were a Chief Marketing Officer of a major company, outline a strategy you would employ to carry out a successful segmentation study. * As a company and as a CMO of the organization, there are always two choices to enter in the market for segmentation. * Selling to everyone * Selling to targeted group

* By selecting any one of these options, I can enter the market as well as I can make strategy for any product of my company to get maximum market share.

* Marketing to all (mass marketing) is expensive and ineffective. For this reason, a market segmentation study is usually a key component in a company's overall strategic plan. A good market segmentation study will identify groups of people who are "most likely" to purchase a particular product or service. Armed with this knowledge, a company can focus its product development, advertising, and selling resources in a way to maximize sales and profitability. This method is more cost effective and it does concentrate on limited number of customers so it is a good method to understand their needs and requirement from the product. This analysis can help to produce more customer based product. For example, a consumer-based segmentation model could be based on education, age, income or gender, for example that is called priory segmentation.

* This Segmentation studies typically involve lengthy surveys and large sample sizes. The surveys tend to be long because in addition to all of the basic questions that will be used to develop the segmentation model, the survey must also include a number of "descriptive" questions. Typical descriptive questions include demographic questions. Descriptive questions are used to target the segments. * A successful segmentation study typically requires considerable up-front planning and back-end analysis. The potential reward is a model of the market

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