Customers choose between competing products and services based on their assessment of superior value: in other words, they choose the proposition that consists of the benefits they are looking for at a price they perceive as providing superior value for money, which, we would add, does not necessarily mean it has to be the ‘cheapest’.
The challenge for every company is to be able to deliver the winning propositions, profitably. But first, of course, the company has to understand from a customer's perspective what these propositions need to be. Customers segment themselves and what the company must focus on and understand are the needs that customers are seeking to satisfy and, in doing so, understand the motivations that drive the choices made by customers. Market segmentation is the process of splitting customers, or potential customers, in a market into different groups, or
segments, within which customers share a similar level of interest in the same, or comparable, set of needs satisfied by a distinct marketing proposition.
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