Question

Identify and discuss in sufficient detail the relationship between market segmentation, product development and sales performance. Use examples to illustrate your answer.

Answer 1

Consumers are the most important thing to remember in any society as it operates like any company. Those customers' happiness now is the primary aim of the company. It takes a lot of marketing tactics to attain this business too. One such strategy is market segmentation, which is a customer-oriented approach because no organization can manufacture and fulfill the consumer as a whole. Therefore, in order for any organization to successfully manufacture and sell its goods and sell its product, it needs to define, pick and enter a sub-market within the aggregate market with a distinct marketing mix.

Sales performance may also indicate that there is overstaffing in a department. By comparing the revenue figures based on the amount of money spent on hiring, administrators will assess the optimal level of personnel.

Market segmentation can also teach you a lot about your company, in addition to boosting sales. You can learn important lessons about the goods and services by monitoring the results and communicating with customers. They will respond when you think like the consumer, and deliver content that meets their needs. The best way to do this is to maintain a growing customer knowledge database. Such a database helps you to provide consumers with the most relevant material at any encounter.

E-Commerce stores offer a unique opportunity to meet individual consumers. The more intimate the shopping experience is, the greater the ROI. To this end, every online store should create an atmosphere through on-page content, timely customer support, social media, and email follow-up where customers are asked to leave their feedback. The information is much more important than sales revenue, because it can help you grow over time.

Aim to repeat clients in your business segments. Serving an current client is cheaper, and more efficient than generating a new one. Each sale gives you more knowledge about consumer preferences. Do whatever you can to get in touch and handle current customers well. That promotes trust and loyalty. It also increases their chances of spreading the word about your company. Knowing consumer behaviour. Many consumers review each email you send, while others only open one if a deal is featured on the subject line. Many can only use a mobile device to access your website. Develop new user behavior focused market segments.