The Land of Technology

Businesses compete to serve customer needs. Not only are there different types
of customers, but their needs vary, too. Thus, most markets are not homogeneous.
Further, the markets that are homogeneous today may not remain so in the
future. In brief, a market represents a dynamic phenomenon that, influenced by
customer needs, evolves over time.

In a free economy, each customer group tends to want a slightly different service
or product. But a business unit cannot reach out to all customers with equal
Effectiveness; it must distinguish easily accessible customer groups from hard-to reach
customer groups. Moreover, a business unit faces competitors whose ability
to respond to customer needs and cover customer groups differs from its own.

To establish a strategic edge over its competition with a viable marketing strategy,
It is important for the business unit to clearly define the market it intends to serve.
It must segment the market, identifying one or more subsets of customers within
the total market, and concentrate its efforts on meeting their needs. Fine targeting
of the customer group to serve offers the opportunity to establish competitive
leverage.

Tags: customer needs