This is an Exam Question Assignment Example | Topics and Well Written Essays - 250 words

This is an Exam Question - Assignment Example Doing such targeting is important to a firm as often they realize that they can roll out innovations without necessarily having to add value to their service. Key among most target markets would be price as they realized with the introduction of new brand, Xiameter. However, for companies to benefit from need based segmentation its important for them to be well prepared for new product line and organize it product development accordingly (Lilien and Grewal, 2012). Success in new product roll out to a given segmentation must have the right marketing mix. It is important that the new product be of the right quality, have the ability to meet a current need and be supported by a price that resonates to the target market. Doing so enhances market acceptance and adoption as well as shorten the break even period. As these products succeed in the market, a company’s market share continues to grow. It is important that a company keeps in touch with changing customer needs and preferences and respond to the appropriately. This therefore calls for an in-depth knowledge of one’s customers. To understand customers a company has to pay special attention to customer feedback as well as develop a strong customer relationship management model. A company has to invest in its employees by equipping them with the right customer skills so that they can deliver exceptional service to clients and discern any setbacks in the products. This creates a me dium through which ideas are exchanges and corrections made. These interactions helps to develop a value based business model where different market segments are satisfied. Having the right marketing mix also calls for proper distribution chain so that customers can have products and services at their convenience. In addition a company must invest in market research so that it can identify the various target clients and develop products that meet their needs and tastes. In target marketing, companies need to understand that