Academic journal article International Journal of Marketing Studies

Market Segmentation and Customer Focus Strategies and Their Contribution towards Effective Value Chain Management

Academic journal article International Journal of Marketing Studies

Market Segmentation and Customer Focus Strategies and Their Contribution towards Effective Value Chain Management

Article excerpt

Abstract

Today in this hyper-competitive business world, Each and every business entity is striving day and night to gain supremacy over others and few successfully obtained that destiny. Modern business is all about winning the stiffbattle of competition with variety of business weapons and going ahead with making right changes in those weapons at the right time. Market segmentation and customer focus strategies are certainly two sharp weapons among those and can contribute profoundly for ensuring vast and fast growth. This article intended towards finding out the contribution of these two strategies for effective value chain. Explorative and qualitative research work has been done for achieving that goal. The findings suggests that market segmentation helps organizations to segment the whole market in an effective way and thus immensely assist in delivering diversified and customized product and services. On the other hand customer focus strategies also assist firm in great way to focus on specific customers and make am effective market and customer driven value chain.

Keywords: Value chain, Market segmentation, Customer focus strategies, Organizations

1. Introduction

Business conduction is more challenging than ever before and gaining competitive advantages in the market place is always the key attribute for sky high success. Every firm strives for that and few successfully obtained that destiny (Hewitt, 1994). Modern business is all about winning the stiffbattle of competition with variety of business weapons and going ahead with making right changes in those weapons at the right time (Garbarino and Johnson, 1999). Every business firms are striving hard to find out the best possible weapons to ensure the competitive edge over the other operators and rivals. Finding out those weapons which are effective than ever before are never that easy and certainly require a lot of investment in research and development. Firms are investing a lot in those areas and certainly trying their best to ensure that they have right combination of business professionals and resources into their armory. Effective resources ensure effective operations and certainly can provide the firms that desired edge that they are looking for. It is always require having good look for the business professionals and business researchers to detect which methods and mechanisms are the best possible business weapons and the most effective utilization of the available resources for each and every firm. Effective value chain management is without any doubt a very proficient business weapons to have in the armory of every business organization. It ensures virtually everything for providing sound and better customer value and also assists to build long term sustainable relationship with the customers (Godsell and Harrison, 2002). As the concept of the perfect utilization of scarce resources take the center stage in the modern business which is increasingly becoming very difficult the immense importance of a good value chain gain even more significance. It is always the key to establish and certainly continue a sound and effective value chain for every firm and especially for the manufacturing firms' Modern marketing methods are always key ingredients for establishing a sound value chain. This article pays close attention to the effectiveness of the two most well established marketing strategies in the form of market segmentation and customer focus strategies for establishing a sound value chain for modern business firms.

2. Research Question

The main research question of this study is:

. What is the contribution of market segmentation and customer focus strategies for establishing an effective value chain?

The entire research work has been done for the successful answering of the above mentioned research question.

3. Methodology

Research methods are always the key for each and every successful research work. …

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