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An Idea A Day by David Thompson

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STRATEGY

TAILOR YOUR PRODUCTS

Jim Blythe

IT IS AN axiom of marketing that we need to identify the needs of specific groups of people. Segmenting the market correctly is the first stage in planning any marketing activities, in order to offer a product that will meet the needs of the segment and will thus have a market.

In some cases, though, it is possible to take things further and actually tailor the product to the exact needs of an individual. The drawback is, of course, cost: a tailor-made suit costs a great deal more than an off-the-peg suit, simply because it requires a much greater amount of work from the tailor. In some cases, though, ...

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