Chapter 5. Customer Segmentation and Targeting
Consumer and commercial customer behaviors are influenced by a myriad of factors including an extensive set of needs and wants. However, the degree of impact on their loyalty by a specific need or want can vary greatly from customer to customer. Something that is one person’s absolute requirement can, for another person, be merely a nice-to-have. What attracts one customer to defect to a new vendor may have little effect on another customer. What is a business to do? How can a firm effectively be responsive to such an extensive customer wish list? If the firm cannot afford to address all of them, which of the needs should receive its focus and limited resources?
The first challenge is to define the ...
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