MK0015 –Services Marketing and Customer Relationship Management
- Targeting goals
Answer: Customers form the most integral part of service production as well as marketing. The service process is begun by identifying and then targeting the right customers. It is important for every firm to specify the target group before launching a service product. A huge marketplace holds a variety of customers with different preferences, needs and expectations. It is important to zero down on the ‘right’ segment of customers. While formulating a strategy for identifying the target segment, the following issues need to be addressed.
- As far as the selection of the customers is concerned, the firm must begin by finding the ‘good fit’. The market should be analysed only for customers’ needs. At the same time, the firm’s potential should correspond with the expectations.
- While zeroing in on a target segment, it is tempting for the marketers to go for the segments that hold the highest number of customers. However, it is suggested to evaluate the target segment in terms of value and not numbers.
It is suggested to create customer portfolios and base a firm’s target segment on it. The customer’s portfolios evaluate each customer on the basis of his or her value to the organization. It ensures that the target segment consists of not just numbers, nut opportunities for creating better business. Service marketers adjudge the marketability of their services by scanning their target segment for their needs. Organizations are expected to arrive at a suitable need determination process which includes the following sequence:
