Drawing on your learning on the complexity of the Customer Decision Process, how can a firm keep up with the changing customer behavior and the influences of the economic, cultural, and psychological influences that alter the details of the decision process?
Evaluate the value and shortcomings of various customer segmentation tools such as demographic segmentation, psychographic analysis, perceptual maps, etc., to get deep into the “thinking” of customers. Additionally, referring back to your learning of Porter on competitive strategy evaluate why targeting segment(s) is crucial to effectively delivering the firms’ value proposition?
And finally, what are the likely consequences if a firm does an inappropriate /inadequate job of segmenting, targeting, and positioning itself in the mind of the customer?
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