Marketing segmentation is important for strategy implementation for three reasons. Firstly, segmentation allows the business to be more effective and save time, financials, and resources (IMS, n.d.). This is achieved by focusing on a single customer that would be the most interested in the product that this company offers as opposed to targeting the mass market. Secondly, marketing segmentation allows businesses managers to learn more about their customers and their needs. As a result of this market research, these individuals can make better choices in terms of their strategic planning and offer a product that is developed based on the desires and expectations of their customers. Finally, market segmentation is important because it allows businesses to be more successful financially. Due to the enhanced efficiency and ability to save costs and target the product towards the needs of the specific group, market segmentation is what allows companies to sell more and ask for a higher price for the product or service. This is achieved because managers know their customers well, recognize their needs, and can justify the higher cost.
For example, in the marketing industry, companies that provide marketing services, especially small ones, choose to focus on one industry or market segment where services will be provided. For instance, a marketing organization can develop a strategic plan that is focused on providing influencer marketing services. This allows the small business to focus on working only with clients who need influencer marketing as this is the most suitable and efficient tool for their companies and target audiences. Additionally, the small marketing firms that choose the segmentation approach can market their services as exert services because their specialists focus solely on influencer marketing and therefore have gained experience and skills in this field. Moreover, these firms can recognize the needs of their customers better because they only provide one type of service.
Transferring a strategic plan into a reality is a challenge and poses a leader with difficult tasks and choices. According to Riboldi (2019), “strategic planning is a critical business practice for positioning an organization for success, aligning leaders to a common plan, and guiding management decisions” (para. 1). An example of a leader who has successfully transferred a strategic plan into reality is Steve Jobs. Jobs was the founder and CEO of Apple, who helped this business grow and find its own market niche with its signature electronics products. Jobs was the one who focused on design, appearance, and usability as the core characteristics of Apple’s products. Thus, Apple’s smartphones and personal computers became popular with the youth and tech-savvy individuals. Moreover, Jobs was the one leading the development of the first iPhone, which revolutionized the way phones and smartphones are viewed by the customers and companies developing them. As a result, Jobs is one of the best examples of people who transferred strategic planning into reality.
I can learn from Job’s experience because it allowed Apple to grow and develop since he used customer segmentation and strategic planning. Jobs selected customer segments for its products, learned their needs, and developed products that would satisfy these needs. In some cases, Jobs had no reference for whether the consumer will enjoy the product or not; for instance, with iPhone, there was little competition on the market when the phone was first developed, and it was difficult to make a prognosis about its success. Still, the understanding of customers’ needs allowed Jobs to accurately plan and introduce new devices.
References
IMS. (n.d.). The importance of marketing strategy.
Riboldi, J. (2019). The seven keys to successful strategic planning. Forbes.