To What Extent Do You Agree That One-to-One Marketing Will Replace Traditional Market Segmentation Methods

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Submitted By claireleelee
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To what extent do you agree that one-to-one marketing will replace traditional market segmentation methods.
Market segmentation may be defined as the identification of individuals or organizations with similar characteristics that have significant implications for the determination of marketing strategy. Its object is to identify groups of customers with similar requirements so that they can be served effectively while being of a sufficient size for the product or service to be supplied efficiently. Traditional segmentation methods have been based around identifying a sizeable group of the potential market within similar needs and characteristics. The Internet and advanced technology allow for segmentation strategies to be taken a step further, to a level of individual attention; and one-to-one marketing approach which permits businesses to customize offerings on the basis of individual requirements is developed. However, although new technology has changed the shopping behavior of many customers to an extent, traditional segmentation methods still play an important role in marketing strategy. One to one marketing is more likely to act as a complement of traditional segmentation method at present.
Market diversity is increasing in both business and consumer markets and is generating market fragmentation. (importance of customer rentention) Consequently, mass marketing and segment marketing may become less effective and efficient. One-to-one marketing, therefore, is greatly in need to develop and manage customer relationship which is considered to be vital in successful marketing. Customer acquisition can be both expensive and difficult, yet the potential value of customer relationships is considerable and this value can be increased when organizations focus on high-value customers. For example, for financial organization MBNA, a mere 5% increase in customer…...

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