Essay: Gathering Clients Information and Segmenting Market

Essay: Gathering Clients Information and Segmenting Market
13/04/2011 Comments Off on Essay: Gathering Clients Information and Segmenting Market Academic Papers on Information Technology,Sample Academic Papers admin

Sample Essay

Time efficiency and customer satisfaction are the most important factors in marketing and sales management of any organization (Howard, 2009). For the purpose of segmentation, first, a company has to define the standards on which it wants to segment the target market. These standards vary from industry to industry. Some common criteria are Geographic, demographic and psychographic segmentation etc. ICT helps to sort out the list of potential customers available in the databases and on the web, according to the requirements specified in a moment.

The input data is available on many online directories which are easily available on the web. For example, in geographic segmentation, customers can be divided on the basis of Area Codes, City, or Zip Codes and then target each segment according to the requirements and need of the market (Howard, 2009). The database of the current and past customers can also be valuable for this purpose. Data mining software’s are available to find out the hidden trends in the database and that information can be used to further segment the target market. Otherwise, there is a lot of web base secondary data available which can be helpful in this regard.

For the purpose of a survey about a new product, the managers can send their questionnaire online for taking the responsibility of people. Now the blogs can also be used as a valuable tool for marketing and take the feedback from customers. It is widely used by many political candidates for their election campaigns. Another important implication of ICT is in the area of Competitive Intelligence (CI) which is the process of collecting actionable information about the competitors of an organization and applying that information in the decision making process in order to improve the organizational performance (Fleisher & Blenkhorn, 2001). New information technologies such as the outsourced competitive intelligence (CI) services and off the shelf software’s packages are playing a very imperative role in improving the CI of organizations (Fleisher & Blenkhorn, 2001). The Internet can also play a very vital role in the data collection phase of CI and helps to save very precious time and energy (Fleisher & Blenkhorn, 2001). Later on, this information can be analyzed from different angles to make it more valuable.

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