1. Identify and describe the segments of your market. Be sure to include the size of each segment. What variables make these segments distinct and possible for your firm to identify?
The segment of my organizations market is very close to the end of micro-segmentation. We are a Not-for-Profit organization that focuses on two types of customers. That customer will always mostly be either a pharmaceutical manufacturer or a food manufacturer. We deliver a specific set of benefits to our customers. The variables that make our segment distinct are mainly Demographic and Geographic variables.
2. Which market segment(s) are you targeting and why? Which ones are your competitors targeting?
Our organization has mainly been focused on pharmaceutical manufactures (demographically & geographically). We are targeting these types of customers because we have a specific type of benefit for both of these segments. Also our customers will usually fall under one or two Standard Industrial Classification codes, one of them being 2834 pharmaceutical preparations. One major benefit that we have over all of our competitors is that USP’s drug standards are enforceable in the United States by the Food and Drug Administration in the United States since 1938. This alone with drive the “major” (Demographic/Geographic) pharmaceutical companies to purchase our products and services. In addition our benefits package meets specifically the needs of our customers. Our competitors are targeting the smaller companies due to the cost of our products/services. This would tend to be more on the non-regulated side of pharmaceutical manufacturing, I.e., dietary & supplements manufacturers. These types of manufacturers are not yet regulated by the FDA, which in turn gives them other options to purchase secondary standards at a lower cost.
4. Revisit the 3-Cs work you did in the previous section of this Journal....