Question

After years of using a mass marketing strategy, Lazer Print Shop has responded to new competition from larger companies by focusing on small market segments that have been ignored by these competitors. Lazer believes that by offering these market segments personalized customer service it can attract a loyal group of customers willing to pay premium prices. What is this company’s strategy known as?

Answer 1

The company's strategy is known as market segmentation and involves dividing a broad market into smaller, more targeted segments based on specific characteristics. By focusing on small market segments and offering personalized customer service, Lazer Print Shop aims to attract loyal customers who are willing to pay premium prices.

Step-by-step explanation:

The company's strategy is known as market segmentation. Market segmentation involves dividing a broad market into smaller, more targeted segments based on specific characteristics, such as demographics, behaviors, or interests. By focusing on small market segments that have been ignored by larger competitors and offering personalized customer service, Lazer Print Shop aims to attract loyal customers who are willing to pay premium prices.

Answer 2

The company's strategy is known as market segmentation, which involves dividing the market into smaller segments and offering personalized customer service to attract loyal customers.

Step-by-step explanation:

The strategy that Lazer Print Shop is using is known as market segmentation. Market segmentation involves dividing a larger market into smaller segments that have similar characteristics and needs. By focusing on small market segments that have been ignored by larger competitors and offering personalized customer service, Lazer Print Shop aims to attract a loyal group of customers who are willing to pay premium prices.

This strategy allows Lazer Print Shop to differentiate itself from its competitors and cater specifically to the needs and preferences of these smaller market segments. It allows the company to establish a strong and loyal customer base, while also charging higher prices due to the personalized customer service and unique value it offers.