5-2 Final Project Milestone Two: Customer Segmentation
The Company is Pfizer Please read all instructions
Prompt: For your second milestone, you will identify the customer segmentation of your approved company, identify key customer segments, and explain why
your selected company would adopt the identified customer segmentation. You will also explain how you company would use the customer segment as input
into the product pricing strategy. This milestone is due in Module Five.
Specifically, the following critical elements must be addressed:
I. Pricing Management:
a) Customer Categories: Provide a description of the customer categories from a product-pricing management perspective.
b) Organization Categories: Provide a description of how the company would choose to use customer categories for pricing management and why.
Rubric
Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font,
one-inch margins, and at least three sources cited in APA format.
QSO 630 Milestone Two Guidelines and Rubric
Overview: As a supply manager committed to the efficiency of the supply chain operation, it is critical to be aware of strategies for improving productivity and quality. This course has prepared you to improve an organization’s supply chain. The final project for this course is the creation of a supply chain management plan. The final product allows you the opportunity to connect theory with reality through research on an industry and company supply chain. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. Prompt: For your second milestone, you will identify the customer segmentation of your approved company, identify key customer segments, and explain why your selected company would adopt the identified customer segmentation. You will also explain how you company would use the customer segment as input into the product pricing strategy. This milestone is due in Module Five.
Specifically, the following critical elements must be addressed:
I. Pricing Management:
a) Customer Categories: Provide a description of the customer categories from a product-pricing management perspective.
b) Organization Categories: Provide a description of how the company would choose to use customer categories for pricing management and why.
5-2-Customer Segmentation
Student's Name
Institution affiliation
Professor
Date
Customer segmentation
Introduction
Customer segmentation is typically the art of grouping customers according to similarities, and it helps companies to improve value through customer engagement. Customer segmentation is crucial to an enterprise since it enables it to use in terms of creating value and marketing. Additionally, it also enhances understanding between customers and companies; for example, by understanding customers' needs, a company can produce goods and services that meet those needs. Customer segmentation is grouped into five segments, geographic, socioeconomic, psychographic, social media, and behavioral segmentation. According to Csimarket (2020), Pfizer company reported more than 17% customer increment in 2020.
Pricing Management
Technically, pricing management incorporates all necessary information to arrive at the optimal price for a product or service. In this case, comprehensive pricing management leads to loss mitigation and profit maximation.
* Customer Categories
Business customers are categorized into four parts, resellers, producers, government, and institutions. Pfizer is a multinational organization with comprehensive product-price strategies. Its core objective is to provide affordable products to its customers, which help lower the cost of medicine. Product pricing management in the Pfizer organization is determined based on several factors. Firstly, the impact of the disease in respect to patients; for example, the Company has been producing the Covid-19 vaccine at a cost to ensure it is affordable to every patient Csimarket (, 2020). It is the art of considering the impact of infection or disease on the patients. Secondly, they also put into consideration the cost of innovation; for instance, how many research projects does the Company have? Through this process, the Company is able to build prices that are in alignment with the values of the Company ...