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A retail company can apply the innovative approach of customer categorization discussed in the book "Good Strategy, Bad Strategy" by first categorizing their customers into different tiers based on their buying behavior, frequency, and value. For the top tier customers, the company can aim to provide premium services and products to maintain their loyalty. For the middle tier customers, the company can offer promotional offers or better deals to encourage more purchases. For the lowest tier customers, the company can focus on strategies to increase their market penetration, such as offering discounts or incentives to attract these customers to buy more.
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Chen Brothers' stated objectives were to first categorize customers into three tiers; then, the most important objectives for each tier were as follows: the Top tier was to achieve shelf-space dominance, the middle tier was promotional parity or better, and the lowest tier was to grow market penetration.
Asked on the following book summary:
Even some of the world’s biggest organizations do strategy poorly, and incorrectly credit their success to personal decision-making skills. We read th...
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