What strategy involves tailoring products to the needs and wants of specific individuals and local customer segments?

The strategy that focuses on tailoring products to the needs and wants of specific individuals and local customer segments is known as micromarketing. This approach involves a highly personalized marketing effort that takes into consideration the unique characteristics and preferences of small, specific groups or even individual consumers.

Micromarketing goes beyond traditional segmentation techniques by allowing businesses to craft products and marketing messages that resonate deeply with niche markets or individual customers. This can include personalized communication, customized products, or local promotions aimed at enhancing customer engagement and loyalty.

Understanding micromarketing is crucial in today's diverse consumer landscape, where customers increasingly expect brands to recognize and cater to their specific desires, rather than adopting a one-size-fits-all approach. By focusing on this tailored strategy, companies can forge stronger connections with their target audience, resulting in improved customer satisfaction and potentially higher sales.