<P> Those who follow after the Close Followers are known as the Late Entrants . While being a Late Entrant can seem very daunting, there are some perks to being a latecomer . For example, Late Entrants have the ability to learn from those who are already in the market or have previously entered . Late Followers have the advantage of learning from their early competitors and improving the benefits or reducing the total costs . This allows them to create a strategy that could essentially mean gaining market share and most importantly, staying in the market . In addition to this, markets evolve, leading to consumers wanting improvements and advancements on products . Late Followers have the advantage of catching the shifts in customer needs and wants towards the products . When bearing in mind customer preference, customer value has a significant influence . Customer value means taking into account the investment of customers as well as the brand or product . It is created through the "perceptions of benefits" and the "total cost of ownership". On the other hand, if the needs and wants of consumers have only slightly altered, Late Followers could have a cost advantage over early entrants due to the use of product imitation . However, if a business is switching markets, this could take the cost advantage away due to the expense of changing markets for the business . Late Entry into a market does not necessarily mean there is a disadvantage when it comes to market share, it depends on how the marketing mix is adopted and the performance of the business . If the marketing mix is not used correctly--despite the entrant time--the business will gain little to no advantages, potentially missing out on a significant opportunity . </P> <P> The differentiated strategy </P> <P> The customised target strategy </P> <P> The requirements of individual customer markets are unique, and their purchases sufficient to make viable the design of a new marketing mix for each customer . </P>

Which of the following is an example of a strategic sales and marketing process