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Market Segmentation

  1. What is Market Segmentation?
  2. The marketing concept calls for understanding customer and satisfying there needs better than the competition. Different customers have different needs, and its rarely possible to satisfy all the customers by treating them alike.
  3. Indefinable: the differentiating attributes of the segments must be measurable so they can be identified. Accessible: the segments must be reachable through communication and distribution channels.
  4. Unique needs: to justify separate offerings, the segments must respond differently to different marketing mixes. Durable: the segments should be relatively stable to minimize the cost of frequent changes.
  5. Geographic Demographic Psychographic Behaviourial
  6. Geographic segmentation tries to divide markets into different geographical units:  Regions  Size of the area  Population density  Climate
  7.  Regions: by continent, country, state or even neighborhood.  Size of the area: segmented according to size of population.  Population density: often classified as urban, suburban, or rural.  Climate: according to weather patterns common to certain geographic regions
  8. Demographic segmentation consists of dividing the market into groups based on variables such as: • Age • Gender • Income • Social class • Life style
  9.  Age : Marketers design, package and promote products differently to meet the wants of different age groups.  Gender: Gender segmentation is widely used in consumer marketing.  Income: Many companies target affluent consumers with luxury goods and convenience services.
  10.  Social class: Consumers "perceived" social class influences their preferences for cars, clothes, home furnishings, leisure activities and other products & services.  Lifestyle: Marketers are increasingly interested in the effect of consumer "lifestyles" on demand. Unfortunately, there are many different lifestyle categorization systems, many of them designed by advertising and marketing agencies as a way of winning new marketing clients and campaigns.
  11. Psychographic segmentation groups customers according to their lifestyle. Activities, interest, and opinions (AIO) surveys are one tool for measuring lifestyle.  Activities  Interest  Opinion  Values
  12. Behavioralistic segmentation is based on actual customer behavior towards products. Some behavioralistic variable include:  Opinions, interests and hobbies  Degree of loyalty  Occasions  Benefits sought  Usage
  13.  Opinions, interests and hobbies – this covers a huge area and includes consumers’ political opinions, views on the environment, sporting and recreational activities and arts and cultural issues.  Degree of loyalty – customers who buy one brand either all or most of the time are valuable to firms.  Occasions – this segments on the basis of when a product is purchased or consumed.  Benefits sought – this requires marketers to identify and understand the main benefits consumers look for in a product.  Usage – some markets can be segmented into light, medium and heavy user groups.