- ANUBHAV NAWAL A32
- AMOL SALVE A49
What is Market Segmentation? Why segment? - Starts from the premise that all buyers are not the same: profit/volume potential, motivations, product uses, needs and desires, etc.
- Segmentation allows you to chose which buyers to target and provides important insights as to how to appeal to them.
- Significant competitive advantage
How Segmentation fits with other business activity Segmentation has great impact on strategy and tactical development - Characteristics
- age
- gender
- geographic location
- income
- spending patterns
- cultural background
- demographics
- marital status
- education
- language
- mobility
Market Segmentation - 4 commonly used bases for Segmentation
- Descriptive
- geographic location
- demographic
- Behavioural
- psychographic
- benefits
- Figure 3.1 Bases for Market Segmentation
Market Segmentation - geographic location - based upon where people live (historically a popular way of dividing markets)
- demographic - based upon age, gender and income level (very often used)
Market Segmentation - Psychographic / lifestyles - based on people’s opinions, interests, lifestyles eg, people who like hard rock music probably prefer beer to wine
- benefits - based on the different expectation that customers have about what a product/service can do for them eg. People who want to but “lite” food cause it will help them lose weight
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