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It is the process of breaking down a larger target market into smaller, more homogeneous groups of customers that you can more efficiently market to. Both consumer-oriented and business-oriented companies should segment customers using one of several common approaches.
Demographics Demographic market segmentation is one of the most common approaches to segmenting markets. With this strategy, a company simply divides the larger market into groups based on several defined traits. Age, race, gender, marital status, occupation, education and income are among the commonly considered demographics segmentation traits.
As a simple example of usage, a company that sells feminine hygiene products will include "female" in its description of its primary market segment. Geographic Geographic segmentation is used by companies that sell products or service specific to a certain community, state, region, country or group of countries.
Local businesses usually get no benefit in paying for national or international advertising. Companies that operate nationally can often save by delivering the same marketing messages to a national audience through one television, radio, magazine or newspaper ad. Global businesses typically decide whether to maintain a universal message or tailor messages to each country's marketplace.
Psychographics Psychographics or lifestyle segmentation has become increasingly common as companies look to identify consumers based on interests and activities in lieu of demographics.
As an example of this strategy's benefits, consider the lifestyle of an outdoor adventurer.
Camping enthusiasts, for instance, typically have few consistent demographic traits. Campers are a diverse group. Thus, marketers would likely target a segment of outdoor hobbyists or campers for new camping equipment through outdoor programs or magazines.
Behavioral Behavioral segmentation is based on user behaviors, including patterns of use, price sensitivity, brand loyalty and benefits sought. A company may have customers with a similar demographic makeup but distinct behavioral tendencies.
Some may use the product daily, while others use it weekly or monthly. Higher-income earners may have more interest in higher-quality models versus low-cost models. This may prompt the provider to target higher-end products and services to one group and more value-oriented offerings to lower-income or budget-conscious customers.
Business Segmentation Segmenting for business customers often has overlap but commonly includes geographic, customer type and behavior-based strategies. Geographic business segmentation is similar to that with consumer segmenting. Customer type segmenting may include business size or the nature of the business.
Banks, for instance, often have different products for small versus large businesses. Behavioral segmenting is based on repeat or loyal customers versus one-time users. References 2 Quick MBA: Market Segmentation About the Author Neil Kokemuller has been an active business, finance and education writer and content media website developer since He has been a college marketing professor since Kokemuller has additional professional experience in marketing, retail and small business.A not for profit membership organisation run by surfers to support & development Surfing in England.
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British Basketball has secured £1,, of National Lottery funding, from Sport England, to support the delivery of its programmes this year, including its campaign at EuroBasket Sport England Market Segmentation The division of Britons into 19 types based on sex, age, marital status, work status, sport and leisure activities or viewing habits, which is of use by health professionals trying reach specific segments of the population for surveillance, lifestyle interventions and to flag groups at increased risk of suffering certain conditions.
If a marketing manager segments the market into culture-oriented, sports-oriented, or outdoor-oriented groups, he or she is segmenting on the basis of _____. Psychographic lifestyle. Robert is the owner of an automobile manufacturing company.
By focusing on core categories of home, family, and personal development, Meredith COMPANY Case Sport England: Segmenting the British Sports Market Sport England has developed 19 sporting segments to help understand British peoples' attitudes and motivations about sports—in other words, why they play sports and why they don‘t.
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