Market Segmentation
Market Segmentation
§ Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.
§ A market segment is a small unit within a large market comprising of likeminded individuals.
§ One market segment is totally distinct from the other segment.
§ A market segment comprises of individuals who think on the same lines and have similar interests.
§ The individuals from the same segment respond in a similar way to the fluctuations in the market.
Types of Market Segmentation
§ Psychographic segmentation
The basis of such segmentation is the lifestyle of the individuals. The individual’s attitude, interest, value help the marketers to classify them into small groups.
§ Behavior elastic Segmentation
The loyalties of the customers towards a particular brand help the marketers to classify them into smaller groups, each group comprising of individuals loyal towards a particular brand.
§ Geographic Segmentation
Geographic segmentation refers to the classification of market into various geographical areas. A mar comketer can’t have similar strategies for individuals living at different places.
Nestle promotes Nescafe all through the year in cold states of the country as compared to places which have well defined summer and winter season.
McDonald’s in India does not sell beef products as it is strictly against the religious beliefs of the countrymen, whereas McDonald’s in US freely sells and promotes beef products.
Market Segmentation
§ Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.
§ A market segment is a small unit within a large market comprising of likeminded individuals.
§ One market segment is totally distinct from the other segment.
§ A market segment comprises of individuals who think on the same lines and have similar interests.
§ The individuals from the same segment respond in a similar way to the fluctuations in the market.
Types of Market Segmentation
§ Psychographic segmentation
The basis of such segmentation is the lifestyle of the individuals. The individual’s attitude, interest, value help the marketers to classify them into small groups.
§ Behavior elastic Segmentation
The loyalties of the customers towards a particular brand help the marketers to classify them into smaller groups, each group comprising of individuals loyal towards a particular brand.
§ Geographic Segmentation
Geographic segmentation refers to the classification of market into various geographical areas. A mar comketer can’t have similar strategies for individuals living at different places.
Nestle promotes Nescafe all through the year in cold states of the country as compared to places which have well defined summer and winter season.
McDonald’s in India does not sell beef products as it is strictly against the religious beliefs of the countrymen, whereas McDonald’s in US freely sells and promotes beef products.