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12 Cards in this Set
- Front
- Back
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Market Segmentation |
refers to the aggregating of potential buyers into groups (segments) that have common needs and will respond similarly to a marketing action. . Generally three criteria can be used to identify different market segments Read more: Market Segmentation Definition | Investopedia http://www.investopedia.com/terms/m/marketsegmentation.asp#ixzz4ANqOlRsj Follow us: Investopedia on Facebook |
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how does it help marketers? why is it important? |
Segmentation will allow you to better develop and market products because there will be a more precise match between the product and each segment's needs and wants. |
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market segmentation groups |
Geography Demographics Psychographics |
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Geography |
This would allow the team to break the market into sections by climate, density, market size, world or states |
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Demographics |
is market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education. |
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demographics - advantages |
tthat the information you need is readily available. who, where, and how you want to market your product. For example, automobile industries can market their cars to different age groups, income levels, and genders. |
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demographics disadvantages |
competitors may try and use the same marketing techniques and potentially take away consumers. |
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dempgraphics - tweens |
The tweens are between the ages of 9 and 12 and have enormous spending potential due to their parents providing them with a large disposable income. |
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Baby Boomers |
1946 and 1964 |
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Generation X. |
born after the Baby Boomers. many in this segment are not loyal to brands and are turned off by most media advertising. Most have become parents themselves, so they have a lot of disposable income to spend on their kids. |
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Psychographics |
dividing your market based on consumer personality traits, values, attitudes, interests, and lifestyles eg) some people care about fitness/health some care about the environment |
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behavioral |
grouping consumers based on actual customer behavior towards the product/service. eg) classifying consumers on.. usage rates: heavy users, light users and non-users. brand loyalty - high/med/low Occasion: products or services during festivals or certain occasions. |
