Example Of Market Segmentation
Segmentation become one of the most important concept in marketing. Rather than trying to compete in an entire market, against superior competitors, each company should adopt a strategy of market segmentation, and identifying the segments of the market. Market segmentation makes the marketing more effective, thus the marketers will better understand their target audience first (Larsen, 2010). Companies hope for a higher sales and a stronger position within each market segment by offering product and services …show more content…
The product is divided according to geographic units, for instance, nations, states, countries, regions, or neighbourhoods. Marketer will adapt the marketing programs to fit the needs of individual geographic areas, advertising, localizing the product, and sales effort to geographic differences in needs and wants (Kurtz & Boone, 2011). According to Lamb, Hair, and McDaniel (2011), geographic segmentation is segmenting markets by market density, market size, or region of a country (Lamb, Hair, & McDaniel, …show more content…
Psychographic divided a population into groups that have similar psychological characteristics, values, and lifestyles. For instance, lifestyle refers to a person’s mode of living, it describes how an individual run their daily basis. It also to mark many other influences; family, job, culture, and social activities. There is one common method for developing psychographic profiles, by seeing from AIO statements (Activities, Interest, Opinions). Marketers could develop a separate marketing strategy, that are closely fits to the psychological attribute for each lifestyle segment (Kurtz & Boone, 2011).
A. Activities – it depends on the activities of an individual, a person can determine what would be the person’s travelling habits, or working habits. For instance, a person who has a tight working schedule likely do not have a time to cook for themselves or eat at their apartment or home. Because of the tight working schedule, like meeting with other people, a person is likely to eat