Then buyers are classified into groups each having a distinct ideal brand in mind. One of them is because they can create custom marketing mix for each segment and cater to them accordingly. Standardised, branded goods were distributed at a national level. Psychographics Psychographics are qualitative attributes of a market and refer to the way people think and what they like to do.
There are virtually dozens of Basis of segmentation that a market might be segmented and the segments chosen will depend on the business and the products or services it offers.
Technological advancements, especially in the area of digital communications, allow marketers to communicate with individual consumers or very small groups.
Rogers has identified five groups of consumer personalities according to the way they adopt new products: You may also see what is internet marketing? A person having a lavish lifestyle may consider having an air conditioner in every room as a need, whereas a person living in the same city but having a conservative lifestyle may consider it as a luxury.
Buyers can be distinguished according to the occasions when they purchase a product, use a product, or develop a need to use a product. It is one of the most common demographic variables used to segment markets. Customer segmentation is universally applicable. To properly segment the market based on psychographics, marketers must really take the time to get to know their current and past customers.
The practice of market segmentation emerged well before marketers thought about it at a theoretical level. Companies may divide markets into regions because the differences in geographic variables can cause consumer needs and wants to differ from one region to another.
You may also check out marketing goals examples 4. Marketers also need to check that different segments have different distinguishing features which make them unique. Sugar also comes in many different types - cane sugar, beet sugar, raw sugar, white refined sugar, brown sugar, caster sugar, sugar lumps, icing sugar also known as milled sugarsugar syrup, invert sugar and a plethora of sugar substitutes including smart sugar which is essentially a blend of pure sugar and a sugar substitute.
For teenagers, publishers will more likely publish content that is in line with present fashion trends. This type of customer segmentation is significantly more difficult to implement than geographic or demographic segmentation.
A prime example of psychographic segmentation is targeting those who are budget conscious. Behavioral segmentation can be used in a variety of ways. The audience can also be segmented on the basis of their awareness of the product.
Young single, young married no children, young married youngest child under six, Basis of segmentation married youngest child over six, older married with children, older married no children under eighteen, older single, etc.
Those who do not use due to ignorance may be provided extensive information.The Basis of Market Segmentation Segmenting is dividing a group into subgroups according to some set ‘basis’.
These bases range from age, gender, etc. to psychographic factors like attitude, interest, values, etc. Psychographic Segmentation divides the audience on the basis of their personality, lifestyle and attitude. This segmentation process works on a premise that consumer buying behaviour can be influenced by his personality and lifestyle.
For example, airlines having ‘Frequent Flyer’ are using user rate as the basis of market segmentation. Generally, marketers are interested in the heavy user group. But marketers should pay attention to all the user groups because they represent different opportunities. There are quite a number of potential market segmentation bases (also referred to as segmentation variables), which an organization could effectively utilize to construct market segments.
As a simple guide, segmentation bases can be classified into five major categories: This approach segments consumers on the basis of specific benefits. The segmentation of consumer markets requires the creation of sub-groups from a larger population to more specifically target them.
There are virtually dozens of ways that a market might be. 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 like minded individuals.Download