Market segmentation
- Created by: noe
- Created on: 08-09-20 20:10
View mindmap
- Market segmentation
- Markets can be divided into different segments made up of consumers with similar needs making it easier for businesses to supply products that meet customers' needs.
- Geographic segmentation:customers likely to have different needs depending on where they live
- Demographic segmentation
- AGE
- GENDER
- INCOME
- SOCIAL CLASS
- ETHNICITY
- RELIGION
- Psycho-graphic segmentation:groups customers according to attitude, opinions and lifestyles
- E.g. newspapers usually targeted at readers with particular political views
- Drawback is that it can be difficult for businesses to collect such data so it may need a specialist business
- Behavioural segmentation:segments markets according to how customers relate to a product
- Usage rates: quantity and frequency of their purchases
- Loyalty
- Time and date of consumption: businesses can encourage customers to buy their products at other times than the frequent.
- BENEFITS
- Businesses that produce different products for different market segments can increase revenue
- Customers may be more loyal if products specifically tailored to them
- Businesses can avoid waisting promotional resources
Comments
No comments have yet been made