The process of identifying different groups of similar needs
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What are Market Segments?
The different groups of needs and wants
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Name 4 types of Segmenattion
Demographic, Geographic, Income, Behavioural
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What is demographic Segmentation?
Refers to characteristics of people, may include what stage in their life people are at, e.g. full time study
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What is Geographic segmentation?
Groups needs and wants based on the geographical are in which customers are based
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What is income segmentation?
Based on how much consumers have, Low income earners more likely to be interested in borrowing, high income = saving or investing
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What is socioeconomic grouping?
A way of segmenting people based on their income and profession
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What is behavioural Segmentation?
Focuses on what the customers actually do, analyses customer in terms of.... When they buy? How much they buy?Brand loyalty? and the benefit they want from the product
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Why is segmentation good?
Managers can understand what the different groups are rather than treat them all the same, More focused and efficient marketing, Dont waste money in the wrong place
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What is Niche Marketing?
When a business decides t focus on a narrow segment of a market
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What is Mass marketing?
Aims to meet the needs of most people
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What is positioning?
How a company's products are perceived relative to their competitors
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What does positioning depend on?
Price, The benefits the product offers, The brand image, The level of service it provides
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