In case of consumer market which segmentation variables is broken down to interested informed and deciourous
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Market segmentation is a method used by marketers to help identify the most profitable customers for their product or service. You will learn four approaches to market segmentation that include demographic, geographic, psychographic, and behavioral.
What Is Marketing Segmentation?
In today's economy, it is more important than ever that business owners are able to locate the most desirable group of individuals to whom they should advertise and promote their product or service. It's often said that the job of the marketer is to provide the right product to the right customer at the right price and at the right place. But, who is this right customer, and how do marketers go about finding them?
Market segmentation is a method used by marketers to break up the overall market into meaningful segments, much like you would segment an orange. Once you have split the orange apart, you can examine each segment to determine which ones look to be the most desirable.
To the marketer, each segment of the overall market has its own unique characteristics, and understanding this, the marketer can identify the market segment or segments that would be most interested in their product or service. The definition of a market segment, then, is a group of customers who share a similar set of wants. Generally, there are four approaches to segmenting the market:
Demographic
Geographic
Psychographic
Behavioral
By using one or more of these approaches to segmentation, marketers are better able to identify potential customers, which will improve the competitiveness of the company and aid in increasing its profitability. Marketers scan the overall market in search of groups with similar characteristics who will respond to a marketing mix in a similar way. While this is not a fool-proof method for success, market segmentation does provide a way for marketers to minimize risk when developing products by focusing on the needs of their most desirable customers.
What Is Marketing Segmentation?
In today's economy, it is more important than ever that business owners are able to locate the most desirable group of individuals to whom they should advertise and promote their product or service. It's often said that the job of the marketer is to provide the right product to the right customer at the right price and at the right place. But, who is this right customer, and how do marketers go about finding them?
Market segmentation is a method used by marketers to break up the overall market into meaningful segments, much like you would segment an orange. Once you have split the orange apart, you can examine each segment to determine which ones look to be the most desirable.
To the marketer, each segment of the overall market has its own unique characteristics, and understanding this, the marketer can identify the market segment or segments that would be most interested in their product or service. The definition of a market segment, then, is a group of customers who share a similar set of wants. Generally, there are four approaches to segmenting the market:
Demographic
Geographic
Psychographic
Behavioral
By using one or more of these approaches to segmentation, marketers are better able to identify potential customers, which will improve the competitiveness of the company and aid in increasing its profitability. Marketers scan the overall market in search of groups with similar characteristics who will respond to a marketing mix in a similar way. While this is not a fool-proof method for success, market segmentation does provide a way for marketers to minimize risk when developing products by focusing on the needs of their most desirable customers.
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