Question

List and discuss the major bases for segmentation of consumer markets. Explain the four variables in detail for Balwaan

Answer 1

Demographic segmentation divides the markets into groups based on variables such as age, gender, family size, income, occupation, education, religion, race and nationality. Demographic factors are the most popular bases for segmenting the consumer group.

Answer 2

Discussion and list of the major bases for segmentation of consumer markets is as follows:

• The major bases for segmentation variables of consumer markets are geographic segment, psychographic segment, behavioral and demographic segment.
• Geographic segment- On the basis of geography, its market gets divided by business. in this case.
• Psychograhic segment- By this form of market segment, consumers get divided into sub-groups, psychological characteristics are its base.
• Behavioral segment- This is based on buying behavior of customer. The total market gets divided into smaller homogeneous group by thus.
• Demographic segment- This includes race, gender, religion, age, size, income, ethnicity etc.