Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.
Some of the bases for segmenting markets and demonstrates advertising and promotions applications.
The segmentation process involves five distinct steps:
1) Finding ways to group consumers according to their needs.
2) Finding ways to groups the marketing actions-usually the products offered-available to the organization.
3) Developing a market-product grid to relate the market segments to the firm;s products or actions.
4) Selecting the target segments toward which the firm directs its marketing actions.
5) Taking marketing actions to reach target segments.
Segmenting Consumer Markets
1) Geographical segmentation
2) Demographic segmentation
3) Psychographic segmentation
4) Behavioral segmentation
Some of the bases for segmenting markets and demonstrates advertising and promotions applications.
The segmentation process involves five distinct steps:
1) Finding ways to group consumers according to their needs.
2) Finding ways to groups the marketing actions-usually the products offered-available to the organization.
3) Developing a market-product grid to relate the market segments to the firm;s products or actions.
4) Selecting the target segments toward which the firm directs its marketing actions.
5) Taking marketing actions to reach target segments.
Segmenting Consumer Markets
1) Geographical segmentation
2) Demographic segmentation
3) Psychographic segmentation
4) Behavioral segmentation