Market Segmentation is process of identifying different segments (sub groups) within a market and targeting different products and services to them.
It would be very unusual for a product to appeal to everybody – it is very important to target a group of consumers for young advertising and other promotion.
Common segments that a business might target include:
When identifying group of consumers, business might choose a few characteristics of people whom they want to target.
For example, a couple with three young children might have quite different spending habits to a couple with no children. So business may choose one to target only couples with no children, rather than all couples.
Once a group of consumers has been identified, marketing can be matched to their special habits.
It would be very unusual for a product to appeal to everybody – it is very important to target a group of consumers for young advertising and other promotion.
Common segments that a business might target include:
- Age
- Occupation
- Ethnicity
- Income levels
- Lifestyle and habits
When identifying group of consumers, business might choose a few characteristics of people whom they want to target.
For example, a couple with three young children might have quite different spending habits to a couple with no children. So business may choose one to target only couples with no children, rather than all couples.
Once a group of consumers has been identified, marketing can be matched to their special habits.
Eg.
Clothes Pimple cream Video games |
Eg.
Toys, Kids clothes |
Eg.
House Car Vacation trips |
You don’t see adverts for…
- Pepsi Cola in the Telegraph
- Mercedes-Benz in the local newspapers
- Golf clubs in The woman’s day
- Insurance in teenage magazines
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