Market Segmentation

What is it?
1. Dividing a market into maller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes
Different types of segmentation
1. Geographic
  1. Definition
    1. Dividing a market into diffetent geographical units, such as nations, states, regon, countries, cities, or even neighborhoods
  2. Subdivitions
    1. World region or country
      1. North America, Canada, Western Europe, Pacific Rim, China, India, Brazil
    2. Country Region
      1. Pacific, Mountain, West North Central, etc.
    3. Citty or metro size
      1. Under 5,000; 5,000-20,000; 20,000-50,000; etc.
    4. Density
      1. Urban, Suburban, Exurban, Rural
    5. Climate
      1. Northern, Southern
2. Demographic
  1. Definition
    1. Dividing markets into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
  2. Subdivitions
    1. Age and life-cycle satge
      1. Dividing a market into different age and life-cycle groups
      2. Under 6; 6-11; 12-19; etc.
      3. Young, single; Married, No children; married with children; single parents; etc.
    2. Gender
      1. Dividing a market into different segments based on gender
      2. Male, Female
    3. Income
      1. Dividing a market into different income segments
3. Psychographic
  1. Definition
    1. Dividing a market into different segments based on social class, lifestyle, or personality characteristics
  2. Subdivitions
    1. Personality
      1. Compulsive, Outgoing, Authoritarian, Ambitious
    2. Lifestyle
      1. Archievers, Strivers, Survivors
    3. Social Class
      1. Lower lowers, upper lowers, working class, upper middles, lower uppers, upper uppers
4. Behavioral
  1. Definition
    1. Dividing markets into segments based on knowledge, attitudes, uses, or responses to a product
  2. Subditvitions
    1. Occasions
    2. Benefits
    3. User status
    4. User Rates
    5. Loyalty status
    6. Readiness stage
    7. Attitude toward product
Multiple Segmentation
1. Using different types of consumer segmentations for the same market
  1. Example
    1. Geographic and Demographic segmentation
Market Targeting
1. Evaluating Market Segments
  1. A firm must look at three factors: segment size and gorwth, segment structural attractiveness, and company objectives and resources
2. Selecting Target Market
  1. Definition
    1. A set of buyers sharing common needs or characteristics that th company decides to seve
  2. Undifferentiated Marketing
    1. A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

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Market Segmentation

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