Segmenting Markets

Segmenting Markets

1. Brand Loyalty

   • The tendency of some consumers to continue buying the same brand of goods rather than competing brands

2. Demographic segmentation

   • Tells more about the customer and the customer's household on measureable criteria like age, sex, race ,income, occupation, socioeconomic status and family structure

3. Geodemographics

   • Refers to a range of method used for classifying and characterizing neighborhoods or localities based on the principal that residents living near each other are likely to have similar demographic, socioeconomic and lifestyle characteristics

4. Geographic Segmentation

   • Defining customers based on location, this also looks at the resources available in certain locations of the business

5. Lifestyle Segmentation

   • A practice which involves dividing the information of each and every customer into small subgroups; subgroups are made from the data pertaining to each and every customer with regards about customer choices, likes and/dislikes

6. Micro Segments

   • An advanced form of segmentation that groups consumers into very specific audience within various niche markets so that relevance is the priority

7. Psychographics

   • Dividing the market into segments based upon different personality traits, values attitudes, interest, and lifestyles of consumers

8. Switchers

   • Opposite of brand loyalty, looks at how easily customers can switch products and companies

9. Targeting

   • A group of people considered likely to buy a product or service