What is the process of dividing a market into distinct groups of buyers who have different needs characteristics or behavior?

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Market Segmentation - Meaning, Basis and Types of Segmentation

What is Segmentation ?

Segmentation refers to a process of bifurcating or dividing a large unit into various small units which have more or less similar or related characteristics.

Inhaltsverzeichnis Show

What is Segmentation ?
Market Segmentation
Basis of Market Segmentation
Marital Status
Types of Market Segmentation
Is the process of dividing a market into smaller groups of buyers with distinct needs characteristics or Behaviour who might require separate products or marketing mixes?
Is the process of dividing a market into smaller groups of buyers with distinct needs characteristics?
Is the process of dividing a market into distinct groups that have common needs and characteristics?
Is dividing the market into distinct groups who might require separate products and/or marketing mixes?
Is the process of dividing a market into distinct groups of buyers who have different needs characteristics or behavior group of answer choices?
Is dividing a market into separate groups of buyers who have distinct needs characteristics or behavior and who might require separate products or marketing mixes?
Is the process in marketing of dividing a market into distinct segments that behave in the same way or have similar needs?
Is dividing the market into distinct groups who might require separate products and/or marketing mixes?

Nội dung chính

What is Segmentation ?
Market Segmentation
Basis of Market Segmentation
Marital Status
Types of Market Segmentation
Authorship/Referencing - About the Author(s)
Is the process of dividing a market into smaller groups of buyers with distinct needs characteristics or Behaviour who might require separate products or marketing mixes?
Is the process of dividing a market into smaller groups of buyers with distinct needs characteristics?
Is the process of dividing a market into distinct groups that have common needs and characteristics?
Is dividing the market into distinct groups who might require separate products and/or marketing mixes?

Market Segmentation

Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.
A market segment is a small unit within a large market comprising of like minded individuals.
One market segment is totally distinct from the other segment.
A market segment comprises of individuals who think on the same lines and have similar interests.
The individuals from the same segment respond in a similar way to the fluctuations in the market.

Basis of Market Segmentation

Gender
The marketers divide the market into smaller segments based on gender. Both men and women have different interests and preferences, and thus the need for segmentation.
Organizations need to have different marketing strategies for men which would obviously not work in case of females.

A woman would not purchase a product meant for males and vice a versa.
The segmentation of the market as per the gender is important in many industries like cosmetics, footwear, jewellery and apparel industries.
Age Group
Division on the basis of age group of the target audience is also one of the ways of market segmentation.
The products and marketing strategies for teenagers would obviously be different than kids.
Age group (0 - 10 years) - Toys, Nappies, Baby Food, Prams
Age Group (10 - 20 years) - Toys, Apparels, Books, School Bags
Age group (20 years and above) - Cosmetics, Anti-Ageing Products, Magazines, apparels and so on
Income
Marketers divide the consumers into small segments as per their income. Individuals are classified into segments according to their monthly earnings.

The three categories are:
High income Group
Mid Income Group
Low Income Group
Stores catering to the higher income group would have different range of products and strategies as compared to stores which target the lower income group.
Pantaloon, Carrefour, Shopper’s stop target the high income group as compared to Vishal Retail, Reliance Retail or Big bazaar who cater to the individuals belonging to the lower income segment.
Marital Status
Market segmentation can also be as per the marital status of the individuals. Travel agencies would not have similar holiday packages for bachelors and married couples.
Occupation
Office goers would have different needs as compared to school / college students.

A beach house shirt or a funky T Shirt would have no takers in a Zodiac Store as it caters specifically to the professionals.

Types of Market Segmentation

Psychographic segmentation

The basis of such segmentation is the lifestyle of the individuals. The individual’s attitude, interest, value help the marketers to classify them into small groups.

Behaviouralistic Segmentation

The loyalties of the customers towards a particular brand help the marketers to classify them into smaller groups, each group comprising of individuals loyal towards a particular brand.

Geographic Segmentation

Geographic segmentation refers to the classification of market into various geographical areas. A marketer can’t have similar strategies for individuals living at different places.

Nestle promotes Nescafe all through the year in cold states of the country as compared to places which have well defined summer and winter season.

McDonald’s in India does not sell beef products as it is strictly against the religious beliefs of the countrymen, whereas McDonald’s in US freely sells and promotes beef products.

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Is the process of dividing a market into smaller groups of buyers with distinct needs characteristics or Behaviour who might require separate products or marketing mixes?

In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics.

Is the process of dividing a market into smaller groups of buyers with distinct needs characteristics?

Market segmentation refers to “dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes,” targeting is defined as “evaluating each market segment's attractiveness and selecting one or more segments to enter,” ...

Is the process of dividing a market into distinct groups that have common needs and characteristics?

Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

Is dividing the market into distinct groups who might require separate products and/or marketing mixes?

Segmentation: Dividing a market into distinct groups with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixes. Targeting: The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Is the process of dividing a market into distinct groups of buyers who have different needs characteristics or behavior group of answer choices?

Is dividing a market into separate groups of buyers who have distinct needs characteristics or behavior and who might require separate products or marketing mixes?

segmentation involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Is the process in marketing of dividing a market into distinct segments that behave in the same way or have similar needs?

Market segmentation is the process of dividing prospective consumers into different groups depending on factors like demographics, behavior and various characteristics. Market segmentation helps companies better understand and market to specific groups of consumers that have similar interests, needs and habits.

Is dividing the market into distinct groups who might require separate products and/or marketing mixes?

Market segmentation: dividing a market into distinct groups of buyers who might require seperate products and/or marketing mixes. The company identifies different ways to segment the market and develops profiles of the resulting market segments.