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Market Segmentation

Market Segmentation. Dividing the market into small, manageable segments. Describe This Customer. Watches a lot of late night tv. Loves to eat snack foods. Shops at discount stores for clothing & food. Drinks generic coffee morning and evening. Bowls with buddies on Tuesday nights.

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Market Segmentation

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  1. Market Segmentation Dividing the market into small, manageable segments.

  2. Describe This Customer Watches a lot of late night tv Loves to eat snack foods Shops at discount stores for clothing & food Drinks generic coffee morning and evening Bowls with buddies on Tuesday nights

  3. Market Segmentation • A way of analyzing a market by specificcharacteristics in order to create a target market. • A business can customize its product offering and marketing mix to that target market. • Businesses may segment a market by demographics, psychographics, geographics, and product benefits.

  4. Demographics • Refers to statistics that describe a population in terms of personal characteristics • These include age, gender, income, ethnic background, education and occupation.

  5. Age Breakdown

  6. Psychographics • Involves studies of consumers based on social and psychological characteristics. • Includes people’s attitudes, values, and lifestyles. • People who share common interests usually have similar attitudes.

  7. Geographics • Refers to segmentation of the market based on where people live. • You can refer to local, regional, national, or even global markets. • Marketers study where their customers live in order to decide which media to use and where to market their products. • Marketers also study geographics in relation to ethnic concentrations.

  8. Product Benefits • Segmenting a market by product benefits involves studying consumers’ behaviors, needs, and wants. • Companies market benefits, not simply the physical characteristics of a product.

  9. Describe this Market Segment Look at the image and write down five types of products or services you think that these people might buy.

  10. We are targeting women under the age of 40: This is an example of: • A. geographics • B. demographics • C. psychographics • D. product benefits

  11. We are targeting consumers with oily hair. This is an example of • A. geographics • B. demographics • C. psychographics • D. product benefits

  12. Our target market is people who live near beaches. This is an example of: • A. geographics • B. demographics • C. psychographics • D. product benefits

  13. Describe This Target Market Look at the image and write down five types of products or services you think that this person might buy.

  14. Describe This Target Market Look at the image and write down five types of products or services you think that this person might buy.

  15. Describe This Target Market Look at the image and write down five types of products or services you think that this person might buy.

  16. Describe This Target Market Look at the image and write down five types of products or services you think that this person might buy.

  17. Describe This Target Market Young Mother Look at the image and write down five types of products or services you think that this person might buy.

  18. Describe This Target Market Look at the image and write down five types of products or services you think that these people might buy.

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