Product related segmentation examples. Market Segmentation: Geographic, Demographic, Psychographic & More 2019-02-03

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Marketing Review for DDA Flashcards

product related segmentation examples

The television ad for the park will consist of people laughing, screaming on exciting rides and enjoying a day of freedom. Marketers must also ensure that the individuals of the segment respond in a similar way to the stimulus. It allows them to be specific in their planning and thus provide better results. Psychographic market segmentation is one of the most effective segmentation methods other than , , and behavioral segmentation. Most of the products in the market are not universal to be used by all the age groups. A population is never constant. Market segmentation is the practice of dividing consumers into groups based on shared needs, desires and preferences.

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Market Segmentation

product related segmentation examples

The marketing team is very interested in the family life cycle sub-segments. Geographic segmentation in marketing is very important, especially for multinational businesses with global brands. The differentiation between them is based on the benchmark quantity defined by the marketer for each segment. The interests, needs and wants of males and females differ at many levels. Place The place where the target audience lives affect the buying decision the most. Customers look for different benefits.

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What is Demographic Segmentation?

product related segmentation examples

As they operate in several countries, geographic segmentation is of utmost importance. This information needs to be collected constantly in order to have a realistic picture. Psychographic segmentation is a method of defining groups of consumers according to factors such as leisure activities or values. But the customers may use different products and brands for different situations. Each customer exhibits different attitudes — a person belonging to a high-income group will prefer dining at premium restaurants and drive a Mercedes Benz and a middle-class individual will be bothered more about saving a few extra bucks and not on luxury. Psychographic data may be further segmented according to behavior, geography and demographics.

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Behavioral Segmentation Definition with Examples

product related segmentation examples

The marketing strategy used in this segmentation does not target the specific requirements or needs of customers. These contracts are for a specified time period and geographic locations. The company entered into an agreement with local cleaning companies in Brazil where the companies would sell its products and services under the same trade name. Attitudinal, behavioral, and demographic data were gathered using a mail panel survey of 2000 U. This is dividing customers up by the benefit they get from using the product or service. When the amusement park team identifies their target market's psychographic traits, they will look at consumers with personalities who enjoy fun, like spending time with their family, enjoy leisure time and are outgoing in nature. They believe some customers will fly in from out of state, so in addition, they will target large-density areas nearby.


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Which businesses use market segmentation?

product related segmentation examples

For example, a cosmetic company can increase their customer base, by targeting audience of different age groups with products designed to meet their specific needs. This has been a very effective method of segmenting the market for watches, where a customer may buy for just knowing the time, or durability, or as a gift an accessory a dress item a jewellery item. Gender Gender is one of the most simple yet important bases of market segmentation. Before developing a marketing plan, one must know the what are the levels of market segmentation. A need for an might be a luxury for a government sector employee. It has to focus on marketing rain wear in rainy regions and summer wear in places with hot weather.

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Behavioral Segmentation

product related segmentation examples

Groups are created by dividing customers on the basis of thoughts and attitudes. Here, the marketer identifies benefits that a customer looks for when buying a product. When an organization looks at the demographic segmentation, it focuses on the people who are most likely to buy a product. Jan-ex also agreed to provide the training and necessary equipment and supplies to the local companies. As it turned out, this segment was very readily targetable. Lesson Summary Marketers must be effective at creating niche segments to promote and sell their products or services.

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Marketing Review for DDA Flashcards

product related segmentation examples

It will be a folly on the part of the seller, to treat the customers alike. For example, when purchasing a new living room furniture set, a customer might base their decision on personal preference or price rather than the objective quality of the product. She is creating a promotional campaign for an international market and wants to make sure that the promotional campaign is clearly understood by the target market. Studying the demographic most relevant to your product can provide insight as to how to market. Again, these categories deal not just with your customer, but with the product or service you offer. Usage Product usage also acts as a segmenting basis. Light users The differentiation between them is based on the benchmark quantity defined by the marketer for the each segment.

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Market Segmentation Definition, Levels, Types and Examples

product related segmentation examples

There should be something common among the individuals in the segment that the marketer can capitalise on. In other words, they provide the most bang for your buck. Geographic segmentation helps marketer draft personalized marketing campaigns for everyone. These include both conscious and subconscious beliefs as well as motivations. This is a perfect example of market segmentation.

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