Customer Personality And The Product Selection Process Essay

• Explain demographics, Geographic’s, psychographics and why companies use these methods to segment the market effectively

Market segmentation is specific sections of the market that an organisation is aiming at. In order for an organisation to engage its market segmentation the organisation has to match its products to the customers wants and needs to appeal to the customer to buy the good or service. Market segmentation allows an organisation to have a competitive edge and it is a key factor for the organisation profitability and survival. Company use target marketing which is when a business aims all of its marketing effort to a certain group of customers which is affective as these are the group that spends the most. There are many ways to segment the market to create that certain group such as demographics, psychographic, geographically and lifestyle. Demographics is consists of dividing the market into groups based on variables such as age, income, occupation, religion, race and nationality. Psychographic segmentation is based on social class and lifestyle. Lifestyle is based on knowledge, attitude, their uses and segmentation. Geographic segmentation is the segmentation which divides the market but location, regions, countries and cities. Asos as an organisation is aimed at people of the ages of 15-34 year olds who are very fashion forward and who enjoy the culture of online shopping. In geographical segments Asos has created their website differently for 9

Demographic Segmentation fragments the market into categories according to different demographic factors, usually with regards to the wants and needs of multiple consumer groups. The

Jennifer Aaker (1997) developed a set of adjectives that can be used to describe the personality of a brand, much like the personality of an individual (see Keller 2003, chapter 9 p. 448). She distinguishes five facets of brand personality: Sincerity, excitement, competence, sophistication and ruggedness. Two or more adjectives measure each facet. The method

Segmentation allows the firm to better satisfy the needs of its potential costumer (NET MBA Business Knowledge). That's why , market segment is one of the important marketing process which helps to identify the market and dividing different group and sub-group. These types of group have different desire, needs, and behaviors which are may be potential consumer behaviors. The market segmentation is the process of research of the market to identify the market competitors. To earn the high profit after investment , Market segmentation should be applicable to sell the product in different market. H&M also segment the market in different continent like Asia and Oceania , Europe , North and South America. H&M is focused on domestic costumer as well as Nordic and International costumer with their needs better than the competion. (H&M, Annual Report ,

Market segmentation is the fundamental component of a market-based strategy. A market segment is a specific group of customers with distinctive customer needs, purchase behaviours and different descriptive characteristics. (Best, 2000) By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the technical and other requirements of each of these, organisations maybe able to secure greater competitive position than if they attempted to satisfy the general requirements of the market as a whole.

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

What is Market Segmentation? According to Investopedia (n.d), market segmentation is a term used in marketing that refers to the aggregating of a potential buyer into groups, or segments, that share common needs and would respond similarly to a particular action in marketing. By utilizing market segmentation it enables Victoria’s Secret to target different categories of consumers who recognize the full value of certain products and services differently from one another. Furthermore, market segmentation is an extension of market research for the purposes of identifying targeted groups of consumers in order to tailor products and branding in a way that it is attractive to that group. There are three general criteria used to identify different market segments: homogeneity, distinction and reaction (Investopedia, n.d).

Market segmentation is a process of segregating the market into different smaller groups. A market comprises of large number of heterogeneous customer base with distinct tastes and preferences. A marketer needs to classify and segment people into smaller homogeneous groups basis similar characteristics, tastes, preferences, likes, etc. so that they will respond in a similar fashion to a particular product launched for that segment. Thus, market segmentation can be defined as, “the sub-dividing of a market into homogeneous subsets of customers from the

As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment

Market Segmentation – How & Why As well as the physical aspect of our store changing we have to look at the market differently. Where it was once possible to take a pile it high sell it cheap approach, to achieve broad appeal to the population we need to cater to the needs of the population. This is achieved by breaking the population into groups and then releasing products and services that meet the needs of these groups. This is known as target marketing. Although we all appreciate the theoretical economies of scale given by mass marketing a single product, there are few products that appeal to everyone.

Market Analysis is a process that helps to identify and access the key features of a market to have full understanding of customers, competitors, suppliers and so on by using a range of market research techniques. Therefore, by carrying out market analysis, Cielo Sendirian Berhad is able to run more efficiently and effectively. One of the most commonly used market characteristics is market segmentation. Market segmentation refers to subdividing a market of people in groups by categorizing them with different level of purchasing power, gender, religion, different needs and so on. The purpose of segmentation is to concentrate on the needs of different groups to gain an advantage over our competitors. Our company Cielo, is currently focuses on women’s market, who are professionals. Market segmentation that we are going to discuss are geographical segmentation, demographical segmentation and psychographic segmentation.

Finally, this will give us a better understanding on the following empirical examination: organisational understanding over consumers and how they select the most appropriate variables for segmentation; how consumers respond to it and their heterogeneity; how vast is the use of new segmentation solutions, multi-generational marketing in

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

‘Market segmentation represents an effort to identify and catergorise groups of customers and countries according to common characteristics’ (Keegan and Green 2016, p.228). For any business, it is crucial that they segment their market accordingly or they will risk forgoing sales opportunities. Fahy and Jobber (2015) identify the objective of market segmentation as distinguishing groups of customers with similar requirements so