Market Segmentation

1933 Words8 Pages

As we all know each and everyone in this world has their own needs and wants and from that we can tell that people’s needs and wants are met in different ways. Therefore in this situation, companies have to make desicions on how to attract their target customers. This can be done through market segmentation in order for the company to achieve their target.
Market segmentation refers to a marketing concept which divides complete market into smaller segments. One market segment is totally distint from the other segment, therefore each company has to design a business tool or known as marketing mix that precisely matches the expectations of consumers in the targeted segments. All together, there are four basic market
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Therefore, these range of ages are included in the target of western restaurant like TGI Fridays. Besides age, income plays a vital part in demographic segmentation and as we look closer into the range of income for customers of TGI Fridays are mostly customers with income above RM 6000 a month. From that we can conclude that TGI Fridays target customers with high level of income. The last part that comes into picture for demographic segmentation will be family life cycle. In this kind of situation, TGI Fridays will target mostly customers that are married, married with children and couple and the reason is so that they can have their meal together with their love ones in a relaxing situation after tiring day of work.

* Psychographic Segmentation
Psychographic segmentation is one which uses people’s lifestyle, social class and personality to define a market segment. Psychographic segmentation is quite similar to behavioral segmentation but psychographic segmentations takes the psychological aspects of consumer buying behavior into picture. In terms of lifestyle, everyone has different eating habit based on their own lifestyle. The customers might be more to Chinese food, Indian food or maybe western food. In this case, obviously we know that TGI Fridays will target customers that are more to western food because that is what they serve for their customers. When we talk about social class, we can say that different
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