Market Segmentation Is An Approach Used By A Company

| According to the text, market segmentation is defined as identifying groups of consumers based on their common needs.Answer

It's the oldest method of segmentation. Essentially, it classifies a person into a "bucket" established upon whether customers act like other customers who've performed that behavior in the past. Historically, behavioral segmentation has been produced by cross-tabulation evaluation, or even more by tree-based classification tools such as CHAID or CART lately. The nagging problem with these procedures is currency. That's, in most cases, they can be superseded by data mining methods to segmentation (Lamb, Locks, & McDaniel,

This type of segmentation is about the buying behavior of the consumers. In this case, it is about how people behave in terms of entertainment and social interaction.

According to Horner and Swarbrooke (2005: 39), Segmentation may be defined as the process of dividing a whole market into subgroups or segments for marketing management purposes. Market segmentation is the division of the overall market for a service into various categories with common characteristics. In response to different segments, organisations facilitate the available resources to achieve greater efficiency, in order to satisfy specific needs of customers.

into different groups according to their demographics, cultural values, or beliefs. In general, most segmenting characteristics are behavioral and cognitive (Schiffman & Wisenblit, 2014). Behavioral factors are data based such as age, gender, and purchasing habits (Schiffman & Wisenblit, 2014). Cognitive factors are opinionated characteristics such as attitudes and values (Schiffman & Wisenblit, 2014). Segmenting a market can be a difficult process because some of the characteristic used are abstract and lay in the minds of the consumers.

Behavior segmentation concentrates on whether on consumers buys or uses a product, along with how frequent or how much they use or consume. For example, Christmas, buying on occasion is a behavior segmentation. Benefit segmentation divides the market up based on a perceived value. An example of this is the food markers. They are creating inexpensive, nutritious meals that benefit families. Demographic segments divide the market per race, age, religion, gender, income, family size, ethnicity and income. For example, as a consumer ages their needs and wants change. Ethnic segmentation designs and advertise to a certain race or culture. An example would be companies based in Mexico are moving north to the United States because of the growing population of Hispanics in the United States. Psychographic segmentation divides the market based on personality traits, attitudes, values, life styles and interest. Marketing survey would be an example of

Market segmentation: The process of dividing a market into distinct groups of buyers who might require separate production or marketing mixes (Wells, Burnett, & Moriarty, 2006).

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).

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications

With psychographic segmentation, we use psychology and demographics to better understand consumers. Buyers are divided into different groups on the basis of psychological/personality traits, lifestyle

The segmentation has been done on the basis of buying behavior of the customers. Knowledge of segment buying behavior can help redirect marketing resources for profit gain.

Behavioral segmentation is the process of placing consumers in different categories on the basis of knowledge of, attitude toward, use of, or response to a product (Kotler & Keller, 2012). To successfully market a specific product Walmart will want to keep in mind the three core groups that have been created. According to Ryan, all product decisions the company makes will be based on the three core groups (2007). Feedback from these groups will help the company determine what products that sell best and those products the company can eliminate because they do not sell.

Market segmentation is a marketing concept that divides a large heterogeneous market into smaller homogeneous subsets of consumers with similar needs, wants and characteristics. Researchers might be able to predict customer 's behavior by studying if there are any relations between customer 's personality and the product selection process. A key success for any business is to communicate with its customers better than competitors by understanding who its customers are and what they want. The more specific costumers are segmented, the easier a business will understand its customers and build successful relationship with them because customers usually choose a product that expresses their personality. The market can be segmented by different types of segmentations such as demographic, geographic and psychographic. Marks & Spencer uses demographic segmentation to target customers above the age of 30 with high income and executive occupation. It also segments the market through value, as many products in M&S’s clothing range have a premium-priced segment, a mid-priced segment and a lower price segment.

In the area of sociocultural, marketers look at culture, religion ad rae, nationality, and class. This helps to understand the person background and how to better modify a proudct to attract more consumers. Affective and cognitive segmentation explains the knowegle, attitude, and involvment of the sonumer. It tell us if the consumer falls into the niche and prestige market, or the mass market. Behavioral segmentation uses media, newspapers, and situations to explain how the consumer is purchasing th product. Whether it is through cash or loans, and if because it is from brand loyality. Finally, the last approah is a combination of the others and tell us the personailty type the marekters are working with and how to get them in the door and persude them to purchase. When looking at each market, these segmentations are used, but in different ways.

Market segmentation was to dividing a market into distinct groups of buyers with different needs, charactistics or behaviour who might require separate products or marketing mixes, the company will first