Market Segmentation

Market segmentation is where marketers split the market into groups with similarities that would make it easy to target their product to the consumers, if they

What Is Market Segmentation? Market segmentation is a way of dividing the market into groups of consumers/customers which share similar features

International market segmentation is the dividing of market into segments, this allow marketers to effectively determine whether business can thrive in a particular area. Segmentation is based on four factor namely geographical, psychographic, demographic and lastly behavioral segmentation. Geographical segmentation refers to grouping markets geographically such as nations, states or cities. Psychographic segmentation is the dividing of buyers into groups based on lifestyle or social class/status. Demographic segmentation uses factors like age, gender, occupation and etc to separate markets into groups. Last but not least, behavioral segmentation, this kind of segmentation divides buyer into groups by their knowledge about particular

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.

As a marketer, it is essential to understand the customer-driven marketing strategy to create values for target customers. A market segmentation is a process that analysis markets into specific target consumers by their characteristics and behaviours. This will help marketers to identify the target consumer which is suitable for the product. There are four substantial segmentations which consist; segmenting consumer markets, business markets, international markets and requirements for effective segmentation. The main focused would be segmenting consumer market and appropriate use for targeting consumers with the case study of Boost Juice.

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

They have a very clear strategy for the pursuit of their goal and vision. The market segmentation as well as the identification of target markets is the important element of each marketing strategy at which they are the basis for determining any particular of the marketing mix, which is product, pricing, place and promotion. Market segmentation reveals the company's market segment opportunities. The company has to evaluate the various segments and decide how many and which segments it can serve the best. In evaluating different market segments, a company must consider of three factors, that is, segment size and growth, segment structural attractiveness and also company’s objectives and resources. (Armstrong & Kotler, 2005)

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

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 is usually regarded as one of the main elements of marketing, with benefit segmentation commonly referred to as the most meaningful form of segmentation. Even though the importance of segmentation is broadly accepted, limited research, do exist about cosmetic medical products (Mohr, Sengupta, & Slater 2010, 79). There are very few real examples of segmentation studies available. This article has focused on Johnson and Johnson products marketing strategy globally. The spread of global culture is normally facilitated by the rise of global capitalism, the proliferation of transitional corporations, homogenization of global consumption, and widespread aspiration for material possessions. International market researchers have discussed the breadth of convergence of cultural values across countries.

The main aim of market segmentation is to isolate markets into groups comprised of homogeneous characters and heterogeneous between segments based on a particular set of variables. Marketing practitioners and academics have adopted and implemented the topic of market segmentation with a lot of enthusiasm. The main advantage of this method has been to yield a higher understanding of a given market, advanced technique, and approaches used in forecasting consumer behavior, and enhance the ability to recognize and take advantage of developing new markets. Market segmentation enables the destination marketers to divide markets into particular groups of buyers, or potential customers who have constant changes in taste and preferences. The segmentation helps with influencing consumer demands through marketing targeting a particular segment. The millennial segment is the fastest growing group in the travel industry. In a this paper, we focus on how best to market Toronto to millennial segment based on their travel preferences. Their ability to use technology to marketplaces they visit makes them the best group to use in advertising unique features of Toronto.

Psychographic segmentation is based on people’s personalities, interests, opinions and lifestyles (Perreault, Cannon & McCarthy, 2015). As a new Amazon customer, you are profile by your attitudes and psychographics so that they can determine your behavior profile. Amazon is concern on what you want to purchase so that they can match other products of similar interests and lifestyles.

The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.