Segmentation

Geographic segments would be based on a person’s country, region, or city size. Lastly, behavioral would consist of groups divided by occasions, usage, or attitudes when making a decision on whether or not to purchase the product/service (Werner, 2017). These variables can be analyzed through various methods including interviews, questionnaires, and customer data (Harvard, 2016).

Different ways to segment a market would be demographics, geographics, psychographics, and behavioral. I think that it makes more sense to focus on just one segment rather than use more than one it would be more successful for the company.

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

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

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

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.

It is only fair that each segment is explained briefly. Geographical segmentation is where the market is divided into different geographical units. For example, nations, regions, states, countries, cities and sometimes even neighbourhoods. Demographical segmentation divides markets based on age, life-cycle stage, gender, income, occupation and other factors. Moving on, Behavioural segmentation is where by factors like occasions, benefits, user status, and usage rate and loyalty status and last but not least, Psychographic segmentation. This segmentation variable is where the market is divided into segments like social class, lifestyle and personality.

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

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.

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 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 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

‘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

Segmentation is dividing market into smaller groups according to a criterion like their needs, wealth, or locations. Main aim while segmenting consumers is matching each group’s needs and wants with exact products. Basic criterions of market segmentation are geographic, demographic, psychographic and behavioral attitudes.