Triad Product Segmentation

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

In the Marketing Segmenting there are four kind of segmentation, they are Behavioral Segmentation, Demographic Segmentation, Psychographic Segmentation, and Geographic

segmenting customer groups. The psychographic segment variables include people with similar personalities, values, and lifestyles. The last of the segmentation bases of the U.S. consumer markets would be behavioral segments. These are actions a person takes in purchasing and using products and services. Some of these segment variables include outlet type, direct, product features, usage rate, user status and awareness/intentions. Once the segmentation of the market is developed, the second step is to group products to be sold into categories. One can then develop a market-product grid and estimate the size of the markets. A market-product grid is a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. 3 Steps four and five consist of using the segmentation will help to develop the target markets, which in turn will then lead to successful marketing actions. Successful segmentation depends on

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.

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.

Target groups are divided into different groups base on the location and what is more abundant (“males or females”) that will give the highest profit to the company. Market segmentation is dividing the market in different groups for everyone but in different segment based on every individual’s needs. An example of a business that uses all of these techniques is Walmart that provide different products and satisfies the needs of individuals by dividing the store by segments base on peoples needs and also having their online

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.

Segmentation describes the division of a population into more or less homogenous segments based on their acceptance and buying patterns of products or services. This JB market can be broken down into the following market segments and sub-segments.

This is an international marketing strategy that largely focuses on the commercial efforts and advertising on the benefits of concentrating on local markets rather than using global or universal approach. This, therefore, means that the company will employ work towards understanding culture of different local markets in various countries and try to enter into the studied market using the demographics in that area. The greatest effort required in this strategy is using advertising as well presentation to try and appease local sensibilities in various countries rather than applying a mass market strategy. So that this strategy can be successful it is crucial to carry out extensive research in different countries that the company hopes to invest (Leontiades, 2010). By learning how the company can be able to create a good connection with the consumers in various countries using multi-domestic strategy can assist to build a lot of tactics which can be integrated into markets that have many similarities. Learning how to closely associate with customers will also assist customize marketing and advertising efforts to match with the present local culture. Although multi-domestic strategy may be somehow expensive to employ its end result are more profitable to the company. When the company’s products are able to

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

Behavioral segmentation divides the market based on their knowledge, attitudes, uses, or responses to a product. It considers the occasion,

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.