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What is Marketing Segmentation?
Market segmentation is a marketing strategy which involves dividing a broad target market into sub-categories of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.
What are some types of market segmentation?
● Geographic segmentation separates a market into different geographical
boundaries which can impact the marketing mix of product, price,
promotion and channel to market.
● Demographic segmentation separates a market by demographic
indicators including gender, age, household type, education level and
income.
● Psychographic segmentation separates a market by lifestyle as well as
values and beliefs.
● Behavioral segmentation separates a market by shopping and buying
behaviors.
Benefits of Segmentation
● creates value for a target market
● helps marketers gain focus
● effective use of resources
4 Characteristics of Effective Segmentation
Measurable-size, purchasing power, profiles of
segmentationAccessible-Segments can be effectively reached and
served
cont’d...
Substantial-segments are large or profitable enough to
serveActionable-effective programs can be designed to
attract and serve the segments