Business: Market Segmentation and Target Market

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

4 Segmentation Categories (Customer Profile)

1. Geographic Segmentation 2. Psychographic Segmentation 3. Demographic Segmentation 4. Behavioural Segmentation

Target Market

The group that is identified for a specific marketing program.

Demographic Segmentation

This type if segmentation corresponds wit age, race, gender, religion, family size and characteristics, ethnicity, income,language, and education

What is Market Segmentation?

- Dividing a large group of consumers into smaller groups, or segments, businesses do this so, they know what products and services people are most interested in. - And these groups have a common characteristic and similar needs. - Process of classifying the customers based on the needs and wants of the customer

Why are target markets important?

All marketing strategies are directed to them. When a business does not identify a target market, its marketing plan has no focus

Consumer

The people who consume/use the product or use the service. E.g: A kid playing with a toy (To reach this target market, they may advertise this toy on kid friendly Tv shows)

Customer

The people who purchase the product/service, but does not use the product/service. E.g: A parent buying a child's toy

Behavioural Segmentation

This type of segmentation divides the market into groups based on their knowledge, and brand loyalty, and the rate of use of the product. And also the benefits.

Psychographic Segmentation

This type of segmentation involves dividing your market into segments based upon personality traits, values, attitudes, interests, hobbies, and lifestyle of the consumer

Geographic Segmentation

This type of segmentation is a common strategy when you serve customers in a particular area, or when your broad target audience has different preferences/needs based on where they are located. E.g: What country? Climate? Customer needs, based on location like urban or rural.


Kaugnay na mga set ng pag-aaral

American Government: America a Unique Nation. Chapter 1. pp. 1-14

View Set

The French Revolution and Napoleon

View Set

Chapter 6: Test Yourself Review Questions

View Set

Chapter 5 The American Revolution

View Set

Physical Geology Exam 1 End of Chapter Reading Q/A

View Set

ECON credit and banking HW review

View Set