Market segmentation is the technique used to enable a business to better
target it products at the right customers. It is about identifying the specific
needs and wants of customer groups and then using those insights into
providing products and services which meet customer needs.
Market There are several important reasons why business should attempt to
segment their markets carefully. These are:
1) Better matching of customer needs
2) Better opportunities for growth
3) More effective promotion
4) Expand market share
, Identifying and targeting your customers is vital to the
success of any business and every single company must be
fully aware of the importance of getting this right.
Aim customer’s targeting is ensuring a company is fully
aware of different customer groups in consumer markets
and business markets, so it can concentrate it’s attention
on the most appropriate market for its products or
services. This process called ‘’Market Segmentation’’
, There are four types of marketing segmentation. Consumer markets can be segmented
on the following characteristics:
1) Geographic – Region (Continent, country, state, etc…), Population density (Urban,
rural, suburban, etc..), Climate.
2) Demographic – Age, gender, family size, income, education, ethnicity, religion,
generation, social class, etc..
3) Psychographic – Activities, interests, opinions, attitudes, values.
4) Behavioralistic – Benefits, usage rate, brand loyalty, user status, health, occasions
(Holidays and events that stimulate purchases), etc..
Customer Profile – is a description of a customer or set of customers that
includes demographic, geographic, and psychographic characteristics.
target it products at the right customers. It is about identifying the specific
needs and wants of customer groups and then using those insights into
providing products and services which meet customer needs.
Market There are several important reasons why business should attempt to
segment their markets carefully. These are:
1) Better matching of customer needs
2) Better opportunities for growth
3) More effective promotion
4) Expand market share
, Identifying and targeting your customers is vital to the
success of any business and every single company must be
fully aware of the importance of getting this right.
Aim customer’s targeting is ensuring a company is fully
aware of different customer groups in consumer markets
and business markets, so it can concentrate it’s attention
on the most appropriate market for its products or
services. This process called ‘’Market Segmentation’’
, There are four types of marketing segmentation. Consumer markets can be segmented
on the following characteristics:
1) Geographic – Region (Continent, country, state, etc…), Population density (Urban,
rural, suburban, etc..), Climate.
2) Demographic – Age, gender, family size, income, education, ethnicity, religion,
generation, social class, etc..
3) Psychographic – Activities, interests, opinions, attitudes, values.
4) Behavioralistic – Benefits, usage rate, brand loyalty, user status, health, occasions
(Holidays and events that stimulate purchases), etc..
Customer Profile – is a description of a customer or set of customers that
includes demographic, geographic, and psychographic characteristics.
