Market segmentation
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This document discusses market segmentation strategies. It defines segmentation as dividing a large market into smaller subgroups with similar characteristics. Key points made include: - Markets can be segmented by geography, demographics, psychographics, and behavior. - Segmentation allows companies to better understand customers and target specific groups. - The benefits of segmentation include increased sales, better customer satisfaction, and more efficient use of resources. - Industries like soap and watches segment based on location, lifestyle, age, gender, and income. Mass, niche, and local marketing are also discussed.
Market segmentation
- 2. What is Segmentation ? Segmentation refers to a process of bifurcating or dividing a large unit into various small units which have more or less similar or related characteristics. Process of dividing the market into sub groups
- 3. • Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference. • One market segment is totally distinct from the other segment. Market Segmentation
- 6. Some of the geographic Variables are: a) Region : By continent , country, state . b) Size Of Metropolitan Area :Segmented according to size of population c) Population Density; Urban , Rural ,semi urban d) Climate Segmentation Strategies
- 8. Some Demographic Variables: a) Age b) Gender c) Family Size d) Family Lifecycle e) Generation f) Income g) Education h) Occupation i) Religion
- 10. Some psychographic variables are : a)Activities b)Interests c)Opinions d)Attitudes e)Values
- 12. • Based on actual customer behavior towards the product. • Some variables are : a) Benefits Sought b) Usage Rate c) Brand Loyalty d) Readiness e) Occasion
- 13. Why use Market Segmentation • To gain greater knowledge about customers so that it can vary the products
- 14. Why use Market Segmentation • The information will allow more sales to be made
- 15. • Prevent promoting product to wrong people
- 16. • To target particular groups Why use Market Segmentation
- 18. Benefits of Segmentation • Sales should increase • Satisfy customer needs more successfully • customer feedback more easily obtained • reduced costs as money is not wasted on ineffective advertising and promotion. • Better utilization of scarce resources.
- 19. LEVELS OF MARKET SEGMENTATION
- 20. Market segmentation in various industries • SOAP INDUSTRY LAUNDRY SOAP. SPECIAL LAUNDRY SOAP. LOW GRADE TOILET SOAP. PREMIUM YOILET SOAP. TOILET SOAPS FOR STORES, OFFICES AND RESTAURANTS. INDUSTRIAL SOAP. • WATCH INDUSTRY GEOGRAPHIC LOCATION OF CUSTOMERS. LIFE STYLE PATTERN. BASED ON AGE. BASED ON GENDER. BASED ON INCOME.
- 22. Mass Marketing Mass marketing is the advertising or promotion of a product, good or service to a wide variety of audiences with the expectation of appealing to as many people as possible. Examples of Products which target a Mass Market – Coke, Pepsi, General Motors (An automobile for all ages), and many others.
- 23. A niche market is the subset of the market on which a specific product is focused. Market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. For example, sports channels like STAR Sports, ESPN, STAR Cricket, and Fox Sports target a niche of sports enthusiasts. Niche Market
- 24. Local Marketing Local marketing—also referred to as local store marketing or neighborhood marketing— specifically targets the community around a physical store or restaurant.
- 25. BRAND POSITIONING Brand positioning refers to the art and science of fitting the product of service to one or more segments of the broad market in such a way as to set it meaningfully apart from the competition.
- 26. BASED ON SIZE
- 27. BASED ON TOUGHNESS AND ENDURANCE
- 28. BASED ON LOW PRICE
- 29. BASED ON HIGH PRICE
- 30. BASED ON QUALITY
- 31. BASED ON TIME OF DAY
- 33. BASED ON SEX OF THE CONSUMER
- 34. BASED ON AGE
- 35. BASED ON ATHLETIC APPROACH
- 36. BASED ON CULTURAL SYMBOLS