Market segmentation ppt file
- 3. Market Actual and Potential buyers of product or service Market Segmentation The process of dividing the market into subgroup of similar Target Market Subgroup of people that presents the greatest opportunity for targeting Market Planning Development of a marketing mix for each segment according to the target markets
- 4. What is Market Segmentation At its core, market segmentation is the practice of dividing your target market into approachable groups. Market segmentation creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience.
- 5. 4 types of Market Segmentation Demographic Age Gender Family size Life cycle Income Education Religion Nationality Geographic Country Region City size Density Climate Behavioral Occasions Benefits Users status Loyalty Attitude User rate Psychographic Social Class Lifestyle Personality
- 6. Demographic Segmentation Demographic segmentation is one of the most common forms. It refers to splitting up audiences based on observable, people-based differences. These qualities include things like age, sex, marital status, family size, occupation, education level, income, race, nationality and religion.
- 7. Geographic Segmentation Geographic segmentation is a marketing strategy used to target products or services at people who live in, or shop at, a particular location. It works on the principle that people in that location have similar needs, wants, and cultural considerations.
- 8. Geographic Segmentation Geographic segmentation is a marketing strategy used to target products or services at people who live in, or shop at, a particular location. It works on the principle that people in that location have similar needs, wants, and cultural considerations.
- 9. Psychographic Segmentation Psychographic segmentation breaks down your customer groups into segments that influence buying behaviors, such as: beliefs, values, lifestyle, social status, opinions and activities.
- 10. Behavioral Segmentation You can also segment your market based on consumers’ behaviors, especially regarding your product. Dividing your audience based on behaviors they display allows you to create messaging that caters to those behaviors. Many of the actions you might look at relate to how someone interacts with your product, website, app or brand. Types of behavioral segmentation Online Shopping Habits Actions taken on a website Benefits sought Usage rate loyalty
- 11. Why do we do segmentation? Increased understanding of customer wants and needs. Different products for different groups. Better match between customer wants and product benefits Maximize the use of available resources. Focused marketing expenditures Competitive advantage.
- 12. Benefits of Marketing Segmentatio n The Organization gets to know its customers better. Provides guidelines for resource allocation. It helps focus the strategy of the organization
- 13. Limitations of Marketing Targeting multiple segments increases marketing costs. Segmentation can lead to proliferation (large No. ) of products. Narrowly segmenting a market can hamper the development of broad-brand equity. Sometime Don't achieve the desire goal Segmentation
- 14. How to assess segments Common used a criteria, segments should be: Substantial Accessible Action Measurable Differentiable
- 15. Thanks You