Mktg segment km
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Market segmentation involves dividing a broad target market into subsets of consumers who have common needs, desires, and applications for goods and services. The key types of market segmentation are demographic, geographic, psychographic, benefits-sought, situation, and behavior/usage segmentation. Market segmentation allows companies to better understand consumers and tailor their products, increasing sales effectiveness and cost efficiencies. However, narrow segmentation can increase marketing costs and reduce brand loyalty.
Mktg segment km
- 1. Market Segmentation Submitted by Submitted to Krishna Aalok sir PGDM-1st Sem (PIBM)
- 2. Market Segmentation Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs desires (demand) as well as common applications for the relevant goods and services.
- 4. Basis of Market Segmentation Gender Age group Income Marital status occupation
- 5. Type of Market Segmentation Demographic Benefits-Sought Segmentation Segmentation Geographic Situation Segmentation Segmentation Psychographic Behavior/Usage Segmentation Segmentation
- 6. Demographic Segmentation Age Income Level Family Education Ethnicity Cont...
- 7. Demographic Segmentation Age Income level Cont…
- 8. Demographic Segmentation Family consideration Family Education Some products are Life Cycle Bachelor, marriage, marketed to consumers with certain married with children, retired, educational levels etc. Cont…
- 9. Demographic Segmentation Ethnicity :- Some products are marketed to consumers from specific ethnic backgrounds
- 10. Geographic Segmentation When an organization localizes its marketing efforts to accommodate the unique needs of specific geographic regions, cities, states, countries, Population.
- 11. Psychographic Segmentation Grouping customers together based on social class, lifestyles and psychological characteristics (attitudes, interests and opinions)
- 12. Benefits-Sought Segmentation Markets can be segmented based on the benefits that consumers desire from using a specific product.
- 13. Situation Segmentation Purchase situation or occasion Physical surroundings Social surroundings Temporal perspective • How much time to make a purchase? Pre-purchase attitude
- 14. Behavior/Usage Segmentation Markets can be segmented by how often or how heavily consumers use a specific product 80/20 Principle - 80% of revenue generated by 20% of customers Light Users 80% Heavy Users 20%
- 15. Advantage of Marketing Segmentation Easier analysis of consumers. Assessment of demand potential. Identify competing products. Increased sales effectiveness and cost efficiencies. Product positioning and easy identification of opportunities.
- 16. Disadvantage of Marketing Segmentation Disadvantages Increased marketing costs Narrow segmentation can impact brand loyalty.