Global marketing strategies and frameworks

Marketing

Global Marketing 6-1

Demographic segmentation entails dividing the market into groups based on things such as age, gender family size, income, occupation, education, religion, race and nationality. Demographic segmentation variables are amid the most accepted bases for segmenting consumer groups. This is partially because consumer wants are closely connected to variables such as income and age. In addition, for sensible reasons, there is frequently much more data accessible to help with the demographic segmentation process (Market segmentation - demographic segmentation, n.d.).

The main demographic segmentation variables include:

Age

Consumer requirements and needs change with age even though they may still wish to consume the same types of product. Because of this marketers design, package and promote products in a dissimilar way to meet the requirements of different age groups. Good instances include the marketing of toothpaste; distinguishing the branding of toothpaste for children and adults and toys that have many age founded segments (Market segmentation - demographic segmentation, n.d.). Consumer needs and wants often change with age. The marketing mix may consequently need to be modified depending on which age segment or segments are being targeted (7 Demographic Segmentation, n.d.).

Life-cycle stage

A consumer phase in the life-cycle is a significant variable, predominantly in markets such as leisure and tourism. People look to buy different products, for different reasons, depending on what life-cycle stage they are in at the moment (Market segmentation - demographic segmentation, n.d.).

Gender

Gender segmentation is widely utilized in consumer marketing. The best cases include clothing, hairdressing, magazines and toiletries and cosmetics (Market segmentation - demographic segmentation, n.d.). Dividing a market into different groups based on sex, has long been regular for a lot of products including cosmetics, clothing and magazines. In the 1960's car companies started to realise the purchasing power of women, creating marketing campaigns, and then cars, expressly targeted at the female market. A lot of people suggest that the variety of interior and exterior color schemes, and emphasis placed on safety factors by car manufacturers today, is due to in no little part to their longing to market cars to women, as well as men (7 Demographic Segmentation, n.d.).

Income

Another popular foundation for segmentation is income. A lot of companies target wealthy consumers with luxury goods and convenience services. On the other hand, many target products that appeal directly to consumers with moderately low incomes. "Examples include Aldi (a discount food retailer), Airtours holidays, and discount clothing retailers such as TJ Maxx" (Market segmentation - demographic segmentation, n.d.).

Social class

Many Marketers believe that consumers alleged social class influences their fondness for cars, clothes, home furnishings, leisure activities and other goods and services (Market segmentation - demographic segmentation, n.d.).