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Market Segmentation
There are a variety of ways to segment a market in order to identify a target market and perform many of the key marketing functions. Determining the basis of an effective segmentation is a multi-step and even multi-disciplinary process that can be incredibly complex. The five key forms of segmentation include:
Geographic
Demographic
Behavioral
Psychological
Price
Geographic segmentation is simply by region. This is especially important to brick and motor retail stores and businesses in the service industry that only cater to certain areas. However, national operations such as Amazon that ship their products have a lot more flexibility in this segmentation category.
Demographic segmentation will focus on factors such as age, income level, and education status. This is an extremely useful way to focus on a target...
For example, an ideal target market figure can be described as a mid-life woman who lives in New York City, or even possibly any major metropolitan area. This allows marketing professionals to create their messages with a particular person or figure in mind which can help fine tune the promotion.
Behavioral and psychological factors consider different consumer behaviors. The concept of consumer behavior represents the behavior that consumers exhibit during activities such as researching, purchasing, using, evaluating, and then the eventual disposal of products and services. This has recently developed into its own academic discipline and the study of consumer behavior began when marketing professional realized that consumers would not act exactly what their current models predicted. For example, some buyers will avoid a…
Works Cited
McCrackin, G. (1986). Culture and consumption: A theoretical account of the structure and movement of the cultural meaning of consumer goods. Journal of Consumer Research, 13(1), 71-86.
Stigler, G. (1954). The Early History of Empirical Studies of Consumer Behavior. The Journal of Political Economy, 62(2), 95-113.
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