MARKET SEGMENTATION
Markets consist of buyers. Buyers have many different characteristics which are important in determining their willingness to purchase products and services. These differences are predicated on geography, demographics, buying power, occupation, education, and buying behavior. Markets can be divided into four clearly defined segments based on these characteristics: geographic, demographic, psychographic, and consumer behavior.
What is geographic segmentation?
Markets can be divided geographically by ZIP Codes, cities, states, regions, or countries. A company having a nationwide distribution system may detect differences in national demand depending on the region of the country. A particular product may sell better in certain regions than in others. The product may be sold, advertised and tailored only for certain designated geographic regions.
What is demographic segmentation?
Demographic segmentation uses various population measures including age, sex, income, nationality, education, and occupation as the basis for dividing people into specific markets. Demographic segmentation is easy to measure and is widely used. Continue reading “MARKET SEGMENTATION” »
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Categories: Marketing Tags: Segmentation
MARKET SEGMENTATION
Markets consist of buyers. Buyers have many different characteristics which are important in determining their willingness to purchase products and services. These differences are predicated on geography, demographics, buying power, occupation, education, and buying behavior. Markets can be divided into four clearly defined segments based on these characteristics: geographic, demographic, psychographic, and consumer behavior.
What is geographic segmentation?
Markets can be divided geographically by ZIP Codes, cities, states, regions, or countries. A company having a nationwide distribution system may detect differences in national demand depending on the region of the country. A particular product may sell better in certain regions than in others. The product may be sold, advertised and tailored only for certain designated geographic regions. Continue reading “MARKET SEGMENTATION” »
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Categories: Marketing Tags: Definition, demographic segmentation, geographic segmentation, Segmentation