Explain the Different Bases of Market Segmentation

Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste demand and preference. On the basis of gender the market can be divided.

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Geographic Market Segmentation Demographic Market Segmentation Psychographic Market Segmentation Behavioral Market Segmentation.

. 4 Bases or types of market segmentation are. Bases for Consumer Products 1. Market can be segmented on the basis of education matriculation or less under graduates graduates post-graduation etc.

Segmentation there lie some useful bases of segmentation as suggested by Shapiro and Bonoma in the Nested approach to segmenting the industrial markets. Geographics are the study of your customer based on their physical location which can affect more physical interactions in the market. Consumers grouped in similar areas may.

The traditional business theory uses the so-called STP Segmentation Targeting Positioning framework to identify the space that a brand wants to take up in their customers mind. Thats because as well see next people with common characteristics tend to have similar characteristics that influence their purchasing decisions and habits. The point is to.

Bases of Market Segmentation. Top 4 Bases for Segmenting Consumer Market A. This type may be helpful for your company as the demands of.

As its name the market segmentation type divides people into different groups based on their physical location. Most studies show that the highly. Market segmentation is the process of dividing a targeted audience into subgroups based on commonalities ranging from age gender or location to priorities values and.

30 rows For effective segmentation a marketer has to use different segmentation variables alone and. Stanton Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-market or segments each of which tends. Behavioral Well go into there 4 types in a lot more detail below.

According to William J. Understanding market segmentation basesvariables. Probably the best approach to understanding the different segmentation bases is to view some examples which are listed in.

Stage 1 Identifies the objective market and assembles relative needs for asset designation. Demographic segmentation divides the markets into groups based on variables such as age. Complying with the market segmentation a marketer can sub-group a large market to make his marketing efforts more approachable and impactful.

Market Segmentation helps in identifying different types of potential customer based on factors like homogeneity distinctiveness location or geography trade or profession they are in their. Market segmentation is a marketing concept of aggregating potential buyers into subsets or segments based on common preferences needs or other similar characteristics. Stage 2 Fixes the situating approach for each objective market.

Demographic segmentation involves identifying consumers on the basis of their ascribed and inherited characteristics such as their age and gender and is probably one of the most common bases of segmentation. Demographic Geographic Geodemographic Psychographic and Behavioural Segmentation Bases of Market Segmentation As product markets tend to mature. Gender very important criteria for segmenting a market.

Some of the major bases for market segmentation are as follows. The 4 basic types of market segmentation are. There are different levels of market.

4 Types Of Market Segmentation Venture Incubator