So in my last post we discussed about segmentation by giving examples from the Corporate world like "Fair and lovely" cream for 'Men' and 'Women' and by also giving examples like "Hero Pleasure" that was entirely meant for females...
Actually segmentation is a vast topic....So lets move further to get its more insight...
Companies do segmentation in the following manner:-
1. Geographic segmentation: In this type of segmentation a marketer separates a market into different geographical boundaries such as a City,a Region or a Country which can impact the marketing mix of product, price, promotion and Place.
Targeted to Elite customers with high purchasing power capacity....
Actually segmentation is a vast topic....So lets move further to get its more insight...
Companies do segmentation in the following manner:-
1. Geographic segmentation: In this type of segmentation a marketer separates a market into different geographical boundaries such as a City,a Region or a Country which can impact the marketing mix of product, price, promotion and Place.
Example: A woolen cardigan manufacture based in Rajasthan in India won't be able to sell his cardigans that are meant to be worn in chilled areas as the climate is very humid there, may choose his target market for selling the cardigans in Ladakh district of Jammu and Kashmir because the area is very cold.The decision for choosing that specific area for selling his cardigans is based on geographical segmentation.
2. Demographic segmentation:It separates a market by demographics which include gender, age, education level and income. A marketer is able to find the type of products we buy, our spending habits that affect our buying behavior.
Example: A BMW manufacture will segment its market via Demographic segmentation by targeting the H I J (High Income Group Customers.); while as the Swift be targeted to the M I J (Medium Income Group Customers.while TATA NANO will be targeted to the L I G (Low Income Group Customers.)
BMW denotes status symbol.....viewed as Luxurious and shows Aristocratic lifestyle....
Maruti swift: Target Group:- Medium income group customers....
TATA NANO : Target Group:- Low Income group customers....
3. Psychographic segmentation:T separates a market by lifestyle as well as values and beliefs. There are large target markets which fit psychographic segmentation.Example: As per psycology of people,the BMW car is seen as a symbol of status and lifestyle and is seen as a symbol of success and keeping this in mind,the marketer target his target audience i.e the people with High Income group.
he marketer
4. Behavioral segmentation:The marketer separates a market by the behaviour of the target customers.
Example:Type of shopping and buying behaviors of customers.Do they online shop or do they prefer to go to the store? How often do they shop?? The type of research a consumer does before making a decision to buy a product.....
Example:-Like as per Indian culture the marketer knows that people tend to view for various offers and freebies for various products and hence customers are offered discount coupons or free gifts....
Maruti swift: Target Group:- Medium income group customers....
TATA NANO : Target Group:- Low Income group customers....
3. Psychographic segmentation:T separates a market by lifestyle as well as values and beliefs. There are large target markets which fit psychographic segmentation.Example: As per psycology of people,the BMW car is seen as a symbol of status and lifestyle and is seen as a symbol of success and keeping this in mind,the marketer target his target audience i.e the people with High Income group.he marketer
4. Behavioral segmentation:The marketer separates a market by the behaviour of the target customers.
Example:Type of shopping and buying behaviors of customers.Do they online shop or do they prefer to go to the store? How often do they shop?? The type of research a consumer does before making a decision to buy a product.....
Example:-Like as per Indian culture the marketer knows that people tend to view for various offers and freebies for various products and hence customers are offered discount coupons or free gifts....
