Market Segmentation :: Business Management Studies

securities industry classWhat is class?Market sectionalisation is the intrust of dividing a market place intoidentifiable radicals of customers with common characteristics and demands. This is so that separately group post be treated independantly,tailoring the marketing motley to bear on the necessarily of each segment.Further much, opportunities for new products and any niche markets arhighlighted. Segmentation also portrays which segemets ar doing well,which are likey profitable to be profitable/ deserving pursuing, whichsegments need excess marketing support and which should beignored.PsychographicThis affects the psychological motivation of the purchaser. Its foundon the benefits that the products/services offer to the purchaser.Factors that affect the purchasing decisions are more and more emotiverather than practical. Psychological factors are- flavour styleSegmentation is based on actual lifestyle differences as well asperception. Different lifestlyes fall i nto opposite catogories, for deterrent shell late and trend-setting or traditional with few motleys.Another example would be pricy and unbidden to establish money orunwilling to spend more than that is necessary.- InterestsThese would include sports, vacuous activities and hobbies.- AttitudesMarkets bay window be analysed and segmentated by attitude to politics,lifestyle, trustworthy products. For example an example concerningchocolate and food be that some large number would be willing to eatnon-organic foods others dont.- whimsysIdentifies group with similar opinions on policy-making and cordial issues.Opinion polls are used to find the moods and feeligs of the addressgroup and the products canful be tailored to arouse to the guide auditory sense e.g Iceland appeals to consumers due to its no GM productpolicy.- ValuesValues are influenced by family and social conditioning and theproduct can be adequate to reflect value of the product. For examplefair-trade choco late bars whitethorn appeal to ethica customers.- TasteProducts can be catogrised to be in good or blue taste. problematic taste maybe seen as bad or loathly to some people but good to others becauseits entertain to others. For example a film with gross out im suppuratesand storylines offends older people but amuses the youth. Thisportrays how assorted people begin different tastes.How segmentation has affected the development of DeLights has been incorporate when explaining the marketing mix each of the 4 Ps.DemographicDemographic segmentation is where a market is analysed and dividedinto groups based on demographic factors such as age and sex. Thesefactors relate to the social and economic features of the market cosmossegmented. Demographic variables can be closely related to customerneeds and purchasing behaviour, this helps producers target theirproduct more effectively. Age Consumer needs and wants change with age although they may wish tosell the same product to differe nt types of people for exampleMarket Segmentation Business Management StudiesMarket SegmentationWhat is Segmentation?Market segmentation is the practice of dividing a market intoidentifiable groups of customers with common characteristics andmotivations. This is so that each group can be treated independantly,tailoring the marketing mix to meet the needs of each segment.Furthermore, opportunities for new products and any niche markets arehighlighted. Segmentation also portrays which segemets are doing well,which are likey profitable to be profitable/worth pursuing, whichsegments need additional marketing support and which should beignored.PsychographicThis affects the psychological motivation of the purchaser. Its basedon the benefits that the products/services offer to the purchaser.Factors that affect the buying decisions are increasingly emotiverather than practical. Psychological factors are- Life styleSegmentation is based on actual lifestyle differences as well asperception . Different lifestlyes fall into different catogories, forexample modern and trend-setting or traditional with few changes.Another example would be expensive and willing to pay money orunwilling to spend more than that is necessary.- InterestsThese would include sports, leisure activities and hobbies.- AttitudesMarkets can be analysed and segmentated by attitude to politics,lifestyle, certain products. For example an example concerningchocolate and food be that some people would be willing to eatnon-organic foods others dont.- OpinionsIdentifies group with similar opinions on political and social issues.Opinion polls are used to find the moods and feeligs of the targetgroup and the products can be tailored to appeal to the targetaudience e.g Iceland appeals to consumers due to its no GM productpolicy.- ValuesValues are influenced by family and social conditioning and theproduct can be adapted to reflect values of the product. For examplefair-trade chocolate bars may appeal to ethica customers.- TasteProducts can be catogrised to be in good or bad taste. Bad taste maybe seen as bad or offensive to some people but good to others becauseits entertaining to others. For example a film with gross out imagesand storylines offends older people but amuses the youth. Thisportrays how different people have different tastes.How segmentation has affected the development of DeLights has beenincorporated when explaining the marketing mix each of the 4 Ps.DemographicDemographic segmentation is where a market is analysed and dividedinto groups based on demographic factors such as age and sex. Thesefactors relate to the social and economic features of the market beingsegmented. Demographic variables can be closely related to customerneeds and purchasing behaviour, this helps producers target theirproduct more effectively. Age Consumer needs and wants change with age although they may wish tosell the same product to different types of people for example