2 0 obj Market segmentation 223 globalization of business expands the scope of operations and requires a new approach to local, regional and global segments. <>>> 4 0 obj %���� A beach house shirt or a funky T Shirt would have no takers in a Zodiac Store as it caters specifically to the professionals. Market segmentation is a much broader concept, however, and it pervades the practice of business throughout the world. Market Segmentation Market segmentation is the division of a market into different groups of customers with distinctly similar needs and product/service requirements. Marketers divide the consumers into small segments as per their income. Market segmentation is a consumer-oriented process and can be applied to almost any type of market. endobj x��\[o�F��������ΐ�gq�.�n���=��Z�e"��J����oy��%�:X�er.���7��y���v5$�|���0����&�������\}y����]��v�����˫ׯ�|��&mLru���J2�O%�N3]$���ʾ��*K����_��x�,��seݮ_���b�M�_�����\�Mb�T�[��,����N}������+d���?��{��׀e˅��n�忓��_�zo &��!Ѻ(SӄD��M�]����#��Nʣ���~l��2�=���wS��w�L�#N�,��կ�)55�1i���p��>��Q1M�my@5n�@ǖ���u�VE P�2�;�0u�UV4V�����ۿ��,�Tq,����wɛ ׹|���9�9L٤U]0��k�V$�4��W�>��w~~g�y�(q�R�Sl�U�~ 'yƦ��. Segmentation seeks to complement consumers with products that satisfy their individual set of needs and behavior patterns. What is market segmentation? Market Segmentation When the term “market segmentation” is used, most of us immediately think of psychographics, lifestyles, values, behaviors, and multivariate cluster analysis routines. %PDF-1.5 Keywords: market segmentation; customer classification; marketing INTRODUCTION he world is made up of many different consumers, each with their own set of needs and behaviors. The basis of such segmentation is the lifestyle of the individuals. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. A market segment is a small unit within a large market comprising of like minded individuals. Nestle promotes Nescafe all through the year in cold states of the country as compared to places which have well defined summer and winter season. A market segment is a small unit within a large market comprising of like minded individuals. endobj Segmentation refers to a process of bifurcating or dividing a large unit into various small units which have more or less similar or related characteristics. Pantaloon, Carrefour, Shopper’s stop target the high income group as compared to Vishal Retail, Reliance Retail or Big bazaar who cater to the individuals belonging to the lower income segment. The individuals from the same segment respond in a similar way to the fluctuations in the market. Marketer will identify the customer need and want then only decide if it is practical to develop marketing mix to satisfy those wants. A market segment comprises of individuals who think on the same lines and have similar interests. •Market segmentation is customer-oriented. 3 0 obj The marketers divide the market into smaller segments based on gender. Travel agencies would not have similar holiday packages for bachelors and married couples. 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. Office goers would have different needs as compared to school / college students. Organizations need to have different marketing strategies for men which would obviously not work in case of females. endobj © Management Study Guide A marketer can’t have similar strategies for individuals living at different places. We are a ISO 9001:2015 Certified Education Provider. Geographic segmentation refers to the classification of market into various geographical areas. The products and marketing strategies for teenagers would obviously be different than kids. In dividing or segmenting markets, researchers typically look for shared characteristics such as common needs, common interests, similar lifestyles or even similar demographic profiles. Individuals are classified into segments according to their monthly earnings. Both men and women have different interests and preferences, and thus the need for segmentation. 1 0 obj Moreover, busi-nesses that have not traditionally embraced mar-keting in general or segmentation in particular, see it … <> Academia.edu is a platform for academics to share research papers. <> Division on the basis of age group of the target audience is also one of the ways of market segmentation. Privacy Policy, Similar Articles Under - Market Segmentation, Difference between Market Segmentation, Targeting and Positioning, Marketing Mix Analysis for Entry of a Microwave Maker, Market Segmentation - Meaning, Basis and Types of Segmentation. The loyalties of the customers towards a particular brand help the marketers to classify them into smaller groups, each group comprising of individuals loyal towards a particular brand. A woman would not purchase a product meant for males and vice a versa. One market segment is totally distinct from the other segment. 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. The segmentation of the market as per the gender is important in many industries like cosmetics, footwear, jewellery and apparel industries. McDonald’s in India does not sell beef products as it is strictly against the religious beliefs of the countrymen, whereas McDonald’s in US freely sells and promotes beef products. Stores catering to the higher income group would have different range of products and strategies as compared to stores which target the lower income group. •Develop strong positions in spealized market segment. •The management can respond to meet changing market demand. As a result, this is known as a „segmenting‟. Market segmentation can also be as per the marital status of the individuals. •Management can do a better marketing job. stream <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> So, market segmentation assumes that different segments require Or to put it another way, market segmentation is the division of a mass market into identifiable and distinct groups or The individual’s attitude, interest, value help the marketers to classify them into small groups.

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