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This document outlines different ways to segment a market including demographic, geographic, psychographic, behavioral, time, media, and benefit segmentation. It provides examples of segmentation criteria within each category such as age, income, interests, shopping style, seasons, media channels, and desired product benefits. The overall purpose of market segmentation is to divide a market into smaller groups with similar characteristics or needs.
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1. Social Factors
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3. Economic Factors:
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1. Social Factors
Social factors also impact the buying behavior of consumers. The important social factors are: reference groups, family, role and status.
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Reference groups have potential in forming a person attitude or behavior. The impact of reference groups varies across products and brands. For example if the product is visible such as dress, shoes, car etc .
b) Family
Buyer behavior is strongly influenced by the member of a family. Therefore marketers are trying to find the roles and influence of the husband, wife and children. If the buying decision of a particular product is influenced by wife then the marketers will try to target the women in their advertisement. Here we should note that buying roles change with change in consumer lifestyles.
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Each person possesses different roles and status in the society depending upon the groups, clubs, family, organization etc. to which he belongs. For example a woman is working in an organization as finance manager. Now she is playing two roles, one of finance manager and other of mother. Therefore her buying decisions will be influenced by her role and status.
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In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retail, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but the term can also refer to anything widely available in the open market. In project management, products are the formal definition of the project deliverables that form the objectives of the project.
Non store retailing
Non-store retailing involves sales made directly to consumers without using physical stores. It includes direct marketing through methods like telemarketing, direct mail, and e-commerce. Non-store retailing offers consumers convenience through purchases made 24/7 via phone or online. It now accounts for over 15% of all consumer purchases and is growing at a higher rate than traditional retail stores. Common non-store retailing methods include direct marketing, direct selling, vending machines, and kiosks.
5 psychoanalytic theory
1) Sigmund Freud developed psychoanalytic theory which proposed that unconscious drives influence human behavior and personality development. He described the id, ego, and superego parts of the psyche.
2) Psychoanalytic theory is relevant for marketers because consumer purchase decisions reflect personality traits. Consumers relate personality traits to products and brands.
3) Marketers can segment markets based on which parts of the psyche - id, ego, or superego - are dominant in influencing consumer behavior.
retail formats
The document provides an overview of retail formats in India. It discusses that retailing accounts for 14-15% of India's GDP and is the fifth largest retail market in the world, growing at an annual rate of 25-30%. The industry is mostly unorganized. The challenges facing the industry include restrictions on foreign investment and real estate purchases. The retail formats discussed include mom and pop stores, peddlers, hawkers, market traders, specialty stores, department stores, discount stores, convenience stores, hypermarkets, supermarkets, malls, category killers, e-tailers, and vending machines.
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This document discusses the key activities involved in managing a sales force, including job analysis, job descriptions, recruitment, selection, training, motivation, compensation, and performance evaluation. It provides details on each process and notes that sales force management involves determining optimal sales force size and selling styles. Additionally, it states that sales force management activities are interconnected and decisions in one area can impact other areas.
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This document defines sales and sales roles. It discusses different types of sales agents such as sales brokers, buyers brokers, dual agents, and transaction brokers. It also covers sales techniques, sales outsourcing, the roles of sales managers and salespeople. It distinguishes between inside and outside sales. Finally, it compares marketing and sales, noting that sales focuses on short-term goals to fulfill demand while marketing takes a longer-term approach to understand customer needs and promote products.
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The document discusses store layout, design, and visual merchandising. It describes different types of store layouts including grid, racetrack, and free-form layouts. It also discusses elements of store atmosphere and design objectives. Key considerations for store layout include allocation of floor space, area mix, merchandise type and density, and prime locations for merchandise placement.
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Nominal data are categorized data that are distinguished by name only, with no inherent ordering or numeric value, such as gender or hair color. Ordinal data assigns categories an order but the differences between categories are unknown, such as rankings or letter grades. Both nominal and ordinal data can be assigned numbers but arithmetic cannot be performed on the numbers as they only represent order or category, not precise values.
Discrete vs continuous data - comparison chart
This document compares and contrasts discrete and continuous data. Discrete data has clear separations between values and can be counted in whole numbers, while continuous data falls along a continuous sequence and can be measured to finer degrees. Examples of discrete data include the number of students in a class or home runs in a game. Examples of continuous data include time, height, weight, and rainfall amounts. Discrete data is represented graphically with bar charts while continuous data uses histograms.
Best machine learning algorithms for classification - infographic
This document compares and contrasts several machine learning algorithms for classification tasks: Naive Bayes, Decision Trees, Support Vector Machines, Random Forest Classifier, and K-Nearest Neighbors (KNN). Naive Bayes is simple and fast but assumes independence between features. Decision Trees are easy to understand but can overfit. Support Vector Machines are effective in high dimensions but don't scale well to large datasets. Random Forests have high accuracy but are computationally expensive. KNN is simple to implement but performance depends on choosing the right value for k.
Supervised vs unsupervised learning - infographic
Supervised learning uses labeled input data to teach a machine using examples to predict future events, while unsupervised learning sorts unlabeled data without predefined labels by finding hidden patterns in the data. Supervised learning is used for applications like credit card fraud detection and text sentiment analysis and has labeled classification and regression algorithms, while unsupervised learning is applied to problems like image segmentation, social network analysis and anomaly detection using clustering and association algorithm types.
Qualitative vs quantitative data - infographic
Qualitative data is non-numerical information such as words, pictures, and observations that cannot be counted, while quantitative data uses numbers and can be counted. Qualitative data is used to understand social interactions and identify patterns through methods like content analysis and thematic analysis, while quantitative data answers questions about numbers, amounts, and frequencies and is used to test hypotheses and draw conclusions about large populations through statistical analysis methods. The key difference between the two data types is whether the information can be expressed numerically.
Data quality metrics infographic
Completeness, accuracy, uniqueness, timeliness, and relevance are 5 key metrics for measuring data quality. Completeness ensures all necessary data fields are filled in and there are no missing records or values. Accuracy checks that data values correctly represent real-world information. Uniqueness verifies each data point is only recorded once to avoid duplicates. Timeliness evaluates whether data is current and available when needed. Relevance determines if the data is pertinent to organizational needs and objectives.
Data driven decision making process - infographic
This document outlines the key steps in a data driven decision making process:
1. Set metrics to measure the impact of efforts towards goals like sales improvements. Define the most impactful metrics.
2. Choose appropriate data sources by checking available internal data and defining valuable external data. Consider costs of primary versus secondary sources.
3. Get the right people involved by including heads of relevant departments and key team members from areas like marketing and IT.
Data management best practices - infographic
Best practices for data management including data governance, data stewardship, data integration, data quality, and enterprise master data management best practices and strategies.
Market intelligence - an infographic
What is market intelligence? What are its goals? Key types of market intelligence - explained in an infographic.
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Myself Gokila digital marketing consultant located in Coimbatore other various types of digital marketing services such as SEM
SEO SMO SMM CAMPAIGNS content writing web design for all your business needs with affordable cost
Digital Marketing Services | Techvolt Software :
Digital Marketing is a latest method of Marketing techniques widely used across the Globe. Digital Marketing is an online marketing technique and methods used for all products and services through Search Engine and Social media advertisements. Previously the marketing techniques were used without using the internet via direct and indirect marketing strategies such as advertising through Telemarketing,Newspapers,Televisions,Posters etc.
List of Services offered in Digital Marketing |Techvolt Software :
Techvolt Software offers best Digital Marketing services for promoting your products and services through online platform on the below methods of Digital marketing
1. Search Engine Optimization (SEO)
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3. Social Media Optimization (SMO)
4. Social Media Marketing (SMM)
5. Campaigns
Importance | Need of Digital Marketing (Online Promotions) :
1. Quick Promotions through Online
2. Generation of More leads and Business Enquiries via Search Engine and Social Media Platform
3. Latest Technology development vs Business promotions
4. Creation of Social Branding
5. Promotion with less investment
Benefits Digital Marketing Services at Techvolt software :
1. Services offered with Affordable cost
2. Free Content writing
3. Free Dynamic Website design*
4. Best combo offers on website Hosting,design along with digital marketing services
5. Assured Lead Generation through Search Engine and Social Media
6. Online Maintenance Support
Free Website + Digital Marketing Services
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51 market-segmentation-examples-infographic
- 1. Marketing segmentation is the process of dividing a particular market into smaller segments having similar needs or characteristics. PSYCHOGRAPHIC SEGMENTATION 23. Class (Working class family, Middle class ) 24. Personality (Ongoing, Creative, Serious) 25.Attitudes (Hope, Optimism, Realism) 26. Lifestyles (Healthy lifestyle, Gluten-free lifestyle) 27. Special character traits (Religious, Adventurous) 28. Expectations (Explicit, Implicit expectations) 29. Opinions (Customers that rate the product with 3 stars, 4 stars, 5 stars) 30. Hobbies (Reading, Horse Ridding) 31. Interests (Interested in technology, fashion) 1. State (California, Colorado, Texas) 2. Country (USA, Canada, Australia, India) 3. College (The University of Illinois, The Ne School, Santa Monica College) 4. County (Los Angeles, Butte County) 5. Continent (Europe, America, Africa, Asia) 6. Community (San Marcos Youth Master Plan) 7. Urban/rural 8. North/South region 9. Warm/Cold areas 10. High elevation/low-elevation areas GEOGRAPHIC SEGMENTATION 11. Age (21-29, 30-44, 44-59) 12. Race (Asian, Native Hawaiian) 13. Religion (Muslin, Buddhist, Christian) 14. Gender (Women, Men) 15. Family size (Couple only, 3 family members) 16. Income (till 40 000 USD, 40 – 60 000 USD) 17. Education (High school, University) 18. Ethnicity (Hispanic, Asian) 19. Housing style (Ranch House, Modernist) 20. Marital status (Married, Single, Widowed) 21. Occupation (Blue Collar, White Collar, Trade) 22. Socio-economic group (Higher Managerial, Intermediate Managerial, Administrative) DEMOGRAPHIC SEGMENTATION 32. Occasion (Birthday, Anniversary) 33. Bayer Journey Stage (Awareness, Consideration, Decision Stage) 34. Brand knowledge (None, Some, Strong Knowledge) 35. Types of loyalty (No Loyalty, Inertia Loyalty) 36. Price sensitivity (Sensitive to price changes, Not sensitive) 37. Shopping style (Avoid shopping, Enjoy shopping) 38. Usage rate (Heavy, Light) 39. User status (Never, Occasional, Regular) BEHAVIORAL SEGMENTATION 45. Seasons (Winter, Spring, Summer, Autumn) 46. Special events (Black Friday) 47. Holidays (Thanksgiving, Halloween) TIME SEGMENTATION MEDIA SEGMENTATION 40. TV (cable TV, network TV, satellite TV) 41. Radio (satellite radio use, internet radio, local radio, national radio) 42. Social Media (Facebook, Twitter, Instagram) BENEFIT SEGMENTATION 48. Convenience (Without buying effort, With some buying efforts) 49. Customer service (Expected, Desired, Basic customer service) 50. Special features (high speed, easy access) 51. Quality (High quality, Middle quality, Low quality) 51 MARKET SEGMENTATION EXAMPLES To Help You Define Your Target Groups What is Market Segmentation? http://intellspot.com 43. Newspapers (local newspaper, national newspaper, consumer magazine) 44. Internet search engine use (Google, Bing, Yahoo)