Market segmentation involves dividing a market into distinct groups of customers with similar needs and wants. There are several types of market segmentation including geographical segmentation which divides the market based on location, demographic segmentation which divides the market based on factors like age, income, and education, and psychographic segmentation which divides the market based on personality traits, lifestyle, and values. Market segmentation allows companies to target specific customer groups to better satisfy their needs, enhance profits, generate employment, and increase competitiveness.
This Project has been developed by the student doing her Bachelor Of Business Administration.The student is Doing her graduation from Dezyne E' cole College. www.dezyneecolecollege.com
This Project has been developed by the student doing her Bachelor Of Business Administration.The student is Doing her graduation from Dezyne E' cole College. www.dezyneecolecollege.com
Market division is the way toward partitioning a market of potential clients into gatherings, or fragments, in light of various qualities. The portions made are made out of purchasers who will react also to showcasing techniques and who share characteristics, for example, comparative interests, needs, or areas.
A target market is the market a company wants to sell its products and services to, and it includes a targeted set of customers for whom it directs its marketing efforts. Identifying the target market is an essential step in the development of a marketing plan.
Learn more about the benefits and steps involved in Market Segmentation, Targeting and Positioning.
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2. MARKET SEGMENTATION- M S consist a group of
customers who share a similar set of needs and wants.
NEED of Market Segmentation-
To target every class of customers.
To satisfy all needs.
To enhance profit.
Employement generation.
Increase in competitivness.
4. Geographical Segmentation –
Divides one unit into Nations,States,Regions,Cities.
Wal-Mart,Sears,Reobuck & Co. allow local managers
to stock products that suit the local community.
5. Demographic Segmentation –
Market is divided into age,sex,family,income and
education.
It divides into-Newborn(0-1 month),Infant(2-5
month),Cruiser(6-12 month),Toddier(13-18
month),Explorer(19-23 month).
6. Psychographic Segmentation –
Buyers are divided into different groups on the
basis of Personality traits,life style & values.
Behaviour,Attitude,Personality,Benefits,User
status & Loyality status.
