Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs (and/or common desires) as well as common applications for the relevant goods and services. Depending on the specific characteristics of the product, these subsets may be divided by criteria such as age and gender, or other distinctions, such as location or income. Marketing campaigns can then be designed and implemented to target these specific customer segments.
As below is the basis for segmenting consumer markets
|Main Dimension |Segmentation Variables |Typical Breakdown | |Geographic |Region |World wide | | |Nation |China, Japan, Singapore, Malaysia, France, Italy, Spain, Germany, USA, Canada, Brazil, Argentina, etc | | |State |Beijing, Shanghai, New York, Tokyo, Johor Bahru, Kuala Lumpur, etc | | |Statistical area |Metropolitan statistical areas, micropolitan statistical areas, etc | | |Density |Urban, Suburban, Small town, rural | | |City size |Under 10000, 10000 - 24999, 25000- 49999, 50000 - 999999, etc | |Demographic |Gender |Male, Female | | |Age |Under 6 years, 6-11years, 12-17 years, 18-24 years, 25-34 years, 35-40 years, 41-70years | | |Race |Chinese, Malay, Indian, White/Caucasian etc | | |Life stage |Infant, preschool, child, youth, collegiate, adult , senior | | |Birth era |Baby Boomer (1946-1964), Generation X (1965-1976),Generation Y (1976-1994) Millennial 1995 + | | |Marital status |Never married, married, separated, divorced, widowed | | |Income |< SGD$700 , SGD$7100 - 14,999, SGD$15000 - 30000 etc | | |Occupation |Managerial and professional specialty, technical, sales, other | |Psychographic |Personality |Compulsive, introverted, aggressive, ambition, etc | | |Values |Innovator, thinker, achiever, experiences, believers , etc | | |Life style |Settle in, white picket fence | |Buying Response | |Outlet Type |In Store |Department , specialty, outlet, dealer, mass merchandiser , etc | | |Direct |Mail order / catalog ,door to door, internet, direct response | |Benefit Sought |Product feature...