MARKETING SEGMENTATION PROJECT
* What is Marketing Segmentation ?
* Types of Marketing Strategies
* Marketing Segmentation Analysis
* Consumer Characteristics Approach
* Consumer Response Approach
* Marketing Segmentation of McDonald’s
* My Product
* Market Segmentation Analysis
* Picture Gallery
As a part of the Marketing Project of 11.com.c Indian High School, Dubai. Here I am presenting the various aspects of Marketing Segmentation and My product which is segmented into various variables. Starting with my project my first topic is about what is Marketing Segmentation.
What is Marketing Segmentation?
The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
Types of Marketing Strategy
1. Differentiated Marketing Strategy
Approach under which a firm aims to develop and market unique products for different customer segments. Usually employed where a firm has clear competitive advantages, and can sustain an expensive advertising campaign. It is one of three generic marketing strategies that can be adopted by any firm. See also segmentation strategies. 2. Undifferentiated Marketing Strategy
Undifferentiated marketing is a marketing strategy that works as if all consumers have similar tastes and motivations. It is sometimes known as mass marketing. There are distinct advantages and drawbacks to undifferentiated marketing. 3. Concentrated Marketing Strategy
A strategic approach in which a business focuses on a single market or product. This allows the company to invest more resources in production and marketing in that one area, but carries the risk of significant losses in the event of a drop in demand or increase in the level of competition. Marketing Analysis
Consumer Characteristics Approach
Consumer characteristics or Personal segment basis measure in terms of demographic, Geographic, and Psychographic features of consumers. These characteristics portray the consumers in terms of where they live, who are they and how do they behave. There are 3 kinds of consumer characteristics approach:
2. Demographic and Socio-Economic
1. Geographic variables
Consumer markets also have different geographic characteristics. These geographic characteristics are often based on market size, region, population density and even climate. A small retailer may find opportunities in a small market in which larger competitors have no interest. Companies that sell beachwear will likely sell more products in warmer climates. Consumers in different regions of the country also have different tastes in food and style.
2. Demographic Variables
Characteristics of consumer markets based on demographics include differences in gender, age, ethnic background, income, occupation, education, household size, religion, generation, nationality and even social class. There are 7 types of Demographic Variable:
7. Family Size
3. Psychographic Variable
Consumer market characteristics can also be psychographic in nature. Psychographic characteristics of consumers include interests, activities, opinions, values and attitudes. Obviously, many magazines are geared toward a consumer's interest. For example, prenatal magazines target expectant mothers who are interested in learning more about caring for a baby. Additionally, consumer activities can include participation in martial arts or basket weaving. Opinions and attitudes can be both specific and general. A company may better understand consumer...