Let Us Look at the Retail Book Industry as an Example. There Are a Lot of People Who Buy a Wide Variety of Books. Using This Industry as an Example, Divide This Market Into Smaller Market Segments. Describe at Least
Market segment looks at demographic groups. Even within various demographic groups and their interests could vary. Consider categories of books available, who might purchase them, and what are some of the reasons that people purchase their books.
Demographic groups include:
Gender: male and female
Age: Under 10, 11-21, etc. Are the younger readers purchasing textbooks or comic books?
Race and ethnicity: African American, Asian, White/Caucasian, Hispanic, etc.
Life stage: child, teen, adult, senior citizen Are seniors looking to get books on financial planning?
Birth era: Baby boomer (1946-1964) Generation X (1964-1976), etc. Do younger readers want to download books?
Household size: 1 to 5 or more
Marital status: single, divorced, married, domestic partner, widowed
Income: under $15,000, $15,000 to $24,999, etc. all the way to over $100,000 and over
Education: high school degree to PhD
Occupation: technical, sales, managerial, etc. Might the salesperson want a book on how to be better at closing sales?
Psychographic is the marketing segment which looks at people's personalities, values, and lifestyles as motivators for making purchase decisions. Introverts might purchase a book on public speaking to be more comfortable with people. People interested in health might buy books on vegetarian diets or low-fat cooking.
The final market segment is behavioral. Do people shop for the lowest price at the discount store or the most expensive item at the upscale store? Today’s technology is slowly pushing book stores out of the market with the introduction of the iPAd and Tablets. You can buy a book for $25 or get the electronic version for $3-5. This is the bigger target market, I can have 50 novels on my tablet and take them all wherever I go instead of having to lug them
Demographic groups include:
Gender: male and female
Age: Under 10, 11-21, etc. Are the younger readers purchasing textbooks or comic books?
Race and ethnicity: African American, Asian, White/Caucasian, Hispanic, etc.
Life stage: child, teen, adult, senior citizen Are seniors looking to get books on financial planning?
Birth era: Baby boomer (1946-1964) Generation X (1964-1976), etc. Do younger readers want to download books?
Household size: 1 to 5 or more
Marital status: single, divorced, married, domestic partner, widowed
Income: under $15,000, $15,000 to $24,999, etc. all the way to over $100,000 and over
Education: high school degree to PhD
Occupation: technical, sales, managerial, etc. Might the salesperson want a book on how to be better at closing sales?
Psychographic is the marketing segment which looks at people's personalities, values, and lifestyles as motivators for making purchase decisions. Introverts might purchase a book on public speaking to be more comfortable with people. People interested in health might buy books on vegetarian diets or low-fat cooking.
The final market segment is behavioral. Do people shop for the lowest price at the discount store or the most expensive item at the upscale store? Today’s technology is slowly pushing book stores out of the market with the introduction of the iPAd and Tablets. You can buy a book for $25 or get the electronic version for $3-5. This is the bigger target market, I can have 50 novels on my tablet and take them all wherever I go instead of having to lug them