MAT NO:139029126 MBA 802 ASSIGNMENT
1) Market segmentation
Market segmentation is simply a modern marketing strategy in which the market for your customers are divided in various several groups and segments based on some major key factors such as demographic, geographic, psychological and behavioural factors. By dividing the market, the sellers that that try to deliver good value to their customers will be able to have better understanding of their target audience and thereby make their marketing more effective.
Market segmentation also helps to make the three areas of marketing which are, mass marketing, product differentiated marketing and target marketing. Market segmentation helps all these marketing types to customize their markets.
Marketing segmentation cannot be complete without considering the following variables that assist it in segmenting its consumer market.
The demographic segmentation divides customers into segments based on demographic values such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, social class and nationality. It is often used for reason that the variables are easy to identify and measure.
Age and life cycle segmentation
The consumer’s needs and wants change with age. Therefore some companies uses age and life cycle segmentation, where age and the life cycle determine the marketing approach.
Gender segmentation is used to differentiate the needs and wants between men and women due to the fact that men and women have different attitudes towards a product. The gender segmentation are applied clothing, hairstyling, and cosmetics.
Income segmentation divides the market into different income groups. It is used in automobiles, clothing, cosmetics, financial services and travel.
Each generation is influenced by times in which they