segmentation

For a company or business to effectively respond to different customers needs and wants in order to increase sales, they make use of market segmentation. Market segmentation as defined by Kerin, author of Marketing, 10e; involves grouping potential customers who have common needs and will respond similarly to a marketing action. In further elaboration to define segmentation, if there is a demographic group of customers who are all on diets and are watching their weight (common needs/desires) and a business markets the segment of dark chocolate as a healthier option to satisfy sweet cravings, this would be an example of market segmentation. On the same token if a company were to market the medical and health benefits of dark chocolate, a demographic that would similarly respond to this marketing action would be the health-conscious demographic. There are a few different segmentation basis’s that are relevant to chocolate bars, it is a multiple product aimed at multiple market segment industry, a few segments that can be used in the chocolate industry are demographic, psychographic, and behavioral. Demographic includes age (kids are more likely to chocolate than adults), gender (Females are more likely to have cravings for chocolate than males are), and life stage (parents with young children are likely to purchase chocolate). Psychographic segmentation includes personality (compulsive buyers, people with a sweet tooth, etc), lifestyle (single people dating will buy chocolates for dates), and needs (health needs such as diabetes would need a sugar free chocolate bar). Behavioral...
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