lesson: market segmentation

Market Segmentation

The process of dividing a market into distinct groups of buyers with similar needs or behaviors.

Market Segments

The specific groups within a market, each with unique characteristics and preferences, defined by demographics and psychographics.

Demographics

The statistical characteristics of a population, such as age, gender, income, and education, used to identify target markets.

Psychographics

The study of people's lifestyles, values, and attitudes to understand consumer behavior better.

Target a Segment

Focusing marketing efforts on a specific group within a larger market.

Customer Profile

A detailed description of a typical customer in a market segment, based on demographics and psychographics.

Household

A family or group of people living together, often targeted as a single unit in marketing.

ABC Socio-Economic Categories

A classification system used to categorize people by income, occupation, and social class, helping marketers identify target audiences.

ACORN

A classification system in the UK for residential neighborhoods, used by marketers to segment the population geographically.

Customer Segment

A specific group of customers with similar characteristics and purchasing behaviors.

Disposable Income

The amount of money a person has left to spend after paying taxes and essential living expenses.

Economic Power

The financial capacity of a segment to purchase goods and services.

Main Shoppers

The primary individuals in a household responsible for making purchasing decisions.

Appeal to Singles

Marketing messages specifically designed to attract single or unmarried individuals.

City Dwellers (Urbanites)

People who live in urban areas, such as cities or large metropolitan areas.

Country Dwellers

People who live in rural or countryside areas, with different lifestyle preferences than city dwellers.

Commuters

People who travel from their homes to work in another area, often targeted through transport-related advertising.