What You Need to Know About Segmentation

These flashcards cover the key concepts related to market segmentation, including definitions of terms and characteristics important for effective marketing strategies.

Segmentation

The separation of a group of customers with different needs into subgroups of customers with similar needs and preferences.

Demographics

Statistical data relating to the population and particular groups within it, such as age, gender, and income.

Market Segment

A distinct group of consumers within a larger market that share similar characteristics.

Hopefuls

Females who want to be pregnant and may be targeted differently in marketing than those who are uncertain.

Fearfuls

Females who are afraid they might be pregnant, which defines a different segment with its own marketing needs.

Targeting

The process of identifying specific groups of consumers to sell products or services to.

Behavioral Segmentation

Segmenting the market based on consumer behavior, including their purchasing patterns and lifestyle.

Accessible

A characteristic of market segments indicating that they can be reached effectively through marketing strategies.

Differentiable

A segmentation characteristic that means that the needs of individuals within a segment are similar and distinct from those in other segments.

Actionable

A characteristic of market segments indicating that companies can design effective strategies to engage the segment.

Big Data

Large sets of data analyzed for patterns and insights to inform marketing strategies, including segmentation.

Qualitative Research

Research methodology focusing on understanding consumer behavior through stories and personal experiences.

Emerging Markets

Developing economies where market conditions, consumer behavior, and cultural norms may differ significantly from more established markets.