1.1.2 market segmentation

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11 Terms

1

market segmentation

occurs when the market is split up into subgroups of consumers with similar characteristics

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2

why is market segmentation useful

helps to identify different types of consumer and different wants and needs

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3

segmentation methods include …

  • demographics

  • income

  • geographics

  • behavioural

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4

what identities come under demographics ?

  • age

  • race

  • religion

  • level of education

  • gender

  • family sie

  • stage in life (e.g. empty nesters)

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5

geographic segmentation

defines market categories based on where people live e.g. region, cities

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6

income segmentation

market based on levels of income and profession

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7

socio-economic grouping …

A - higher managerial such as chief executies and directors

B - intermediate managerial such as solicitors, accountants and doctors

C1 - supervisory, clerical or junior professsional such as teachers and junior managers

C2 - skilled manual such as plumbers, electricians, carpenters

D - semi and unskilled workers such as refuse collectors and window cleaners

E — pensioners, casual workers, students, unemployed

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8

behavioural segmentation

behavioural patterns of the consumer rather than their characteristics

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9

examples of behavioural segmentation

  • reasons for making purchases

  • frequency of purchase

  • time of purchase

    ect

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10

benefits of market segmentation

  • advertising can be targeted at specific segments so its more effective

  • most profitable and least profitable customers can be identified

  • least profitable markets can be avoided

  • easier to identify new products

  • helps firm improve existing products

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11

drawbacks of market segmentation

  • increasd costs linked to research and product development

  • additional market activities required as the business targets mmore segments

  • potential for brand to lose its identity

  • less able to exploit economies of scale

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