A Quick Introduction to Market Segmentation
Contents
What is Market Segmentation?
Market segmentation is the process of splitting … Read more...
Contents
Market segmentation is the process of splitting … Read more...
Hybrid segmentation is an approach using a combination of different segmentation bases.
As you most likely already know from your study of marketing, there are multiple approaches to segmentation. And while different marketing textbooks will provide a slightly differing choice of segmentation bases, they will usually include:
Benefit segmentation is an approach built around the base need of consumers. In other words, what are they primarily looking for when they purchase the product?
As implied by the term “benefits sought”, brands and products are positioned around a specific benefit that a consumer is seeking.
A common … Read more...
Behavioral segmentation is looking at how consumers behave as consumers in the marketplace. It revolves around their actions, behavior, and attitudes and opinions towards products and brands.
It does not refer to their lifestyle behavior, which is psychographic segmentation, but only to their behavior as a buyer and consumer in … Read more...
Psychographic segmentation is looking at consumer’s lifestyles, activities, and interests. It is a very effective way of understanding the consumer as a “person”.
But how effective is this segmentation approach for marketing purposes? This article explores the advantages and limitations of using psychographic segmentation bases when identifying target markets.
Covered … Read more...
Demographic segmentation is a very common approach to constructing market segments. However, it has a number of limitations on how effective it can be for marketing purposes.
Therefore, given the choice of potential segmentation bases, should you use demographic segmentation? While in most cases you should probably not use demographics … Read more...
Given the choice of potential segmentation bases, should you use geographic segmentation?
This article explores the advantages and limitations of geographic segmentation. And although it is a segmentation approach which is somewhat dated (more likely to be used in the past) it still has relevant use, providing the geography changes … Read more...
Contents
STP and STDP are both acronyms for a similar process in marketing, primarily part of market segmentation … Read more...
Concentrated marketing is a target market strategy where the firm focuses on one selected target market. It is a targeting strategy that is midway between an undifferentiated (mass marketing) strategy and a differentiated marketing strategy.
A firm using an undifferentiated targeting strategy does not … Read more...