MARKET SEGMENTATION

MARKET SEGMENTATIONBy-Shalini MukerjiSandeep SatishchandraAshish BabariaAabhas RastogiContentsEvolving Marketing StrategiesWhat is Market Segmentation?Why segmentation? What are the requirements of Segmentation?Benefits & Limitations of SegmentationSegmenting Consumer Markets - Geographic Segmentation - Demographic Segmentation - Psychographic Segmentation - Behavioural Segmentation

Evolving Marketing StrategiesMass Marketing :The term mass market refers to a large, undifferentiated market of consumers with widely varied backgrounds. Products and services needed by almost every member of society are suited for the mass market. Such items as electric and gas utilities, soap, paper towels and gasoline, for example, can be advertised and sold to almost anyone, making them mass market goodsMass Marketing An attempt to appeal to an entire market with one basic marketing strategy utilizing mass distribution and mass media. Also called undifferentiated marketing.The appeal of mass marketing is in the potential for higher total profits. Companies that employ the system expect the larger profit to result from (1) expanded volume through lower prices and (2) reduced costs through economies of scale made possible by the increased volume.Henry Ford applied the concept in the automobile industry. His Model T was conceived and marketed as a "universal" carone that would meet the needs of all buyers.