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- 1. Market SegmentationSubmitted bySubmitted toKrishnaAalok sirPGDM-1st Sem (PIBM)
2. Market SegmentationMarket segmentation is a marketingstrategy that involves dividing abroad target market into subsets ofconsumers who have common needs desires (demand) as well ascommon applications for therelevant goods and services. 3. Why need segmentation 4. Basis of Market SegmentationGenderAge groupIncomeMarital statusoccupation 5. Type of Market SegmentationDemographicBenefits-SoughtSegmentation Segmentation GeographicSituationSegmentation Segmentation Psychographic Behavior/UsageSegmentation Segmentation 6. Demographic SegmentationAgeIncome LevelFamilyEducationEthnicity Cont... 7. Demographic SegmentationAgeIncome levelCont 8. Demographic SegmentationFamily consideration Family EducationSome products areLife Cycle Bachelor, marriage,marketed to consumers with certainmarried with children, retired, educational levelsetc.Cont 9. Demographic SegmentationEthnicity :- Some products are marketed to consumers fromspecific ethnic backgrounds 10. Geographic Segmentation When an organization localizes itsmarketing efforts to accommodate theunique needs of specific geographicregions,cities, states, countries,Population. 11. Psychographic SegmentationGrouping customers togetherbased on social class, lifestylesand psychological characteristics(attitudes, interests and opinions) 12. Benefits-Sought Segmentation Markets can be segmented based on thebenefits that consumers desire from usinga specific product. 13. Situation SegmentationPurchase situation or occasionPhysical surroundingsSocial surroundingsTemporal perspective How much time to make a purchase?Pre-purchase attitude 14. Behavior/Usage SegmentationMarkets can be segmented by how often or howheavily consumers use a specific product80/20 Principle - 80% of revenue generated by 20%of customersLight Users 80%Heavy Users 20% 15. Advantage of Marketing Segmentation Easier analysis of consumers. Assessment of demand potential. Identify competing products. Increasedsales effectiveness andcost efficiencies. Product positioning and easyidentification of opportunities. 16. Disadvantage of Marketing SegmentationDisadvantages Increased marketing costs Narrow segmentation can impact brand loyalty.