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Criteria for Market Segmentation - Term Paper Example

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CRITERIA FOR MARKET SEGMENTATION Demographic Criteria One of the major methods and the most frequently used method of segmentation is demographic segmentation. This method is based on the assumption that market can be divided on the basis of the variables of demographics such as age, sex, income, occupation, education, religion, race, nationality, family size and marital status…
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Criteria for Market Segmentation
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Download file to see previous pages In recent years studies have been made to refine these demographic variables so that they can be more effectively used. Example of the companies who make effective use of demographic segmentation are Lego, Toys ‘R’ Us, and the early learning centre who not only recognize the differences between children of various age group but also design their products for highly specific defined age categories (Richard M. S. Wilson, 2005). Age segmentation is an important tool for segmenting the consumer market. A variety of terms are used to refer to various age groups. Examples are newborns, infants, young children, tweens, teens and young adults also called Generation Y in United States of America (USA), Adults or Generation X and the baby boomers or the Seniors. Various studies have been conducted which age group consume exactly how much and has influence on how much consumption. For example in USA the total population of tween, the children aged 9-12, this age group spend $20 billion in an year and further influence the consumption of $ 200 billion. To cater to their needs brands like Limited design clothes that are more fun like teens. In this each age segment has different specific need in everything ranging from basics like food and clothing to entertainment etc (Charles W. Lamb, 2010). Sex is another important market segmentation tool that helps in helps designing the product and services according to the specific need of the consumer. The segmentation on the basis of gender is most useful in clothing, apparels, and accessories etc. The most evident example is completely different range of toiletries and perfumes for males and females. Now a days gender segmentation is even visible in mobile phones with varying skins for each gender. A common basis of segmenting the consumer market is income. Income is an important determinant of consumption pattern. Companies design their product features, define prices and determine positioning strategy based on the income of the target market. Example of this segmentation is HLL different washing powders sunlight, Wheel, Rin and Surf Ultra for different market segments based on income (Saxena, 2008) Profession and education are also important determinants of market segment. Education level defines taste not only in books but various other consumer goods. For example highly technical and multiple featured mobile phones are popular among highly educated people whereas basic phones are more popular in less educated people that fulfill their needs. Young executives and business professional also prefer multi features internet enabled cell phones that can cater to their mobility needs. Family size and marital status also defines consumption patterns. Single male and females spend more on their personal needs such as slimming equipment, cosmetics items etc and prefer fast food (Johan Botha, 2004). Nationality and religion also play an important role. For example Hall food for Muslims and Kocher for Jews is an important segment. Nationality also defines our tastes in food, clothing and preferences for entertainment etc. Geographical Segmentation Geographic based segmentation splits the market on the physical location of the potential consumers. This segmentation is based on the assumption that consumer living in close geographic proximity has some similarities in their needs and preferences f ...Download file to see next pagesRead More
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