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Marketing segmentation
Marketing segmentation is about the concept of dividing the market into different sections. The different sections of the market are individual markets that can be approached by the seller. The seller can approach individual markets by using a marketing strategy suitable to that individual market.
The classification of market is done for the following reasons:
Designing a market strategy suitable to the individual market
Better understanding of the customer preferences
Avoid wastage of resources such as time and money on unfruitful markets
Creating a product niche according to the success in a new market
Product development to build a product that is more suitable to a new market
Types of marketing segmentation:
Now that we know about the advantages of marketing segmentation, we can focus on the types of market segmentation.
Market segmentation can be done on the basis of following factors:
Demographic factors such as age, sex, income
Geographic factors such as location based on entire national territory, particular state, or particular city
Psychographic factors such as values and lifestyle
Behavioral segmentation based on factors such as attitudes and preferences
According to the above market segmentation, the company can then avail of an appropriate marketing strategy that is suitable to the specific market. Let us now take note of a few examples of strategies designed to approach a particular market on the basis of demographic segmentation.
The following are examples of particular markets suitable to a given product category:
Baby products such as diapers and baby soaps are suitable for a market where there is young population that is comprised of newly married couples and they are planning to have a family.
Hearing aids, assisting devices mechanical or non-mechanical to walk, sit and stand for senior citizens with or without disability
Mobile phones, smart phones targeted towards young working population
Loan schemes for young entrepreneurs who are planning to set up a new business
Hence, it can be observed in the above article that marketing segmentation itself is a brilliant strategy to those who are going to design and build various categories of products for a wide customer base with individual and specific preferences and lifestyle choices.
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