Explain the Different Segmentation Variables Used in Segmenting Consumer Markets

As described in this article a set of dimensions can be identified in the literature which can be used to characterize and differentiate the various. The basis of the segmentation is age sex education income occupation marital status family size family life cycle religion nationality and social class.

Management Studies Segmentation Variables For Consumer Markets

Lifestyle and income B.

. Age and life-cycle stage E. Table 66 Micro-segmentation bases and Table 67 Common Ways of Segmenting Buyers show some of the different types. Business marketers can use all of these variables along with operating variables purchasing approaches situational factors and personal characteristics.

The needs of each segment are the same so marketing messages should be designed for each segment to emphasise relevant benefits and features required rather than one size fits all for all customer. Through segmentation you can identify niches with specific needs mature markets to find new customers deliver more focused and effective marketing messages. Can be applied to almost an y type of market.

The choice of segmentation variables is one of the key strategic decisions when segmenting a market. As befits such an important decision an enormous amount of work has gone into exploring all manner of different segmentation variables. Psychographic segmentation is sometimes also referred to as segmentation by lifestyle or values.

This type of segmentation is based on how the company buys goods and services. Consumer needs wants and usage rates vary closely with demographic variables. Demographic segmentation is most commonly used base for segmentation.

Typically look for shared characteristics. Demographics are rarely used anymore for market segmentation. In order to develop a framework for the study consumer behaviour it is helpful to begin by considering the evolution of the field of consumer research and the different paradigms of thought that have influenced the discipline.

Behavioral segmentation can help make your marketing more personalized than other consumer segmentation techniques but it still cant fully drill down to achieve individual marketing and hyper-personalized offerswhat we call 11 personalization. Using the four segmentation variables discuss which variables would be most important for segmenting. Lifestyle and geography D.

Where behavioral segmentation falls short. In the sections that follow weve used the United Kingdom as a use case for market segmentation based on Monitor Deloittes GrowthPath Action Segmentation. Demographics have been used such as age gender height weight race and social class.

Market segmentation is a consumer-oriented process and. Lifestyle and personality C. For example a.

In dividing or segmenting markets researchers. More specific tourism segmentation varia bles have been. Market Segmentation is the process of splitting customers or potential customers in a market into different groups or segments within which customers share a similar level of interest in the same or comparable set of needs satisfied by.

Firmographics which are characteristics of. Purpose of travel tourist needs motivation and benefits sought. Segmenting by Buying Processes.

Micro-segmentation or consumer-based segmentation involves grouping consumers based on common characteristics using psychographic andor behavioristic segmentation variables such as cultural preferences values and attitudes lifestyle choices. An approach to segmenting consumer markets is psychographic segmentation which relies on consumer variables such as personality and AIOs activities interests and opinions to segment a market. Psychographic segmentation divides buyers into different segments based on _____.

Companies can also segment business markets based on buying processes. The major segmentation variables for consumer markets are geographic demographic psychographic and behavioural to be used singly or in combination. The first model to explain consumer behaviour.

35 Although there are significant differences worldwide when it comes to the structure of the automotive industry the retail market the readiness for EV adoption and consumer attitudes and. All these variables are either used as a single factor or in combination to segment the market. A Candidates for cataract surgery and b Possible enrollees in a culinary school.

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