• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Market Segmentation

Extracts from this document...

Introduction

Market Segmentation What is Segmentation? Market segmentation is the practice of dividing a market into identifiable groups of customers with common characteristics and motivations. This is so that each group can be treated independantly, tailoring the marketing mix to meet the needs of each segment. Furthermore, opportunities for new products and any niche markets are highlighted. Segmentation also portrays which segemets are doing well, which are likey profitable to be profitable/worth pursuing, which segments need additional marketing support and which should be ignored. Psychographic This affects the psychological motivation of the purchaser. It's based on the benefits that the products/services offer to the purchaser. Factors that affect the buying decisions are increasingly emotive rather than practical. Psychological factors are: - Life style Segmentation is based on actual lifestyle differences as well as perception. Different lifestlyes fall into different catogories, for example modern and trend-setting or traditional with few changes. Another example would be expensive and willing to pay money or unwilling to spend more than that is necessary. - Interests These would include sports, leisure activities and hobbies. ...read more.

Middle

This portrays how different people have different tastes. How segmentation has affected the development of DeLights has been incorporated when explaining the marketing mix each of the 4 P's. Demographic Demographic segmentation is where a market is analysed and divided into groups based on demographic factors such as age and sex. These factors relate to the social and economic features of the market being segmented. Demographic variables can be closely related to customer needs and purchasing behaviour, this helps producers target their product more effectively. Age * Consumer needs and wants change with age although they may wish to sell the same product to different types of people for example targeting a product to both children and adults. Marketers design, package and promote the product to meet the needs of different age groups. For example, Ferro Roche is targeted at a more older, adult target audience rather than children. The UK census 2001 provides broad examples of age groups -0-15, 16-74, 75+. ...read more.

Conclusion

therefore encouraging males to buy the product for females. Socio-economic Markets can be segmented using socio- economic groups. There are 6 socio- economic groups, A, B, C1, C2, D and E. Here are the factors that determine the socio- economic groups: Specific products can be targeted at specific socio- economic groups. For example, 'After Eights' are targeted to socio-economic groups A and B who are more sophisticated and professional as 'After Eights' have a sophisticated image designed for a more sophisticated social gathering. Geographic Geographic segmentation of markets affects the market mix of a product as customers/consumers in different locations have different requirements and so the product may be altered to suit consumer needs. For example climate is different in different locations and the product must be altered to withstand different temperatures. Furthermore, different products are more appealable in different locations, for example chocolate is popular in the UK as it is comforting in the cold climate whereas in hot countries chocolate consumption is lower because it is not as desirable and is inpractical (melts in heat). ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Marked by a teacher

    Marketing mix and segmentation of Sony.

    4 star(s)

    Sony also has not entered the market at the low cost end, which its rivals have had to do in order to compete but have relied on its "Quality" image to support such a pricing strategy. It concentrates on the fact that people often think that if something is relatively

  2. The concept of segmentation and the bases for segmenting markets - The main methods of ...

    It is anticipated however that there is no 'magic' associated with segmentation. Clifford and Cavanagh put the technique into perspective: "High growth companies succeed by identifying and meeting the needs of certain kinds of customer, not all customers, for special kinds of products and service, not all products and services.

  1. Promotional campaign for Pizza Pan foods in Malaysia

    For people looking for a fast, friendly, and tasty lunch, we produce a quick meal. MARKETING MIX The marketing mix is primarily made up of four variables and they are product, place, price, and promotion.

  2. Investigating Market

    Moss Bros hire aim to meet customer's needs with a high level of service. This included such things as making staff available to help customers pack bags and take them to the car and having a policy of opening checkouts if there was more than one person in a queue.

  1. This report will systematically explain the concept of market segmentation together with examples of ...

    The advantages are that it enables companies to meet the needs and wants that differs between different countries and regions. Individual marketing is concerned with tailoring products after the unique preferences of individual costumers. Traditionally this method has been used by small companies such as shoe makers or tailors, but new technologies have enabled large companies to conduct mass customisation.

  2. Free essay

    Relatii de concurenta pe piata

    in numar de 64 de persoane ( din care 70% barbati si 30% femei) si personalul sezonier ,in special pentru lucrari de recoltat la livada si vita-de-vie aproximativ 45 persoane . S.C. AGRICOLA S.A. dispune de personal specializat in domeniul agricol(vezi anexa Nr 1)

  1. Factors that have influenced the development of the UK leisure and recreation.

    * Have more personal disposable income-money, which does not have to be spent on necessities like housing, heating, food and clothing. * Have more time available for leisure activities because of social and economic developments, which have change working hours and patterns.

  2. Market Research for a new sweet. I asked the question Chocolate do you prefer?, ...

    Having collected and analysed all the results, I will now the use results to produce a product which appeals to my target audience. I asked the question "Chocolate do you prefer?", to detect what type of chocolate the people in my target market prefer; I have used these results and determined that my target audience prefer milk chocolate.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work