Market Segmentation (HSC SSCE Business Studies): Flashcards
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Market segmentation definition
Market segmentation definition
Dividing market into groups with common characteristics
Primary aim of market segmentation
Primary aim of market segmentation
Increase sales, market share and profits
Four main segmentation variables
Four main segmentation variables
Demographic, geographic, psychographic, behavioural
Demographic segmentation basis
Demographic segmentation basis
Population features: age, gender, income, education, etc.
Geographic segmentation basis
Geographic segmentation basis
Geographic locations: countries, cities, climate, region
Psychographic segmentation basis
Psychographic segmentation basis
Personality, motives, lifestyle, opinions, values
Behavioural segmentation basis
Behavioural segmentation basis
Customers' relationship to the product
Why demographic most commonly used
Why demographic most commonly used
Data is easy to measure and collect
Psychographic segmentation challenge
Psychographic segmentation challenge
Variables difficult to accurately measure
Usage rate categories
Usage rate categories
Heavy, moderate, light users