The concept of market segment is based on the fact that the market of commodities are not homogeneous but they are heterogeneous. • Market represent a group of customer having common characteristics but two customer are never common in their nature, habits, hobbies income and purchasing techniques.
MEANING
Market Segmentation is a method of “dividing a market (Large) into smaller groupings of consumers or organizations in which each segment has a common characteristic such as needs or behavior.”
GEOGRAPHIC SEGMENTATION
Divide the market into different group based on : •Region – South India , North , Western Region, East • City – metro cities, cities with population more than 1 million •World •Density •Climate •States
THIS IS EXAMPLE OF THE GEOGRAPHIC SEGMENT:
Globally, Sell Burgers Aimed At Local Markets, For Example, Burgers Are Made From Lamb In India Rather Then Beef Because Of Religious Issues. In Mexico More Chili Sauce Is Added And So On.
• Region • Urban/Rural
• Locality
Demographic Segmentation
• AGE
• GENDER
• EDUCATION • INCOME • FAMILY SIZE • FAMILY LIFE CYCLE • RELIGION
The Market Can Be Segmented on sociological factors.
• Cultural Influences
• Influence Of Social Class
• Influence Of Reference Group
• LIFE-STYLE
• PERSONALITY
• Usage Rate • User Status • Buying Motives
Conclusion
People
do not always fall into neat segments.
Those
who do often act differently from others in their segment. is only a tool. Never stop observing and questioning.