What is Meant by the term “Market Segmentation”?
This phrase is extensively used to define all the components compiling which marketing finds its base. When his term is used, many of us think about the behaviours, lifestyles, psychographics, nature, values, needs, and multivariate cluster analysis. All these aspects deliver the base to carry out market segmentation which is known as a broad concept. Simply defining, “market segmentation” indicates the process of subdividing a market into some of its resemblance, commonality, or relationship. It also hints about the attributes that the market members have in common. The motive behind market segmentation is to invest all the marketing energy and force to create a clear subdivision (of the existing segment) in order to secure a better place in the market as compared to the other competitors.
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What are the Major Types of Market Segmentations?
The section below gives a detailed explanation and describes different types of market segmentation. These are:
- Geographic Segmentation – As the name indicates, in this a company segment the market by invading any of the restricted geographic area. This can exist and can be presented in multiple forms such as north versus south, urban versus rural, warm versus cold, seacoasts versus interior, high elevation versus low-elevation among others).
- Distribution Segmentation – This clearly explains that a company can reach to any part of market by following different distribution channels. Such segmentation commonly prevails among small companies that assign each channel with a specific product to gain far-reaching distribution within that specific channel.
- Media Segmentation – This segmentation is rare but quite possible. This hints that different media channels can have better potential to tap customers of different nature. it is mostly employed by companies having great hold over media.
- Price Segmentation – Quite clear from the heading, such segmentation indicates the production of goods that fall within all price ranges i.e. less, medium and high for respective affordability. Companies need to develop substitutes that can have respective qualities so that it can easily afforded by the customers.
- Demographic Segmentation – This component among all types of market segmentation hints that sellers study the market and classifies the buyers with respect to their gender, housing type, age, income, and education level.
- Time Segmentation – Again a rare kind of segmentation, this hints that companies must make their businesses operate for extended / odd hours to cater to untimely / seasonal demands of buyers. A common example, is the opening of a departmental store at midnight to facilitate late shoppers at the time of Christmas, New Year etc.
- Occasion-Based Segmentation – This concept outlines the fact that different buyers have a tendency to respond and react to different products in a different manner at different occasions. A regular dinner is always different from a Thanksgiving dinner, so the need for food products will change on that occasion.
Apart from the above-listed segmentation, other types of market segmentations cater to special interest groups, different hobbies, political affiliation, religion among others.
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