1 0 obj The basis of such segmentation is the lifestyle of the individuals. In dividing or segmenting markets, researchers typically look for shared characteristics such as common needs, common interests, similar lifestyles or even similar demographic profiles. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. stream endobj © Management Study Guide Segmentation refers to a process of bifurcating or dividing a large unit into various small units which have more or less similar or related characteristics. A market segment is a small unit within a large market comprising of like minded individuals. Marketers divide the consumers into small segments as per their income. Geographic segmentation refers to the classification of market into various geographical areas. We are a ISO 9001:2015 Certified Education Provider. The individuals from the same segment respond in a similar way to the fluctuations in the market. Market Segmentation Market segmentation is the division of a market into different groups of customers with distinctly similar needs and product/service requirements. Market segmentation 223 globalization of business expands the scope of operations and requires a new approach to local, regional and global segments. Market Segmentation. Market segmentation is a much broader concept, however, and it pervades the practice of business throughout the world. The marketers divide the market into smaller segments based on gender. The loyalties of the customers towards a particular brand help the marketers to classify them into smaller groups, each group comprising of individuals loyal towards a particular brand. Nestle promotes Nescafe all through the year in cold states of the country as compared to places which have well defined summer and winter season. Division on the basis of age group of the target audience is also one of the ways of market segmentation. endobj Academia.edu is a platform for academics to share research papers. 3 0 obj •Market segmentation is customer-oriented. %���� So, market segmentation assumes that different segments require Marketer will identify the customer need and want then only decide if it is practical to develop marketing mix to satisfy those wants. Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference. A beach house shirt or a funky T Shirt would have no takers in a Zodiac Store as it caters specifically to the professionals. Market segmentation is a consumer-oriented process and can be applied to almost any type of market. •Develop strong positions in spealized market segment. The products and marketing strategies for teenagers would obviously be different than kids. The segmentation of the market as per the gender is important in many industries like cosmetics, footwear, jewellery and apparel industries. %PDF-1.5 <> Moreover, busi-nesses that have not traditionally embraced mar-keting in general or segmentation in particular, see it … Privacy Policy, Similar Articles Under - Market Segmentation, Difference between Market Segmentation, Targeting and Positioning, Marketing Mix Analysis for Entry of a Microwave Maker, Market Segmentation - Meaning, Basis and Types of Segmentation. Individuals are classified into segments according to their monthly earnings. Travel agencies would not have similar holiday packages for bachelors and married couples. A market segment comprises of individuals who think on the same lines and have similar interests. •The management can respond to meet changing market demand. Or to put it another way, market segmentation is the division of a mass market into identifiable and distinct groups or Segmentation seeks to complement consumers with products that satisfy their individual set of needs and behavior patterns. Stores catering to the higher income group would have different range of products and strategies as compared to stores which target the lower income group. Pantaloon, Carrefour, Shopper’s stop target the high income group as compared to Vishal Retail, Reliance Retail or Big bazaar who cater to the individuals belonging to the lower income segment. McDonald’s in India does not sell beef products as it is strictly against the religious beliefs of the countrymen, whereas McDonald’s in US freely sells and promotes beef products. •Management can do a better marketing job. One market segment is totally distinct from the other segment. 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