Market Segmentation

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Angela White

Market Segmentation 1302012 104400 PM Market Segmentation y Dividing a market into smaller groups of buyers with distinct needs characteristics or behaviors that might require separate marketing strategies or mixes y Marketing targetingevaluation each market segments attractiveness and selecting one or more market segments to enter y Differentiationinvolves actually differentiating the firms marketing offerings to create superior customer value y Positioningarranging for a market offering to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumersSegmenting Consumer Markets y Geographic segmentation o Dividing the market into different geographical units such a nations regions provinces counties cities and neighborhoods o Many companies today are localizing their products advertising promotion and sales effortsHome Depot making junior stores o Other companies are seeking to cultivate asyetuntapped geographic territory y Demographic segmentation o Divides the market into groups based on variables such as age gender family size family life cycle income occupation education religion race generation and nationality o Most popular bases for segmenting customer groups o Customer needs wants and usage rates often vary closely with demographic variables o Easier to measure than most other variables o Age and life cycle segmentationOffering different products or suing different marketing approaches for different age and life cycle groupsMarketers must be careful to guard against stereotypes when using this segmentation method o Gender segmentation
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