Market Segmentation

There is no single best way to segment a market.

4 Way of segmentation

1)Geographic Segmentation
The market is divided into different geographical units according to
-countries
-cities
-state
-areas
-regions
-neighbourhood
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Most marketers will operate in more than one geographical areas and localise their products,advertising,promotions and sales efforts to fit the needs of respective geographical areas.

2)Demographic Segmentation
-The market is grouped by
-age
-gender
-family size
-family life cycle
-income
-occupation
-education
-religion
-race
-nationality
-blah blah blah~
Since there is a relationship between these factors and the consumers wants and needs,this method is the more popular bases for segmentating customers.

3)Psychographic Segmentation
The division is baseed on
-social class
-lifestyle
-personality characteristics
-This want no blah blah blah~
Gaining popularity because lifestyle and personality affects people's interest in different goods although they may be in the same demographic class.

4)Behavioural Segmentation
This involves dividing a market into groups based on
-consumer knowledge
-attitude
-uses
-responses to a product
-This want also no blah blah blah~
For example,in user status segmentation,we look into ex-users,potential users,first-time users and regular users.In usage rates,the categories might be light,medium or heavy while loyalty status examine the loyalty of consumers to brands,stores and companies.

Business buyers can also be segmented according to the above variables.However,there are additional unique variables to the business customers such as segmenting them according to their
-industry
-company size
-operating characteristics
-purchasing approaches
-blah blah blah