Home Research Papers– buying baby foods, dolls and nappies but after

– buying baby foods, dolls and nappies but after

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Age
– consumer’s wants and needs change with their age, even though the basic
functionality of the product is same, the wants are different. For example
mobile phone for teenagers and for businessman will have different
functionalities.

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Family
life cycle – in every family, needs and wants are changing when the stage on
which the family is located changes. This segmentation categorises bachelors,
married couples, double income no kids. For example family with young child
will be interested in buying baby foods, dolls and nappies but after a few
years, this same family will be interested in buying different goods for
example bicycle, scooter or piano.

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Education-
there are products which are very specific for specialists and groups of people
with this same educational qualification. An example stethoscopes are only for
doctors and only doctors and hospitals will buying this product.

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Income-
customers are divided depending on their income and purchasing power. Income
segmentation is best suited for products which are very specific, niche and are
priced high. For example Ferrari or BMW are products for customers with high
income.

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Religion
– classifies and identify people having similar religious beliefs. Beliefs and
values are shaped by the religion and can be significant for products that
clash or support these rules.

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Social
class – divides society into six groups based solely on occupation (for
example: professional staff, junior management). It works on the assumption
that the higher your profession the higher the income and more affluent the
lifestyle. An example of products for specific segment can be expensive suit
for professional staff member.

 

Market
Segmentation is a useful method used to cut costs and boost their conversions.
It allows a company to be specific in their planning and provide better
results. It helps a business to target the niche user base by making smaller
segments.

Targeting

Targeting
is deciding which possible client groups the company will focus on. Targeting
comes after marketing segmentation, it is a second step. A targeting strategy
helps an organisation be more selective about who they are marketing their
products to. Targeting is important for finding customers that are the best
match for a company’s products. The marketing strategies can target more than
two segments and different massages in the same campaign for different segments
.Then after that starts third step – positioning. It is how a company aligns
its brand or products in the target market. The goal is to offer something that
is better than competitors to a particular market segment. The Market
Segmentation and Targeting help to identify groups of customers who have
similar needs and wants. Targeting helps a company to find the best way of
offering products or services to those customer groups in a way which is the
most attractive to them. 

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