Role Play by Consultative Salesman
Whenever you attend any sales seminar or workshops, in all probabilities you get to hear about consultative approach to selling. This buzz word has caught up in the recent past with all organizations. Historically business was always profit oriented and selling the product or service was more important for Organizations. Sales figures and bottom lines […]
Relationship Marketing Using the Internet
Introduction With the advent of the internet and big data analysis, organizations have been able to use relationship marketing and database mining as a powerful marketing tool. This combination of the internet, technology and relationship marketing is referred to as customer relationship management. Customer relationship marketing uses direct marketing, relationship marketing and database mining to […]
Broadening the Corporate Governance Agenda: The Corporate Social Responsibility
In recent years, there has been an increasing emphasis on governing corporations according to social and environmental norms and ensuring that the negative externalities associated with them are minimized. When we talk about negative externalities, what we mean are the social and environmental costs that corporations impose on society and which are not factored into […]
Porters Five Forces Model of Competition
Michael Porter (Harvard Business School Management Researcher) designed various vital frameworks for developing an organization’s strategy. One of the most renowned among managers making strategic decisions is the five competitive forces model that determines industry structure. According to Porter, the nature of competition in any industry is personified in the following five forces: Threat of […]
Leveraging Influencer Partnerships in Social Media Marketing
Love them or hate them, there’s no denying the impact that influencers have on consumers purchasing decisions. Heard about influencer partnerships but not sure where to get started or if it’s the right marketing strategy for your business? You’re in the right place. In this article, we cover everything you need to know about influencer […]
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.
The marketers divide the market into smaller segments based on gender. Both men and women have different interests and preferences, and thus the need for segmentation.
Organizations need to have different marketing strategies for men which would obviously not work in case of females.
A woman would not purchase a product meant for males and vice a versa.
The segmentation of the market as per the gender is important in many industries like cosmetics, footwear, jewellery and apparel industries.
Division on the basis of age group of the target audience is also one of the ways of market segmentation.
The products and marketing strategies for teenagers would obviously be different than kids.
Age group (0 - 10 years) - Toys, Nappies, Baby Food, Prams
Age Group (10 - 20 years) - Toys, Apparels, Books, School Bags
Age group (20 years and above) - Cosmetics, Anti-Ageing Products, Magazines, apparels and so on
Marketers divide the consumers into small segments as per their income. Individuals are classified into segments according to their monthly earnings.
The three categories are:
High income Group
Mid Income Group
Low Income Group
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.
Market segmentation can also be as per the marital status of the individuals. Travel agencies would not have similar holiday packages for bachelors and married couples.
Office goers would have different needs as compared to school/college students.
A beach house shirt or a funky T Shirt would have no takers in a Zodiac Store as it caters specifically to the professionals.
The basis of such segmentation is the lifestyle of the individuals. The individual’s attitude, interest, value help the marketers to classify them into small groups.
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.
Geographic segmentation refers to the classification of market into various geographical areas. A marketer can’t have similar strategies for individuals living at different places.
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.
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.
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