The Global Village: Media in the 21st Century
The legendary media theorist, Marshall McLuhan, coined the term “The Global Village” to indicate the mass production and the mass consumption of media images and content across the world. The term denotes the coming together of the countries of the world in one gigantic web of media landscapes. To take an example, the popular US […]
How to Maintain Competitive Edge in Service Industry
In the present times, doing business has become an extremely competitive game. This is true not only for the product industry but to the service industries as well. In case of service industry, the competition to be at the top and be the market leader is tougher simply because of the fact that service is […]
Solution Based Approach for Profits and Revenue
Sustaining success in business is a big challenge for organizations. In order to continue to be successful and sustain leadership position, the organizations have got to keep re-inventing their service offer and the value proposition to their customers. This calls for continuous investments into R&D, creating new products and services, increasing the value proposition of […]
Business Policy – Definition and Features; Difference between Policy and Strategy
Definition of Business Policy Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions. Business policies are the guidelines developed by an organization to […]
Desk Research – Methodology and Techniques
As depicted by name Desk Research is the research technique which is mainly acquired by sitting at a desk. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges […]
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.
Your email address will not be published. Required fields are marked *
