– very specific, niche and are priced high.

–         Age- consumer’s wants and needs change with their age, even though the basicfunctionality of the product is same, the wants are different. For examplemobile phone for teenagers and for businessman will have differentfunctionalities. –         Familylife cycle – in every family, needs and wants are changing when the stage onwhich the family is located changes.

This segmentation categorises bachelors,married couples, double income no kids. For example family with young childwill be interested in buying baby foods, dolls and nappies but after a fewyears, this same family will be interested in buying different goods forexample bicycle, scooter or piano. –         Education-there are products which are very specific for specialists and groups of peoplewith this same educational qualification. An example stethoscopes are only fordoctors and only doctors and hospitals will buying this product. –         Income-customers are divided depending on their income and purchasing power.

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Incomesegmentation is best suited for products which are very specific, niche and arepriced high. For example Ferrari or BMW are products for customers with highincome.-         Religion- classifies and identify people having similar religious beliefs. Beliefs andvalues are shaped by the religion and can be significant for products thatclash or support these rules.-         Socialclass – divides society into six groups based solely on occupation (forexample: professional staff, junior management). It works on the assumptionthat the higher your profession the higher the income and more affluent thelifestyle.

An example of products for specific segment can be expensive suitfor professional staff member.  MarketSegmentation is a useful method used to cut costs and boost their conversions.It allows a company to be specific in their planning and provide betterresults. It helps a business to target the niche user base by making smallersegments.TargetingTargetingis deciding which possible client groups the company will focus on. Targetingcomes after marketing segmentation, it is a second step. A targeting strategyhelps an organisation be more selective about who they are marketing theirproducts to.

Targeting is important for finding customers that are the bestmatch for a company’s products. The marketing strategies can target more thantwo segments and different massages in the same campaign for different segments.Then after that starts third step – positioning. It is how a company alignsits brand or products in the target market. The goal is to offer something thatis better than competitors to a particular market segment.

The MarketSegmentation and Targeting help to identify groups of customers who havesimilar needs and wants. Targeting helps a company to find the best way ofoffering products or services to those customer groups in a way which is themost attractive to them. 

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