So, do you let that visitor go? You instead ask them to subscribe to your newsletter for further offers. We are living in an age where communication happens mostly online. And there is no doubt that emails have always been the most preferred way to initiate a one-to-one conversation or connection.
Simple though it may be, it Market segmentation of esprit of vital use to forming any marketing plan. What is Market Segmentation? Market Segmentation is a process of dividing the market of potential customers into different groups and segments on the basis of certain characteristics. The member of these groups share similar characteristics and usually have one or more than one aspect common among them.
There are many reasons as to why market segmentation is done. One of the major reasons marketers segment market is because they can create custom marketing mix for each segment and cater them accordingly. The concept of market segmentation was coined by Wendell R.
Present-day market segmentation exists basically to solve one major problem of marketers; more conversions. More conversion is possible through personalized marketing campaigns which require marketers to segment market and draft better product and communication strategies according to needs of the segment.
These bases range from age, gender, etc. Gender Gender is one of the most simple yet important bases of market segmentation. The interests, needs and wants of males and females differ at many levels.
Thus, marketers focus on different marketing and communication strategies for both. This type of segmentation is usually seen in the case of cosmetics, clothing, and jewellery industry, etc. Age group Segmenting market according to the age group of the audience is a great strategy for personalized marketing.
Most of the products in the market are not universal to be used by all the age groups. Hence, by segmenting the market according to the target age group, marketers create better marketing and communication strategies and get better conversion rates. Income Income decides the purchasing power of the target audience.
It is also one of the key factors to decide whether to market the product as a need, want or a luxury. Marketers usually segment the market into three different groups considering their income.
Place The place where the target audience lives affect the buying decision the most. A person living in mountains will have less or no demand for ice cream than the person living in a desert.
Occupation Occupation, just like income, influences the purchase decision of the audience. A need for an entrepreneur might be a luxury for a government sector employee.
Usage Product usage also acts as a segmenting basis. A user can be labelled as heavy, medium or light user of a product. The audience can also be segmented on the basis of their awareness of the product.
Lifestyle Other than physical factors, marketers also segment the market on the basis of lifestyle.
Lifestyle includes subsets like marital status, interests, hobbies, religion, values, and other psychographic factors which affect the decision making of an individual. Types of Market Segmentation Geographic Segmentation Geographic segmentation divides the market on the basis of geography.
This type of market segmentation is important for the marketers as people belonging to different regions may have different requirements.
For example, water might be scarce in some regions which inflates the demand for bottled water but, at the same time, it might be in abundance in other regions where the demand for the same is very less.
People belonging to different regions may have different reasons to use the same product as well. Geographic segmentation helps marketer draft personalized marketing campaigns for everyone. Demographic Segmentation Demographic segmentation divides the market on the basis of demographic variables like age, gender, marital status, family size, income, religion, race, occupation, nationality, etc.
This is one of the most common segmentation practice among the marketers. It is believed that the knowledge of the product and its use affects the buying decision of an individual. People can be labelled as brand loyal, brand-neutral, or competitor loyal.
They can also be labelled according to their usage. Psychographic Segmentation Psychographic Segmentation divides the audience on the basis of their personality, lifestyle and attitude.
This segmentation process works on a premise that consumer buying behaviour can be influenced by his personality and lifestyle. Lifestyle is how a person lives his life.
Personality and lifestyle influence the buying decision and habits of a person to a great extent. A person having a lavish lifestyle may consider having an air conditioner in every room as a need, whereas a person living in the same city but having a conservative lifestyle may consider it as a luxury.Among those marketing strategy applied by the companies, one is STP (segmentation, targeting, positioning) ANALYSIS.
Here, STP analysis is done for a company which has got the highest market share in the watch market of India and it is TITAN.5/5(9). Ethiopia - Itm Scandinabian Impression, Dokyniels LAN, Trio Montmart, Nils Dorkey Trio The Three Little Pigs, Moira Butterfield At School, James Nixon Tricks, Scams and Practical Jokes, Geoff Tibballs Working Indie - The .
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Adverity is an online marketing data analytics and reporting platform. Advertisers and marketing agencies use the platform to analyse real-time data from multiple popular marketing tools alongside offline data – such as Excel spreadsheets – to deliver insights into their marketing activities.