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Transcript of Market Segmentation
A market acronym is an abbreviation of a set of words to do with marketing.The words describe a target customer for a business or product.
Bank, the fashion shop, segments their market. They aim their clothes at teenagers and students, so they advertise specifically for them. On their website, for example, they had a summer discount on clothes for anyone who was a student. Because of the focus on youths, Bank only sell stylish products that their target audience will want to buy.
- High Volume, confectionery, food, cars, stuff.
- Wider range of goods (i.e 4x4 vehicles), social class, town, lifestyle?
- Other specified product. E.g. Machinery
What is it?
Market segmentation is a marketing strategy that involves dividing a broad target market into smaller target markets who have common needs and priorities, and then designing products specifically for them.
Segmentation by Sub-Group
The groups that companies may segment their market to, often products are made specifically for these groups.
Why do it?
- To identify target groups for specific products.
- it could lead to a wide range of differentiated products.
- DINKY (Double income, no youths)
- SINBAD (Single income, no boyfriend, absolutely desperate)
- FLY (Fun loving youth)
- VALS (Values, attitude and life-styles)
- By age
- By lifestyle
- By religion
- By geographical location
- By gender