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Socioeconomic Market Segmentation
Transcript of Socioeconomic Market Segmentation
What is socioeconomic market segmentation?
It is the division of the market according to a mixture of occupation and income.
Each socio-economic group (A-E) has broadly similar characteristics, which infer taste, lifestyle and level of disposable income.
Psychographic VS Socioeconomic
The psychographic approach focuses on
the customer has chosen to purchase the particular product or service. In other words, what has motivated them to make the decision to buy?
Example: Luxury items; bought to pamper oneself or a loved one.
What are the different socioeconomic groups?
Business may use the socioeconomic segmentation in order to tailor their products accordingly, along with the psychographic one in order to achieve effective marketing.
Occupations: Higher Managerial, administrative or professional.
About 3% of the population.
Occupation: Intermediate Managerial, administrative or professional.
About 14% of the population.
Lower Middle class.
Occupations: Supervisors, clerical, junior managers, administrative or professional.
About 27% of the population.
Lower Middle Class.
Occupation: Skilled Manual Workers.
About 25% of the population
Occupations: Semi-skilled, unskilled workers.
About 19% of the population
Lowest level of subsistence.
Occupations: pensioners, widows, casual or lower-grade workers.
About 12% of the population
Real life example of the employment of socioeconomic market segmentation:
use socio-economic groups to target potential readers.
targets socioeconomic groups A & B.
Sophisticated choice of vocabulary & layout.
targets groups C-E.
Simple and easily understandable.
-Business studies online A2 notes
-Types of Market segmentation (www.oup.com)
Prepared by: Marwa Sharaky - 12FA