Analyzing Social Class For Effective Market Segmentation🔍👨👩👧👦
Social class in marketing helps understand consumer behavior. It is determined by factors like occupation, possessions, interactions, education, and influence.
Segmentation, Targeting and Positioning Process (STP Model)
A successful marketing plan needs proper segmentation, targeting, and positioning. The process of segmentation, targeting, and positioning is called STP Model ((segmentation, targeting, and positioning). For a brand and its products to be successful, the marketer needs the identify the segments of the market and understand under which bases each segment falls. Once the segments…
4 Types of Market Segmentation: Bases of Consumer Market Segmentation
A market segment means a homogeneous group consisting of buyers who seek the same offering. In market segmentation, the aim is not merely to divide the market into sub-classes based on product differentiation but to distinguish want categories that correspond to the distinct demands of various groups in the market. For proper market segmentation, the…
Market Segmentation: Meaning, Bases, Types, Levels, Importance
Market segments refer to the sub-classes of the market reflecting sub-classes of wants and the process of conceptually distinguishing segments is known as the process of market segmentation.
Business Market Segmentation
Business markets need to be segmented like consumer markets geographically or by benefits sought, user status, usage rate, and loyalty status. Some additional variables are also used for segmenting business markets. These are Business Market Segmentation bases; Customer demographics (industry, company size), operating characteristics, purchasing approaches, situational factors, and personal characteristics. The table below examples…