This category only includes cookies that ensures basic functionalities and security features of the website. It is mandatory to procure user consent prior to running these cookies on your website. If demographic segmentation is one of the most popular methods of market segmentation today, it is because of certain benefits, which make it the first choice for various firms. This is probably the most popular market segmentation out there. Coupled with one or more of the other segmentation methods, it’s a great way to further narrow down your potential customers. Necessary cookies are absolutely essential for the website to function properly. The only way to do this successfully is through market segmentation. By creating a strategy that speaks to the different age groups, you’ll be better able to meet their needs. This market segmentation strategy aims at understanding the prospective market, and taking necessary steps to ensure that the needs of a targeted group are fulfilled. All socioeconomic classes are targeted as part of the segmentation of Nike’s demographics. If people from the 15-25 age group form a major chunk of the potential customers, the manufacturer is more likely to opt for a sleek, trendy design. Furthermore, he may even decide to use the gender variable and come up with the idea of black, or blue handsets for guys and pink, or red for girls. process of dividing your market into segments based on things like ethnicity It is a type of market segmentation that helps businesses to understand their consumers better and meet their needs, effectively. Because each segment is fairly homogeneous in their needs and attitudes, they are likely to respond similarly to a given marketing strategy. With the help of segmentation, companies are able to cater to needs and requirements of each group appropriately. There are several advantages in using demographic variables for segmentation purposes, these include: 1. Occupation For example, a company Victoria’s Secret deals in designing and marketing women lingerie and beaut… must be taken into account when. In this segmentation strategy, it is usually believed that all the individuals belonging to a particular ‘group’ have the same needs, which is not necessarily the case. Age, gender, and income are all examples of _____ segmentation variables. In some instances, the life cycle stage is considered as a separate demographic segment because it defines the specific needs of the consumers within a certain phase of life. An example can be that of a cell phone manufacturer segmenting the potential market with age as the variable. ... examples of consumer segmentation that. Here are some examples of market segmentation to prove this point. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience. Nike target consumer from 15 to 40 years of age. Audience segmentation is an effective marketing formula that can have real benefits, provided you manage to segment the audience in a way that works for the messaging. There will be a difference in income, buying patterns, as well as interests and values. Here is a quick overview of some examples of how to segment a market. This first segmentation example uses age group (demographics) and then benefits sought to construct nine different market segments. Gender 4. Gen Xers are a busy generation, with childcare and paying mortgages and college tuition. Now you know the differences between marketing to different age groups. The age of the customers is a general indicator of how appealing certain goods and services are to them. Age- and gender-based market segmentation studies have appeared frequently in the travel literature. The two prominent advantages of this segmentation strategy are –. Various strategies of market segmentation are put to use by firms nowadays, and ‘demographic segmentation’ seems to be the most sought after of them all. The final segment design is quite clear to staff – people can easily understand what a young familysegment looks like, but may have some difficulty visualizing psychographic segments 5. In this way, an organisation may develop different products and different marketing approaches for school children, teens, young … Market segmentation- is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. Apple Inc Report contains a full analysis of Apple segmentation, targeting and positioning and Apple marketing strategy in general. Many different traits exist, but how a companychooses to divide its customers depends on the common traits identified by thecustomers and also, what the company is selling. Nike targets households and teens that have a particular desire to look athletic and fashionable at the same time. Blogging and being active on social media will allow you to educate your audience and engage with them. This is an example of _____ segmentation. Companies segment customers into one orseveral psychographic traits. An example can be that of a cell phone manufacturer segmenting the potential market with age as the variable. For example, a vitamin manufacturer may offer a children’s formula for ages 4-12, a vitamin specially formulated for young teenagers, an adult version for adult men and women, and a high-energy formula for people over age 50. Togetherenables companies to choose the right market for your target market based on:! Is based on such demographic variables in marketing, segmentation based on such demographic variables, the of... The same time with Relevant examples, we can expect more kinds of grouping may also see successful campaign... 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