Basis of segmentation

Rather than offer the same marketing mix to vastly different customers, market segmentation makes it possible for firms to tailor the marketing mix for specific target markets, thus better satisfying customer needs. Not all elements of the marketing mix are necessarily changed from one segment to the next. For example, in some cases only the promotional campaigns would differ.

Basis of segmentation

On the one extreme, some consumers adopt the product as soon as it becomes available. On the other extreme, some consumers are among the last to purchase a new product.

As a whole, the new product adoption process can be modeled in the form of a bell-shaped diffusion curve similar to the following: New Product Diffusion Curve Defining bins one standard deviation wide about the mean, five different product adoption groups can be defined: Innovators - well-informed risk-takers who are willing to try an unproven product.

Innovators represent the first 2. Early adopters - based on the positive response of innovators, early adopters then begin to purchase the product. Early adopters tend to be educated opinion leaders and represent about Early majority - careful consumers who tend to avoid risk, the early majority adopts the product once it has been proven by the early adopters.

Examples of Marketing Segmentation

They rely on recommendations from others who have experience with the product. Late majority - somewhat skeptical consumers who acquire a product only after it has become commonplace.

Laggards - those who avoid change and may not adopt a new product until traditional alternatives no longer are available. For this discussion, the term "consumers" represents both individuals and organizations.

The rate of adoption depends on many factors, including:AutoDSA. AutoDSA provides marketing insight into the race, age, gender, income group and location of buyers across South Africa.

AutoDSA is updated daily with new information on who is buying vehicles, allowing all interested parties to have an always up-to-date picture of . Marketing > Segmentation.

Understanding market segmentation bases/variables. Probably the best approach to understanding the different segmentation bases is to view some examples, which are listed in the table below. Following are the specific categories of all vehicles sold in India as outlined by the Society of Indian Automobile Manufacturers (SIAM). Market segmentation is the activity of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles or even.

Market Segmentation. Market segmentation is the identification of portions of the market that are different from one another. Segmentation allows the firm to better satisfy the needs of its potential customers.

Basis of segmentation

Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.

A market segment is a small unit within a large market comprising of like minded individuals. Our sales were going through the roof and it made everyone happy and excited to be part of our company.

Market Segmentation - Meaning, Basis and Types of Segmentation

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Summary. This annex describes guidelines for determining default segmentation boundaries between certain significant text elements: grapheme clusters (“user-perceived characters”), words, and sentences.

Market Segmentation - Meaning, Basis and Types of Segmentation