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Market segmentation is done to divide all over consumers present in the market into different groups. This can be done based on various factors and concepts. Market segmentation heads and organizations target their audience more effectively. If you are struggling with your market segmentation assignment, you can seek Market Segmentation assignment help from Professional experts in marketing.
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Market segmentation is a process of dividing the market into various groups based on similar characterization or other factors. Businesses segment their consumer markets to target more customers concerning the needs and wants that are portrayed by them. The market segmentation process is not easy when the market structure you are operating in is large.
Segmentation processes are conducted to increase the profitability of the organization and enhance its growth potential. The marketing mix is also prepared for different segments as required. Product differentiation and other segmentation concepts and included under market segmentation by marketers. It is easy to understand the concept of market segmentation as every customer is a different person and his need may vary from the other. Therefore, the market is segmented based on various concepts.
Market segmentation is done based on various factors some of them are as follows.
When the market is segmented divided based on the gender of the consumer then it is known as gender segmentation. The needs and preferences are different from those of women. Therefore, the segmenting of the market based on gender is preferable in the case of various industries. Clothing, food, photo, accessories, and cosmetic industries focus on adopting different Strategies for different genders. The process of segmenting the market based on gender is reliable as it creates more focus on the qualities of the product offered by the organization to a particular class of gender.
When the market is segmented based on the age it is known as age segmentation. It is to be understood that the marketing strategy adopted for a child cannot be the same as a marketing strategy adopted for a woman or adult. A market is segmented between various age groups for a teenager, adult, and children. Products are offered based on the segmentation and market strategies are all should build on age structure. Age structure categorization is often divided among three routes which are 0 to 10 years, 11 to 20 years, 21 To 35 years, and 35+ years.
Income group segmentation
The income of an individual varies from person to person and so that their consumption budget. It is the most important factor when it comes to influencing or restricting a person to buy a certain item or product. The market is segmented based on high-income group people, medium-income group people, and low-income people.Consumers who belong to the first category generally consume then the other two categories. Therefore, organizations focus on segmenting market structures and base of income to form Strategies and policies focusing on different income group people.
This categorization of segmentation is helpful as it helps in creating different packages and deals for bachelors and married couples. For instance, tourism packages for bachelors are different from married couples. Therefore, different strategies have been built by organizations for both categories.
Segmentation is also based on the occupation of individuals. Some consumers who are working in offices are studying in colleges; their needs are different from people who might be running a pastry business or a food restaurant. The market is segmented based on the occupation of people and strategies are prepared to target consumers in different ways.
All segmentation activities are conducted to attract more and more consumers and increase sales of the organization. Market segmentation also helps in the maximization of profit over time. Different strategies are used by the organization based on the segmentation processes chosen by the marketers.
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