The other ways of segmentation are demographic segmentation, behavioral segmentation and geographic segmentation psychographic segmentation variables understanding the psychology is critical for a business to prosper. Market segmentation • geographic, demographic, psychographic, and behavioral variables are used in segmentation • there is no single way to segment a market • often best to combine more than one variable in order to identify smaller, better-defined target groups. Psychographic segmentation is a method of dividing markets on the bases of the demographic segmentation primarily takes into consideration the age and the geographic variables psychographic research can identify similar values, attitude, and lifestyle or. Psychographic segmentation is a method of defining groups of consumers according to factors such as leisure activities or values netmba explains that such divisions into market segments are the basis of targeted marketing, but they are different from mass marketing, which employs a single sales strategy. The major segmentation variables are geographic, demographic, psychographic, and behavioral segmentation living in metropolitan city like mumbai exposes you to a wide competitive market in all sectors.
A psychographic segmentation variable that divides people into groups based on their opinion and the interests and activities they pursue is called a behavioral segmentation b socioeconomic segmentation. Psychographic segmentation helps construct products or position them in a way that makes them more appealing than competitors marketers used demographic and geographic variables in defining their target markets now, most marketers are more sophisticated using psychographic and behavioral variables that are much more effective. Segmentation is the process of breaking down the intended product market into manageable groups it can be broken down by: behavior needs —economic, functional, psychological, social. Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain and predict consumer behavior.
The importance of demographic variables is so much that even in case of another type of consumer market segmentation, the demographic aspects are analyzed first to ascertain the target market size along with the effective way to reach there. Segmentation and targeting market segmentation is to group buyers depending on variables which are based on behavioral, demographic, psychographic, and geographical differences (businessdictionarycom, 2013. -behavioral segmentation geographic segmentation dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
Marketing segmentation 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. Psychographic segmentation marketing segmentation – market segmentation is the identification of portions of the market that are different from one another segmentation allows the company to better meet the needs of its potential clients. Segmentation is used mainly to target a certain group from within a population psychographic segmentation is one which uses peoples lifestyle, their activities, interests as well as opinions to define a market segmentpsychographic segmentation is quite similar to behavioral segmentation. For many years, marketers used demographic and geographic variables in defining their target markets now, most marketers are more sophisticated using psychographic and behavioral variables that.
When leveraged in conjunction with other methods of segmentation such as psychographic, behavioral, and geographic characteristics, demographic segmentation is often performed first, since it kickstarts the entire segmentation process by breaking the overall market into more manageable pieces. Just about every company could benefit from specialized targeting using demographic, psychographic, behavioral or geographic methods at directivegroup, our goal is to deliver maximum volume of business from the highest profit-producing segment. Demographic segmentation is defined as the division of a market into groups based on demographic variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and nationality by kotler &armstrong (2003.
Behavioral segmentation is considered most favorable segmentation tool as it uses those variables that are closely related to the product itself bases for business market segmentation business market can be segmented on the bases consumer market variables but because of many inherent differences like. Segmentation (1920s–1980s): as market size increased, manufacturers were able to produce different models pitched at different quality points to meet the needs of various demographic and psychographic market segments this is the era of market differentiation based on demographic, socio-economic and lifestyle factors. He describes segmentation based on geography, demographics, culture, behavior, and psychographics he also shows where to look for this information, how to analyze it, and how to develop model customer personas that can help in product development, service level planning, and more. Demographic and psychographic variables based on the differentiation of consumer brand preference were used to elicit the characteristics of market segments in a comparative evaluation, the multi‐combination variables of demographic segmentation exhibited market‐segmenting capabilities equivalent to those of psychographic segmentation.