In different stages, family purchasing power and interest in particular goods and services vary greatly. To distinguish between different personality, there is a strong correlation between the premise and specific personality with the product or brand choice, so personality can become the market segments of the psychological variables.
Start with web-based resources, such as the Nielsen PRIZM lifestyle reports, which examine the lifestyles of segmented social groups. Psychographic analysis delves into the motivational aspects of buying behavior to provide insight into "why" people buy a particular product or service.
Why might it be advantageous to create low-cost products for developing countries and then sell them in nations such as the United States? Geographic[ edit ] Geographic segmentation is the process of dividing the total market according to geographic location, for instance region urban, suburban, rural, city sizeclimate and land type.
Finally, you want to develop positioning strategies that communicate unique product or service benefits, which are relevant to those individual target audiences. You can also create your own survey using the resources of online survey service providers. Take the cosmetics maker Avon.
By using these tools and skills the company is then able to implement their strategy consistently. It classifies target markets by psychological factors such as lifestyles, interests, beliefs, opinions, attitudes, interests and behavior.
Behavioral segmentation — occasions, degree of loyalty Product-related segmentation — relationship to a product  Market segmentation divides the market into four main sub categories — demographic, geographic, psychographic and behavioural segmentation.
Low wages, life is just at the poverty line, the pursuit of wealth but no skills. Demographic[ edit ] Demographic segmentation is the process of dividing the total market according to particular characteristics such as age, gender, family size, family life cycle, income, occupation, education, religion, race, and nationality.
Review Questions What factors does a firm need to examine before deciding to target a market? Acquiring the Data There is an abundance of demographic data in the public domain that is readily available at little or no cost. Targeting Global Markets Firms that compete in the global marketplace Target market discussion use any combination of the segmenting strategies or none at all.
Pizza Hut has franchises around the world, but its products, packaging, and advertising Target market discussion tailored to different markets. IKEA, the Swedish home-furnishings maker, eventually left Russia because it found it too hard to do business there. Using the benefit segmentation method, what must be determined is the benefit people are seeking for, who are seeking these benefits, how important to them these benefits are, what brand can offer these benefits, what benefits have not been met.
By creating a unique product it allows for a gap in the market to be filled or a new market to be created increasing profits for the company. In response, astute marketers are abandoning mass marketing techniques to focus on people who actually want what they sell. Price can also be used as a means to advertise, short stints of lower prices increase sales for a short time promoting the company.
Today, many consumers does not only buy goods to meet the material needs, it is more important to show the performance of their lifestyle, to meet the psychological needs, such as identity, status, and the pursuit of fashion.
Psychographic — Attitudes, values, religion, and lifestyles. Market segmentation is an effective tool for marketers and is said to be a fundamental concept in modern marketing. Psychological studies have seen trends in certain traits displayed by individuals.
Marketers generally agree that aspirations are more predictive of buying behavior than demographic data. Many internet users are unaware of the amount of information being taken from them as they browse the internet.
The differences can include quality, look, brand name or size. Behavioural Behavioural segmentation is the division of the market based on how individuals react or respond to a product. Everyone has a unique personality affecting their buying behavior. Niche marketing involves targeting an even more select group of consumers.
This could be divided into countries, cities, towns and neighborhoods etc. Consumers of different ages have different demand characteristics.View Homework Help - Target market Discussion from MARKETING at Ivy Tech Community College of Indiana.
A brief (one paragraph) discussion of the product. Remember, this product or service. View Notes - Discussion 2A Target Market Profile from BUSINESS mg at Globe University, Minneapolis.
Target Market. Definition: A specific group of consumers at which a company aims its products and services. Your target customers are those who are most likely to buy from you.
Resist the. The Discussion And Rationale Of The Target Market Marketing Essay.
Print Reference this. Published: 23rd March, Target Market Identification. Discussion/Rationale of the Target Market. Target marketing is a three-step process.
The first step is to describe and profile distinct customer groups -- market segments -- that may respond to different product or service offerings or to a unique communication message and media mix. Jul 03, · How to Write a Target Market Analysis.
Writing a strong target market analysis can help you use your marketing funds more effectively. By analyzing your audience, you identify the most important characteristics about them and use that 90%(19).Download