Quick Answer: What Are The 4 Segmentation Variables?

Quick Answer: What Are The 4 Segmentation Variables?

Generally, there are four approaches to segmenting the market: Demographic.

Geographic.

Psychographic.

Behavioral.

What are the 4 types of market segmentation?

Four types of market segmentation

  • Geographic segmentation. Geographic segmentation targets customers based on a predefined geographic border.
  • Demographic segmentation.
  • Psychographic segmentation.
  • Behavioral segmentation.

What are the segmentation variables?

Demographic segmentation divides the market on the basis of demographic variables like age, gender, marital status, family size, income, religion, race, occupation, nationality, etc. This is one of the most common segmentation practice among the marketers.

What are the four major segmentation variables for consumer markets?

The four major sets of variables that might be used in segmenting consumer markets are the following:

  1. Geographic – A geographic variable consists of matters of location, population density, and/or climate.
  2. Demographic – A demographic variable is something like their age, gender, occupation, religion, or income.

What variables are used to segment target markets?

The factors which are be used to segment a market are the segmentation variables. Common variables include demographic, geographic, psychographics and behavioural considerations. Quantifiable population characteristics, such as age, gender, income, education, family situation.

How do you identify market segments?

Here are three steps to follow when identifying your market:

  • Identify Why A Customer Would Want To Buy Your Product/Service.
  • Segment Your Overall Market.
  • Research Your Market.

How do you identify your target market?

Here are some tips to help you define your target market.

  1. Look at your current customer base.
  2. Check out your competition.
  3. Analyze your product/service.
  4. Choose specific demographics to target.
  5. Consider the psychographics of your target.
  6. Evaluate your decision.
  7. Additional resources.

What is segmentation example?

Market segments are known to respond somewhat predictably to a marketing strategy, plan or promotion. For example, common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic and behavioral.

How do you do segmentation?

There are 4 main stages that need to be considered when implementing or revising your market segmentation plan:

  • Objective Setting. Set segmentation objectives and goals.
  • Identify Customer Segments. Research design.
  • Develop Segmentation Strategy. Select target segment.
  • Execute Go-To-Market Plan (launch plan)

What are the consumer segmentation variables?

Demographic segmentation divides the markets into groups based on variables such as age, gender, family size, income, occupation, education, religion, race and nationality. Demographic factors are the most popular bases for segmenting the consumer group.

What is segmentation process?

Steps in Market Segmentation. Segmentation refers to the process of creating small segments within a broad market to select the right target market for various brands. A market segment consists of individuals who have similar choices, interests and preferences.

What is basic market segmentation?

The firms can segment the market on the following bases: Demographic Segmentation: The demographic segmentation means dividing the customer market on the basis of several variables such as age, sex, gender, occupation, income, education, marital status, family size, community, social status, etc.

What are the requirements for effective segmentation?

The requirements for effective market segmentation are as follows: a) Measurable: The size, needs, purchasing power, and characteristics of the customers in the segment should be measurable. Quantification should be possible. b) Divisible: The segments should be differentiable.

How do you identify customer segments?

Here are some valuable things you can do with segmentation analysis:

  1. Identify the most and least profitable customers.
  2. Better focus marketing efforts.
  3. Improve customer service.
  4. Build loyal relationships.
  5. Price products differently.
  6. Develop better products.
  7. Create personas.
  8. Customize features.

How do you identify customers?

Here are some tips to help you find your business’s ideal customers:

  • Define your product or service from the customer’s point of view.
  • Define the ideal customer for what you sell.
  • Determine the specific benefits your customer is seeking in buying your product.
  • Determine the location of your exact customer.

What are the three market segmentation strategies?

Five major segmentation strategies are (1) behavior segmentation, (2) benefit segmentation, (3) demographic segmentation, (4) geographic segmentation, and (5) psychographic segmentation.

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