# What is market segmentation?
Ans: - Dividing a market into smaller groups of buyers with separate needs, characteristics or behavior who might require separate products on marketing mixes.
# Bases & causes of segmenting consumer & business market. (Syllabus item)
Ans:- There is no single way to segment a market therefore the marketer tries different variables to see which give the best segmentation opportunities. For consumer marketing the major segmentation variables are geographic, demographic, psychographic & behavioral.
Geographic segmentation: - In geographic segmentation the market is divided into different geographical units such as nations, regions, states, countries, cities or neighborhoods.
Demographic segmentation: - In demographic segmentation the market is divided into groups based on demographic variables including age, gender, family size, family life cycle, income, occupation, education, religion, race, generation & nationality.
Psychographic segmentation: - In psychographic segmentation the market is dividing into different groups based on social class, lifestyle or personality characteristics.
Behavioral segmentation: - In behavioral segmentation the market is divided into groups based on consumer’s knowledge, attitudes, uses or responses to a product.
Business market uses many of the same variables to segment their markets. But business market also can be segmented by business consumer demographic, operating variables, purchasing approaches, situational factors & personal characteristics –
1. Demographics: - Including industry, company, location etc.
2. Operating variables: - Including technology, user – nonuser, customer capabilities.
3. Purchasing approaches: - Including purchasing function organization, power structure, nature of existing relationship, general purchases policies, purchasing criteria.
4. Situational factors: - Including urgency, specific application, size of order.
5. Personal characteristics: - Including buyer – seller similarity attitudes forward risk, loyalty.
# Requirements of effective segmentation. (Syllabus item)
Ans: - Clearly, there are many ways to segment a market but not all segmentations are effective. To be useful segments must be –
1. Measurable: - Size, purchasing power, profile of segment can be measured
2. Accessible: - Segments must be effectively reached and served.
3. Substantial: - Segments must be larger or profitable enough to serve.
4. Differential: - Segments must be responding differently to different marketing mix elements and actions.
5. Actionable: - Effective programs can be designed for attracting and serving the segments.
# What is target marketing?
Ans: - The process of evaluating each market segments attractiveness & selecting one or more segments to enter.
# Evaluating market segments. (Syllabus item)
Ans: - A total market has many segments. Really, this market has many subs – market. Every market are not same. In this market customers demand their like – dislikes are also different. In evaluating different segments a firm must look at three factors – segment size and growth, segment structural attractiveness, company objectives & resources.
• Segment size and growth: -Analyzed sells growth rates and expected profitability.
• Segment structural attractiveness: - Consider effects of competitor’s availability of substitute products & the power of buyers and suppliers.
• Company objectives & resources: - Company skills and resources are related to the segment look for competitive advantage.
# Selecting Market Segments. (Syllabus item)
Ans: - Consumers owns needs and wants are really individual. So most of the business organizations try to find out broader classes of buyers. So they can do different level of market segmentation.
I. Mass marketing: -No marketing segmentation is present here. The mass marketing was more popular in beginning of modern marketing system. A company marketed one brand of product to all classes of buyers. It also known as undifferentiated marketing.
II. Micro marketing: - The practice of tailoring products & marketing programs to the needs and wants to specific individuals and local customer group include local marketing and individual marketing.
III. Segmented market: - A market – coverage strategy in which a firm decides to target several market segments and designs separate offers each. It also known as differentiated marketing.
IV. Niche marketing: - A market – coverage strategy in which a firm goes after a large share of on or few segments on niche. It also known as concentrated marketing.
Undifferentiated (mass) ==> Differentiated (segmented) ==> Concentrated (niche) ==> Micro (local or individual marketing)
Marketing Marketing Marketing Marketing
Targeting broadly targeting narrowly
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