Marketing Prelim

Jun 27th, 2015
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The segmentation of consumer markets requires the creation of sub-groups from a larger population to more specifically target them. There are virtually dozens of ways that a market might be segmented and the segments chosen will depend on the business and the products or services it offers.

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Marketing Prelim1.what are some Basis for segmenting consumer and organizational buyer marketsWhat Are the Basis of Segmenting Consumer Markets?The segmentation of consumer markets requires the creation of sub-groups from a larger population to more specifically target them. There are virtually dozens of ways that a market might be segmented and the segments chosen will depend on the business and the products or services it offers. Basically, segmentation is all about identifying specific groups of people based on common characteristics.DemographicsOne common way of segmenting a market is through the use of demographics. Demographics are quantitative characteristics of a group of people. These characteristics might include sex, age, income or geography (where they live). Businesses that segment their market based on demographics are attempting to target specific market segments that are more likely to be interested in what they have to offer. The cosmetics industry, for example, primarily targets women. The hunting industry might be more likely to target men. Luxury car makers target their markets based on income. Marketers are likely to consider multiple demographic characteristics when segmenting their consumer markets.PsychographicsPsychographics are qualitative attributes of a market and refer to the way people think and what they like to do. Psychographics is sometimes categorized with the acronym IAO which stands for Interests, Activities and Opinions. It can be

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