Market segmenting is dividing the market into groups of individual markets with (1) .. wants or needs that a company divides into distinct groups which have distinct needs, wants, behaviour or which might want different products and services. Broadly, markets can be divided according to a number of general (2) .. , such as by industry or public versus private. Although industrial market segmentation is quite different from consumer market segmentation, both have similar (3) .. . All of these methods of segmentation are merely proxies for true segments, which dont always fit into convenient demographic boundaries.
Consumer-based market segmentation can be performed on a product specific basis, to provide a close (4) .. between specific products and individuals. However, a number of generic market segment systems also exist, e.g. the system provides a broad segmentation of the population of the United States based on the statistical analysis of household and geodemographic data.
The process of segmentation is distinct from (5) .. (designing an appropriate marketing mix for each segment). The overall intent is to identify groups of similar customers and potential customers; to prioritize the groups to address; to understand their behaviour; and to respond with appropriate marketing (6) .. that satisfy the different preferences of each chosen segment. Revenues are thus improved.
Improved segmentation can lead to significantly improved marketing effectiveness. Distinct segments can have different industry structures and thus have higher or lower attractiveness.
Once a market (7) .. has been identified (via segmentation), and targeted (in which the viability of servicing the market intended), the segment is then subject to positioning. Positioning involves ascertaining how a product or a company is perceived in the minds of (8) .. .
This part of the segmentation process consists of drawing up a perceptual map, which highlights rival goods within ones industry according to perceived quality and price. After the perceptual map has been devised, a firm would consider the marketing communications mix best suited to the product in question.
1) a) different b) similar c) particular
2) a) criteria b) assumptions c) things
3) a) results b) revenues c) objectives
4) a) match b) relationship c) connection
5) a) targeting b) sharing c) positioning
6) a) mix b) strategies c) programme
7) a) segment b) target c) competitor
8) a) rivals b) manufacturers c) consumers
Market segmentation identifies groups of buyers within a market who share similar needs and demonstrate similar purchasing behaviour. Market segments are described by demographics and psychographics. Demographics and psychographics are used to target a segment by using data to build up a customer profile the image of a typical consumer. People can be targeted as individuals or as a family group that lives together and makes up a household.
Additional research would reveal more about a market segment: their buying behavior, interests, activities, opinions about fashion, values, status, household income levels, ethnic background, and any other factor that might help marketers create a customer profile. The more specific the information is, the easier it is to design the goods, price them, create the appropriate promotions, and sell them in the right outlets. The same factors that help segment a market are used to describe a target market. They are: demographics, geographics, psychographics, and behavioral factors.