What do you understand by Market Segmentation? Explain the process with the help of examples. -Technology

What do you understand by Market Segmentation? Explain the process with the help of examples. -Technology
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Market segmentation – is the process of breaking down a larger market into smaller segments with specific characteristics. It helps to customize a product/ service and also evolve the advertising strategy to reach the target group. Target market segments are typically divided into (Process) –1. Geographic- based on the socio- economic structure of rural urban population is different and affects the purchasing power.2. Demographic – many factors affect the customers as individual like age, race, religion, gender, income level, family size, occupation, education level and marital status.3. Behavioristic – customers reason for purchasing a product can be varied and complex. It could be fascination with a product or identification with a brand or loyalty with an existing brand or it could be the cost etc.4. Psychographic - the desire for the felling of elevated status, enhanced appearance and feeling rich are some considerations. It applies specially to luxury items.
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Related questions

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Description : During which step of the marketing segmentation, targeting, and positioning process does the firm “ develop a marketing mix for each segment?” a. market segmentation b. market targeting c. market positioning d. the firm does not go through the “development” during any of the above steps.

Last Answer : b. market targeting

The strategy of offering a different product charging a different price and using different promotion and distribution process is called a) Market segmentation b) Market Penetration c) Market Developmentd) None of these

Description : The strategy of offering a different product charging a different price and using different promotion and distribution process is called a) Market segmentation b) Market Penetration c) Market Developmentd) None of these

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Last Answer : Segmentation

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Last Answer : It allows you to personalize your message based on specific target audience characteristics

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Last Answer : All of these options apply

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Last Answer : All of these options apply.

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Description : Market segmentation is: (1) Group of Sales Persons (2) Dividing target groups as per their needs (3) Market Division (4) Market Space

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Last Answer : a. there must be difference among consumers

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Description : If marketing is done effectively which of the following is not required ? 1. Advertisement 2. Publicity 3. Market Research 4. Market Segmentation 5. None of these

Last Answer : Publicity

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Description : One of the following is not included in market segmentation. ___________ 1. Geographic Segmentation 2. Demographic Segmentation 3. Sales Segmentation 4. Behavioral Segmentation 5. None of these

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Description : Which of the following Banks in India is known to be the first Indian bank to adopt the concept of market segmentation ? 1. Punjab National Bank 2. State Bank of India 3. ICICI Bank 4. Bank of Barod 5. Canara Bank

Last Answer : State Bank of India

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Last Answer : Publicity

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Last Answer : personality, motives and lifestyles

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When companies market products on the basis of what the product’s attributes will do for a given segment of consumers, they are using a powerful form of behavioral segmentation known as: A. occasion segmentation. B. benefit segmentation. C. user status segmentation. D. usage rate segmentation.

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Last Answer : B. benefit segmentation.

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Last Answer : B)divide the total market to allow the marketer to develop a more precise marketing mix

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