3.1.5 How and Why Market Segmentation is Undertaken.

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Presentation transcript:

3.1.5 How and Why Market Segmentation is Undertaken

Learning Outcomes To understand how markets can be segmented – age, gender, socio-economic grouping, location To be aware of the potential benefits of segmentation to business To be able to evaluate the best method of segmentation in a given situation

Market Segmentation The breaking down of a market in to different groups or types. Each market segment is a group of buyers who share common features & characteristics Allows organisations to TARGET individual groups = Target Marketing

Why is it Needed? To create specific products for specific groups To specialise products to meet consumer ‘NEEDS’ and ‘WANTS’ To save TIME and MONEY when selling the product

How? By Population:  Segmentation by AGE  Segmentation by GENDER  Segmentation by ETHNIC ORIGIN By Income – socio-economic grouping Geographically/Location Social factors By buying Habits

For each product – Consider what methods of market segmentation the business should use.

Reflection What is market segmentation? What methods of segmentation are there? Which method(s) are best? Why is market segmentation important to a business – especially businesses that sell consumer goods/services

Application to Task 4 Look at your outcomes from Task 4. What segmentation methods might be most appropriate for your chosen idea?