Market Segmentation ‘you cannot please all of the people all of the time’

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Presentation transcript:

Market Segmentation ‘you cannot please all of the people all of the time’

What is Market Segmentation A market segment is a sub section of a market A market segment is a group of consumers who share similar characteristics.

What ways can a business segment it’s market?

Gender (e.g. clothes) Gender (e.g. clothes) Age (e.g. magazines) Age (e.g. magazines) Income / Class (e.g. cars) Income / Class (e.g. cars) Location (e.g. newspapers) Location (e.g. newspapers) Life style (e.g. holidays) Life style (e.g. holidays) Ethnicity ( e.g. food) Ethnicity ( e.g. food) Education (e.g. books) Education (e.g. books)

Reasons for Segmenting the market Businesses are able to diversify their marketing mix (Price, Product, Place & Promotion) to suit more of the market Businesses are able to concentrate on the needs of a particular type of customer

Why segment a market? greater knowledge of consumer profile/needs greater economies scale more specialist, more effective advertising more able to spot market ‘gaps’ and ‘niche’ markets greater profits

Drawbacks of Segmentation Firms may end up concentrating on a small segment – this increases risk ‘all eggs in 1 basket!’ Segments can be small, therefore competition can be fierce More vulnerable to changing attitudes