Segmentation & Consumer Profiling Target Marketing

As marketers and business people, we will sell our products to whomever will buy it. However If you’re selling retirement funds, who would you target? If you were selling wedding dresses, who would you target? People’s unique physical features, age, values, gender, geographic location, and any other feature which makes them unique affects their daily routine and purchasing habits Therefore, as marketers, the more we know about our potential customers/consumers the better when can anticipate or change their buying habits

Market Segments By breaking consumers into groups with similar features or buying habits we are creating market segments By creating this groups we are better able to research our target market and promote our product to them Some products have only one segment, but others may have many segments

Examples One Segment: Wedding Gowns Multiple segments: Jeans Females, 20-35, getting married Multiple segments: Jeans Children Teenagers Adults seniors

Demographics Demographics break consumers into categories by: age, Gender Income level Family life cycle Each of these categories can be broken down further as well Ie. 0-15, 16-24, 25-44, 45-64, etc Marketing Research is the study of consumers who would likely purchase your product or service

Brainstorm Marketers have to consider which products are more likely to be purchased by females, males or both Different products based on place in family life cycle Single, no kids Single, with kids Couple, no kids Couple, with kids Single/couple, with teenagers Empty nesters Why does income level matter? (low, middle, high) Picture of class brainstorms will be posted later

Psychographics Breaking consumers down by lifestyle, values and culture Brainstorm examples (picture to be posted later) Example: buying Wedding Gowns varies by values Western Culture: white gowns Chinese: red gowns Indian: red sarees etc

Geographic Breaking consumer needs down based on where they live Example: Compare the needs in Northern Ontario to Cuba (picture to be added later)

Customer Profiles When you use your marketing research to create a profile of people who buy your product to be better able to promote your product to them