Market Segmentation

Market: all the people in a business’s area that are able to purchase a good or service Target Market: specific group of people that a business is trying to reach Market Segmentation: the way in which a market is analyzed by determining specific characteristics

Specific Characteristics Demographics Psychographics Geographic Behavioristic

Demographics Statistics that describe a population in terms of personal characteristics such as age, gender, income, ethnic background, education, religion, and occupation.

Psychographics Studies of consumers based upon social and psychological characteristics such as attitudes, interests, and opinions –Women in the workforce –Urban population –Home and family activities –Travel –Work at home –Home computer use –Casual dress –Value of time over money –Larger clothing sizes

Geographics Statistics about where people live –Region of the country –Size of the city or county –Density of the population –Urban, suburban, or rural

Behavioristics Statistics about consumers based on their knowledge, attitudes, use, or response to the product –Purchase Occasion: Why was the product purchased? –Product Benefits: What benefits are gained from the use of the product? –Usage Level/Commitment: What level of commitment does the consumer have to the product? How often does the consumer use the product?

arket/segmentation/

Diverse and Changing Markets Due to the size and changing nature of the fashion industry, fashion marketers usually target several different markets. –GAP: men, women, children dressy and casual regular and outlet stores