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Chapter 6: Customer driven market strategy
Market segmentation
Segmenting consumer markets
Geographic Segmentation
Dividing a market into different geographical units such as nations regions countries and cities
  * May decide to work in one or more
  * Many companies are choosing to localise their products, advertising and promotion and sales efforts to meet the needs of individual geographical segments
  * specialised products also exist- i.e. fish in a fishermans town
Demographic segmentation
Dividing market into segments based on variables such as age, gender family size life cycle income occupation etc
  * Most popular basis for segmentation
  * Consumer needs and wants have been shown to vary closely with demographic status
Age and life cycle stage
Dividing a market into different age and life cycle groups
  * Must be careful to guard against stereotypes
  * Age can be a poor predictor of a persons life cycle
Gender
Dividing a market into different segments based on gender
  * A neglected gender segment can offer new opportunities
Income
Dividing a market into different income segments
  * Many companies target affluent consumers with luxury goods and convenience services
  * Others target the low and middle income groups
  * Recent global financial crisis has provided troubles for those marketers targeting specific income groups, Many customers have cut back on their speding
Psychographic segmentation
  * Dividing a market into different segments based on social class, lifestyle or personality characteristics
  * People in the same demographic have very different psychographic profiles
  * Marketers often segment their markets based on lifestyle   and base their marketing strategies on lifestyle appeals
  * Marketers also use personality variables to segment markets
Behavioural segmentation
Dividing a market into segments based on consumer knowledge attitudes uses or response to a...

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