Target Marketing
March 5th 2009 08:50
There is a well-known saying in the marketing circle that says something like this -you can't please all of the people all of the time. This statement could also serve to describe the principle of target marketing. Because consumers have so many different needs, it is difficult for one product to satisfy all consumers. By grouping consumers with similar needs into market segments, it is possible to target a product to consumers in the chosen market segment , also called the target market.
A market segment is defined as a group of consumers with similar needs. Markets can be broken down into segments using various approaches :
* Benefit segmentation consists of grouping consumers together who are seeking similar benefit. Example of common benefits associated with say food products include taste, nutrition, safety, appearance and convenience.
* Demographic segmentation means grouping customers who share a common demographic makeup, such as age, income, education, sex, or nationality.
* Occasion segmentation means grouping customers according to the occasions for their use of product. For example, customers who eat out do so for business, pleasure, or to save time.
* Usage-level segmentation means grouping customers according to whether they are users or non-users of a product, or whether they are light, medium, or heavy users of a product.
* Lifestyle segmentation means grouping consumers by their lifestyle such as "soccer moms" as example.
A market segment is defined as a group of consumers with similar needs. Markets can be broken down into segments using various approaches :
* Benefit segmentation consists of grouping consumers together who are seeking similar benefit. Example of common benefits associated with say food products include taste, nutrition, safety, appearance and convenience.
* Demographic segmentation means grouping customers who share a common demographic makeup, such as age, income, education, sex, or nationality.
* Occasion segmentation means grouping customers according to the occasions for their use of product. For example, customers who eat out do so for business, pleasure, or to save time.
* Usage-level segmentation means grouping customers according to whether they are users or non-users of a product, or whether they are light, medium, or heavy users of a product.
* Lifestyle segmentation means grouping consumers by their lifestyle such as "soccer moms" as example.
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