Identify the four bases of Market Segmentation and give three market segmenting
ID: 352022 • Letter: I
Question
Identify the four bases of Market Segmentation and give three market segmenting variables that demonstrate each of the four bases along with an example of each of the variables uses (brand or product category). The example for each variable should demonstrate a heavy use of such variable in terms of a specific brand/product category (choose best examples that predominately uses the segmenting base to market their offering). Please organize the response by base and list the variables appropriate under each base heading.
Explanation / Answer
What is market segmentation ?
Market segmentation is the process of dividing the customer of client in to different groups or segments based on different characteristics. Each group members will have similar characteristics. there are four different types of market segmentation which differ from each other in real world. The four bases of Market segmentation are as follows :
Demographic Segmentation
Segmentation variables: Age, income, family cycle.
Geographic Segmentation
Psycho graphic Segmentation
Behavioral Segmentation