Quick Answer: What Are The 5 Elements Of Market Segmentation?

What are the 4 types of market segmentation?

Types of Market SegmentationGeographic Segmentation.

While typically a subset of demographics, geographic segmentation is typically the easiest.

Demographic Segmentation.

Firmographic Segmentation.

Behavioural Segmentation.

Psychographic Segmentation..

What are the characteristics of a successful segmentation?

Regardless of your approach, a useful segmentation should include these six characteristics: Identifiable. You should be able to identify customers in each segment and measure their characteristics, like demographics or usage behavior. Substantial. … Accessible. … Stable. … Differentiable. … Actionable.

What do you call different age groups?

Pew identified four generation groups for American adults: Millennials, currently between the ages of 18 and 34; Gen X, between the ages of 35 and 50; Baby Boomers, aged 51 to 69, and the Silent generation, between 70 and 87.

What is segmentation with example?

This is why marketers use segmentation when deciding a target market. … For example, common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic, and behavioral.

How do you segment a market?

Several common techniques are used to segment markets.Demographics. Demographic segmentation is the most common and traditional form of market segmentation. … Lifestyle. In lieu of clear demographic qualities, companies often turn to shared lifestyle interests and hobbies to target customers. … Geographics. … Behavioral Traits.

What are 4 examples of demographics?

Most Common Demographics ExamplesAge.Gender.Race.Marital status.Number of children (if any)Occupation.Annual income.Education level.More items…

What is the first step in segmenting a market?

The first and foremost step is to identify the target market. The marketers must be very clear about who all should be included in a common segment. Make sure the individuals have something in common. A male and a female can’t be included in one segment as they have different needs and expectations.

What are the 5 market segments?

The five basic forms of consumer market segmentation are demographic, geographic, psychographic, benefit, and volume.

What are the elements of market segmentation?

The four bases of market segmentation are:Demographic segmentation.Psychographic segmentation.Behavioral segmentation.Geographic segmentation.

What are the 5 main different segments for demographics?

Demographic segmentation groups customers and potential customers together by focusing on certain traits that might represent useful markets for a business. What are the 5 main different segments for demographics? The five main demographic segments are age, gender, occupation, cultural background, and family status.

What are the 6 market segments?

This is everything you need to know about the 6 types of market segmentation: demographic, geographic, psychographic, behavioural, needs-based and transactional.

What are the 7 market segmentation characteristics?

Market Segmentation: 7 Bases for Market Segmentation | Marketing ManagementGeographic Segmentation: … Demographic Segmentation: … Psychographic Segmentation: … Behavioristic Segmentation: … Volume Segmentation: … Product-space Segmentation: … Benefit Segmentation:

What are the types of segmentation?

Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.

What is the purpose of market segmentation?

The objective of market segmentation is to minimize risk by determining which products have the best chances for gaining a share of a target market and determining the best way to deliver the products to the market.

What is an example of psychographic segmentation?

A common example of psychographic segmentation is a luxury mobile-manufacturing brand that specializes in customization. … They can also evaluate the same variables for their competitor’s target market as well for the better selection of a market for their branding activities.