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Market Segmentation

MARKET SEGMENTATION is an integral part of a company's marketing strategy. It is the process of breaking down a larger target market into smaller, more like-minded groups of customers that you can more efficiently market to. Both consumer-oriented and business- oriented companies should segment customers using one of several common approaches.

DEMOGRAPHIC Includes age, race, gender, marital status, occupation, education and income.

GEOGRAPHIC Specifies a certain community, state, region, country or group of countries. Global businesses must decide whether to maintain a universal message or tailor messages to each country's marketplace.

PSYCHOGRAPHIC identifies consumers based on interests and activities. Often coincides with how consumers see themselves, or how they identify with a lifestyle.

BEHAVIORAL Based on user behaviors. Usage rate refers to frequency. Some may use the product daily while others use it weekly, monthly or infrequently. Benefits sought refers to what satisfaction the user gets out of the product. It is usually emotional at its foundation, such as pride, joy, belonging, etc.