Segmentation Analysis Literature Review - 1250 Words

Segmentation Analysis Literature Review To match the needs of costumers, consumers and producers, not only in case of private people but of businesses or companies, target marketing is needed. To obtain the particular market firstly a marketer has to prepare a market research, after which he segments the market, and then targets a single segment or series of segments, and finally positions within the segment(s). From these processes, I have chosen Segmentation Analysis as the topic of this essay, because it is a crucial element in the â€Å"formula† of marketing. In marketing plans mass media strategies are very popular, but it is dangerous to rely on them entirely. In addition, Swenson (1990) says, â€Å"Such strategies are no longer as†¦show more content†¦Segmentation variables for consumer market are the following: †¢ Geographic Region, country/county size, city size, density, climate †¢ Demographic Age, gender, family size, family cycle, race, income, religion, occupation, education, nationality †¢ Geo-demographic Type of dwelling, type of neighbourhood, singles living with parents, Dinks, †¢ Psychographic Lifestyle, social class, generation next, personality, generation x, the millenials †¢ Behavioural Purchase occasion, benefits sought, user status, usage rate, loyalty status, readiness state, product attitudes Bases for segmenting business markets are the following: †¢ Demographic Industry, company size, location †¢ Operating variables Technology, user status, customer capabilities †¢ Purchasing approaches Power structure, purchasing-function organization, nature of existing relationships, general purchase policies, purchasing criteria †¢ Situational factors Urgency, specific application, size of order †¢ Personal characteristics Attitudes toward risk, buyer-seller similarity, loyalty Adapted from Thomas V. Bonoma and Benson P. Shapiro, Segmenting the Industrial Market (Lexington, MA: Lexington Books, 1983). Developing the customer segment profile All customer and business segments have to be examined in different aspects. Further segment descriptors are needed, such as their psychographics, mediagraphics, demographics,Show MoreRelatedCompetitive Environment And Maintaining Customer Relationships1321 Words   |  6 Pagesglobally, retailers have had to adapt to the changes ongoing in the market in order to survive. The new challenge is that, the face of retail industry has distorted. Today retailing can be going into shopping centres, going online and going mobile. An analysis by Exane BNP Paribas (2013) shows that in Europe, retailers face the combination of stagnating retail sales and rapidly rising online sales. 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