29 Jun Market Segmentation bases are principles used to organize buyers
Question
Assignment: Market Segmentation bases are principles used to organize buyers. Technology needs to include both social and educational framing for target market. The main types of buyer characteristics used to segment consumer markets are behavior, demographic, geographic, and psychographic. Behavior segmentation divides people and organization into groups according to how they behave with or toward products. Segmenting buyers by concrete, particular characteristics such as age, income, ethnicity, family size, and so fort is called demographic segmentation. Geographic segmentation involves segmentation buyers based on where they live. Psychographic segmentation seeks to differentiate buyers based on their activities, interest, opinions, attitudes, values and lifestyles. Business use multiple bases to get a more complete picture of its customers so they ca create value for them. Marketing professionals develop consumers insight by gathering both quantitative and qualitative information about their customers. Many of same bases used to segment consumers markets are used to segment business-to-business markets. However, there are generally fewer behavioral-based segments in business-to-business markets. Answer the following:
1. Identify buyer characteristics companies look at when they segment markets for baby boomers, Gen Y, and Gen X.
2. What factors are needed when engaging and motivating Gen Y as opposed to Gen X?
3. Why do firms often use more than one segmentation base?
4. What two types of information do market researchers gather to develop consumer insight? Describe the factors that make some markets more attractive targets than others.
5. Describe the different market segmenting strategies companies pursue and why. Outline the market segmentation strategies used in global markets.
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