Consumer Market SegmentationA basis for segmentation is a factor that varies among groups within a market, but that is consistent withingroups. One can identify four primary bases on which to segment a consumer market:Geographic segmentationis based on regional variables such as region, climate, population density,and population growth rate.Demographic segmentationis based on variables such as age, gender, ethnicity, education,occupation, income, and family status.Psychographic segmentationis based on variables such as values, attitudes, and lifestyle.Behavioral segmentationis based on variables such as usage rate and patterns, price sensitivity,brand loyalty, and benefits sought.The optimal bases on which to segment the market depend on the particular situation and are determined bymarketing research, market trends, and managerial judgment.Business Market SegmentationWhile many of the consumer market segmentation bases can be applied to businesses and organizations, thedifferent nature of business markets often leads to segmentation on the following bases:Geographic segmentation- based on regional variables such as customer concentration, regionalindustrial growth rate, and international macroeconomic factors.
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