Demographic segmentation divides the market based on factors like age, family size, income, occupation, education, religion, race, and social class which are associated with customer needs and wants. Life stage segmentation considers a person's major concerns at different life stages like divorce, marriage, caring for parents, or buying a home. Race and culture segmentation recognizes that different ethnic and cultural groups have distinct needs requiring targeted marketing. Geographic segmentation divides the market into geographical units from nations to neighborhoods, and sometimes combines geographic and demographic data to classify consumer groups.
Demographic segmentation divides the market based on factors like age, family size, income, occupation, education, religion, race, and social class which are associated with customer needs and wants. Life stage segmentation considers a person's major concerns at different life stages like divorce, marriage, caring for parents, or buying a home. Race and culture segmentation recognizes that different ethnic and cultural groups have distinct needs requiring targeted marketing. Geographic segmentation divides the market into geographical units from nations to neighborhoods, and sometimes combines geographic and demographic data to classify consumer groups.
Demographic segmentation divides the market based on factors like age, family size, income, occupation, education, religion, race, and social class which are associated with customer needs and wants. Life stage segmentation considers a person's major concerns at different life stages like divorce, marriage, caring for parents, or buying a home. Race and culture segmentation recognizes that different ethnic and cultural groups have distinct needs requiring targeted marketing. Geographic segmentation divides the market into geographical units from nations to neighborhoods, and sometimes combines geographic and demographic data to classify consumer groups.
Demographic segmentation- Demographic variables such as
age, family, size, family life cycle, gender, income,
occupation, education, religion, race, generation, nationality, and social class are popular as these are associated with customer needs and wants and are easy to measure. Life Stage defines a person’s major concern, such as going through a divorce, going into a second marriage, taking care of an older parent, deciding to cohabit with another person, buying a new home, and so on. Race and Culture- Multicultural marketing is an approach recognizing that different ethnic and cultural segments have sufficiently different needs and wants to require targeted marketing activities. Geographic segmentation- It divides the market into geographical units such as nations, states, regions, countries, cities, or neighborhoods. Some approaches combine geographic data with demographic data to yield even richer descriptions of consumers and neighborhoods. There is a geo-clustering approach called PRIZM (Potential Rating Index by Zip Markets) NE that classifies more than half a million US residential neighborhoods into 14 distinct groups and 66 distinct lifestyle segments called PRIZM clusters.