Thursday, November 1, 2007

Segmentation of Needs For Individual Consumers

Physical Size. Offerings might be big men's clothing, golf clubs for shorter players, etc.

Creation of or response to a fad. Examples are hula hoops, Jurassic Park T-shirts, pet rock, physical fitness, etc.

Geographic location. Marketers take advantage of location by selling suntan lotion in Hawaii, fur coats in Alaska, etc.

Time related factors. You may be able to target vacationers in summer, impulse buyers during the holidays or commuters at 7AM.

Demographics/culture/religion. Ethnic products would fall into this category.

Gender. Product examples are scarves for women, ties for men, etc.

Age.Product examples are toys for children, jewelry for women, etc.

Social status. This could include country club memberships, philanthropic contributions, etc.

Education. Product and service examples are encyclopedias, scientific calculators, learning to read tools and financial counseling.

Avocation.This could include products for hunting, fishing, golf, art work, knitting, etc.

Special Interests. You could target cat lovers, science fiction readers, jazz music collectors, etc.

Accessibility. Because the individual is more difficult to reach you may want to segment by urban versus rural, train commuters, people who read Wall Street Journal, etc.

Access (or lack of access) to competitive offerings. Due to high investment capital requirements or timing of market entry you may be able to capture a significant market share in a specific geographical area. Examples might be a trash service, emergency medical support, etc.

Need for specific information. Based on features or content of your offering you can target a market segment. A product might be books on how to start a business or a service might be seminars on how to quit smoking.

Need for customization. Product/service examples are home decoration, fashion wear, personal portraits, etc.

Need for quality, durability, etc.Product examples are mountain climbing gear, carpenter's tools, etc.

Degree of a product/service ingredient. Segmentation based on prospect preferences is common. An example is dark chocolate for some tastes, light chocolate for others.

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Theory and Application in Marketting Strategy