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Chapter 2: Basic Marketing Concepts. Section 2.2 Market Segmentation. What You’ll Learn. What market segmentation is and the four methods used to segment a market The current demographic, psychographic, and geographic trends. Analyzing Markets.

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Chapter 2 basic marketing concepts

Chapter 2: Basic Marketing Concepts

Section 2.2

Market Segmentation


What you ll learn
What You’ll Learn

What market segmentation is and the four methods used to segment a market

The current demographic, psychographic, and geographic trends


Analyzing markets
Analyzing Markets

Market Segmentation is a way of analyzing a market by specific characteristics in order to create a target market.

Methods:

  • Demographics

  • Psychographics

  • Geographics

  • Product Benefits


Demographics
Demographics

  • Demographics– statistics that describe a population in term of personal characteristics which include:

    • age

    • gender

    • income

    • ethnic background

    • education

    • occupation


Psychographics
Psychographics

Involves studies of consumers based on social and psychological characteristics.

  • Trends:

    • Health (Kellogg’s Special K)

    • Workplace (Dressing Down)


Geographics
Geographics

The segmentation of the market based on where people live.

Where people live is often studied in relation to age, ethnic background, and income.


Product benefits
Product Benefits

  • Segmenting a market by product benefits involves studying consumers’ needs and wants.

    • Example:

      • Nike (running, walking, tennis, basketball, soccer, baseball, football, etc.)

      • Coke (diet, caffeine free, zero, etc.)


Chapter 2 basic marketing concepts
Quiz

Name four methods of segmenting a market.

What is the definition of demographics?

T/F: Psychographics is a way of segmenting a market.

T/F: Geographics is the process of segmenting a market based on where people live.

List an example of segmenting a market by product benefits.