Podcast
Questions and Answers
What are the benefits of segmenting a market by country of origin?
What are the benefits of segmenting a market by country of origin?
In market segmentation by age, what customization benefits does it offer?
In market segmentation by age, what customization benefits does it offer?
Which characteristic is important for a market segment to be identifiable?
Which characteristic is important for a market segment to be identifiable?
What does market segmentation by gender involve?
What does market segmentation by gender involve?
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How does market segmentation by life stage differ from age-based segmentation?
How does market segmentation by life stage differ from age-based segmentation?
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Which segmentation type focuses on the 'why' behind people's travel motives?
Which segmentation type focuses on the 'why' behind people's travel motives?
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How does segmenting by travel motive help marketers in the travel industry?
How does segmenting by travel motive help marketers in the travel industry?
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'Cohesive' characteristic in market segments refers to:
'Cohesive' characteristic in market segments refers to:
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'Identifiable' characteristic in market segments means:
'Identifiable' characteristic in market segments means:
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'Age' segmentation primarily focuses on:
'Age' segmentation primarily focuses on:
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Study Notes
Types of Market Segmentation
- Psychographic segmentation deals with intellectual and emotional characteristics to learn customer motivations, desires, and needs.
Benefits of Market Segmentation
- Improves campaign performance by reaching the right audience at the right time with the right message.
- Informs product development to create goods that meet customer needs.
- Reveals areas to expand into new markets.
- Improves business focus by building a brand identity and specializing in a particular category.
- Informs other business decisions, such as pricing and distribution.
Steps in Market Segmentation, Targeting, and Positioning
- Market segmentation: identify bases and build profiles for segments.
- Market targeting: develop a measure of segment attractiveness and select target segments.
- Market positioning: develop positioning for target segments and a marketing mix for each segment.
Types of Market Segmentation
- Demographic segmentation: divides audiences based on observable differences, such as age, gender, income, and race.
- Behavioural segmentation: separates people into different classes based on similar patterns of action.
- Geographic segmentation: segments markets based on location to know customer needs.
Characteristics of Market Segmentation
- Identifiable: individuals comprising the segment can be found and categorized to target them.
- Cohesive: consumers should be part of a whole with unique values common to all.
Market Segmentation in the Travel Industry
- Country of origin: customizes marketing efforts by language, imagery, and platforms.
- Age: customizes marketing message, design, and channels.
- Life stage: alternative to age-based segmentation.
- Gender: divides potential customers by male or female.
- Travel motive: segments based on reasons for travel, such as recreation, fun, or health.
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Description
Learn about psychographic segmentation, which examines the intellectual and emotional characteristics of customers to understand their motivations and needs. Discover the benefits of market segmentation in improving campaign performance and informing product development.
