Market Segmentation
Market Segmentation is when we segment (or split) the market up into different sections, so we can target our product at certain groups.
The ones that you need to know about are:
Bear in mind that you can segment the market in more than one way. So, for instance, you could aim a product at Chinese, male adults who are single and enjoy going to the gym, who have a job on £3,000 per week and live in the Isle of Man! How many segments is that?!!!
The ones that you need to know about are:
- Gender - some products are aimed at men, some at women (think weightlifting equipment; black weights for men, pink weights for women. Sexist, me?!!)
- Age - Products aimed at children etc
- Religion & Race (Ethnic clothing in predominantly Asian areas such as Rusholme).
- Location - Haggis in Scotland, Umbrellas in Manchester (haha!)
- Wealth - First Class travel etc
- Social Status - working class, middle class, upper class etc
- Lifestyle - think products aimed at families, couples, singles, healthy people etc.
Bear in mind that you can segment the market in more than one way. So, for instance, you could aim a product at Chinese, male adults who are single and enjoy going to the gym, who have a job on £3,000 per week and live in the Isle of Man! How many segments is that?!!!