market segmentation Flashcards
what is segementation?
segmentation is the process of dividing a market into different distinct groups with similar needs and characteristics
bases of segmentation
demographic, geographic, psychographic, behavioural
what is demographic?
based on users’ profiles such as age, income, family size, occupation, education level
eg. debit/credit for elderly and youths
gold platinum card for higher income
what is geographic?
based on where a user stay
eg. bukit timah and redhill
what is psychographic?
based on user’s lifestyle
eg. rolex for higher class, swatch for lower class
what is behavioural?
based on the benefits users look for or the usage behaviour
eg. data plan
what is product position?
how customer perceive a product compared to competeing products based on important attributes they look for (quality and price)
what are attributes?
qualities or characteristics that customers look for eg. price
what are the attributes of grab car?
knows the cost before booking - gets a heads up and better manage money
convenient - do not have to stand hours hailing for cab
safe - able to share llive location to family and friends to ensure safety
comfort - dont have to squeeze with crowds
what is the stakeholder theory?
interconnected relationship between business and its stakeholders
what are stakeholders?
Stakeholders can influence the decision making and operational processes of the business eg. employees
some attributes that car buyer look for
Price
Model
Warranty
Oil usage
Aesthetics (colour)
reliability
