Segmentation Flashcards
What is market segmentation
When you segment the market into different groups based of customers needs and wants
What is gender segmentation
Wether a product is suitable for a pacific gender and if they are intended for male or females
What is occupation segmentation
Is the job Potential customers do and if the product is suitable for them based on their occupation
What is age segmentation
How old customers are and what product is suitable for each age ranges
What is income segmentation
This is the amount of money a potential customers earn. And what products are targeted to them based on their income
What is Geographic segmentation
This is where potential costumers live and what product is aimed at them based on their areas
What is lifestyle segmentation
Products suitable for people based on their lifestyles
Benefits of segmentation
Higher revenue
Customer demand
What is primary research
Research and information you collect yourself
Examples of primary research
Observations - watching customers in stores
Surveys - tallying responses
Focus groups - gathering a small collective if people to answer questions
Consumer trials - Giving customers sample products for their opinion
What is secondary research
Information and data collected for others
Examples of secondary research
Internal data- using data from within the business such as sales figures from the cash toll system
Books and magazines - using published materials to carry out research
Competitors data- using others data such as prices they charge
Government statistics and research- using official data
Disadvantage of primary research
Expensive
Time consuming
Advantage of primary research
Officiant
Specific to own questions
Advantage of secondary research
Cheaper
Less time
