Whenever a new product is launched/positioned or an existing product is re-positioned by the Company it is imperative that Market Segmentation is carried out for having sustainable marketing strategy coupled with product innovation strategy. In order to serve consumers in a better way, Company need to ensure expectations of segmented consumers are met. A customized product and/or service is developed post a market research & study, which aid in sensing consumer expectations. The segmentation could be based on:-
* Demographic
* Psychographics
* Behavouristics
* Geographic
* Value
Demographic offers a straightforward basis for segmentation due to easy accessibility of information like Gender, Age, Income, Marital Status, Occupation, Education, Community, Religion and Nationality. Let us discuss some of these sub-segments for easy understanding.
Gender based marketing is obvious when we demarcate certain products for men and women. Traditionally, men used to be target segment for financial products with women majorly being viewed as not much confident with taking investment decisions. Recent Societal developments like demise of nuclear families, career conscious women have made women competent to take independent investment/financial decisions. Some of the examples of the segmented offerings based on gender could be an exclusive credit card to homemaker with accelerated rewards on grocery, apparel shopping. Another one could be retail loan product with reduced interest rate exclusively for women customers.
Income is another criteria/sub-segment for consumer segmentation for positioning the products. The populace could be divided into four broad categorization basis income levels. These could be mass markets, mass affluent, affluent and ultra-rich. A product that is targeted for everyone like ordinary washing powder, soap, hair oil. tea, milk and bread could be called as products targeting mass segment. Family Cars, branded apparels, LED TVs, High end mobile, spacious Home/Flat could be products meant for mass affluent population. Luxury Cars, premium residences, OLED TVs, Swiss Rolex, Rado watches could be the examples for affluent segment. Helicopter, Yacht, Private Plane, island, independent bunglow in posh locality could be the products owned by ultra-rich income segment.
keep watching this space for more on Market Segmentation!
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