Market Segmentation Will Help in Meeting Customer Needs
Segmenting the market has been happening for a long time and customer population and preference has been becoming wider. There have been intense competitions, and that has meant that market segmentation is becoming more intense and it is considered as a vital part of business plan. New product launches have started taking place keeping in mind about market segmentation.
Classifying the customer wants
The customer will need a product and need a segment. A customer will want a thing so that want will become a segment and customer will demand a product, and that will become a segment.
The primary aim of every business is to find out the segment in which product will fall under, and the aim of the product will be to meet the expectations of that segment.
Segmenting the people based on their age, family size and gender will come under demographic segmentation, and one can add income religion and nationality to that segment.
If we are making purdah, the basic inference is that Muslim religious women will purchase it and in countries like Saudi Arabia every woman from different religions prefer to use purdah and that means more business outside the religion.
A product like sanitary napkins will have only one gender women but can be classified into different product needs like different age groups of women along with different income levels of family.
Automakers have come with different varieties that target a different segment of people based on income bracket and a car company like Benz will have a car that targets to a high end of the society, and they will have another car that will be targeting the lower income segment with fewer features.
There will be a change in behaviour in purchasing an item based on age and income level that is termed as disposable. Young people may prefer buying more gels for hair when compared with old people, and old people may go for prevention of baldness, and this will ensure that different products need to be answered and addressed.
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