Market segmentation, in simple words, is dividing consumers into various groups. There can be several such bases used for segmenting consumer market. Normally, as stated by Philip Kotler, bases can be classified into two categories as shown in figure 5. 1. People-oriented Bases for Segmentation,...
Demographic segmentation divides the markets into groups based on variables such as age, gender, family size, income, occupation, education, religion, race and nationality. Demographic factors are the most popular bases for segmenting the consumer group. One reason is that consumer needs, wants, and...
A single product offering cannot fully satisfy the diverse needs of all consumers in a market, and consumers with unsatisfied needs expose businesses to challenges by competitors who are able to identify and fulfill consumer needs more precisely. In fact, markets for new products typically begin ...