Market

Market segmentation

The process of identifying specific segments

A market segment is a set of businesses or a group of individual consumers with distinct characteristics

Those within the segment should be homogenous or have similar characteristics

The segment must differ from other groups and the population as a whole

Sufficient demand must be present to make the segment

Methods to reach the market must exist, both in terms of physical delivery of the item and in terms of the marketing messages that would entice customers to make purchases

Psychographics

Geodemographic Segmentation

Demographics

Benefit Segmentation

Local Consumers

refer to the consumers in different nations that earn similar incomes and hold roughly the same social status levels

Accessibility

Profitability

Measurability

Actionability

Demographics may reinforce stereotypes

Segmentation may reinforce gender discrimination. Females may be confined to submissive and subservient roles

Targeting lower-income segments may be viewed by some critics as being the process of creating overconsumption by people who can least afford to do so

Market segmentation programs may limit access to certain goods or services to only the rich